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Money Manager from American Express

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American ExpressWhen I reviewed the Chase Blueprint payment program, I said I believed that credit card companies were offering money management tools and payment systems to help keep defaults and late payments down. The best credit card customer is a regularly paying one, despite what mainstream media would have you think (that credit card companies love to ding people with fees and send them to the poorhouse). Even the most cynical of consumers would agree with me on that point!

Well, as it turns out, American Express also has series of tools that helps users get a better handle on their finances. It isn’t an alternative payment schedule like Chase Blueprint but more along the lines of an online budgeting tool, except it’s available only to American Express charge cardmembers (and it’s free).

Here’s a two-minute video about it:

If you have The American Express Card, Preferred Rewards Green Card, American Express Gold Card, Preferred Rewards Gold Card, Rewards Plus Gold Card, Platinum Card or Centurion Card, then you have access to the Money Manager tool. All of those cards are personal charge cards, which don’t let you carry a balance.

(Photo: thetruthabout)

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14 Responses to “Money Manager from American Express”

  1. Daniel says:

    I would be interested in how this tool compares to others such as Mint.com. Unfortunately I only have a Amex credit card.

    I believe Bank of America offers the means of aggregating your external accounts to be visible on their online banking site. I do not think it offers the budgeting tools though.

  2. zapeta says:

    Well, at least this is slightly more useful than Chase Blueprint where all of their features can be easily replicated by a simple calculator. Their full pay could be useful if you’re not paying the balance in full each month.

    I don’t have an AmEx at all but there are already plenty of online budget tools out there.

  3. redivelli says:

    I think this is a pretty cool idea. Unfortunately, I find it counterproductive. With so many tools out there to track finances automatically, I think people might get overwhelmed trying to use them all. Simple is best in my mind.

    Keeping track of due dates can be done in other, simpler ways. I am a Citi customer and recently signed up for text alerts when statements were ready for review (I am set up to autopay, though).

    These are just my two cents, to each his on :)

  4. matk54 says:

    Thanks for the information. I missed the article on the Chase Blueprint so I appreciated another chance to get the information and check it out. I am trying to pay off my Chase CC, and this may be another way to determine my best route.

  5. eric says:

    At first I thought why haven’t I seen this but it’s because my Amex isn’t one of those charge cards.

  6. Chris says:

    Thanks for the information. Wish my other cards did something like this.

  7. Soccer9040 says:

    Looks interesting….too bad no one accepts AMEX. I had a corporate AMEX card and it was the worst. I went to so many places that didn’t take it I just started leaving it in my office because it was taking up room in my wallet.

    • Daniel says:

      Although many vendors do not accept Discover or Amex, I have been happy with thier cards. One of these days I will have to get a Visa or Mastercard :)

  8. Daniel says:

    It seems Discover card offers many of the financial tools provided by Chase Blueprint on the main Discover website.

  9. nikki says:

    I live in NYC and never have a problem with my AMEX being accepted. Of course, there are many places that only accept cash, so I obviously won’t be able to use AMEX there, but 9 out of 10 times AMEX is accepted. And i’ve been to many restaurants and many stores.

  10. Luke says:

    I thing this sounds great but I have to wonder how Amex will use the data. Did you read through the agreement? I like Amex but have to wonder about something for free from a company that keeps trying to sell me a card with a $450.00 annual fee.

    Here an excerpt:
    (2) you hereby appoint us as your true and lawful attorney-in-fact, with full power of substitution and resubstitution, for you and in your name, place and stead, in any and all capacities, to access all 3rd Party Sites you designate, collect and retrieve your account information related to or resident on the 3rd Party Sites you designate, and use said information for the purpose of carrying out the Service, with full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection with such activities, as fully as to all intents and purposes as you might or could do in person;

  11. Rich says:

    Luke, I had the same question. Here’s the response I received from AMEX…

    “hank you for writing in.

    The confidentiality, and security of financial and personal data are very important to us. The information is backed by the standards of American Express and is secured by multiple levels of protection.

    Please do not worry, American Express will only use this information for the purpose of providing the Money Manager feature to you.

    American Express will not use this information for anything else.

    I hope you find this information useful.

    We value your business with us since 2008 and we believe in providing you excellent customer service that you truly deserve.”

  12. Claire says:

    Luke-They have to put those terms in the agreement in order to access your other financial accounts, i.e. checking, savings, etc. It’s the same sort of agreement Mint.com sets out. Basically, you’re agreeing for them to use their engine (with your usernames/passwords/security questions) to access your other accounts.

    I’m interested in more feedback on Amex’s tool vs. Mint.com. I am an AmEx cardholder and just wonder if it’s any simpler than mint, which is pretty good.

  13. Luke says:

    Rich- I agree Amex is much more trust worthy than other companies. However if you read through the agreement… They are not liable for third party problems… to paraphrase. So if mint.com or whom ever created the software or runs it or…. gets compromised legally Amex is in the clear.

    Claire- This agreement not only signs over the rights to login. it signs over a lot more rights.


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