- Centurion Member
- Posts: 147
- Joined: Sat Jul 12, 2014 7:38 am
- Location: Atlanta, GA
I had one for about 10 years about 25 years back.
My advice is to make sure you keep a mental note of the services you're using and whether those add up to the $450 annual fee. As long as they add up then keep it. Don't wait 5+ years to say, "You know.. I can't remember the last time I used any off the services from my Platinum card..."
It may feel like a prestigious card but, back when I had it, people just didn't care. As long as you paid your bill with something, Visa, MasterCard, Amex, or whatever, they were happy.
Don't get me wrong, I thought it was a cool card to have at the time. I'm just saying that the reality is that in the 10 years I had it I think I may have had 2 people say something like, "Oh, a Platinum card!" I had maybe a dozen plus over that same time say, "Oh, Amex Silver - I bet you'll be upgrading to Gold, soon!"
Today, I think that'd be even less. At the time when I got it the only gold and platinum cards were Amex and then Visa and MasterCard caught on and everyone started having Gold Visa and Gold MasterCards and, shortly after that, Platinum/Premium/Premier Cards. They all pretty much saturated the market with various "prestigious" cards.
Today, I don't think anyone notices a card at all, unless it's a really, really unique design. They just run it and move on. Even back in the day they really didn't notice anything. I think my Diners Club card was noticed a few times as, "Wow - never seen one of these before" (which is telling).
I kept the card during those 10 years because I thought it was cool, not because I was using their services. I lived in Canada for a brief time and used it to cash checks at the local Amex office. That was about it. Otherwise I paid Amex a lot of money for those 10 years because I thought it was "cool".
I tried to use the buyer's protection bit once and it was a series of insurance forms to fill out to make the claim. It was more hassle than it was worth. It sounds good in the commercials because they show it as, "Oh, my whatever broke," and then someone snaps their fingers and a new one appears. In reality it's a bunch of tedious insurance forms to fill out to make a claim. Unless the item had a LOT of value, you probably wouldn't bother.
So, basically, just make sure you get services out of it for the time you use it and don't be dumb, like I was, and hold onto it solely because it seems "cool".