UPS Gregg wrote:I think Amex woke up and realized that expanding their membership was going to result in bigger profits. They gave up some of the prestige and exclusivity to increase their bottom line. It was a smart move. At some point they must have realized that its just a credit card and not a country club membership. There's still some prestige and exclusivity associated with the platinum because of the high annual fee and because the general public still thinks its geared towards the super rich.
If the number one thing for amex is bigger profits then appealing to lower income/lower class people is the worst thing they can do. The reason that many businesses dont accept amex is because of their high swipe fees, based on the fact that amex members, on average, spend more than visa and mastercard users. If they keep allowing individuals who dont spend any more than they would using a visa/mastercard then they cant justify their high swipe fees to the merchants that allow their use. This could result in a boycott of the cards and force them to lower their swipe fees DRASTICALLY reducing their profits exponentially. Your argument is sadly mistaken, they need to adopt a survival strategy i agree so that they can weather the economic storm in america, but opening up the higher echelons of the brand to "nobodies" isnt going to help them in the long run.
People who "justify" the annual fee are very mistaken, the centurion is something you have to justify, if you notice a dip in your savings due to an annual fee for something to use to spend money you shouldnt be using that card, plain and simple. Centurion users wont cry over 2,500 a year or whatever it is, Srt8 prolly blows that on his hair every couple months if not a new watch/pen. OP just spent $450 for a piece of plastic to prove to his friend he could get it or simple for the prestige of the thing. He is the essence of who shouldnt be getting this card. Even if he can somehow adopt a strategy to make back the $450 this year, what about every following year. I wouldnt want to be spending $4,500 over ten years only to have a piece of plastic to show for it.
In the end i guess its however you chose to live your life. I would just suggest everyone budgets themselves wisely. If OP happened to lose his job you can bet he would drop this card. Im starting to sound like an a$$ so im done here
PS OP, you can try the NPSL check on amex as many times as you like, it does not adversely affect anything on your account or credit score
Amex Zync - NPSL (Cleared up to 25k)
Amex BCE - 12000 limit
Amex BCP - 4200 limit
FIA Rewards Amex- 3500 limit
Chase Freedom - 2000 limit
Chase Slate - 2000 Limit
BoA Cash Rewards Privileges- 3000 limit
Barclaycard Rewards MC - 3000 limit
Discover IT- 3500 limit
Marriott PR- 5000 limit
21 years old with alot of life to spend
Its not about the ending, its about the journey,
just as long as the ending is just as good