topic Re: Let's be honest with AMEX. in Credit Cards

Let's be honest with AMEX.

Anonymous — Tue, 29 Oct 2013 23:13:10 GMT

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?

Re: Let's be honest with AMEX.

blondy250 — Tue, 29 Oct 2013 23:22:19 GMT

Amex plat holder here. If your not using it it enough to justify the annual fee, then covert it to the green card ( you can always go back) As per the status don't see it impressing anyone outside of the Denny's, Walmart crowd (no offense intended)

Re: Let's be honest with AMEX.

ezdoesit — Tue, 29 Oct 2013 23:20:51 GMT

@Anonymous 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?

I definitely don't think it is stupid at all. It is what you want it to be if you like the status that goes with the card and don't mind paying the AF then keep it but if you feel that the AF is to high to justify keeping it then you can just think about just downgrading to the PRG which in my opinion is not much of a downgrade because I think it is a pretty good card.

Re: Let's be honest with AMEX.

n777ua — Tue, 29 Oct 2013 23:22:17 GMT

Given the fact that most cashiers don't know a CapOne plat from an Amex plat, if thats the only reason you want it - well its your money.

If you've been using all the benefits (concierge, $200 airline credit, etc) then $495 really isn't too bad. Of course, you need to decide. The credit underwriting standards are exaclty the same for Green vs Plat, so if you'd be keeping it in hopes of getting a higher spend profile, that wouldn't work.

I got the Plat a few years ago just for the sake of it, but I was traveling quite a bit. When I stopped traveling, I downgraded to the Green. If I start traveling quite a bit again, I'll probably go back to the Plat.

Re: Let's be honest with AMEX.

coldnmn — Tue, 29 Oct 2013 23:22:40 GMT

If it makes you happy and you don't mind the cost it's not stupid, most have done a lot worse in their life.

Re: Let's be honest with AMEX.

dodgerslv — Tue, 29 Oct 2013 23:24:01 GMT

@Anonymous 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.

Re: Let's be honest with AMEX.

Walt_K — Tue, 29 Oct 2013 23:26:33 GMT

You could apply separately for the PRG and get a bonus and have no annual fee for the first year, so I would not PC to the PRG. I would separately apply and then cancel the Platinum card if that is your strategy. If you have a specific reason to be extra inquiry sensitive, e.g., an upcoming mortgage app, then maybe you want to PC.

It's just a piece of plastic. It has some nice benefits, but I don't think it is worth paying for for any perceived prestige. I carry the card myself. I've called to cancel it before when my travel decreased. I kept it due to a retention bonus offer and now my travel has increased again.

Re: Let's be honest with AMEX.

Walt_K — Tue, 29 Oct 2013 23:31:01 GMT

@dodgerslv wrote:
@Anonymous 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.

Re: Let's be honest with AMEX.

Anonymous — Tue, 29 Oct 2013 23:33:50 GMT

@dodgerslv wrote:
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.

Well, might be worth it for the lounges even though there are probably cheaper ways. But "keep the elite status of both cards". Who knows that these cards are in any way elite? Maybe the airline staff I guess. Doubt if anyone else recognizes them as being "elite". Even the Dennys/Walmart crowd referenced above wouldn't know!

Re: Let's be honest with AMEX.

Anonymous — Tue, 29 Oct 2013 23:38:38 GMT

Platinum has no FTF. So if you spend a lot (16666 is breakeven point) while traveling outside the country, that alone will offset the AF.

Re: Let's be honest with AMEX.

Anonymous — Tue, 29 Oct 2013 23:36:36 GMT

I do use the $200 airline credit. So it brings the AF too $250 which is not too bad right? If you look at it that way lol. I would go woth the Green but it does not have the airline credit. and the aiport lounges are nice when travelling. Im just a bot confused at the moment. That is all

Re: Let's be honest with AMEX.

Anonymous — Tue, 29 Oct 2013 23:37:13 GMT

I honestly don't think the card is elite in any way, unless you are talking about the Morgan Stanley co-branded version for the Amex platinum. That card more likely so, since you do need to open and maintain a MS account to do so, and they are not a bank who service your typical mom and pop.

Then again, all depends on you. If it makes you happy, keep it. There's no right or wrong as long as it's not putting a strain on your finances.

Re: Let's be honest with AMEX.

dodgerslv — Tue, 29 Oct 2013 23:47:36 GMT

believe it or not guys, i do get compliments for my AAdvantage Elite card. There is just something about the black and silver MC logo combination....kinda like the Prestige card enharu. But you guys do make great and valid points. You could get same benefits without paying so much. I guess it boils down to what each person prefers.

Re: Let's be honest with AMEX.

dodgerslv — Tue, 29 Oct 2013 23:48:52 GMT

@Anonymous wrote:
I honestly don't think the card is elite in any way, unless you are talking about the Morgan Stanley co-branded version for the Amex platinum. That card more likely so, since you do need to open and maintain a MS account to do so, and they are not a bank who service your typical mom and pop.

Then again, all depends on you. If it makes you happy, keep it. There's no right or wrong as long as it's not putting a strain on your finances.

very true...and that is one sweet looking card. Just like the Palladium which is my goal down the road.

Re: Let's be honest with AMEX.

navigatethis12 — Tue, 29 Oct 2013 23:50:19 GMT

I'm not sure what "status" you believe comes with this card, but its in your head. American Express cards, or really any lenders cards, are not that difficult to get approved for. One only needs a few months of history to be approved for the Platinum and a minimum income is not required. My mom used it when she was getting the 100,000 points bonus and no one said anything to her about it. When she rang to cancel the woman was on about how highly it's looked at, which is a lie. A card is a card and the cashier or people in line have no business looking at what you're using and who cares what they think of it. I would proudly take out a no annual fee First Premier card if it gave high cashback.

Re: Let's be honest with AMEX.

Anonymous — Wed, 30 Oct 2013 00:00:05 GMT

@Anonymous wrote:
Platinum has no FTF. So if you spend a lot (16666 is breakeven point) while traveling outside the country, that alone will offset the AF.

As compared to what? You can use any of a number of free non-FTF cards (many Cap Ones for example) and be ahead again!

Re: Let's be honest with AMEX.

kkapdolee — Wed, 30 Oct 2013 00:20:45 GMT

I guess you can PC to another Amex card but keep the physical Plat card and carry it around with you for "status"...

Re: Let's be honest with AMEX.

Anonymous — Wed, 30 Oct 2013 00:25:23 GMT

True there are no fee cards without the FTF, but OP would first have to get one with an equivalent limit to his NPSL AMEX. It's not a fair comparison imo.

And fwiw plasticcards, I think a Platinum Amex is pretty cool. Most people aren't experts in AMEX underwriting criteria.

Re: Let's be honest with AMEX.

Anonymous — Wed, 30 Oct 2013 00:37:00 GMT

@Anonymous wrote:
True there are no fee cards without the FTF, but OP would first have to get one with an equivalent limit to his NPSL AMEX. It's not a fair comparison imo.

And fwiw plasticcards, I think a Platinum Amex is pretty cool. Most people aren't experts in AMEX underwriting criteria.

The poster used the term breakeven, the point where the "savings" on the FTF outweighed the AF, but as FTF vary from card to card, I wanted to know what the comparison was to. No idea of the effective size of the NPSL, and/or what is really needed: Cards with no-FTF and no AF aren't all that uncommon these days....

Re: Let's be honest with AMEX.

Anonymous — Wed, 30 Oct 2013 00:48:37 GMT

Oh. I was just comparing it to other AMEX charge cards that people are suggesting. 2.7%.