AmEx Encourages Cardholders to Leave ( $300 to go )

Wall Street Journal ^ | FEBRUARY 24, 2009 | MARY PILON

[Atlas Sneezed]

gotta wonder what kinda deal costco has cut with amex

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Since Costco is one of the biggest marketers of AMEX, they probably don’t pay a penny in transaction fees. Especially considering that the average transaction is pretty large.

As a merchant, I’m happy to take AMEX. If they charge a percent more, I don’t care. A buyer’s a buyer.

[monday]

“Wow, I should have gotten’ 5-10 cards and slow pay all..$3000.”

Only problem with that is your interest would have cost you 10 times that amount easily. They aren't forgiving interest payments. You still have to pay off all your debt to get the 300. Frankly this doesn't have a chance of working. Someone with a large balance is probably incurring $300 a month in interest anyway. Paying off their debt could have saved them thousands. A few might be able to transfer their debts to another card and get the 300 but for most, they would have paid it off long ago if they could.

[ConservativeMind]

Isn’t the rate on all rewards cards from Visa and Mastercharge as high or higher? I know AmEx was higher prior to all the premium card from those two places.

[ConservativeMind]

Is AmEx really more as a percentage? I thought all the premium cards from Visa and MC were 1-1.5% more a charge, anyway.

[Titan Magroyne]

bfl

[Boiling Pots]

And if you live in Houston, you can get them to pay your balance off (Provided you buy a house in a ghetto).