Upgraded to Amex Platinum (pics)

[Skitzer]

I have no credit cards. Paid them off last year and cut them up.
If I can't pay cash, I don't buy it, (excluding my vehicles and House of course).

 

[IceBergSLiM]

Precisely.












Well; except for every Airline, every Hotel chain, every Car rental company, every major Department store, every major gas station, most fine dining establishments and almost every website and paypal, but yeah, no one even accepts Amex.

The only places I've seen that dont take it are piece of shit bodegas or some old old old school mom and pop.

 

[Leros]

I have no credit cards. Paid them off last year and cut them up.
If I can't pay cash, I don't buy it, (excluding my vehicles and House of course).

You can save money using a credit card if you pay the bill off at the end of each month. You can get cash back, points, or other perks.

Its stupid not to use a credit card, unless you can't control your spending habits.

 

[richardycc]

That's it? come again after you got your amex centurion card.

 

[silverpig]

You can save money using a credit card if you pay the bill off at the end of each month. You can get cash back, points, or other perks.

Its stupid not to use a credit card, unless you can't control your spending habits.

And those paying cash are the ones paying for your perks. The merchant has to pay typically about 1.5% in fees to the CC company for processing a transaction. That means if you pay $100 for something with cash, the merchant keeps $100. If you pay via CC, the merchant gets $98.50.

If 50% of the users pay CC and 50% cash, and the merchant wants to average $100 revenue per item sold, he'll raise his price to $100.75. The merchant will get $100.75 from the cash customers and $99.24 from the CC payers.

So the merchant is making the same amount at the end of the day, both CC and cash customers are paying 0.75% more, but the CC users are getting 1-2% back in terms of points.

Cash customers are paying for CC customers' perks.

 

[QueBert]

credit card vs. charge card. look it up

The terms can be used interchangeably, 15 years ago I had a Target charge card that didn't have to be paid in full every month. It was a revolving line of CREDIT, but called a CHARGE CARD. If I can buy something I don't currently have the cash for. Call it what you want but I'm getting CREDIT from American Express.

 

[djnsmith7]

Annual fee...no thanks...attention whore thread, that didn't really deserve the attention...

 

[jman19]

The terms can be used interchangeably, 15 years ago I had a Target charge card that didn't have to be paid in full every month. It was a revolving line of CREDIT, but called a CHARGE CARD. If I can buy something I don't currently have the cash for. Call it what you want but I'm getting CREDIT from American Express.

Actually the terms are rarely used interchangably. Credit cards usually refer to a revolving line of credit.

 

[jman19]

I have no credit cards. Paid them off last year and cut them up.
If I can't pay cash, I don't buy it, (excluding my vehicles and House of course).

You can still use a credit card if you have the cash... just pay your CC on time.

 

[IceBergSLiM]

Actually the terms are rarely used interchangably. Credit cards usually refer to a revolving line of credit.

yeah exactly another stark difference is credit cards have limits. My charge card does not.

 

[ivan2]

yeah exactly another stark difference is credit cards have limits. My charge card does not.

it does have a limit, just not a set limit.

on the other hand, the HSBC premier credit card doesn't have a set limit.

 

[The-Noid]

it does have a limit, just not a set limit.

on the other hand, the HSBC premier credit card doesn't have a set limit.

All of the so called premier or elite cards are the same.

Whether it be Barclays, HSBC, JPMorgan Private Bank.

Every card has a limit. It's just to get most of them you have to have significant assets on file with them so they know the funds are good.

Gee I can get a JPMorgan Private Bank card with no limit but I have to have $30MM invested with them.

BCS is at least tolerable in their high end card in that you only need $1MM.

For business I will say AMEX is among the best. The expense management is fantastic.

 

[IceBergSLiM]

it does have a limit, just not a set limit.

on the other hand, the HSBC premier credit card doesn't have a set limit.

is it easy to get?

 

[The_Dude8]

The one I'm going to get is an aeroplan (Air Canada's points program) amex. If you can spend $30k/yr on it, you'll get a ticket worth something like $500. That's just in regular purchases too. If you buy special things and buy from the right places it'll be more than that. Then there's the stuff like free lounges and food on planes etc.

You also get a free companion ticket per year on a North American flight too that's worth up to $500 or so.

Really though, if you can get the free airline ticket, you're ahead. I'll be doing a lot of traveling for work and will travel home for the holidays with my wife. Having the extra ticket will be nice as well.

The bottom line is I may be putting up to $70k a year on it for work, which will all be reimbursed. The rewards work out to something like 3.5% cash back at that level, but in air points. That works out to almost $2500 in benefit to me, and I have to pay $500/yr for it (Canadian...).

These "high end" cards can be worth it, but you have to spend a ton of money on them in order for it to work. If not, you're just buying $250 jeans.

OP better buy like 10 seven for all mankind jeans annually, since i don't think he travel lot for work.

 

[Azurik]

I'm not even going to lie, but you're right. I don't think they take into account spending to get a Plat. Black they do. I spent maybe a thousand a month on my Gold. Sometimes more. But that's it.

Black traditionally requires $250k a year in spending. A lot of people get to this amount by putting business expenses on it. That can add up quickly.

I own both the Platinum and Centurion (Black) card since 2003. There isn't a specific spending requirement anymore and you really now have to be personally invited or marked to be invited. The fee is $2,500 a year with a one-time initiation fee of $5,000. They now look not only for monthly spend, but places where you spend and your history with American Express.

To be honest with you JMapleton, your spend level is not worth getting the Platinum card. The card is more catered towards businessmen and flyers. I would recommend the AMEX SPG card where the annual fee is a lot lower and an SPG point is worth a lot more than a MR point.

 

[dr150]

LOL at OP.

Based on your profile, you have major insecurity issues.

The AMEX Plat is nothing to brag about.

 

[krunchykrome]

LOL at OP.

Based on your profile, you have major insecurity issues.

The AMEX Plat is nothing to brag about.

and the fact that he has a brand logo as his avatar

 

[ShawnD1]

I have no credit cards. Paid them off last year and cut them up.
If I can't pay cash, I don't buy it, (excluding my vehicles and House of course).

I can't see any flaws in this plan. When my transmission fucked up because it's a piece of shit, the garage gave me a repair bill for $2000 so I went down to the bank and withdraw what felt like 10 pounds worth of bills. It felt a bit weird carrying that much money around but I felt safe because the repair shop is located in a gun free zone where criminals don't carry guns and thus cannot rob me.

 

[LikeLinus]

The people who think it is a lot for a yearly fee clearly do not know the advantages of the card. They have a companion ticket program where if you buy an airline ticket, you can get a free companion ticket. That alone pays for the fee when you're getting a free ticket for your spouse or child.

It's awesome when you can call up Amex and tell them you want Chicago Bulls tickets and they get 3rd row tickets to see Michael Jordan play and pay normal ticket price. They were also able to get me 9th row at Pink Floyd. Name another CC company that can do that? We've used their concierge service before to book hotels and restaurants that were "completely booked". They also provide room upgrades and can help facilitate working with the hotels to get better rooms. There are other perks such as the warranty upgrade on purchases and if you ever have a problem with a purchase, they are awesome at dealing with other companies.

Someone who uses their CCs for groceries or amazon.com isn’t going to use the benefits the card comes with. But if you travel or have the means to use the services like some do, it can be a great resource and well worth the yearly fee.

EDIT: I did not realize they did away with the requirements for the cards. Previously you had to spend over something like 15k a year and never be late on a payment to get a Platinum card.

 

[CrazyAznDriver]

Damn!! They can get you tickets to see MJ play?! They must be a good company! They have access to a time machine... sign me up!

 

[LikeLinus]

Damn!! They can get you tickets to see MJ play?! They must be a good company! They have access to a time machine... sign me up!

You realize the Platinum card has been around since probably before you were born? Hate it when we have so many snow days and the kids are out on the forums.

 

[CrazyAznDriver]

You realize the Platinum card has been around since probably before you were born? Hate it when we have so many snow days and the kids are out on the forums.

Go drink some ensure grandpa and take a nap

 

[LikeLinus]

Go drink some ensure grandpa and take a nap

I'd rather tell you to get the fuck off my lawn than go take a nap. Isn't it time for you to watch the Wiggles? Run along.

 

[yllus]

The one I'm going to get is an aeroplan (Air Canada's points program) amex. If you can spend $30k/yr on it, you'll get a ticket worth something like $500. That's just in regular purchases too. If you buy special things and buy from the right places it'll be more than that. Then there's the stuff like free lounges and food on planes etc.

You also get a free companion ticket per year on a North American flight too that's worth up to $500 or so.

Really though, if you can get the free airline ticket, you're ahead. I'll be doing a lot of traveling for work and will travel home for the holidays with my wife. Having the extra ticket will be nice as well.

The bottom line is I may be putting up to $70k a year on it for work, which will all be reimbursed. The rewards work out to something like 3.5% cash back at that level, but in air points. That works out to almost $2500 in benefit to me, and I have to pay $500/yr for it (Canadian...).

These "high end" cards can be worth it, but you have to spend a ton of money on them in order for it to work. If not, you're just buying $250 jeans.

Have you taken a look at the Starwood Preferred Guest® Credit Card from American Express? It's got rather good points-to-airlines conversion rates, the SPG points are good for Starwood hotel stays themselves, and it's $120/year instead of $500. I believe it's one of the best cards one can own in Canada.

To further add value to the system, you can hit up the SPG @ FlyerTalk.com Forums.

 

[evident]

Have you taken a look at the Starwood Preferred Guest® Credit Card from American Express? It's got rather good points-to-airlines conversion rates, the SPG points are good for Starwood hotel stays themselves, and it's $120/year instead of $500. I believe it's one of the best cards one can own in Canada.

+1000000 for SPG by Amex. stopped using my blue cash in favor of this.

btw, i was only charged an annual fee of $50...