New guy to Platinum but having doubts

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m.a.stewart.
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New guy to Platinum but having doubts

Postby m.a.stewart. » Fri Apr 19, 2013 4:39 pm

Hello

I just recently got approved for a platinum card but having second doubts about having a charge card like this since I'm not a heavy spender. I travel 6 times a year (6 round trips) from the US to Panama. My income right now is 90k and next year will be getting a raise to 115k. What are the average incomes of the people that apply for this card ? The annual fee is pretty big and points are plain. Should I keep it? Should I downgrade? How can I maximize the use of this card and not feel bad about coughing up $450 a year?

Any thoughts comments from everyone would be great
~PARATUS ET POTENS~


j89808
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Postby j89808 » Sat Apr 20, 2013 1:11 pm

Use the airplane lounges every time you go down to Panama, also sign up for Priority Pass so you can get into a massive amount of international lounges (PP for free). Also charge any food/ drinks to your platinum, given that you are consistently flying Delta or some airline since you have to choose which one you are getting a credit for.

Personally for me, the Airplane lounge is a huge deal for me. They are so much better than the rest of the airport. Abundant charge stations, big comfy chairs and couches, free food, coffee, water. Usually some sort of bar, free magazines, and also conference rooms and business centers
Amex: MB Platinum, PRG, BCE
Chase: Chase Sapphire Preferred, Freedom
Citi: Forward
CapitalOne: VentureOne
Discover: DiscoverIT
BofA: Cash Rewards (Visa Sig)

Mileage Bonuses: Delta Gold, Delta Platinum Business, British Airways

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Rina
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Postby Rina » Sat Apr 20, 2013 5:40 pm

If nothing else, the Priority Pass and Global Entry programs will definitely cover the cost of membership. It would cost more than that to use the lounges. I don't know if I could've gotten approved earlier at a lower income, but I didn't apply until well after crossing the 200k line.
Charge & Credit Cards: 121.8K+ (AmEx Platinum: NPSL; Bank of America Cash Rewards: 50k; PenFed Platinum Cash Rewards: 28.8k; PenFed Pomise 21k; Chase Marriott Rewards: 13.5k; Citi Simplicity 5k; Chase Slate: 3.5k)

Store Cards: 24.9k (The Home Depot: 16.5k; Nordstrom: 6k; Macys: 1.2k; DressBarn: 1k)

LoCs: 19.5k (Credit Union: 17.5k; Tertiary Bank: 2k)

Total: 176k+ (including min 10k tested on AmEx)

Scoach
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Postby Scoach » Sat Apr 20, 2013 11:44 pm

I agree with the others in this thread. However, I'll offer this if I may...

I haven't been on this forum long, but the Amex charge cards seems to run VERY counter to what seems to be common on this and the other credit forums I am on. The prevailing wind on these forums seems to be to get as many cards as possible, often for their sign-up bonuses, and jettison them as soon as possible while looking for the next set of cards to jump to.

The AmEx charge cards don't reward this kind of behavior. Perhaps that's why I like mine so much. The Platinum card is a tool. It's an "oh crap something is going horribly wrong let me get AmEx to solve it" kind of card. It's the card you want when the airport shuts down in a snow storm. It's the card you want when you lose your passport in a country where you don't speak the language. It's the card you want when your car breaks down about 200 miles from anything. It's the card you want when you forgot your wife's 40th birthday, and you've got 24 hours do get something SPECIAL.

You understand what I'm saying? For a long time, I just kept mine in my travel wallet and carried the gold instead. Only taking the platinum when I was away from home. I am canceling the gold now and just carrying the platinum. If I need a dinner reservation, I can get Chase to do that. If I need a dinner reservation for 5 at a $150 a plate restaurant and its 4pm, I'll call Platinum concierge.

Enjoy your Platinum, but use it for what it was made for. The reward points are an afterthought. If that's what you want, dump the Platinum and get a Venture or a Freedom.

(Not knocking those cards, I have a Freedom myself for just this reason)
AmEx - Platinum, Gold, Bluebird
Chase - CSP, Freedom
HSBC - Orchard Bank (1999)

pewpew
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Postby pewpew » Sun Apr 21, 2013 4:44 am

the point system on the platinum card sucks now. i mentioned this on another thread, but my employer used an amex platinum to book a hotel for me for two nights in Miami. the cost of the room for two nights was $700 but AmEx took 100k points to book it. total rip off.

and to add insult to injury they killed off the reward point mall. so no more 2x to 10x points for shopping online. if you are looking for points to use towards travel, the amex platinum is totally worthless in that respect. Chase's UR points rack up faster and are worth more (from my recent experiences) than AmEx points.

having said that, the amex platinum is good for travelers because of the lounge access and airline fee credits. and that makes the fee worth it. the other services i never used on the platinum so i can't say much about them, except that even some fee-less credit cards offer same or similar services now (ex: travel insurance, purchase protection, etc).
Junk I use:
AmEx Platinum for Mercedes Benz from, 75k spending ability
AmEx Everyday 8.99% + Prime, 44k CL
Chase Ink Bold, 35k
Chase Freedom (Converted from WaMu VISA) from '07, 5.99% + Prime, 30k CL

Junk I don't use
BoA Susan G. Komen Cash Rewards (converted from World Points MC) from '07, 7.9% Fixed APR, 30k CL
Discover IT (Converted from Discover More) from '08, 5.74% + Prime, 20k CL
AmEx Clear from '07, 4.99% + Prime, 10k CL
All 3 credit scores are over 800.

AMEXPlatino86
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Postby AMEXPlatino86 » Sun Apr 21, 2013 9:40 am

pewpew wrote:the point system on the platinum card sucks now. i mentioned this on another thread, but my employer used an amex platinum to book a hotel for me for two nights in Miami. the cost of the room for two nights was $700 but AmEx took 100k points to book it. total rip off.

and to add insult to injury they killed off the reward point mall. so no more 2x to 10x points for shopping online. if you are looking for points to use towards travel, the amex platinum is totally worthless in that respect. Chase's UR points rack up faster and are worth more (from my recent experiences) than AmEx points.

having said that, the amex platinum is good for travelers because of the lounge access and airline fee credits. and that makes the fee worth it. the other services i never used on the platinum so i can't say much about them, except that even some fee-less credit cards offer same or similar services now (ex: travel insurance, purchase protection, etc).


But dude that's the Platinum of the company. It would be totally different if you felt that way about your platinum but it not. I'm kind of tired of people knocking this card because of X, Y, and Z so don't get the card. Some of us are not going to die if you don't. Another point is that people say this card is too expensive but if you look at the price of the Platinum in other countries, the one in the US is basically one of the cheapest (US: $450, AUS $900-950 AUD). So I believe that you made a good decision but if you are not happy or don't find use because of your experience vs. what people on a forum that may not even had had it (not saying all) the you should downgrade it.

I want to upgrade for my personal use. I probably won't be able to travel much the first couple of months but with so much stuff going on in NYC, I'm know I can make a lot of use of it. Scoach said, These cards are a tool or an emergency lifeline that you should take advantage of or make use of when needed rather than swap them in when you want a bonus every once in a while.

Once you figure out the power, everything else will fall into place.
Wells Fargo Platinum 2.100 (5/2011-cld 7/12/14)
AmEx Platinum (6/12)
Barclays Apple (6/12)
AMEX Gold Delta (5/13)
Marriott Rewards (7/14)

My credit score :cool:
EQ: unknown
EX: 776
TU: 774

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Z06Biker
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Postby Z06Biker » Sun Apr 21, 2013 12:47 pm

It's a specialized product for a specialized market, intended for people who don't put a dollar-value on service, security, spending power and ok, maybe a cinnamon sprinkle of prestige. With all the included perks and protections, the MR points really are just icing on the cake. They shouldn't be the sole judging factor on this card's worthiness.

It's a bit like walking into one of those stores with no price tags on any of the items. "If you have to ask, you probably can't afford it." If one finds it gut-wrenching to fork over the annual platinum card fee each year, then you're probably not the intended market.
AMEX: PRG Gold, Business Simply Cash, Business Costco, BCE.
Chase: United MileagePlus Club, Sapphire Preferred, Amazon Rewards
Barclaycard Arrival World Mastercard
HSBC Cash or Fly World Mastercard
USAA World Mastercard, USAA Platinum Mastercard
Wells Fargo Business Platinum
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Scoach
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Postby Scoach » Sun Apr 21, 2013 1:26 pm

Honestly, that's it in a nutshell. I make back my AF just about every time I step on a plane. I don't even worry about it.


Z06Biker wrote: If one finds it gut-wrenching to fork over the annual platinum card fee each year, then you're probably not the intended market.
AmEx - Platinum, Gold, Bluebird
Chase - CSP, Freedom
HSBC - Orchard Bank (1999)

PopiLopi
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Postby PopiLopi » Sun Apr 21, 2013 8:00 pm

My personal annual income is much lower than yours and I've found that the card is worth every penny if you use it properly, get those $200 a year, sign up for priority pass, use the concierge and you'll see how those $450 are an investment. Also make sure you take advantage of the retail protections, like return protection or extended warranty, it'll save you money by not buying those add on plans sold in stores and they can refund for damaged items, like the designer jeans my hair colorist ruined last week. :D
Amex: Business Platinum (09/12) BCP $10,500 (03/13)
Visa: Capital One Journey $750 (04/11) Chase Freedom $1,800 (04/12)
MasterCard Citi AAdvantage Platinum Select $8,500 (05/13)
Discover: Discover It $2500 (07/11)
Store Cards: Amazon $3900 (12/11) Macy's $500 (04/11) Kohl's $500 (05/12) Victoria's Secret $750 (11/12)

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m.a.stewart.
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Postby m.a.stewart. » Tue Apr 23, 2013 4:43 am

Guys I'm really appreciate all of your post replies.

I forgot to mention into original post that I'm referring to the American Express Platinum but all of you caught on really fast once you read I mention the $450 annual fee. Thank you guys I'm pretty much going to base my final decision on keeping this card or down-grading to gold rewards from what I read here and also compare the differences between both products.

As I mentioned before I fly in and out of the country to panama Central American 6 times a year, that's one reason I was looking at the card, I figured I could use the benefits. But also wanted to know average incomes of most card holders and if they use it a lot. Think I've read of one card member with a 30k income with plat so I was asking myself how those he spend so much on the card each month?

I travel quite a bit but I'm not a big spender so my doubts on having this card started to settle in. I've been doing some reading as well and it looks like I'm inclining to the platinum. I don't fly delta mainly fly united to panama but may switch to American since united is not in the $200 coverage mix.

Again thank you for your inputs on this card I hope I enjoy it since I'm new to Amex.
~PARATUS ET POTENS~



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