American Express is Bad For Business

What is the deal with American Express? I don’t understand their business model. Everywhere I go I see more and more retailers or restaurants refusing to accept American Express because of expensive service charges they charge business owners.

Many companies complain that American Express is too expensive and the monies take too long to arrive in their business bank account. It’s not just small businesses that are refusing Amex but large companies as well, retail chains, factory outlets and furniture outlets.

I have found myself stranded a number of times in various small towns being unable to shop or go to a restaurant because companies just refuse to accept American Express. Many gas stations have refused the card as well.

Imagine entertaining a client at a restaurant, you’re paying the bill and you find out on your way out that the restaurant doesn’t accept American Express. It’s happened to me a number of times.

I am so tired of having to ask everywhere I eat or shop “do you take American Express”?
Despite the fact that I can hardly find any company that takes the card, then they have the nerve to charge the consumers to use the card. I have the Platinum Card I pay about $500.00 a year just to have the card. I don’t see this card having any more privileges or flight points than any other card.

In the olden days you had to have a net worth of half a million to get the Platinum Card, I know lots of people who have this card who don’t have that kind of net worth. They are just dumb like me paying outrages yearly charges trying to use a card that hardly any company will accept.

Then the business card they try to sell you in my view is a waste. A separate card in the business name they advertise to help you sort your business expenses with nice reports and statements. If you’re an incorporated company you personally guarantee the card anyway. So really it’s just another card with more yearly services charges to the consumer. If your company goes under your on the hook personally anyway.

Then if I use my Platinum Card in an unusual spending pattern like I buying a lot little things like videos, or go shopping for small items with small charges they do these security checks that drive me nuts.

I was in Costco one day buying a few items during the busy Christmas Season. I had a big line up behind me when all of a sudden I couldn’t use the card. I was embarrassed and the people in the line were starting to give me dirty looks. So I had to call the American Express Customer Service at the line up. Because my spending pattern was a little different they wanted me to call in for a security check to make sure I was me. Fine and dandy but will they be doing this to me in a restaurant when I am entertaining clients? That is of course if I can find a restaurant that actually takes the card.

I give up. This is my last year with American Express. I don’t blame companies for not wanting to accept the card and I don’t see why people would want to use the card when it’s one struggle after the other trying to find a company or a restaurant that will take it.

Never Again !!

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