@CreditScholar wrote:
@Walt_K wrote:
@dodgerslv wrote:
@plasticcards wrote:Amex Platinum... Ive been traveling the past months so having this card is great. However i will be done travelling in January and then maybe once or twice a year If that I will be travelling. So my dilemma should I keep my card and renew it when the time comes? I kinda wanna keep it for the status of the platinum card to be honest. Is that stupid?
is not stupid..its really up to what you want. I for one dont mind paying high AF for elite status cards with great rewards. I have the AAdvantage Elite World MC with a 400 AF and the United Club with a 450 fee (i think). I travel about 5 times a year so im sure that doesnt justify the rewards and AF but i sure love using their lounges when i do travel and always tell myself at the moment it is worth the ridiculous AF...
Im sure others may think i am crazy for paying 800 dollars a year to have 2 cards but like you said, i wanna keep the elite status of both cards.
You could buy day passes to the lounge for much cheaper given that you are only traveling 5 times per year. You may have other reasons to keep the cards, but these are the kinds of questions the OP should ask himself. How much is he using the benefits he really cares about, and are there alternative ways of getting those same benefits for less money.
He could buy individual lounge passes, but if he's travelling with someone else he'd have to pay for 2 each time. Assuming passes are on sale at $25 each (which is extremely low, and even pre-purchased online they're more likely to be $30-40), he'd be paying $500 in total. $50 (for 2 people) x 2 (round-trip on different days) x 5 trips.
Given the $200 incidentals credit, the Plat's AF is only $250. Someone could come out ahead even if they only travel a few times a year, assuming they want lounge access every time (especially if they travel with a partner).
I was comparing this to someone spending $800/year for lounge access. Even with a guest, that could likely be had for less. In any event, I acknowleged that there may be other benefits that were at play other than lounge access, so this was meant as an illustration of the type of analysis that should be done, not as a statement that no one should carry the Amex Platinum unless they visit a lounge more than 5 times per year.
The point is to try to do a reasoned evaluation to decide whether you are really getting the benefits that you believe you are getting out of the card and not overpaying for those benefits. I carry the Amex Platinum so clearly I think it can be of value. But I have to step back and reevalute myself at times. These companies are good at playing to our vanities. So it is good to ask yourself every once in a while whether you are really paying that annual fee because of the benefits the card provides, or whether you're making an emotional decision based on the prestige or some other intangible. If, in the end, you're doing it because of the prestige, that's fine. But recognize that and be honest with yourself. If you've justified the card based on lounge access or any other benefit, you should be using that benefit often enough to offset the annual fee of the card.
And if the justification for the AF is based on tangible benefits rather than prestige, remember to consider alternative cards. For example, the PRG is a popular card. I also carry that card, but I will probably cancel when my annual fee comes due. Too often I see people justify carrying that card because they will just about break even on the AF with the number of MR points they will earn, i.e., people who earn only about 17.5K MR points/year and mostly redeem for gift cards. If that's what you're earning, you're likely not coming out ahead because you're foregoing what you would earn with a no fee 2% cash back card. Again, maybe there are other things about Amex you value, e.g., good customer service, backdating, etc. Just think carefully about what you are really paying for.
Starting Score: ~500 (12/01/2008)
@enharu wrote:
@CreditScholar wrote:
@watch44 wrote:creditscholar, i think youre confusing personal opinions as something else. actual prestige is the same as perceived prestige. only people who are credit card experts arent impressed by the plarinum. thats the minority opinion. if OP hangs out with credit experts, this might be relevant.
(sorry on my phone)
I'd have to disagree with you here. There are many out there who aren't credit card experts who aren't impressed by the platinum, simply because to them it's just another card. They may not even know that significant differences exist between cards, so they won't even think twice about it. There are different sub-groups of those who aren't impressed by the platinum, and it's not only limited to credit card experts (although they are one of them). If it just looks like another piece of plastic to you, it's difficult to be truly impressed.
I have to agree with CS.
The concept of "prestige" is really dependent upon the individual and the environment he/she is in.
For example, some people may think that having a Louis Vuitton bag is an extremely big deal, and that the bag is considered luxurious. Just ask anyone who buys their bags from Target / Walmart and they'll most likely tell you the same story. However, to some, LV is just another one of the many cheap brands out there that is just slightly better than coach. They think the real luxury bags are the ones that cost more, such as a Hermes Birkin. And then as you go up the scale, you'll eventually find people who think a regular Birkin is just another one of the many cheap bags out there; only a diamond studded Birkin or one made out of exotic leathers where the price tag is >200k is considered luxurious. None of those people are wrong in their assessment. It just really depends on their perception.
The same concept applies to all kinds of things, including cars and even property as well.
At the end of the day, what really matters is that the individual is happy, and that he hopefully isn't going out of his means just to get it. The "value" of the item is subjective as well. Some people are happy with a 50k BMW 5 series, while some will pay twice the amount just for a M5, which essentially is sorta the same car except better performance. I know people who have Amex Plat / Centurion / Palladium, and they don't even really use any of the perks. They don't really care about what the perks are. All they want is the best service possible, and that the card works. As long as you can justify what you're doing, then there's nothing wrong.
This is incredibly true. But look down the chain. Some people, like those I grew up around, see plastic as simply a hindrance and credit as an annoying waste of time, but they do it because they can't afford a house in cash. However they (and me) are simply happy driving whatever car is affordable and gets them to point A and point B.
We would much rather spend money on a pumpkin patch run with a group of friends or going to a theme park that buying a purse, when the wallmart 30 dollar one is perfectly functional or the 10 dollar wallmart wallet works fine, we don't need a 200 fine leather wallet. All we're gonna do is sit on it anyway. lol.
Some people perceive luxury in their experiences and relationships with those around them. Not the piece of plastic or metal in our wallet 
And back on topic.... (*waves to Lexie, I'm sorry, I responded to that one when I read it, not having caught up with the rest of the convo and it's redirection back on topic)
Honestly, looking prestigious when you whip out a card, is it really that important? Your financial responsibility, the people you're with when you're spending, how you conduct yourself and behave as you do spend, those are far more important to the people around you then how your plastic looks. That is my opinion, and I imagine there are many people who agree with me. If someone is being a total *(pre-edited so mod's don't have to)*, then you're not gonna care what card he uses, he's still a *****.
Starting Score: 573 (Exp 10/12)