Is American Express Actually Your Friend? (A Credit Card Confession)
Hey everyone, Philip here from Points of Phillip! Today, I'm diving into a slightly strange question: Is American Express your friend? Before we get started, please like and subscribe. It helps me out and lets YouTube know I'm making content you find helpful.
Okay, so am I totally bonkers for even asking if a bank can be your friend? Probably. American Express is a multinational corporation, a payment network... not exactly friend material, right? They make decisions based on algorithms and what's best for them.
But here's the thing: you always hear YouTubers and influencers reminding you that Amex isn't your friend. So why does it even need to be said so often? That's what I want to explore today based on my personal experiences.
My Credit Card Origin Story
To understand my perspective, I need to give you a little background. I didn't exactly have a financially stable upbringing. Single-parent household, not financially literate, and even experienced homelessness in high school. My financial journey started with Capital One because, well, they were the ones sending me those tempting mailers.
I made a LOT of mistakes with those Capital One cards (check out my video on that!), and they stuck with me through it all. They were my first taste of credit, but honestly, they still give me the lowest credit limits of any of my cards. Plus, I paid them a ton in interest early on.
Next up was Chase. After cleaning up my act a bit, I got approved for the Prime Visa card. This was a game-changer! I had a $24,000 credit limit – the highest I'd ever had! This gave me breathing room and allowed me to think about spending in a whole new way. I could finally consider annual subscriptions and buying in bulk to actually save money. Remember buying the big package of toilet paper because it's cheaper per roll? That became my reality!
Enter American Express: The Charge Card Revelation
Then came American Express, specifically the Gold card. This was my first experience with a charge card, and I was TERRIFIED. I thought I was going to ruin my life. But it fundamentally changed how I viewed credit cards.
Because it was a charge card, I knew I had to pay off the balance in full every month. This wasn't just about saving money by buying in bulk; it was about being strategic without paying interest. Huge!
While Chase helped me change my spending habits, Amex taught me the true value of credit cards and made my life less stressful. No pre-set spending limit meant my wife and I could put all our spending on one card without tanking my credit score due to high utilization.
Amex Offers: The Vacation Game Changer
And then there were the Amex Offers! They started subsidizing our vacations in a CRAZY way:
$300 off at the Waldorf Astoria in Orlando
$150 off a rental car in Atlanta
$200 off a hotel stay in Atlanta
$350 off Virgin Atlantic fees for a premium economy redemption!
This was real money saved on things I was already planning to buy. Between the charge card structure and these targeted offers, it felt like American Express just got me as a consumer. These cards helped me manage my credit and encouraged me to pay my balance in full and on time (because I didn't turn on that "Pay Over Time" feature!).
The offers felt targeted, the sign-up bonuses were incredible (60,000 points for the Gold card!), and it honestly changed my travel experiences. Being able to take my first international trip in business class with a regular job? Insane!
Even the credits on the Amex Gold card make you feel like you're part of some special club. And let's be honest, flashing that gold card around feels kind of good too!
So, Are They Really Your Friend?
Look, I had the chance to do things, see things, and experience things I wouldn't have without my relationship with American Express. Sure, Chase or Citi might have points and offers, but they aren't as good. The access to transfer partners like Cathay Pacific or Delta is more limited. And don't even get me started on the Resy Global Dining Access program! It's allowed me to eat at incredible, locally-owned restaurants I never would have found otherwise.
So, yeah, American Express is a bank. They can't be your friend. But it's a bank that can change your life (and your financial life) in a positive way if you use the tools correctly. And that change can feel more abrupt and significant with American Express.
While I understand that American Express is working in its own best interest, it has allowed me to live life more deliberately and save more money than any other card issuer I've dealt with.
Now it's your turn! Let me know in the comments: Is American Express your friend? Or is Chase your BFF? Or maybe you think all banks are just there to be taken advantage of! Whatever your stance, thanks for listening! I'll see you in the next one!