topic Re: Tech Sector Layoffs - Why Keep Amex Plat? in Credit Cards

Tech Sector Layoffs - Why Keep Amex Plat?

FLLGuy — Fri, 27 Jan 2023 15:54:08 GMT

The tech veritical is currently undergoing a massive haircut eliminating tens of thousands jobs flooding the talent pool. My Amex Platinum was a luxury for business travel and personal at the same time. According to my tech employer last week traveling is no longer required or needed and for that matter expense reduction is in full effect across the board including jobs.

In reassessing my priorities and looking at my current CC line up w/AF - Amex Platinum appears to be the prime candidate to chop considering the generous AF plus there's no more travel unless it's personal. TBH, my personal travel when comparing "Amex Plat vs Venture X" i strongly believe Venture X is a much better value add over Amex Platinum.

Amex Gold @ $250 AF = justified and makes sense heavy use.
Amex HH @ $95 AF = justified and makes sense high points plus we do lots of weekend florida getaways.
Venture X @ $395 = justified and ROI is well balanced love this card and is my premiere travel card for personal.
Amex Platinum @ $695 = no longer justified with traveling abroad slashed by 90% (from work) and 10% or less for personal. I only really app'd for this card because I was traveling nationally. Without flying what value does this hold? Uber? Disney plus discount?

Interesting times.

Re: Tech Sector Layoffs - Why Keep Amex Plat?

Anonymous — Fri, 27 Jan 2023 15:49:48 GMT

@FLLGuy wrote:
The tech veritical is currently undergoing a massive haircut eliminating tens of thousands jobs flooding the talent pool. My Amex Platinum was a luxury for business travel and personal at the same time. According to my tech employer last week traveling is no longer required or needed and for that matter expense reduction is in full effect across the board including jobs.

In reassessing my priorities and looking at my current CC line up w/AF - Amex Platinum appears to be the prime candidate to chop considering the generous AF plus there's no more travel unless it's personal. TBH, my personal travel when comparing "Amex Plat vs Venture X" i strongly believe Venture X is a much better value add over Amex Platinum.

Interesting times.

Just like any other AF card, you have to evaluate if it is earning its keep (organically ideally, rather than buying from Saks because you get a credit etc) This would also involve deciding the value of lounge access with reduced travel etc.

Re: Tech Sector Layoffs - Why Keep Amex Plat?

wasCB14 — Fri, 27 Jan 2023 17:07:36 GMT

For me the value is on the Business side.

$400 ($200x2) at Dell. Higher prices but occasional Amex/Rakuten promos.

$150 at Adobe

$120 in wireless credits

That's $670 before anything else.

Though if you use anything Adobe you probably have a corporate subscription that you don't pay for out of pocket.

Re: Tech Sector Layoffs - Why Keep Amex Plat?

WasteMgmt — Fri, 27 Jan 2023 17:43:19 GMT

Seems like the value no longer fits your spend. I think it's best to not try and over value the credits to justify the AF. I'd let it close, and with your Gold you'll still have plenty of use for MR points.

Re: Tech Sector Layoffs - Why Keep Amex Plat?

FLLGuy — Sat, 28 Jan 2023 04:31:20 GMT

@WasteMgmt agreed

Re: Tech Sector Layoffs - Why Keep Amex Plat?

FLLGuy — Sat, 28 Jan 2023 04:32:28 GMT

@wasCB14 - you are correct but I don't use Adobe product or wireless credits. I apperciate your feedback.

Re: Tech Sector Layoffs - Why Keep Amex Plat?

FLLGuy — Sat, 28 Jan 2023 04:34:01 GMT

@Anonymous indeed no longer fits time to cut it.

Re: Tech Sector Layoffs - Why Keep Amex Plat?

805orbust — Sat, 28 Jan 2023 13:20:07 GMT

Maaaan I've been reciting this script over and over in my mind since 2020 when I went from 2 planes a week to 2 every 90 days @FLLGuy I called them to close and the rep went on about the credits. I wasn't impressed, but did keep the card. Uber is NOWHERE near the same in NC as it is in NJ so it's almost a waste, plus... multiple cars.

We spent years not paying for personal travel, but there are other perks that pop up here and there, which is always pleasant. Really conflicted on this one.

Re: Tech Sector Layoffs - Why Keep Amex Plat?

Anonymous — Sat, 28 Jan 2023 14:48:41 GMT

@805orbust wrote:
Maaaan I've been reciting this script over and over in my mind since 2020 when I went from 2 planes a week to 2 every 90 days @FLLGuy I called them to close and the rep went on about the credits. I wasn't impressed, but did keep the card. Uber is NOWHERE near the same in NC as it is in NJ so it's almost a waste, plus... multiple cars.

We spent years not paying for personal travel, but there are other perks that pop up here and there, which is always pleasant. Really conflicted on this one.

@805orbust

Heard your Mother Calling ... said to get right home

Going on I realize the AF on the AX Platinum is chicken feed to the higher rollers but, it would make a nice down on a bet in Vegas...?

You could stay with @tcbofade and attend Bengels and Chiefs Game tomorrow at 5:30 pm in Kansas (home of Dorothy, Toto & Lion Heart along with the Red Shoes) ...?

Just trying to help! That is what my Mother used to say: "... I was a trying child ..."!

Re: Tech Sector Layoffs - Why Keep Amex Plat?

805orbust — Sat, 28 Jan 2023 16:38:28 GMT

DYING!!!! 🤣🤣🤣🤣 @Anonymous you aint lying my friend. These are squarely in the "first world" problems territory. You're right tho. If I was a high roller I'd probably have a different opinion, but for me that fee is a thing. It doesn't hit again until August so I've got a few months to decide but it doesn't make sense anymore.

Re: Tech Sector Layoffs - Why Keep Amex Plat?

FLLGuy — Sat, 28 Jan 2023 19:05:11 GMT

@Anonymous - omg!!! Cant stop laughing or stop from scratching my head on mama's saying. **bleep** that was funny bro!

Re: Tech Sector Layoffs - Why Keep Amex Plat?

FLLGuy — Sat, 28 Jan 2023 19:13:45 GMT

@805orbust i appreciate your view. Without planes to jump on this year the value is questionable. Paying the $695 is not the issue i personally like something in return for the fee. Love Amex Cust Svc, However, i'm also aware tech will return to normal levels by end of Q2 this year.

lets see gentlemen i have until March always open to public opinion and views from Platty card holders.

Re: Tech Sector Layoffs - Why Keep Amex Plat?

805orbust — Wed, 01 Feb 2023 03:33:11 GMT

@FLLGuy I completely agree. I'm waiting because I anticipate a return to old form... of sorts. PLUS, there are a few places the Mrs and o frequent that give nice perks with the Platinum card, like $100 dinner vouchers, upgrades, etc and we've been pleasantly surprised. It makes up a nice chunk of the fee and honestly puts us ahead some years even without the points. So..... not *exactly* a straightforward decision. 😉

Re: Tech Sector Layoffs - Why Keep Amex Plat?

bigseegar — Wed, 01 Feb 2023 12:43:58 GMT

@wasCB14 wrote:
For me the value is on the Business side.

$400 ($200x2) at Dell. Higher prices but occasional Amex/Rakuten promos.
$150 at Adobe
$120 in wireless credits

That's $670 before anything else.

Though if you use anything Adobe you probably have a corporate subscription that you don't pay for out of pocket.

But that's also assuming that his card is the Business Platinum and not personal one. I read it that it was the personal Platinum used for business.

Re: Tech Sector Layoffs - Why Keep Amex Plat?

wasCB14 — Wed, 01 Feb 2023 17:55:27 GMT

@bigseegar wrote:
@wasCB14 wrote:
For me the value is on the Business side.

$400 ($200x2) at Dell. Higher prices but occasional Amex/Rakuten promos.
$150 at Adobe
$120 in wireless credits

That's $670 before anything else.

Though if you use anything Adobe you probably have a corporate subscription that you don't pay for out of pocket.
But that's also assuming that his card is the Business Platinum and not personal one. I read it that it was the personal Platinum used for business.

You are correct that OP has a personal Platinum.

I was pointing out that the Business Platinum could potentially be useful even with fairly little travel. There are a lot of credits for things commonly purchased by tech workers. Most tech is a bonus rewards category. The purchase protection and extended warranty terms are strong with an easy claims process.

How that information might have been applied (getting a card for employee or contractor expenses, getting an employer to pay the annual fee, whatever) was for OP to decide.