Remember when 'platinum' actually MEANT something?

[SoCalGardener]

Back in the '80s, when I got a pre-approved Amex Gold Card (the kind with no limit!), colors meant something. Having a gold card was impressive. I honestly don't recall if Amex had platinum cards back then, but if they did, platinum would've really meant something! Big-time. Ditto for Citibank's Silver and Gold cards--they incrementally reflected your status.

Now I see SECURED credit cards, with $100 limits called 'platinum' and it just makes me shake my head in disbelief. What's the point of assigning colors to credit cards if they're basically meaningless?

I remember when I used to travel a lot, and whipping out my gold Amex and Citibank cards was impressive--they meant something, they indicated success and having reached a certain financial status and responsibility, and they had crazy good perks. Now that anyone can get a 'gold' or 'platinum' card, I don't know, it just bugs me. Am I alone?!

Kindly note that I don't mean to offend anyone. Not only that but I've had my fair share of financial problems, including the most humiliating thing I've ever had to do, declare bankruptcy. My financial woes were caused by catastrophic medical bills, but the point is that I understand being there. I'm not looking down on anyone, just pointing out that card colors used to say something about your financial standing, and now they don't, so what's the point?

[Anonymous]

Creditors learned that they can make more money being inclusive than exclusive would be my guess. 

[SoCalGardener]

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@Anonymous wrote:

Creditors learned that they can make more money being inclusive than exclusive would be my guess. 

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I'm sure you're right, but in the process they've caused the original meaning of silver/gold/platinum cards to be lost. *shrug*

Back when I was rebuilding my credit, I would've felt embarrassed using a gold or platinum card with a low limit and 29% APR. I'd feel like a fraud, an imposter. But that's just me.

[Anonymous]

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@SoCalGardener wrote:

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@Anonymous wrote:

Creditors learned that they can make more money being inclusive than exclusive would be my guess. 

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I'm sure you're right, but in the process they've caused the original meaning of silver/gold/platinum cards to be lost. *shrug*

Back when I was rebuilding my credit, I would've felt embarrassed using a gold or platinum card with a low limit and 29% APR. I'd feel like a fraud, an imposter. But that's just me.

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I mean people don't really care what card you use as long as its approved. Metal cards had some shock and awe value when they first started coming out, not so much now, but I can tell you when I was a cashier I never paid attention to anything except that the card was signed and that the name matched the ID. Now that I am into credit cards, I would pay attention to the kind of card, but people like us are in the minority. I can't think of a single time when I was a cashier that I thought anything about the type of card I was handed. 🤷‍♂️

[blindambition]

While the levels were once a consideration of credit responsibility and income, it got lost in a sea of cards. Eventually the level meant nothing, because a mid tier Gold card from one lender, was a subprime American Express knockoff from another. Happens all the time. Look at all the streaming services with Plus... Plus loses value, because many services aren't Plus.

In the card arena, those increased levels also meant increased customer service care. That's gone to an extent too.. unless your private client status.

[SOGGIE]

I sure do remember. 😉 I also remember when Master Charge (currently called MasterCard) was a huge deal for folks to get their hands on.

[BearsCubsOtters]

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@SoCalGardener wrote:

Back in the '80s, when I got a pre-approved Amex Gold Card (the kind with no limit!), colors meant something. Having a gold card was impressive. I honestly don't recall if Amex had platinum cards back then, but if they did, platinum would've really meant something! Big-time. Ditto for Citibank's Silver and Gold cards--they incrementally reflected your status.

Now I see SECURED credit cards, with $100 limits called 'platinum' and it just makes me shake my head in disbelief. What's the point of assigning colors to credit cards if they're basically meaningless?

I remember when I used to travel a lot, and whipping out my gold Amex and Citibank cards was impressive--they meant something, they indicated success and having reached a certain financial status and responsibility, and they had crazy good perks. Now that anyone can get a 'gold' or 'platinum' card, I don't know, it just bugs me. Am I alone?!

Kindly note that I don't mean to offend anyone. Not only that but I've had my fair share of financial problems, including the most humiliating thing I've ever had to do, declare bankruptcy. My financial woes were caused by catastrophic medical bills, but the point is that I understand being there. I'm not looking down on anyone, just pointing out that card colors used to say something about your financial standing, and now they don't, so what's the point?

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American Express introduced the Platinum card in 1984. There was a scene in either the first or one of the first few Miami Vice episodes wherein a cociane cowboy was in his house boat (maybe yacht?) cutting his coke using his brand new Amex Platinum LOL.

So it really was American Express whom invented credit card status. In I think 1966 they introduced what would be later called the Gold card. MasterCard and Visa followed up with that. Usually, these Gold cards had higher limits, more protections and other benefits. It also showed cashiers and waiters that you had status. Status is important to humans. It is actually very funny. Anyway, as a child of the 80s, I absolutely loved gold cards and was kind of crushed that when I was finally old enough for credit in the 2000's gold cards were passe/unavailable. 

In the '90s, First USA really started driving home their Platinum Visa (and less often MasterCard Platinum) with its 0% intro period on balance transfers and then an ongoing 9.9% APR after that. Balance transfers and low APRs were pretty unheard of until that point. This caused a domino effect...every bank started abandoning their Gold cards to offer lower-rate Platinum Cards with balance transfers.

Also, starting in the '90s and accelerating after this point were the idea of rewards credit cards. Sure, Amex had Membership Rewards and Discover offered cashback and there was the ubiquitous Mileage Plus United Airlines card, but outside of those cards, rewards were not very popular. Status or the "color" of your card was the most important thing.

Now days, Americas are very reward savvy. We want something for our spend. Now days, "status" is how much free things you can glean from your card rather than how pretty or what color the card is. And, if you get a pretty card that is just an added bonus. Visa Signature and World/World Elite Mastercard don't mean much either anymore, but having a higher tiered card helps the issuing bank earn higher swipe fees from the merchants. Higher swipe fees = better income for the bank = better rewards for the customer. 

So I guess what I am trying to point out is that the days of feeling superior or proud by others seeing what kind of credit card you hold are over. I cannot even remember the last time I had to hand over one of my cards to a cashier as everything is self-done now. This feeling of satisfaction is more private these days. Knowing that you have a high credit line, great rewards and the lowest offered APR has to be enough for you. 

[SoCalGardener]

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@SOGGIE wrote:

I sure do remember. 😉 I also remember when Master Charge (currently called MasterCard) was a huge deal for folks to get their hands on.

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Yes!! And Bankamericard!! (Now Visa.) Ahhh....the good old days.

[SoCalGardener]

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@blindambition wrote:

While the levels were once a consideration of credit responsibility and income, it got lost in a sea of cards. Eventually the level meant nothing, because a mid tier Gold card from one lender, was a subprime American Express knockoff from another. Happens all the time. Look at all the streaming services with Plus... Plus loses value, because many services aren't Plus.

In the card arena, those increased levels also meant increased customer service care. That's gone to an extent too.. unless your private client status.

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You're making excellent points. Thanks.

I miss the good old days of card colors having actual meaning!

[iced]

I personally don't think this trend was so much Amex's doing as generational and cultural.

As a Gen X growing up in the 80's, I saw the yuppies and "Greed is Good" mentality -- and despised it. I certainly wasn't alone, and as we came into our own, we threw those acts of "putting on the ritz" into the rubbish where it belonged. Perhaps no bigger example of this exists than with clothing -- older generations would very much dress up to go on a flight or visit the lounge, as if wearing clothes was some reflection of the individual's worth. Today, millionaires walk the streets in a $10 T-shirt and an old pair of jeans.

Most in my social circles have eschewed such traditions and just can't care what cards people pack. It never "meant" anything other than to those who wanted it to mean something.

I do get the feeling there's the beginnings of a reversal of this with streetwear brands like Supreme, particularly among the under-30 crowd. So, we might see a swing back toward material apperances with the next generation as X and Milennials age out and join Boomers in the bin of irrelevance.