@Berk wrote:
@redpat wrote:
@Anonymous wrote:
@Berk wrote:
@Anonymous wrote:
The biggest benefit to the Centurion Card is the purchasing powers. Unlike the other charge cards with "no pre-set spending limit*", the Centurion Card has truly unlimited spending ability (provided you keep the account in good order, of course).No, it does not. While it may appear to be unlimited to we hoi polloi, Amex does limit the spend just like it does with any other of its charge cards. No pre set spend limit means exactly what it says-whether Amex is dealing with me or Bill Gates. After all, Amex does not have unlimited resources.
Pooka89 until just recently was an Amex employee who is very familiar with their policies.
+1 and I can attest these members have more rope that we do. These members have their NetJets memberships on it and for amex to deny a charge to a member and put them in an embarrassing position isn't what amex is about. These members are in a different zip code than us and amex caters to them.
Having more rope does not mean unlimited rope. Even their rope comes to an end at some point. Truly unlimited spending ability means just that - there is absolutely zero ceiling for each holder when it comes to the amount they could potentially put on the card. I am telling you that unless Amex has truly unlimited resources they ARE NOT providing "truly unlimited spending ability." Being able to put a $170 million piece of art on the card is a far cry from unlimited spending ability when you are talking about the combined net worth of Centurion card holders.
Actually 170 million to Bill Gates isn't that much when your net worth is 87 billion.......I sure Amex would put that through for him.
His limit maybe a cool 10 billion, lol!
Personal Cards: Amex Plat | Amex Delta Res | CSR | Citi AA Exec Business Cards: Ink+ | Amex BGR
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@Berk wrote:
@redpat wrote:
Actually 170 million to Bill Gates isn't that much when your net worth is 87 billion.......I sure Amex would put that through for him.
His limit maybe a cool 10 billion, lol!
Lets assume that the top richest people in the world are all Centurion card holders and that Amex let them put 1% of their net worth on their Centurion card. All 10 decided to do that in the same month. That would be right at 5 billion total - in one month. Amex had 35 billion in sales all of last year - or just under 3 billion a month average. Their net profit was 5.03 billion for the year. Can you see how they could potentially get in trouble if they allowed truly unlimited spending? I average about 1 - 1.5% of my total net worth on my cards each month. Its not that uncommon really. The vast majority of us probably do that or more. Its not that Centurion card holders can't afford unlimited spending - its that Amex can't afford to let them if they want to remain viable as a company.
I know someone who has one and he never had issues charging anything. My wife went Christmas Shopping with his Wife and she dropped 25k at Louis Vuitton, my wife said they let her cut the line, basically closing the store for her and attended to her every need, she said was sick inside to see that much spent on pocket books and luggage. There is a lot of funny money out there and Amex caters to that niche better than anyone.
They are great people and would do anything for you but they live in another world.
@Anonymous wrote:
@Anonymous wrote:Is it worth it with such a hefty annunal fee?
What are the perks to it?
I think for its target audience $2500 might not register as a valid subject of 'worth or not'.
As a probably poor example, if a certain card charges you a $0.25 AF, will you waste time thinking about is it worth it?
Same goes for some of the high level cards available to ppl with large amont of $$ under management like the chase JPMR, you are already paying chase something like $100,000 in fees (not to mention opportunity cost for parking millions of cash) to park your $$ there, do you really care that much about AF on top of those numbers? But chase do waive all AFs of all chase cards for you anyways just in case you do care
You just like to beat down some pool soul. 