topic Re: AMEX is Crazy! in Credit Cards

AMEX is Crazy!

Anonymous — Fri, 15 Dec 2017 00:37:21 GMT

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?

Re: AMEX is Crazy!

Anonymous — Fri, 15 Dec 2017 00:44:04 GMT

Can you swipe 4K though it in the next 3 months? And want the AF?

Re: AMEX is Crazy!

wasCB14 — Fri, 15 Dec 2017 00:44:28 GMT

Speaking as someone unfamiliar with your credit history, spending, and preferences...why is this surprising?

Re: AMEX is Crazy!

Anonymous — Fri, 15 Dec 2017 00:50:12 GMT

@wasCB14 wrote:
Speaking as someone unfamiliar with your credit history, spending, and preferences...why is this surprising?

My question exactly!

Re: AMEX is Crazy!

simplynoir — Fri, 15 Dec 2017 00:56:31 GMT

I say wait for the 100k SUB it's too valuable considering their "once a lifetime" policy.

Re: AMEX is Crazy!

Anonymous — Fri, 15 Dec 2017 01:02:24 GMT

Well, it's just strange to me coming from my credit history. 4 years ago, I was drowning deep in bad credit. Until I decided to clean it up.

I can definitely swipe 4k thru it in one month. Question is do I want to? I'm not that often, a frequent traveler, so all of those benefits are sweet and make me feel all warm and special on the inside, I can't justify it at this time. I am happy where I am at this point.
Thus far, I have accomplished two major goals: get an AMEX and Discover card.

I'd like to just chillax on the credit game for a minute and enjoy what I have so far. And as you can see there is a lot more growth able to be accomplished. And I read that they had the 100k offer just a few months ago. Now if that offer ever arrives in my mailbox. I may just have to fork over $550!

Re: AMEX is Crazy!

wasCB14 — Fri, 15 Dec 2017 01:07:23 GMT

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.

Re: AMEX is Crazy!

simplynoir — Fri, 15 Dec 2017 01:13:47 GMT

@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.

Indeed. It's amazing the misconception some people still have with the Platinum card like only the 1% can get it. While that MIGHT have been true many years ago nowadays anyone with a decent profile and are willing to fork over the AF can get it.

Re: AMEX is Crazy!

GFer — Fri, 15 Dec 2017 01:19:56 GMT

Ouch! Annual fees......I know these can really pay off for some, though.....!

Re: AMEX is Crazy!

Anonymous — Fri, 15 Dec 2017 01:26:45 GMT

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?

Re: AMEX is Crazy!

GFer — Fri, 15 Dec 2017 01:28:08 GMT

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

Re: AMEX is Crazy!

AverageJoesCredit — Fri, 15 Dec 2017 01:32:46 GMT

Re: AMEX is Crazy!

Credit-hoarder — Fri, 15 Dec 2017 01:59:54 GMT

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.

Re: AMEX is Crazy!

iced — Fri, 15 Dec 2017 02:15:49 GMT

@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.

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.

Re: AMEX is Crazy!

Anonymous — Fri, 15 Dec 2017 02:17:04 GMT

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.

Re: AMEX is Crazy!

MrDisco99 — Fri, 15 Dec 2017 02:33:10 GMT

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.

Re: AMEX is Crazy!

mongstradamus — Fri, 15 Dec 2017 02:34:05 GMT

@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?

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

Re: AMEX is Crazy!

iced — Fri, 15 Dec 2017 02:35:01 GMT

@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?

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.

Re: AMEX is Crazy!

iced — Fri, 15 Dec 2017 02:38:44 GMT

@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.

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

Re: AMEX is Crazy!

simplynoir — Fri, 15 Dec 2017 02:46:22 GMT

@iced wrote:
@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?
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.

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.