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.