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Amex Platinum. Just too much money

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Regular Contributor

Amex Platinum. Just too much money

Title says it all. Amex did their best today to try and sell the Plat to me on the phone. I considered all the options and no matter how many times I slice and dice it I simply cannot justify the AF. I already have the Biz Gold which works well for me. Dont get me wrong I think the Plat is a great card if you can justify the cost but have to wonder how many people out there just have it for the flashy looks and cannot really justify the cost. Just my 2 cents.

Message 1 of 25
24 REPLIES 24
Valued Contributor

Re: Amex Platinum. Just too much money

I'm sure plenty people can justify it, just not you and me. Lol
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Message 2 of 25
Super Contributor

Re: Amex Platinum. Just too much money

Congrats.
High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 3 of 25
New Contributor

Re: Amex Platinum. Just too much money

I haven't set foot on a plane in about 3 years, and have only spent about 4 days total in hotels in that time. For someone like me, it makes no sense at all. I'm a "cash back" card guy. My brother, on the other hand, had a 15 year stretch at work where he basically spent more time in the air than on the ground, travelling about 10 months a year for work. They let him use his personal card for all the trips, hotels, restaurant per-diems, etc, and reimbursed him. For someone like that it doesn't make sense to NOT have the Amex platinum. I can't begin to list all the places he and his family have been to around the world on vacation, and his reward points covered just about all of it.


@hawkins wrote:

Title says it all. Amex did their best today to try and sell the Plat to me on the phone. I considered all the options and no matter how many times I slice and dice it I simply cannot justify the AF. I already have the Biz Gold which works well for me. Dont get me wrong I think the Plat is a great card if you can justify the cost but have to wonder how many people out there just have it for the flashy looks and cannot really justify the cost. Just my 2 cents.


 

Message 4 of 25
Established Contributor

Re: Amex Platinum. Just too much money

A coworker is leaving for a job at another company, and a group of us met for a happy hour last night to celebrate that. One of my buddies paid for his drinks with a business Amex platinum card for his personal sideline business that had nothing to do with the event. I scratched my head at that one.


FICO 8 scores are deceptively high. My profile is young with a lot of new accounts and even more inquiries from 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 fall 2021.
Cards

Authorized user / Corporate / Auto loan

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 | Self Lender secured $500 loan, 04/19-01/20 | Unsecured personal loan from Coastal, $1,000, 06/19-08/19.

Goal cards: Ducks Unlimited. Used to say Sapphire, but not sure now due to recently increased AF. Maybe Amex Platinum instead. 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 5 of 25
Contributor

Re: Amex Platinum. Just too much money

Same with the Gold card.

Discover It - 19.1K
Citi Double Cash - 16K
AMEX BCP - 35K
Elan Financial - 24.2K
Uber - 25K
Amazon Prime Visa Sig - 9.6K
Fort Knox Platinum - 2.5K
US Bank Cash+ - 14K
Citi AAdvantage PSWE - 21.5K
Message 6 of 25
Established Contributor

Re: Amex Platinum. Just too much money

Gold Card is half the annual fee, and its reward structure isn't as heavily geared toward travel. I think the Gold Card makes sense for a larger percentage of the population although still probably not a majority.


FICO 8 scores are deceptively high. My profile is young with a lot of new accounts and even more inquiries from 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 fall 2021.
Cards

Authorized user / Corporate / Auto loan

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 | Self Lender secured $500 loan, 04/19-01/20 | Unsecured personal loan from Coastal, $1,000, 06/19-08/19.

Goal cards: Ducks Unlimited. Used to say Sapphire, but not sure now due to recently increased AF. Maybe Amex Platinum instead. 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 7 of 25
Established Contributor

Re: Amex Platinum. Just too much money

As with all cards, it just works better for some than others.

 

I take it you're not part of the jetsetter crowd? If not, dropping the Plat makes total sense.

Living that DINK life, baby.
Message 8 of 25
Mega Contributor

Re: Amex Platinum. Just too much money


@hawkins wrote:

 Dont get me wrong I think the Plat is a great card if you can justify the cost but have to wonder how many people out there just have it for the flashy looks and cannot really justify the cost. Just my 2 cents.


Maybe some, but IMO the AF is probably just high enough to deter some of that  (i.e. people may pay $100 for flash but not $550!)  I would also think there is a group who "should" get the Plat but don't, because they don't understand all the benefits and are put off by the fee.

Message 9 of 25
Senior Contributor

Re: Amex Platinum. Just too much money


@longtimelurker wrote:

@hawkins wrote:

 Dont get me wrong I think the Plat is a great card if you can justify the cost but have to wonder how many people out there just have it for the flashy looks and cannot really justify the cost. Just my 2 cents.


Maybe some, but IMO the AF is probably just high enough to deter some of that  (i.e. people may pay $100 for flash but not $550!)  I would also think there is a group who "should" get the Plat but don't, because they don't understand all the benefits and are put off by the fee.


And a group that avoids AF cards altogether, regardless of value! Several on MF, actually.

Spend: BofA Premium, BBP, Schwab Platinum, Freedom x 2, Costco, Discover
Perks: IHG49, Hyatt75, Marriott Brilliant, Delta Platinum
SD/AAoA Ballast: Arrival, CFU, DC, ED
Downgrading in 2020: BCP, Savor
May eventually add: 100k Platinum (for a year, then PC to Gold), BofA Cash Rewards, Virgin Atlantic.
Message 10 of 25
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