Should I cancel my Premier Rewards Gold??

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spartan3
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Should I cancel my Premier Rewards Gold??

Postby spartan3 » Tue Oct 11, 2011 9:18 pm

I have lurked around this forum for awhile, but this is my first post. I recently (within the last two weeks) applied for and received an American Express Premier Gold thinking I would use it as my primary card.

However, I have come to find out that it is not accepted by many of the places I shop. My concern is the $175.00 annual fee. My other two other cards that I use (Chase Sapphire and USAA AMEX) have no annual fee.

Previously, I only used the USAA AMEX at Costco so I was unaware that AMEX was not widely accepted. What value is there in having the American Express Premier Gold if it isn't accepted?? Should I close the card and just stick with my Chase Sapphire? Should I keep the card and alternate between the Gold AMEX and the Sapphire? Should I be using an entirely different card as my primary card?

Any suggestions are appreciated. Thanks in advance.


spartan3
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Postby spartan3 » Wed Oct 12, 2011 12:25 pm

Does anyone have suggestions????

CC Deville
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Postby CC Deville » Wed Oct 12, 2011 6:21 pm

spartan3 wrote:Does anyone have suggestions????


It is my understanding that the Premier Rewards annual fee is waived for the first year. My suggestion is to keep it for the full year to see if anything changes. If you find that the card is still not accepted in the places you shop most, then by all means, cancel the card and save $175 a year.

I cannot speak for Michigan but here in AZ Amex is accepted in about 95% of the places I go. Another option is to call Amex and let them know the merchants that are not accepting the card. They used to freely advertise on the monthly statements that they wanted to know who was not accepting the cards and if they got enough hits they would approach the merchant to see about having them sign up. I would think that Michigan would be a place that Amex would be in. I've never heard of Birmingham, MI......but per Wiki it is a "affluent suburb of Detroit." So...can you elaborate on where you are shopping that doesn't accept Amex?

The major benefits of the Premier Rewards are for gas (2x points), grocery ( 2x points) and travel (3x points). Do your grocery stores and gasoline stations not accept Amex? Otherwise, the Premier Rewards is basically a 1% reward card (on everything besides gas and groceries).

It sounds like you have already answered your own question. If you are unable to use your card, then it is of no value to you and you should close it. There are plenty of Visa/MasterCard reward cards out there ranging from points, miles and cash.

ooxs
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Postby ooxs » Wed Oct 12, 2011 6:24 pm

Unless you’re going to travel, i don't see how keeping this card is to your advantage. If you can get the first year AF waived then by all means you keep it for the year. If you shop Costco then the TrueEarning card might be worth looking into.

spartan3
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Postby spartan3 » Wed Oct 12, 2011 8:07 pm

CC Deville wrote:It is my understanding that the Premier Rewards annual fee is waived for the first year. My suggestion is to keep it for the full year to see if anything changes. If you find that the card is still not accepted in the places you shop most, then by all means, cancel the card and save $175 a year.

I cannot speak for Michigan but here in AZ Amex is accepted in about 95% of the places I go. Another option is to call Amex and let them know the merchants that are not accepting the card. They used to freely advertise on the monthly statements that they wanted to know who was not accepting the cards and if they got enough hits they would approach the merchant to see about having them sign up. I would think that Michigan would be a place that Amex would be in. I've never heard of Birmingham, MI......but per Wiki it is a "affluent suburb of Detroit." So...can you elaborate on where you are shopping that doesn't accept Amex?

The major benefits of the Premier Rewards are for gas (2x points), grocery ( 2x points) and travel (3x points). Do your grocery stores and gasoline stations not accept Amex? Otherwise, the Premier Rewards is basically a 1% reward card (on everything besides gas and groceries).

It sounds like you have already answered your own question. If you are unable to use your card, then it is of no value to you and you should close it. There are plenty of Visa/MasterCard reward cards out there ranging from points, miles and cash.



The $175.00 fee is waived the first year. So you're right, I do have a free year to try it out. The reason I got the card was because of the 2% on gas and groceries. I thought that the 15,000 bonus (if I spent 30k) would make-up for any annual fee. Now I'm not so sure. I was hoping to use the card on re-occurring monthly bills such as phone, gas, electricity, etc., as well as my normal shopping, but it unfortunately appears these "utility" type providers do not accept AMEX. I also had a sizable home improvement where the contractor would only take Visa and Mastercard.

Can anyone who has the Premier Rewards Gold comment on why it is a better card than using a Visa Signature card such as the Chase Sapphire, which doesn't have the annual fee. Thanks

Money card
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Postby Money card » Wed Oct 12, 2011 10:59 pm

first of all do you travel on business? I would assume the answer is yes based on that you have, a Gold Rewards card and Chase Sapphire.

If you don't travel on business the first year is free anyway. my suggestion is to keep the card for 12 months. next year look into a card that fits you. You are right there's no reason to pay 175 for a card unless you see the need . I have the green card.

Next year will you be keeping your costco membership or will you cancel? assuming you want to keep it I would suggest your own private American Express card. either the USAA, the Green, blue, zync, clear or Blue cash would be my suggestion.

But if you do travel on business you might want to keep the gold rewards.

spartan3
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Postby spartan3 » Thu Oct 13, 2011 12:58 pm

Money card wrote:first of all do you travel on business? I would assume the answer is yes based on that you have, a Gold Rewards card and Chase Sapphire.

If you don't travel on business the first year is free anyway. my suggestion is to keep the card for 12 months. next year look into a card that fits you. You are right there's no reason to pay 175 for a card unless you see the need . I have the green card.

Next year will you be keeping your costco membership or will you cancel? assuming you want to keep it I would suggest your own private American Express card. either the USAA, the Green, blue, zync, clear or Blue cash would be my suggestion.

But if you do travel on business you might want to keep the gold rewards.


Actually, I very rarely travel on business. Most of my travel is done for pleasure - although with young kids the travel it is less frequent these days... The goal with the Premier Rewards Gold was to use it as my primary card and save enough points to fly my wife (as a surprise) to Hawaii for our ten year anniversary. The reason I opened this specific card was because of the points bonus and the 2% on gas and groceries.

My Sapphire card is a recent conversion from a Chase Freedom. I figured I might as well have the top-of-line Chase card. Right now it is my primary card. As I stated in my initial post, I also have a USAA AMEX. Previously, I have only used this card at Costco. It stays in my wallet for only this purpose.

The heart of my question is the value of a "true" AMEX. I have a USAA AMEX. It carries no annual fee. I have a Signature Visa. It also carries no annual fee. There must be some reason why an "true" AMEX is considered a more "prestigous" card and why so many people continue to use it as their primary card. You mentioned that you carry the Green card. Is this your primary card? What about the card makes it worth the annual fee? Do you carry any Signature Visa card? On paper the Signature Visa cards (such as the Sapphire and Venture cards) seem to be better deals.

Thanks again for your imput.

CC Deville
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Postby CC Deville » Fri Oct 14, 2011 3:45 pm

The true value of an American Express depends on who the cardholder is and what rewards they are looking for. They offer cash rewards, airline rewards, points, hotel rewards and Mercedes-Benz rewards.

Generally speaking the charge cards (Green, Gold, PR Gold and Platinum) are geared towards frequent travelers. Green and Gold are frankly irrelevant in this day in age. In order to justify the annual fee on PR Gold and Platinum one would really need to spend big bucks and use all of the services associated with them.

As far as a "true" Amex being considered more prestigious this can be because it is directly issued by Amex themselves instead of a third rate GEMB Dillard's Amex. Amex also backdates so if one wants to open subsequent Amex's they are backdated-nobody else does that, not BofA, not Citibank, not even USAA. Amex is also known for excellent customer service. From what I hear, USAA is pretty much tops in service as well.

As far as comparing Chase Sapphire Visa Signature to PR Gold...well, Chase Sapphire (which in my humble opinion is a gimmicky and tacky looking card-to each his own) does not have an annual fee and points earned (2 points for dining out and 1 point for everything else) can be redeemed for airline travel, cash back or gift cards. They also offer various sign up bonuses such as 25K points after spending $250.

But they really don't compare; Amex's point system is better (provided you spend enough to offset the annual fee); however, Chase would be accepted everywhere Visa is accepted and the points can be used for more than cash back so it has flexibility. Again, the two cards really don't compare apples to apples. But from what you have said, it sounds like the Chase Sapphire is a better deal for you.

It has been my experience; however, not to get too comfortable with any reward card because the issuers like to change the rules half way through the game; and the changes are never in the cardholders' favor.



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