Frequent Contributor
bostonte
Posts: 263
Registered: ‎10-04-2009
Re: MY GOAL: Get The AmEx Centurion Card - MY PLAN: read in article

Amex is not going to waive the fee. If they don't waive it for people who are at Centurion level without volume generation schemes, why would they waive it for you?

 

The "perks" of the Centurion card are geared around someone that has enough money not to care, and even then they are hard to justify.

 

As mentioned a few posts above you can arrange lots of things rather easily through Amex and the attached concierge service (shopping, plane charters, fine dining, etc.) -- but hardly ever at a great price. The "perk" is that it's quick and easy, not that it's a better deal.

 

The problem? People with the schedule and income to benefit from this perk already have an assistant to do this type of thing for them, or a department at their employer that does all the booking/scheduling.

 

The rest of us would rather spend 5 minutes doing it ourself and save $300. 

 

People often mention their travel perks and airline club access. First, the large majority of the perks can be had at the Platinum level -- at a much cheaper price. If you fly all the time, perhaps lounge access, companion fares, etc. are worth the annual fee.

 

The problem? People that fly often enough to want that level of lounge access more than likely would already get it as a member of one of the higher tiers of the airline's frequent flyer program. 

 

The rest of us probably clicked around and bought a discount fare for our vacation to Europe. Only full fare tickets are eligible for free companion fares. Not really that great of a deal when you can buy two discount fares for less than one full fare. 

 

So what are you paying for?

 

If not just for the "status", the only other real perk is in granting you the card Amex has done a full review of your life. So if you are really the type of person that might stop at Christies on a whim after lunch and drop $150,000  -- the annual fee might be worth it in exchange for the confidence that your $150,000 charge goes through just fine in addition to your normal extravagant spending because Amex knows you can afford it.

 

The flip side being they'll know how you generated the charge volume and what you can really afford. So while you may get yourself a Centurion card -- it will have the same exposure limit you'd get with a green card, and is that really impressive? 

 

One thing to keep in mind: Bernie Madoff had a Platinum Card, not a Centurion. And if someone with obscene levels of extravagant spending (using other people's money) couldn't justify it...