Best way to use American Express points?

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
16 posts
Moneytalks
Centurion Member
Centurion Member
 
Posts: 438
Joined: Sat Feb 04, 2012 8:22 pm
Location: United States

Postby Moneytalks » Fri Mar 02, 2012 10:11 pm

I don't know about you sky lovers out there, but word on the street is that airlines are going to start cutting back on the frequent flier miles programs, and if that's true, I think the Amex platinum might want to throw in some more stuff for the fee.... just my 2 cents...
Wallet: Amex BCE & Chase Freedom. (Credit Card dieting since 2014)


UPS Gregg
Platinum Member
Platinum Member
 
Posts: 86
Joined: Sun Jan 01, 2012 4:14 pm
Location: Tennessee

Postby UPS Gregg » Sat Mar 03, 2012 11:40 am

I used mine for store gift cards. 30,000 points got me $300.00. I'd ditch the "upper tier" Amex cards though unless you travel allot and even then the Platinum card is the only Amex that truly benefits a cardholder because of the lounge access (if you like that sort of thing) but other than that the annual fees are a rip off. I mean why pay an annual fee when there are plenty of free cards that allow you to convert your points at the same values as an expensive Amex card? Don't get me wrong. I'm all about taking the points and running. That's what I did but just don't go crazy and apply for a bunch of cards in a short period of time. The points from my free cards with USAA will go allot farther than what they would with my Amex cards with annual fees if I kept them. I could care less about the "prestige" of flashing a gold or platinum colored card at the chechout counter. I care about value and losing a chunk of 50,000 points to annual fees is NOT a good value. Maybe annual fees should be called "sucker fees"? :)
Current FICO: 805 (Equifax)

Current Cards:

*USAA Platinum MasterCard CL-$1,000.00
*USAA Signature Visa Card CL-$15,000.00
*USAA Rewards Amex CL-$15,000.00
*HSBC Best Buy Card CL-$3,300.00
*Amex Macy's CL-$8,000.00
*JPMorgan Chase Marriott Rewards Premier Visa Signature CL-$20,000.00

User avatar
PlatinumAMEX94
Centurion Member
Centurion Member
 
Posts: 321
Joined: Mon Jan 02, 2012 1:21 am
Location: Denver

Postby PlatinumAMEX94 » Sat Mar 03, 2012 12:58 pm

UPS Gregg wrote:. Maybe annual fees should be called "sucker fees"? :)


I believe they call those membership fees, like when you got to a country club, or a gym. Some people, such as myself, view those as the price of admission. Like having a bachelor's degree is the price of admission for applying for a job that requires a degree.

Every individuals chooses how and why they spend their "energy" for whatever reason is important and justified. You get to a point in your life that a few hundred or thousand are not going to dramatically impact your life, except maybe for the better.

In the last year or so American Express Platinum has added the $200 airline credit, a free $400 Priority Select Pass, $99 Global Entry, on top of all the other added perks. The Platinum card breaks out to $37.50 a month, which is probably less than what most people pay in finances charges every month. There is a huge difference between "cost" and "value". It is all how you view and perceive reality. Perception is reality.
American Express Platinum Personal, Member since 94
Chase United Explorer - Visa Signature
Chase Sapphire Preferred
American Express Business Simply Cash

American Express Costco Business, American Express Platinum Business
Bank of America 10k, Capital One Venture World MasterCard 7.5k, Fidelity Visa Signature 10k
Citibank ThankYou Premier World MasterCard - Card Member since 91, 25k
Discover 10k Member since 91, Wells Fargo Personal & Business Visa Signature
USAA World MasterCard 12k, Chase Slate Exclusives Visa 5k

Lifelock member, USAA credit monitoring, Security Freezes E/E/TU, 800+

cc_is_cash
Green Member
Green Member
 
Posts: 15
Joined: Sat Mar 03, 2012 3:27 pm
Location: Los Angeles area

Postby cc_is_cash » Sat Mar 03, 2012 3:57 pm

UPS Gregg wrote:I used mine for store gift cards. 30,000 points got me $300.00.


Unfortunately, that was not true for my briefly owned BofA AMEX. They give you 1.25 points per dollar spent, but when it comes to redeeming points for gift cards, the deal was about 3,800 points for a $20 gift card, which worked out to about $0.8 of gift card per $100 spent. I couldn't believe the scam and I cancelled that card. My plain OPTIMA card, on the other hand, charges 2,000 points for a $20 gift card with a clear and transparent point system.

UPS Gregg
Platinum Member
Platinum Member
 
Posts: 86
Joined: Sun Jan 01, 2012 4:14 pm
Location: Tennessee

Postby UPS Gregg » Sat Mar 03, 2012 8:51 pm

PlatinumAMEX94 wrote:I believe they call those membership fees, like when you got to a country club, or a gym. Some people, such as myself, view those as the price of admission. Like having a bachelor's degree is the price of admission for applying for a job that requires a degree.


We are talking about credit cards here. Apples and oranges man.

Every individuals chooses how and why they spend their "energy" for whatever reason is important and justified. You get to a point in your life that a few hundred or thousand are not going to dramatically impact your life, except maybe for the better.


I don't like to waste money on status symbols. Or anything else. Whether that money is hundreds or thousands makes no difference to me because its still the same in the end.....a rip off

In the last year or so American Express Platinum has added the $200 airline credit, a free $400 Priority Select Pass, $99 Global Entry, on top of all the other added perks. The Platinum card breaks out to $37.50 a month, which is probably less than what most people pay in finances charges every month. There is a huge difference between "cost" and "value". It is all how you view and perceive reality. Perception is reality.


Like I've said before.....those can be worth it for someone that travels allot but I don't think the average American travels enough to make then $450 worth paying. And either way it's steep when you consider that the average layover times aren't worth the price of admission to an airport lounge (wether paid directly or through a credit card) so, there is your cost factor but the value is definitely lacking.

The reality is that, unless someone is an avid traveler that is willing to basically prepay standard airline fees to include lounge access, they are paying fees for a status symbol. And there is your perception factor.

My biggest beef with AFs is that I refuse to pay finance charges (minus the mortgage of course). I pay in full every month to avoid them and paying annual fees defeats the purpose of avoiding them. The only reasons I even use credit cards is for the points to get free stuff. And to boost my credit scores. Why pay an AF of $175 if I wont actually start turning a profit until I spend $176? While I may not convince the guys or girls at the check out counters that I'm a high roller with my less "prestigious" no annual fee cards at least I will get an extra $175 dollars in rewards in my pocket opposed to having to dish out that same amount just to satisfy some perception. Or even worse.....prepay for probable airline fees and overpriced airport lounges.

That's my philosophy on credit cards.
Current FICO: 805 (Equifax)

Current Cards:

*USAA Platinum MasterCard CL-$1,000.00
*USAA Signature Visa Card CL-$15,000.00
*USAA Rewards Amex CL-$15,000.00
*HSBC Best Buy Card CL-$3,300.00
*Amex Macy's CL-$8,000.00
*JPMorgan Chase Marriott Rewards Premier Visa Signature CL-$20,000.00

cc_is_cash
Green Member
Green Member
 
Posts: 15
Joined: Sat Mar 03, 2012 3:27 pm
Location: Los Angeles area

Postby cc_is_cash » Sat Mar 03, 2012 9:26 pm

UPS Gregg wrote: The only reasons I even use credit cards is for the points to get free stuff. And to boost my credit scores.


I'll add a couple of more things to that. They are far more convenient and safer than carrying cash. You need them for online orders. They provide insurance against fraudulent merchants. They also make it easier to track your spending (I like Discover's spending analyzer. I am sure others have similar things).



Return to “American Express”

Who is online

Users browsing this forum: No registered users and 2 guests