Any point in upgrading to Amex Platinum (assuming I'd get approved)

[Anonymous]

Got Green and Delta Gold no problem a few weeks ago. Surprising given Experian was 696, still had a couple derogs, salary was low and also self-employed.

By next month much of that should change as derogs drop off, utils go down, and also the two new Amex which are being dated back to '86 add even more points, probably in high 700s.  Also, I'll be making much more AND on corporate salary.  Is there anything to updating to Platinum which I have a link for on my online statement?

Is there a benefit in terms of how potential new creditors view you?

[Chopbrocoli]

Sorry, what do you mean by "is there anything to updating to platinum?"

[Anonymous]

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@Chopbrocoli wrote:
Sorry, what do you mean by "is there anything to updating to platinum?"

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I just meant is there any benefit to having a Platinum as opposed to Green (or even Gold)?  They don't have higher 'lines' so it is just cache when out with friends (which I care little about) or would potential creditors see a Amex Platinum and consider you more closely?

[MattH]

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@Anonymous wrote:

Got Green and Delta Gold no problem a few weeks ago. Surprising given Experian was 696, still had a couple derogs, salary was low and also self-employed.

By next month much of that should change as derogs drop off, utils go down, and also the two new Amex which are being dated back to '86 add even more points, probably in high 700s. Also, I'll be making much more AND on corporate salary. Is there anything to updating to Platinum which I have a link for on my online statement?

Is there a benefit in terms of how potential new creditors view you?

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Well, I've had AMEX cards since 1982 (Green till around 1995, Gold since then) with an excellent payment history so they keep offering me Platinum. I could easily afford the added annual fee, but I gather most of the additional benefits of Platinum are mostly useful for travel and I just don't travel enough to justify the increased fee. If I had a job that required frequent travel I'd probably get it, but I do not sleep well in hotels no matter how nice the hotel so I would never get a job that involved frequent travel. I do sometimes use the benefits that come with Gold but not Green.

I suspect the main appeal of AMEX Platinum for many people is the cachet, for which I don't feel much need.  I consider my residence a place to live, my car a way of getting from Point A to Point B, and my credit cards a means of payment.  I suppose AMEX Platinum might impress some potential creditor, but I've never had difficulty getting credit on the infrequent occasions when I've applied for it.

And the Centurion Card (the legendary Black Card for people who run over $100K annually through their AMEX account) is a little above my pay grade

Message Edited by MattH on 12-09-2008 10:50 PM

[FretlessMayhem]

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@Anonymous wrote:
would potential creditors see a Amex Platinum and consider you more closely?

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I don't necessarily think they would know you had an Amex Platinum. I have one, and it reports on my CRs as Amex just like any other Amex account. 

[MidnightVoice]

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@MattH wrote:

  I consider my residence a place to live, my car a way of getting from Point A to Point B, and my credit cards a means of payment. 

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My life Matt - you are nearly as boring as me!!!!!

[haulingthescoreup]

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FretlessMayhem wrote:

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@Anonymous wrote:
would potential creditors see a Amex Platinum and consider you more closely?

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I don't necessarily think they would know you had an Amex Platinum. I have one, and it reports on my CRs as Amex just like any other Amex account. 

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Agreed. Others can't see which card you have.

It's good for frequent travelers who can use the perks. Otherwise, it's pretty much a vanity tax. If you want to pay $1.23/ day to whip it out, then go ahead.

From what I can tell, everyone and their pet cats are being approved for the Plat now, especially if you already have a relationship with AmEx. It's pretty much no risk to them, as it's a PIF'er, and they adore getting that $450 fee. For a buck and a quarter a day, I almost might do it, but the $450 all at once sticks in my craw. I'm having enough trouble justifying finally paying the $150 fee on my Gold Rewards Plus.

[FretlessMayhem]

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@haulingthescoreup wrote:

I almost might do it, but the $450 all at once sticks in my craw. I'm having enough trouble justifying finally paying the $150 fee on my Gold Rewards Plus.

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When my year comes up, I'm switching back to Green. I really like using a PIF card as it keeps me in check, but I don't use the perks enough.

I played an out of town show in Maryland a couple weeks ago and was able to call their travel department and have them book 3 hotel rooms at a reasonable price for the afterparty, which was cool. But $450 cool? Hardly. 

[Chopbrocoli]

Honestly I dont think there really is any difference between green and gold except for the color of the card. If you travel alot, the platinum card can come very hand. If not, no point in wasintg $450. I used to have the platinum and the only thing I liked about it was starwood gold status and airport lounge access. Everything else, I could care less about.

As for potential creditors considering you more closely... I dont think so. The thing is on your credit report will show is: AMEX and your highest balance.