AMEX is Crazy!

[GFer]

Ok...what is 'SUB' that I keep seeing, but have no clue?

[AverageJoesCredit]

Sign Up Bonus

[Credit-hoarder]

The 100% absolute ONLY-and I do mean ONLY way I'd app for the Platinum is with the 100K offer. For one I'm not a huge traveler or Uber user. And even then I'd be struggling to make the $4K spend b/c a lot of the merchants/places I do high dollar business with don't take AMEX. But that 100K pts. would make up for the first year only of the $550 fee with a few hundred $ in MR pts. leftover in my case--if I kept it longer than that I'd be throwing money down a hole.

[iced]

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@wasCB14 wrote:

Just because it has a big AF and a lot of big spenders have one doesn't mean every Platinum has spectacular spending power. It's not a very hard card to get. It's harder to get a $9k BCP than a Platinum.

That said, with $15k in CLs between BCP and Hilton, Amex clearly seems to have some comfort with you as a customer.

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You need to stop thinking just like me. It's a bit scary how often I'm nodding in agreement with you.

Back to the OP: If it has benefits you'll use, great. If it doesn't, don't bother, especially with a 60k sign-up. You can't do much worse than 60k for a sign-up bonus on the card.

[Anonymous]

Yeah it's definitely a travel card. I use Uber whenever my cars are rented out (which has been every day lately due to holidays and cold weather) so I'd make out in that. I don't really ever book hotels as Airbnb is way better for me.

[MrDisco99]

The reason the Amex Platinum cardholders club is exclusive is not because the card is hard to get. Amex charge cards are easier to get approved than revolvers. The nature of the product makes them lower risk for Amex.

The reason Platinum is exclusive is it's expensive.

[mongstradamus]

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@Anonymous wrote:
Yep, I said it! They sent me an invitation to app for the AMEX Platinum card. $550 AF with 60,000 RP. LoL. What say you?

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I would say no wait for the 100k offer, its once in a life time signup bonus so hold out for best available offer. 

[iced]

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@Anonymous wrote:
What's the break even on platinum tho? It's a 5% airfare card. Ignoring Chase Sapphire Reserve what comes close? 3% general spend?

So a 2% difference. Most urban folks will use the Uber credit. Anyone flying just twice a year will likely use the airfare incidentals credit. So the remaining $150 / 0.02 difference = $7500 in booked airfare? Definitely NOT for everyone but since they do offer some 5% back on certain hotels, too, it isn't outrageous. And it's way way way less than $7500 if you take advantage of any of the less popular perks involved like global precheck or airport lounges.

For a family of 4+ I bet it makes sense for many.

And if you snag the 100K SUB now you can make it really work.

I'm watching for the offer weekly. I assume it's just from logging in and seeing what they're offering on the site?

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I'd say the break-even is situational to each person even then. Not all airline partners are created equal, nor will everyone value them equally, so comparing UR/MR to cashback is really a worst-case safety net in terms of value. If I redeem miles on a UR-partnered airline for 6 cpm in value, 3 UR is going to be worth far more than 5 MR to me.

The other irony is that the more someone flies, the less likely they'll be to pay for airline incidentals because they're getting them comped through status. I haven't paid for an alcoholic drink on a flight or a checked bag in years, and wifi is usually excluded from the incidental credit, so I would be using the credit to buy gift cards. Are there people who make use of this? Absolutely, and for them the card makes even more sense.

I guess my point is there's no formula you can run the two cards through that will give the optimal answer for everyone, because everyone's different.

[iced]

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@MrDisco99 wrote:

The reason the Amex Platinum cardholders club is exclusive is not because the card is hard to get. Amex charge cards are easier to get approved than revolvers. The nature of the product makes them lower risk for Amex.

The reason Platinum is exclusive is it's expensive.

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The Gold Card from Luxury Card is $995 a year, but I don't see threads of people flaunting that crap.

[simplynoir]

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@iced wrote:

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@Anonymous wrote:
What's the break even on platinum tho? It's a 5% airfare card. Ignoring Chase Sapphire Reserve what comes close? 3% general spend?

So a 2% difference. Most urban folks will use the Uber credit. Anyone flying just twice a year will likely use the airfare incidentals credit. So the remaining $150 / 0.02 difference = $7500 in booked airfare? Definitely NOT for everyone but since they do offer some 5% back on certain hotels, too, it isn't outrageous. And it's way way way less than $7500 if you take advantage of any of the less popular perks involved like global precheck or airport lounges.

For a family of 4+ I bet it makes sense for many.

And if you snag the 100K SUB now you can make it really work.

I'm watching for the offer weekly. I assume it's just from logging in and seeing what they're offering on the site?

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I'd say the break-even is situational to each person even then. Not all airline partners are created equal, nor will everyone value them equally, so comparing UR/MR to cashback is really a worst-case safety net in terms of value. If I redeem miles on a UR-partnered airline for 6 cpm in value, 3 UR is going to be worth far more than 5 MR to me.

The other irony is that the more someone flies, the less likely they'll be to pay for airline incidentals because they're getting them comped through status. I haven't paid for an alcoholic drink on a flight or a checked bag in years, and wifi is usually excluded from the incidental credit, so I would be using the credit to buy gift cards. Are there people who make use of this? Absolutely, and for them the card makes even more sense.

I guess my point is there's no formula you can run the two cards through that will give the optimal answer for everyone, because everyone's different.

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Indeed. For me the point of the Platinum card is primairly as a perk/service card. To see it as something to try and break even on is not the right way to look at it IMO.