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0 pointsSanddancer10y ago0 comments

Amex charges higher fees per-transaction. Because they're a charge card, they make their money off the transaction fees, and not off the interest rates a card accrues. Conversely, this means they have to charge more on the front-end to maintain profitability.

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5 comments · 3 top-level

branchless10y ago· 2 in thread

Yep - great to see them in trouble. Most small businesses hate them as they take from their bottom line.

IIRC amex also tried to stop retailers letting customers know just how much they charge per transaction and wouldn't let shops offer different prices to counter-balance Amex greed.

Overall they sound thoroughly nasty and I cheer their demise.

ps whenever I can I use cash at an independent business so they keep the 2-3% instead of some big bank.

cthalupa10y ago

>Overall they sound thoroughly nasty and I cheer their demise.

They're wonderful as a consumer, and I would be quite sad if they were to go anywhere. I've had multiple large companies try to screw me over, and I went to Amex and they went to bat for me and took care of the issue.

I have 100% confidence that I will be taken care of for all purchases related to my Amex card, which I cannot say even for my other "prestige" cards such as the Chase Sapphire Preferred, etc.

jsprogrammer10y ago

Is there a bank or credit issuer who doesn't act substantially the same?

maxerickson10y ago

They also offer credit cards. They differ from VISA and Mastercard in that they underwrite many of the lines of credit themselves (they make about $5 billion per year on interest).

jsprogrammer10y ago

Most AMEX cards are credit.

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