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AMEX platinum or Chase SR?

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Senior Contributor

Re: AMEX platinum or Chase SR?


@KJinNC wrote:

@kudosalert wrote:

@onecoolamigo wrote:

At least, once or twice a year (roundtrips)...


not worth the AF on either card if you are only taking 2 international trips. even with 2 stops per flight, you'll probably have less than 10 lounge visits.


I don't have either card, but have spent a lot of time pondering them while developing my longterm strategy, and there are some X factors depending on someone's individual uses and needs for the cards. I can easily think of scenarios where someone with the right spending patterns would cover the Amex Platinum's annual fee with statement credits, making it an effectively a no-annual-fee 5x travel card that gives lounge access plus status with Hilton and Marriott. Especially if there's a Schwab credit thrown in. For me, it would be pretty difficult to use all of the credits (for example, I have never taken an Uber ride), so I'd end up with effectively about a $250 annual fee unless I distorted my spending patterns just to say I got all the credits. With CSR, there is an easy $300/year travel credit that anybody who travels at all will be able to use. Some people would be able to use it even if they don't travel, as it covers things like parking garage fees. Though if someone will be redeeming for cash instead of travel, there are easier cash bonuses. That brings the effective annual fee down to $150 right off the bat. For me, if I had my choice of these two cards, I would go with CSR, but that's based on my profile/spending patterns, not the OP's.

 

To someone else's point, I wonder why the Citi Prestige is the Rodney Dangerfield of this class of card, here. On paper, it seems like a really strong contender. I am also interested in it because I will be over 5/24 until summer 2021. Continual nerfs of what was an excellent card a few years ago, inferior customer service, and generally making decisions with the card that just don't seem to make any sense.


 

Spend: BofA Premium, BBP, Schwab Platinum, Freedom, Costco, Discover
Perks: IHG49, Hyatt75, Marriott Brilliant, Delta Platinum
SD/AAoA Ballast: Arrival, CFU, DC, ED
Downgrading in 2020: CSR, BCP, Savor
May eventually add: 100k Platinum (for a year, then PC to Gold), Virgin Atlantic.
Message 21 of 30
Established Contributor

Re: AMEX platinum or Chase SR?


@KJinNC wrote:  "To someone else's point, I wonder why the Citi Prestige is the Rodney Dangerfield of this class of card, here. On paper, it seems like a really strong contender."

I've never had the Citi Prestige, but from my own research, while it once was more competitive it has become less and less so.

 

Comparing to CSR (which I decided to get), Citi Prestige:

    - Has $45 higher AF ($495 vs $450) with only $250 travel credits instead of $300 (CSR)

    - Citi TY points are estimated lower valuation (1.7cents) versus 2.0 cents for Chase UR

           and AMEX MR per The Points Guy calucations for August 2019.

    - Trip Protection, Rental Car coverage, etc is much better on CSR.

 

In addition, in an web article 06/25/2019 "The Dwindling Appeal of the Citi Prestige Card" on TPG website, comparing it to other cards, the following benefits of the card are being discontinued which makes it even less attractive for future applicants.  It appears Citi is discontinuing benefits on many of it's cards to cut costs and even their flagship Prestige was not spared.  Here are some changes that were summarized:

 

Effective Sept. 1, 2019, Citi will implement the following changes to the Citi Prestige:

  • 4th Night Free will be limited to twice per calendar year, and this cap includes both the main card member and any authorized users.
  • No more 4th Night Free bookings through the concierge. You’ll only be able to book these stays through thankyou.com or by calling Citi. In doing so you won’t earn any credit toward hotel elite status, any hotel loyalty points or enjoy any elite status benefits. This means you’ll have to weigh the value of elite credits and benefits against what you’ll save by booking a 4th Night Free stay on a case-by-case basis — which to be fair, you’ll want to do anyway now that you’ll be capped at two stays per year. With the elimination of concierge bookings, you’ll also no longer have access to as many rate options, such as AAA and other discounted rates.
  • No more 25% bonus for air travel when you redeem points directly through Citi. You’ll now get 1 cent per point on airfare when redeeming through the Citi travel portal.
  • 2x points on entertainment going away. Starting in September you’ll earn just 1 point per dollar on entertainment purchases.
  • Annual fee increasing to $495, from $450. The increased annual fee won’t affect Citigold and Private Bank clients, who will still pay $350 a year.

Then, on Sept. 22, 2019, Citi will completely discontinue the following perks:

  • Worldwide Car Rental Insurance
  • Trip Cancellation & Interruption Protection
  • Worldwide Travel Accident Insurance
  • Trip Delay Protection
  • Baggage Delay Protection
  • Lost Baggage Protection
  • Medical Evacuation
  • Citi Price Rewind
  • 90 Day Return Protection
  • Missed Event Ticket Protection
  • Roadside Assistance Dispatch Service
  • Travel & Emergency Assistance



Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 26+ years;
AAoA = 9+ years; AoYA = less than 1 year (Nov 2019)
Total Open Credit Lines Over $440K. Utilization Less Than 1%. Inquiries until May 2020 (TU:2 -- EQ:2 -- EX:6)
*Hover cursor over each card to see name, CL
Message 22 of 30
Senior Contributor

Re: AMEX platinum or Chase SR?

I joked before about Prestige trying to challenge the Barclays Black card...going for vain and uninformed customers who are profitable unlike savvy ones.

 

https://www.businessinsider.com/heavy-metal-credit-card-trend-citi-prestige-2019-7

 

And once again, Citi combines a redesigned card (even heavier this time) with the (recently discussed) benefit cut!

Spend: BofA Premium, BBP, Schwab Platinum, Freedom, Costco, Discover
Perks: IHG49, Hyatt75, Marriott Brilliant, Delta Platinum
SD/AAoA Ballast: Arrival, CFU, DC, ED
Downgrading in 2020: CSR, BCP, Savor
May eventually add: 100k Platinum (for a year, then PC to Gold), Virgin Atlantic.
Message 23 of 30
Valued Contributor

Re: AMEX platinum or Chase SR?

It is still competitive, 5x on flight and food is good. Perks are nice, but probably 95% of people never use them. lol

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Message 24 of 30
Established Contributor

Re: AMEX platinum or Chase SR?

Thanks for the detailed breakdown. The changes to the 4th night free really damage the card's value, to me. I knew it was capped at twice a year and I was ok with that, but I wasn't aware of the other nerfs to that feature. Despite it all, I think Citi Prestige may fit my spend better than Amex Platinum. If I had my choice, CSR seems like the winner of the three, for me and my uses ... unfortunately, I have no chance of getting a CSR for two years. Because of that, I am more interested in the Citi Prestige than I would otherwise be (not that I could qualify for it today, but I think I probably will be able to next year).

 

At least I have an Amex Gold to try to milk value out of for now!




FICO 8 scores are deceptively high. My profile is young with a lot of new accounts and even more inquiries from spring and summer 2019. The Barclay AU card is not on TransUnion; and, Equifax has some old positive accounts from 2011 that are not on the other two. That is the reason for the variation in scores. No derogs. Over 5/24 until summer 2021.

Authorized user / Corporate

Closed but still on reports: ExxonMobil, $950, 10/08-02/11 (Equifax only) | Citi secured, $200, 045/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Unsecured personal loan from Coastal, $1,000, 05/19-08/19.

Goal cards: Ducks Unlimited, Chase Sapphire Reserve (or Preferred, haven't decided). Increased CLs across the board.
Long-term goal: Legitimate 770s on EX/EQ/TU, able to qualify for most normal credit products. Prime-rate mortgage.
Message 25 of 30
Super Contributor

Re: AMEX platinum or Chase SR?

I will play devils advocate for citi prestige, you don't have to worry about 5/24 like you do have with CSR. Also you don't have to worry about 4 years between applications  with the CSR, or once in a life time with Amex. CSR is a good fit for most people, but I figured for my case CIP and gold was a better fit.

 

Also as far as valuations go for each currency I find its quite dependent on the person. I personally don't feel UR are worth as much as they were before the KE nerf and to lesser extent the UAL devaluation. Its up to each person how they value their points, but I would personally look at how you are going to use your points to see the value you will be getting. In general I think one should look at how they are going to use their points before even applying for any cards.



EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16
Message 26 of 30
Established Contributor

Re: AMEX platinum or Chase SR?


@mongstradamus wrote:  "I will play devils advocate for citi prestige, you don't have to worry about 5/24 like you do have with CSR. Also you don't have to worry about 4 years between applications  with the CSR, or once in a life time with Amex. CSR is a good fit for most people, but I figured for my case CIP and gold was a better fit."

Also as far as valuations go for each currency I find its quite dependent on the person. I personally don't feel UR are worth as much as they were before the KE nerf and to lesser extent the UAL devaluation. Its up to each person how they value their points, but I would personally look at how you are going to use your points to see the value you will be getting. In general I think one should look at how they are going to use their points before even applying for any cards.


Thanks for the counterpoints. Smiley Happy

 

"As far as valuations go for each currency I find its quite dependent on the person."

Very true ... and what makes points and miles so complicated.  I referenced The Points Guy website just because I believe his calculations provide a baseline for what points for most people would be worth with reasonable caution in redeeming.  I think it's a good starting point and for those who want to get maximum value and do the legwork, websites like that provide some great tips for where transferring points for redemption can really pay out even higher.

 

What is "CIP"?  I could not find that on the MyFico abbreviations links or web search.

 

Regarding the 5/24 and 48-month (or lifetime) restrictions on Chase or AMEX, those are valid points for some people but I believe a minor consideration for most of us.  I am a "buy-and-hold" type creditor who doesn't generally apply for credit just for the SUB or for churning.  Except for adding extra Chase cards to my wallet for the past 15 cards, which I did for various reasons besides the SUB, I typically have been slow to add new accounts and apply primarily with the long haul relationship in mind. 

 

 




Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 26+ years;
AAoA = 9+ years; AoYA = less than 1 year (Nov 2019)
Total Open Credit Lines Over $440K. Utilization Less Than 1%. Inquiries until May 2020 (TU:2 -- EQ:2 -- EX:6)
*Hover cursor over each card to see name, CL
Message 27 of 30
Senior Contributor

Re: AMEX platinum or Chase SR?

Chase Ink (Business) Preferred probably, or possibly the Chase Ink (Business) Plus.

 

Citi has their own bonus restriction rules, though generally not quite as strict as Chase's for a bonus chaser.

 

Some of Citi's TY partner airlines can be good, but there's a limit to the number of frequent flyer programs I'm going to learn to use - and adapt to as they change...at least without a specific destination in mind. I find that CSR plus Platinum makes Prestige superfluous for my needs. Platinum for perks and merchandise protection, CSR for rewards and travel protection. Plus, BBP/CF/CFU boost my earn rate on non-travel spend.

 

Also, it's much easier for me to accumulate a significant number of points (as in, enough for multiple people flying international business class) if I'm earning two primary award currencies (MR and UR) instead of three (TY).

Spend: BofA Premium, BBP, Schwab Platinum, Freedom, Costco, Discover
Perks: IHG49, Hyatt75, Marriott Brilliant, Delta Platinum
SD/AAoA Ballast: Arrival, CFU, DC, ED
Downgrading in 2020: CSR, BCP, Savor
May eventually add: 100k Platinum (for a year, then PC to Gold), Virgin Atlantic.
Message 28 of 30
Established Contributor

Re: AMEX platinum or Chase SR?


@Aim_High wrote:

Regarding the 5/24 and 48-month (or lifetime) restrictions on Chase or AMEX, those are valid points for some people but I believe a minor consideration for most of us.


Probably for most consumers in general, but I think 5/24 is an obstacle for at least half of this board, because it includes a disproportionate number of people who are either currently building their profiles, or did so in the recent past. In my case, I won't be under 5/24 until summer 2021.




FICO 8 scores are deceptively high. My profile is young with a lot of new accounts and even more inquiries from spring and summer 2019. The Barclay AU card is not on TransUnion; and, Equifax has some old positive accounts from 2011 that are not on the other two. That is the reason for the variation in scores. No derogs. Over 5/24 until summer 2021.

Authorized user / Corporate

Closed but still on reports: ExxonMobil, $950, 10/08-02/11 (Equifax only) | Citi secured, $200, 045/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Unsecured personal loan from Coastal, $1,000, 05/19-08/19.

Goal cards: Ducks Unlimited, Chase Sapphire Reserve (or Preferred, haven't decided). Increased CLs across the board.
Long-term goal: Legitimate 770s on EX/EQ/TU, able to qualify for most normal credit products. Prime-rate mortgage.
Message 29 of 30
Super Contributor

Re: AMEX platinum or Chase SR?

Cio is chase ink preferred it has 3x travel and 3x mobile phone with cell phone insurance some of chase biz cards are under rated imo. You can transfer to partners from cip as well.

I think it comes down to each person how they will use their points for each program. To me chase is only really useable for Hyatt redemptions nowadays so that is why I am a bit meh on ur . I do like Citi counts gas for 3x


EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16
Message 30 of 30
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