dw

Amex CEO was quoted today basically saying “no way” about potentially taking over the portfolio, due to credit profile of the pool.

ecs0013

Here's a post about it: https://www.bankingdive.com/news/ame...oldman/701746/

Not to get us too off-topic, as I know most of the talk is about co-branded products, but it's funny Amex is talking about premium products. They have a couple of dated cards that are absolute jokes at this point—just about every other entry-level rewards card from other banks is more "premium" than the EveryDay card at this point (I'd say even if you like MRs). At least bring it on-par with the refreshed Blue Cash Everyday?

Along with that, people seem to be having "coupon book-fatigue" with some of the higher-end cards, especially with some credits that don't quite match the perceived Amex brand.

anrkitec

The Everyday cards give people what can effectively be a $0-$95 AF downgrade path from Green/Gold/Platinum that lets you keep, earn, and transfer MR points out to partners.

While it’s not an actual 1:1 downgrade, it’s a credit card, not a charge card, and you have to apply for the Everyday separately, it does give you a way to keep and use your MR points if you get tired of paying $695 for the Plat or $250 for the Gold.

ecs0013

Definitely, not to mention the ED->EDP upgrade offers that some folks have been able to use multiple times and the rare targeted Amazon MR offers. Among my handful of cards, I have a just-after-launch-day EveryDay that basically is kept for its history and Amex Offers (not really doing MR points otherwise at this time) and other than losing some benefits like extended warranty, it hasn't changed since 2014. As Amex has updated just about every other card in their lineup since then (some multiple times), it'd be nice to see a refresh, especially since my Apple Card took over grocery spend for me (in my opinion, 2% back is more flexible than 2x MR in small quantities).

While I like Amex and think there's a lot of great options within their lineup for value, the "they're definitely getting the Apple Card" talk has given me pause when I think about it. Until the Blue Cash Everyday got a refresh, I'd have been in the camp that Amex really doesn't want to be in the no-AF card business these days, but has to since everyone else is. That would be my hesitation if they took over the Apple Card portfolio and could dictate some of the reward/benefit structure—as just about everyone else has been moving to 2% cards or 1.5% with no-FTF, they launched the Cash Magnet, a 1.5% with a FTF, no extended warranty, and obviously a smaller acceptance network.