Here's the crux of the matter that most people don't mention in these videos: credit card game works best for big spenders. The more cash flow, the bigger the rewards. For those on a lower-income, don't take the bait.
@@brois841 good point. And sometimes I think, hey, why don't I just spend 3% less instead of trying to save 3% with a credit card. You're right. Sometimes it feels like we're all trying to be a coupon lady.
People with low income should NOT carry any cards with an AF or keep it limited to say one that is $99 AF but absolutely not when it comes to higher tier offerings (e.g. Gold, Plat, CSR etc.) those AF's are annoying as it is let alone on a low income.
I agree! They are the best! I have owned American express since 1974. I will continue to have it as long as I live. I started with the green then upgraded to platinum and since my needs have changed I went back to my green. They are not treating me any differently.
@@brois841 there is a difference though with Amex they treat you like you the customer is most important, with other companies they treat you like the merchant is most important.
@@thetechlibrarian Citi has always treated me well and so has Chase when I had them. I've had no issues with disputes, just lost my card the other day, called them from the airport, they overnighted a new card to me, so when I arrived at home I had it.
1) High Spend Requirements 2) Anti-Gaming(no manufactured spending) 3) Customer Targetting (care about new customers more) 4) TOO Travel Focused 5) Opportunity Cost(Other Cards value you less when you have an amex) 6) Too focused on certain cities(LA & NY)
Being active duty military really pays off with Amex. Thank you for informing me years ago about the MLA and SCRA benefits, Sebby! Not having to pay an annual fee is amazing.
I have about 6 Amex cards and only spend on 2-3 around $1,000-2,000/mo, never seen the popup offer yet! Cashed out about 350k MR points at 1.25cpp with the CS Plat.
i love my platinum but i might have to downgrade. Gold and the other one are completely useless and so are the rewards. the plantinum would be worth it if you they didn't add such dumb benefits (peacook, audiobook) 200 is silly and the airline fee is silly bc it is only for and the new hotel benefit only for their premier hotels which is usable but best for vegas.
I’m a platinum person for 38;years. Take note..........you will not be admitted into an AMEX lounge if you have a standby boarding pass, meaning you bought a ticket but your seat won’t be assigned until you go to your gate. You have to have a seat number on the BP or no entry even though you are a Platinum member. In SFO Sebby, AE LOUNGE is like ten thousand miles from UA, DL and AS gates. Once you’ve walked twenty minutes down to get a BP with your seat assignment, you don’t feel like walking back to lounge. Fun fact.....Delta lets you in their lounge no matter what your boarding pass says......just flash the Platinum. Also, Priority Pass lounges and restaurants are not accepting pass holders that are affiliated with Amex. That sucks.
Reds........ok. Please tell me specifically what AMERICAN EXPRESS LOUNGES you get into with a boarding pass that just says STANDBY on it. Name the cities. I’ll be watching and waiting for your reply.
@@CheekyBird790 I have a Hilton Amex card that gives me no foreign transaction fee and earn point to stay at all Hilton hotels. I received invitation from Amex twice for the platinum card but declined both offer as the fee is just too high.
I thought the value of the Platinum card went down with less international travel during the pandemic, and even considering canceling when they keep raising the annual fee. But I got the best value from the card this year with the Better Mortgage promotion. I lowered my mortgage interest rate below 3%, paid zero out of pocket due to increase in home value (actually got $55 back), and also got a $6,000 statement credit on my Platinum card. That "paid for" a few past and future annual fees so I think I'll keep the card a little longer.
@David W they get around this by saying you can use the card account on Samsung, Google, and Apple Pay as soon as you open the account therefore saying you have all allotted time.
Bingo. Highest "tier" of AMEX card I have is the gold and I am fixing to cancel it as it renews in August and I just can't justify the fee. It has gotten to the point where the credits are worth $0 to me. To add insult to injury, the gold card has absolutely the worst Amex offers of any of the cards I have. Think I will keep the green card, Blue Preferred, couple co-brands, and maybe add one of the everyday cards; things with no or low annual fees. As for a platinum card, I had originally planned to get one but I am glad I held off as the card changes have made it all but useless to me. Seems like AMEX has decided they don't care about anyone except millennial hipsters and fake rich wannabe's as the credits have become complete trash for what was their core audience of middle-aged and upper middle-class people. Even the Schwab card is looking like a no-go due to the deval of points transfers.
The more I look into high annual fee cards; they make sense if you have the monthly spend. The AMEX benefits are great, but if you aren't spending on their cards, they seem to like you have to go out of your way to use them. My current life situation doesn't have many expenses, and I'm happy with my Chase cards and WF Propel.
I’ve been wanting the platinum, but like you said, my spend doesn’t justify the annual fee even for the welcoming points. I had made it up on the gold points on dinning and groceries.
I don't think I'm a value maximizer when it comes to my Amex Platinum, but as someone who does order food through Uber eats, does travel once, twice maybe three times/year and makes use of the other perks when they make sense for me, I would say I get more value from the card than I pay in the annual fee. And that's before taking points into consideration.
@Brian Jung get off the crypto hype train and back into credit cards again. You haven’t even made a vid about the custom cash, Schwab point devaluation, etc. Us OG subs would appreciate it!
@@Ace2021 - Dude, I feel u. I haven’t watch any of his vidz in months. Honestly, I might have to unsub from his channel. And I was subbed to him before he hit 5K in total subs too. Lol.
Self examination is required when looking at Amex benefits and credits. Chase and Citi probably fit most people, but Amex cards like the Gold card and BBP seem essential in a card enthusiast's set up. That said, I feel Amex Platinum is not worth it for most average consumers that don't travel more than 5+ per year.
Agreed, The Amex Green Card is probably the best one if you spend a few months abroad, unfortunately the others like Gold the *4 bonus points is only on domestic spend. Chase Freedom offers 5% back on their travel portal ( Basically Expedia ). While not as widely accepted as Visa or Mastercard, Amex is acceptable at a surprising number of places few here in Brazil unlike Cancun Mexico. I still remember that Cancun gas station near the Isla Mujeres ferry they only excepted domestic Mexican credit cards and often cash only being much more common then Brazil. Most places in Holbox Island Mexico charge a 5% CC fee, it's definitely not being used for road maintenance. My Visa card not accepted literally only happened to me once here at a small local restaurant in Brazil. ( 4+ years living here.) Foreign conversation fees are different then foreign transaction fees were an issue In Rio de Janeiro even when I pressed the button for local currency yet I was still charged that fee a few times. That's one positive of American Express, they don't accept the foreign conversation fee charges.
I’ve always just stuck with Chase for simplicity’s sake and I’m just not into aspirational travel, I rather just be able to visit my parents regularly in the US. I’ve been tempted by the Platinum, but I think this video convinced me to just stick with Chase. Great video!!
I’m excited about American Express because of their customer service and how they help their customers when issues arise. That’s my biggest selling point. If that were to end then it wouldn’t be worth it at all
Paying no annual fee because active duty military has been a bonus for me.. Love the card and I realized with the amount of spend I do with them & the fact they are just about the only cards I use.... Makes perfect sense that I do have and will continue to have a good relationship with them. Does make me think that I am leaving opportunity on the table though by not having ANY chase cards. Almost at 400k points... Here is the crazy thing.. I don't even travel : (((
makes sense. I agree that Amex is geared towards New York lifestyle. The Gold and the BBP are my day to day drivers for me. The platinum, not so much but i do use Peacock and intend to book flights with it...that's about it
Amex is only worth having if you are a big spender on a high income, travelling globally. Even then I would think twice before getting one, if you make any kind of mistake in paying, if you are a day late or go a little over your limit, they are absolutely dreadful to deal with. If you get into trouble with your card payments, they have zero interest in assisting and are mean, ruthless and aggressive.
Gold card is the limit for me. Got an upgrade offer for the Platinum but I don't travel. Also be careful because GC isn't a cash back card. If you redeem points for cash back it's not 1-1. More like 60¢ back.
A lot of the comments and video focus on the travel benefits of Platinum and how you should be a traveler to get it. I'm not sure I agree 100% with this. The Uber/Eats benefit is $150, the streaming benefit is $240 and the Walmart benefit is about $150. Just those three benefits alone - which arguably have nothing to do with travel - put you within $100 - $150 of their annual fee. I am more than happy to attribute that to my "entrance fee" to the nice lounges for the 2-3 times/year when I do travel. All the benefits on top of that (like Clear and TSA Pre) are now just a fun bonus and stuff I willingly signed up for because I hate waiting in lines. So, yes, it helps to be a traveler, but I think Amex has done a great job of bringing other benefits to the card and I'm more than happy to pay the annual fee.
I'm definitely not an American Express type of person since I prefer cash back, and I think this video just confirmed it, especially as a beginner still. After opening my cash magnet, I got the pop up of doom for the Platinum card, even though I never had the card before, and I never received a welcome bonus for that. With the annual fee increase and no intro bonus and my lack of traveling, I'm going to wait a year then cancel it.
I’ve had all of the charge cards over the years, you have to stay flexible on what’s best for you and which card works at the time. Gold works best for me, long-term. They have really slashed services and advocacy over the years but they still stay above the rest.
I feel like SFO is more of a priority than LAX. Heck, AmEx closed LAX AmEx lounge in June 2021 and despite the stories they tell about construction, none is visibly happening and there is no urgency on reopening the lounge.
Hi sebby I was prequalified for an upgrade from the gold for 100k bonus with 150 credit statement but later I saw it went down to 25k I called and told the rep about this and they were able to offer the 100k bonus
I got approved with the 150K offer yesterday. My CSP is my everyday card and i spend 2-3k a month and I’m planning big trips over the next year that I’d love to have lounge access/upgrades/Global Entry for. I imagine I’ll close AmEx after a year. This video (especially knowing to wait a full 12 months before canceling) was so helpful!
@2:38 - *How can you spend less than $500/ month?* Don’t you need gas (3% back), don’t you need groceries (6%), don’t you have subscriptions (3%), don’t you buy lunch/ dinner (3%), don’t you have ANY expenses!? Don’t tell me you’re paying with a Debit card! 🤦♂️🙄
Have no clue why anyone would use American Express. I spend over $10k/month and travel monthly. I get cash back on everything I buy everywhere, don't have to deal with points, planning, restrictions, blah blah. Who's got time for that crap? I think people get Amex for boasting rights only.
How timely, made my comment yesterday and an invitation for the Amex Platinum shows up in the mail today (w/150k points, which seems to be what everyone is seeking?). I think I receive the invite weekly. Looking at the benefits, not sure why I'd want it. Currently use a Citi Double Cashback card and it's 2% back all the time, every time, no fees, no planning, no headaches, no anything. So anyone reading this, please tell me why I would want it. What am I missing?
The first point is a very good point that a lot of people fail to realize. American Express was always option three but they changed the narrative from being "third best" to being exclusive. In one of the phone calls I will never forget, 2001, Amex CS to get my first AMEX card. They ask me questions then ask me how much of a limit I wanted. I jovially asked how much is the most I can get. Response : $200,000! The income I expected to make was 50-60K, I realize they wanted me to do all my spending on this card and essentially live the "American Express, Don't Leave Home without it" catch line. I took $3000, as I would call if I needed my limit to be increased. In those days buying a townhouse or condo was easily under $200,000 in Ontario, Canada suburbs and give then waived the first year fee ($20 a month) and first years interest demonstrates how amazing they were.
I have an Amex Platinum card the main reason why I have it is for the respect I get with it I probably only spend about $1,200 bucks a month on it but I do use the statement credits so realistically I'm probably spending $300 a year for this card not bad for somebody who makes $40,000 per year as an Uber driver before mileage deductions
Other than the Hilton Aspire, I'm backing away from the personal cards, as well as the business Platinum. No issue with the personal Gold, other than I'm earning enough MR points on the business side, and opportunity knocks.
I love Amex’s customer service. I see the fee as paying for a better customer experience and better fraud protection. You call Chase or citi and you get an Indian with a fake accent and you get screwed with the fraud charges. No thank you! I’d rather spend $100 annual fee and know if my card is stolen I’m protected.
the other reason to consider is if you plan to travel a lot to Europe. Unlike the US, American Express is not accepted everywhere and you might have issues racking up points
Amex "has a very big focus on travel" yet I don't go anywhere without my chase sapphire preferred (global acceptance and primary rental car insurance... before anyone knocks the insurance perk, it's a big deal for even occasional traveler's, you just don't realize it!!)
it probably varies by country.. In Italy where they don't have many competitors they are not even agressive with sign up bonuses... but they do offer existing card holders at some point offering you points... the only way to get good sign up bonus points is to get invited by an existing cardholder
Well guess that, I am just vintage old school. Found over time that, the best credit/charge cards for my needs are the ones with no annual fee, a grace period for late payments, and if there will be a balance for three to six months to offer a low interest rate. The American Express card that currently meets my needs is their business open card.
Looking to fly international next summer. I only have Discover and Chase cash-back cards (both for 10 years+). I just applied for a Freedom. FICO=800+, so what Amex should I apply for out the gate (if at all) and when should I apply for a Chase Sapphire Preferred?
Debby, I'm not a huge traveler but I like hotel stays. Currently, sitting on the Ritz CC, but they seem to not want customers. I just noticed my 150K offer and I'm a HUGE USER of Audible/Uber. This is obvious for me, but wh azz ts the long game at Amex? Are they going to keep raising fees and knock me out of the Plat? If I downgrade the Ritz, I'm saving money..
Best advice is to not game the system. The people who game the system hurt us all. Stop worrying about snapping up bonuses and get the cards that work for your life.
Funny story. I had a $99 a year card. But basically, they redesigned to a cooler design but they wouldn’t give me a new card until 2 years later (I’d been a member for a bit over a year) so I canceled it. I downgraded the card again. Petty? Yes. But I wasn’t getting much benefit from the card anyways, extra cash back over the base card amount not even covering the fee. Vanity card, lol.
You got me worried about getting the blue cash preferred now. I'll probably be less than a $500 monthly on the card. But want something to cover gas and transit
I don't do that type of spending and flying. My goal is to stay out of debt. I had it AMEX and cut it up. Didn't like the fees. Credit cards debt is a rip-off! "The borrower is servant to the credit. Do yourself a favor and stay out of debt!!
Yep, huge YMMV depending on use case. Can make sense if you do aspirational travel though: th-cam.com/video/-PEhkGppUkQ/w-d-xo.html&ab_channel=AskSebby
Started with the Delta Reserve but Delta's award flights are shite so I'm not going to run it anymore. Platinum & Gold I can transfer to BA. I travel to the UK a lot and have a Chase BA Visa which offers a companion ticket after $30k, which I do in the first month or two each year. Currently have over 600k miles stacked, two companion tickets and a voucher for a First Class trip to the UK. It's money I was spending previously by writing checks.
That's actually why I'm sitting on a stupid amount of Delta SkyMiles. No upside flights for F/J (for personal travel). Most domestic travel I can bill to clients / write-off so dumb to use miles there.
I got 4 American Express cards 2 business 2 personal all no annual fees. I have no interest in those high fee annual cards. But once I start to travel internationally again I will get a Schwab Platinum.
They’re playing with fire by raising the Platinum annual fee… especially when cardholders can’t use lots of the travel benefits like lounge access with Covid-19 restricting travel.
That’s where I’m at/reason for being stuck on a decision. I can’t use the travel benefits. But hoping things change and I can make it worth it within a year and if not, talk to them about a retention offer
I was in Amex jail, but I had an upgrade offer for my Everyday card, I hit the spend requirement, and now I'm able to get the bonus on the Hilton Surpass. Soon I will have gotten the bonuses on all the Hilton personal cards!
Great info. Seems like this is very accurate. I was just offered 100,000 points plus 150 credit to upgrade from my gold card to the platinum card. Typical send is between 3000-4000/m
That's why I can't pull the trigger on the platinum card. It's effectively a coupon book for me on spend I don't really use. I'd work myself hard just to make the annual fee work.
$695 is pretty steep, especially with the $175 on top of that if you have authorized users. Yikes! For now, my wife and I receive a better return with CSR and the Chase trifecta. I remain open to change, however. Great video as usual. 👍🏽
695 may seem a lot but consider what perks you'd use with the Amex plat. Those end up being refunded to you (statement credits) which then can be used for future purchases.
didn't work for me i got rid of it as soon as i got I made a purchase for 51.00 credit line was3000.00 and bill came payment was 41.00 with a 51.00. don't like to make purchase just to keep the card. had a740 beacon score loss 3points closing with a zero balance.
What if I got the Gold card first can I still get the bonus for the platinum card I didn’t start the platinum card first my first Amex card was the Gold card I want the platinum & Everyday Blue card but my score is too low 675 need 80 points Lol
This video just gave me the clarity I needed on when to get the more Amex cards. I have the Hilton and Delta cards and I'm still learning how to get the most from those. Great video.
Very minimal down votes, so you must be saying something right. I agree with you on the AE cards- Best are AE Platinum and AE Hilton Aspire for traveling.
10 years from now everyone will be rocking their Capital One Reserve. Those lounges of theirs will have people scrambling to use their Home Goods $50 semi annual credit to break even.
@@SolidLiquidFox "First Shebby came for the Amex, and I did not speak out-because I was not a Amex hater. Then he came for the Chase, and I did not speak out- because I was not able to get Chase cards. Then he came for the Capital One, and I did not speak out-because I was not a Capital One customer. Then he came for my US Bank-and there was no one left to speak for me and US Bank."
I have a question. So I have had the Amex Bus gold and a few others and just recently got the Platinum. I have relatively high card spend $100k+ a year. Regarding this in order to get like the $75k spend needed to bring others to the centurion lounges does this all need to be on the platinum or do my other AMEX consumer and business card spend count towards this also?
I’m not a big spender per se, but I just got the gold card because I go to the grocery store several times a week. And I’m also working for one of Amex’s travel partners, so I can fly for free on that airline, which means I’m going to be traveling more.
I love what AE offers BUT they don't have great coverage here in Saudi Arabia or Asia in general. There is nothing worse than having a card that's accepted in a few stores only 😑
Whaaaaat!!!! I love my Amex Card.. I have the Blue Cash Preferred and the Platinum… I was thinking about the Gold because I eat out too much 😕 damn sodium lol
Gave the video a like because they all great points despite me being a AMEX fan. I'm fairly new to credit cards but my family uses Hilton and we have time shares through them so AMEX long term makes sense to me. great video
Is Amex inquiry sensitive? Trying to decide if I should apply with them first, or apply with some inquiry sensitive options like Bank of America or US bank first
Had a AMEX Platinum Card for 5 years with a $120k limit /// one day they said I called in rude to a representative ? I was then told I was Banned for Life with no way to appeal ? lost over 200k points and I never even called in! I tried to plead my case but they had no interest in my call ? //// This could be your #6 Reason to Avoid American Express Cards
I'm from the UK had an American express card for 6 years but hardly anyone accepts them ( the atmosphere free big chains groups do) in Europe, so had to swap it for a proper. card . Various internet articles claim the card is accepted worldwide but unless things have dramatically changed in the last 12 months or so Any America's wanting to travel outside your continent be warned
Actually I was surprised by how many pieces in the UK accept Amex these days. I remember not being able to pay anywhere a couple of years ago. I recently used it to pay at a local food stall. Things must have changed in the last year or two indeed.
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Here's the crux of the matter that most people don't mention in these videos: credit card game works best for big spenders. The more cash flow, the bigger the rewards. For those on a lower-income, don't take the bait.
- truth. I easily run $5k-$6k mthly spend through my credit cards.
@@docsays that’s low
@@brois841 good point. And sometimes I think, hey, why don't I just spend 3% less instead of trying to save 3% with a credit card. You're right. Sometimes it feels like we're all trying to be a coupon lady.
Funny I have always said it’s expensive to be poor.
People with low income should NOT carry any cards with an AF or keep it limited to say one that is $99 AF but absolutely not when it comes to higher tier offerings (e.g. Gold, Plat, CSR etc.) those AF's are annoying as it is let alone on a low income.
Their customer service and how they back you when you need help is far beyond what any other company offers. Well worth annual fee.
I guess you've never owned other cards, most cards have excellent customer service and back you up.
Agreed , their customer service is by far the best I’ve ever come across .
I agree! They are the best! I have owned American express since 1974. I will continue to have it as long as I live. I started with the green then upgraded to platinum and since my needs have changed I went back to my green. They are not treating me any differently.
@@brois841 there is a difference though with Amex they treat you like you the customer is most important, with other companies they treat you like the merchant is most important.
@@thetechlibrarian Citi has always treated me well and so has Chase when I had them. I've had no issues with disputes, just lost my card the other day, called them from the airport, they overnighted a new card to me, so when I arrived at home I had it.
1) High Spend Requirements
2) Anti-Gaming(no manufactured spending)
3) Customer Targetting (care about new customers more)
4) TOO Travel Focused
5) Opportunity Cost(Other Cards value you less when you have an amex)
6) Too focused on certain cities(LA & NY)
Being active duty military really pays off with Amex. Thank you for informing me years ago about the MLA and SCRA benefits, Sebby! Not having to pay an annual fee is amazing.
Yes, that would make sense then. Also, thanks for your service, Ace!
I have about 6 Amex cards and only spend on 2-3 around $1,000-2,000/mo, never seen the popup offer yet! Cashed out about 350k MR points at 1.25cpp with the CS Plat.
At $695 renewal, it will be a struggle, the new credits, for the most part, are worthless and unusable to me.
If you travel and enjoy lounge access, then its worth it. If you dont care about lounge access, then the plat is not for you.
If benefits are worthless to you, why are you even thinking of a platinum card?😂
i love my platinum but i might have to downgrade. Gold and the other one are completely useless and so are the rewards. the plantinum would be worth it if you they didn't add such dumb benefits (peacook, audiobook) 200 is silly and the airline fee is silly bc it is only for and the new hotel benefit only for their premier hotels which is usable but best for vegas.
@@abhishekkumarrathore There arelots of people who has been taking the benefits of platinum card but don't wanna join equinox..
@@hyesungkim1474 I work for Amex.
I’m a platinum person for 38;years. Take note..........you will not be admitted into an AMEX lounge if you have a standby boarding pass, meaning you bought a ticket but your seat won’t be assigned until you go to your gate. You have to have a seat number on the BP or no entry even though you are a Platinum member. In SFO Sebby, AE LOUNGE is like ten thousand miles from UA, DL and AS gates. Once you’ve walked twenty minutes down to get a BP with your seat assignment, you don’t feel like walking back to lounge. Fun fact.....Delta lets you in their lounge no matter what your boarding pass says......just flash the Platinum. Also, Priority Pass lounges and restaurants are not accepting pass holders that are affiliated with Amex. That sucks.
Question- how many times has your annual fee increased? I’m 32 and wondering if I should take the offer.
I been flying standby for 27 yrs. and I always get in the lounges.
Reds........ok. Please tell me specifically what AMERICAN EXPRESS LOUNGES you get into with a boarding pass that just says STANDBY on it. Name the cities. I’ll be watching and waiting for your reply.
There are Amex cards that do not require annual fees
@@CheekyBird790 I have a Hilton Amex card that gives me no foreign transaction fee and earn point to stay at all Hilton hotels. I received invitation from Amex twice for the platinum card but declined both offer as the fee is just too high.
If you are a service member get Amex coz they waive annual fees. It's all upside for you.
FACTory
I thought the value of the Platinum card went down with less international travel during the pandemic, and even considering canceling when they keep raising the annual fee. But I got the best value from the card this year with the Better Mortgage promotion. I lowered my mortgage interest rate below 3%, paid zero out of pocket due to increase in home value (actually got $55 back), and also got a $6,000 statement credit on my Platinum card. That "paid for" a few past and future annual fees so I think I'll keep the card a little longer.
Doesn't Gold also qualify you for better mortgage? I'm up in the air on what to do.
If you can’t use the credits, an Amex setup ain’t cheap 😬
🥇
@David W they get around this by saying you can use the card account on Samsung, Google, and Apple Pay as soon as you open the account therefore saying you have all allotted time.
If people want to flex those shiny Platinum and Gold cards they'll pay the price and jump through all hoops for the coupon book...
Yes, you must use the benefits for it to make sense financially 💵….take advantage of all or most of them.
Bingo. Highest "tier" of AMEX card I have is the gold and I am fixing to cancel it as it renews in August and I just can't justify the fee. It has gotten to the point where the credits are worth $0 to me. To add insult to injury, the gold card has absolutely the worst Amex offers of any of the cards I have. Think I will keep the green card, Blue Preferred, couple co-brands, and maybe add one of the everyday cards; things with no or low annual fees.
As for a platinum card, I had originally planned to get one but I am glad I held off as the card changes have made it all but useless to me. Seems like AMEX has decided they don't care about anyone except millennial hipsters and fake rich wannabe's as the credits have become complete trash for what was their core audience of middle-aged and upper middle-class people. Even the Schwab card is looking like a no-go due to the deval of points transfers.
The more I look into high annual fee cards; they make sense if you have the monthly spend. The AMEX benefits are great, but if you aren't spending on their cards, they seem to like you have to go out of your way to use them. My current life situation doesn't have many expenses, and I'm happy with my Chase cards and WF Propel.
@Shawn S
Pay now, not on the end.
That helps you keep using, what you really need to pay. DebitCard👍
If I could pay a mortgage with Amex card I would platinum or Gold
I’ve been wanting the platinum, but like you said, my spend doesn’t justify the annual fee even for the welcoming points. I had made it up on the gold points on dinning and groceries.
I don't think I'm a value maximizer when it comes to my Amex Platinum, but as someone who does order food through Uber eats, does travel once, twice maybe three times/year and makes use of the other perks when they make sense for me, I would say I get more value from the card than I pay in the annual fee. And that's before taking points into consideration.
Agreed with all points mentioned here!
oh haii!
A god amongst mortals 🤌🏻
@Brian Jung get off the crypto hype train and back into credit cards again. You haven’t even made a vid about the custom cash, Schwab point devaluation, etc. Us OG subs would appreciate it!
We miss a lot your credit card videos and charisma, why did you quit them?
@@Ace2021 - Dude, I feel u. I haven’t watch any of his vidz in months. Honestly, I might have to unsub from his channel. And I was subbed to him before he hit 5K in total subs too. Lol.
Self examination is required when looking at Amex benefits and credits. Chase and Citi probably fit most people, but Amex cards like the Gold card and BBP seem essential in a card enthusiast's set up.
That said, I feel Amex Platinum is not worth it for most average consumers that don't travel more than 5+ per year.
Agreed, The Amex Green Card is probably the best one if you spend a few months abroad, unfortunately the others like Gold the *4 bonus points is only on domestic spend.
Chase Freedom offers 5% back on their travel portal ( Basically Expedia ).
While not as widely accepted as Visa or Mastercard, Amex is acceptable at a surprising number of places few here in Brazil unlike Cancun Mexico.
I still remember that Cancun gas station near the Isla Mujeres ferry they only excepted domestic Mexican credit cards and often cash only being much more common then Brazil.
Most places in Holbox Island Mexico charge a 5% CC fee, it's definitely not being used for road maintenance.
My Visa card not accepted literally only happened to me once here at a small local restaurant in Brazil. ( 4+ years living here.)
Foreign conversation fees are different then foreign transaction fees were an issue In Rio de Janeiro even when I pressed the button for local currency yet I was still charged that fee a few times. That's one positive of American Express, they don't accept the foreign conversation fee charges.
I’ve always just stuck with Chase for simplicity’s sake and I’m just not into aspirational travel, I rather just be able to visit my parents regularly in the US. I’ve been tempted by the Platinum, but I think this video convinced me to just stick with Chase. Great video!!
Military does not have to pay annual fees because they waive them!
I’m excited about American Express because of their customer service and how they help their customers when issues arise. That’s my biggest selling point. If that were to end then it wouldn’t be worth it at all
Paying no annual fee because active duty military has been a bonus for me.. Love the card and I realized with the amount of spend I do with them & the fact they are just about the only cards I use.... Makes perfect sense that I do have and will continue to have a good relationship with them. Does make me think that I am leaving opportunity on the table though by not having ANY chase cards. Almost at 400k points... Here is the crazy thing.. I don't even travel : (((
makes sense. I agree that Amex is geared towards New York lifestyle. The Gold and the BBP are my day to day drivers for me. The platinum, not so much but i do use Peacock and intend to book flights with it...that's about it
i have an amex everyday preferred and got a 125k platinum offer
American Express cards are seen as a status symbol also.
The Gold has consistently outweighed its annual fee for me. As for the Plat.. we have yet to see.
I spend around $1200 a month and don't expect to fly quarterly post Covid. Who should be my credit card company?
I don't like credit cards with yearly fees
The reasons you gave are really well explained 💯 Well done Seb 🏆
Thanks! :)
Amex is only worth having if you are a big spender on a high income, travelling globally. Even then I would think twice before getting one, if you make any kind of mistake in paying, if you are a day late or go a little over your limit, they are absolutely dreadful to deal with. If you get into trouble with your card payments, they have zero interest in assisting and are mean, ruthless and aggressive.
Gold card is the limit for me. Got an upgrade offer for the Platinum but I don't travel. Also be careful because GC isn't a cash back card. If you redeem points for cash back it's not 1-1. More like 60¢ back.
But my goal is to get the American Express Centurion card. First step is to win the lottery.
given the high AF, the only reasonable 2 AMEX cards are the BBP & Biz Plat, and you should tax deduct the AF on the Biz Plat
A lot of the comments and video focus on the travel benefits of Platinum and how you should be a traveler to get it. I'm not sure I agree 100% with this. The Uber/Eats benefit is $150, the streaming benefit is $240 and the Walmart benefit is about $150. Just those three benefits alone - which arguably have nothing to do with travel - put you within $100 - $150 of their annual fee. I am more than happy to attribute that to my "entrance fee" to the nice lounges for the 2-3 times/year when I do travel. All the benefits on top of that (like Clear and TSA Pre) are now just a fun bonus and stuff I willingly signed up for because I hate waiting in lines. So, yes, it helps to be a traveler, but I think Amex has done a great job of bringing other benefits to the card and I'm more than happy to pay the annual fee.
Hi Sebby! I like the rose gold card and that’s the only card that I have with an annual fee
I'm definitely not an American Express type of person since I prefer cash back, and I think this video just confirmed it, especially as a beginner still. After opening my cash magnet, I got the pop up of doom for the Platinum card, even though I never had the card before, and I never received a welcome bonus for that. With the annual fee increase and no intro bonus and my lack of traveling, I'm going to wait a year then cancel it.
American Express Gold treats me well ! Very distinguish card !!
Customer service is superb!!
I’ve had all of the charge cards over the years, you have to stay flexible on what’s best for you and which card works at the time. Gold works best for me, long-term. They have really slashed services and advocacy over the years but they still stay above the rest.
I feel like SFO is more of a priority than LAX. Heck, AmEx closed LAX AmEx lounge in June 2021 and despite the stories they tell about construction, none is visibly happening and there is no urgency on reopening the lounge.
Only people who should be getting Amex cards are military members because the fee is then waived (I believe). Makes no sense to get one otherwise
Why wouldn't Capital One approve you if you have an Amex?
Hi sebby I was prequalified for an upgrade from the gold for 100k bonus with 150 credit statement but later I saw it went down to 25k I called and told the rep about this and they were able to offer the 100k bonus
I got approved with the 150K offer yesterday. My CSP is my everyday card and i spend 2-3k a month and I’m planning big trips over the next year that I’d love to have lounge access/upgrades/Global Entry for. I imagine I’ll close AmEx after a year. This video (especially knowing to wait a full 12 months before canceling) was so helpful!
@2:38 - *How can you spend less than $500/ month?* Don’t you need gas (3% back), don’t you need groceries (6%), don’t you have subscriptions (3%), don’t you buy lunch/ dinner (3%), don’t you have ANY expenses!? Don’t tell me you’re paying with a Debit card! 🤦♂️🙄
Very easy to justify Amex, especially the annual fee cards, being active duty military. All the perks with none of the fees
Have no clue why anyone would use American Express. I spend over $10k/month and travel monthly. I get cash back on everything I buy everywhere, don't have to deal with points, planning, restrictions, blah blah. Who's got time for that crap? I think people get Amex for boasting rights only.
How timely, made my comment yesterday and an invitation for the Amex Platinum shows up in the mail today (w/150k points, which seems to be what everyone is seeking?). I think I receive the invite weekly. Looking at the benefits, not sure why I'd want it. Currently use a Citi Double Cashback card and it's 2% back all the time, every time, no fees, no planning, no headaches, no anything.
So anyone reading this, please tell me why I would want it. What am I missing?
I feel like no downgrade paths to a no annual fee card should've been high on this list
The first point is a very good point that a lot of people fail to realize. American Express was always option three but they changed the narrative from being "third best" to being exclusive. In one of the phone calls I will never forget, 2001, Amex CS to get my first AMEX card. They ask me questions then ask me how much of a limit I wanted. I jovially asked how much is the most I can get. Response : $200,000!
The income I expected to make was 50-60K, I realize they wanted me to do all my spending on this card and essentially live the "American Express, Don't Leave Home without it" catch line.
I took $3000, as I would call if I needed my limit to be increased. In those days buying a townhouse or condo was easily under $200,000 in Ontario, Canada suburbs and give then waived the first year fee ($20 a month) and first years interest demonstrates how amazing they were.
I have an Amex Platinum card the main reason why I have it is for the respect I get with it I probably only spend about $1,200 bucks a month on it but I do use the statement credits so realistically I'm probably spending $300 a year for this card not bad for somebody who makes $40,000 per year as an Uber driver before mileage deductions
Basically $300 down the toilet? It is a fun card to have after all lol.
Platinum perks are the best, can't wait to travel intl.
Other than the Hilton Aspire, I'm backing away from the personal cards, as well as the business Platinum. No issue with the personal Gold, other than I'm earning enough MR points on the business side, and opportunity knocks.
I love Amex’s customer service. I see the fee as paying for a better customer experience and better fraud protection. You call Chase or citi and you get an Indian with a fake accent and you get screwed with the fraud charges. No thank you! I’d rather spend $100 annual fee and know if my card is stolen I’m protected.
Very good points, Sebby, thank you. I’m a fan of American Express, but it’s important to keep everything in perspective
the other reason to consider is if you plan to travel a lot to Europe. Unlike the US, American Express is not accepted everywhere and you might have issues racking up points
Amex "has a very big focus on travel" yet I don't go anywhere without my chase sapphire preferred (global acceptance and primary rental car insurance... before anyone knocks the insurance perk, it's a big deal for even occasional traveler's, you just don't realize it!!)
it probably varies by country.. In Italy where they don't have many competitors they are not even agressive with sign up bonuses... but they do offer existing card holders at some point offering you points... the only way to get good sign up bonus points is to get invited by an existing cardholder
So if we get an AMEX card, are you saying banks wouldn’t want to work with us?
Well guess that, I am just vintage old school. Found over time that, the best credit/charge cards for my needs are the ones with no annual fee, a grace period for late payments, and if there will be a balance for three to six months to offer a low interest rate. The American Express card that currently meets my needs is their business open card.
Looking to fly international next summer. I only have Discover and Chase cash-back cards (both for 10 years+). I just applied for a Freedom. FICO=800+, so what Amex should I apply for out the gate (if at all) and when should I apply for a Chase Sapphire Preferred?
Absolutely love amex. I just got a nice retention offer for my gold card! Their customer service goes above and beyond. No complaints!!💳💰
What’s your annual spend on the gold card?
Debby, I'm not a huge traveler but I like hotel stays.
Currently, sitting on the Ritz CC, but they seem to not want customers.
I just noticed my 150K offer and I'm a HUGE USER of Audible/Uber. This is obvious for me, but wh azz ts the long game at Amex? Are they going to keep raising fees and knock me out of the Plat? If I downgrade the Ritz, I'm saving money..
Best advice is to not game the system. The people who game the system hurt us all. Stop worrying about snapping up bonuses and get the cards that work for your life.
What do u mean by game the system?
Funny story. I had a $99 a year card. But basically, they redesigned to a cooler design but they wouldn’t give me a new card until 2 years later (I’d been a member for a bit over a year) so I canceled it. I downgraded the card again. Petty? Yes. But I wasn’t getting much benefit from the card anyways, extra cash back over the base card amount not even covering the fee. Vanity card, lol.
Thanks! I waded in with a BCE card. Likely won't go any deeper. I'm low spend.
You got me worried about getting the blue cash preferred now. I'll probably be less than a $500 monthly on the card. But want something to cover gas and transit
I don't do that type of spending and flying. My goal is to stay out of debt. I had it AMEX and cut it up. Didn't like the fees. Credit cards debt is a rip-off! "The borrower is servant to the credit. Do yourself a favor and stay out of debt!!
Yep, huge YMMV depending on use case. Can make sense if you do aspirational travel though: th-cam.com/video/-PEhkGppUkQ/w-d-xo.html&ab_channel=AskSebby
Started with the Delta Reserve but Delta's award flights are shite so I'm not going to run it anymore. Platinum & Gold I can transfer to BA. I travel to the UK a lot and have a Chase BA Visa which offers a companion ticket after $30k, which I do in the first month or two each year. Currently have over 600k miles stacked, two companion tickets and a voucher for a First Class trip to the UK. It's money I was spending previously by writing checks.
That's actually why I'm sitting on a stupid amount of Delta SkyMiles. No upside flights for F/J (for personal travel).
Most domestic travel I can bill to clients / write-off so dumb to use miles there.
I got 4 American Express cards 2 business 2 personal all no annual fees. I have no interest in those high fee annual cards. But once I start to travel internationally again I will get a Schwab Platinum.
They’re playing with fire by raising the Platinum annual fee… especially when cardholders can’t use lots of the travel benefits like lounge access with Covid-19 restricting travel.
It’s very intentional sifting.
That’s where I’m at/reason for being stuck on a decision. I can’t use the travel benefits. But hoping things change and I can make it worth it within a year and if not, talk to them about a retention offer
I was in Amex jail, but I had an upgrade offer for my Everyday card, I hit the spend requirement, and now I'm able to get the bonus on the Hilton Surpass. Soon I will have gotten the bonuses on all the Hilton personal cards!
Great info. Seems like this is very accurate. I was just offered 100,000 points plus 150 credit to upgrade from my gold card to the platinum card. Typical send is between 3000-4000/m
That's why I can't pull the trigger on the platinum card. It's effectively a coupon book for me on spend I don't really use. I'd work myself hard just to make the annual fee work.
$695 is pretty steep, especially with the $175 on top of that if you have authorized users. Yikes! For now, my wife and I receive a better return with CSR and the Chase trifecta. I remain open to change, however. Great video as usual. 👍🏽
695 may seem a lot but consider what perks you'd use with the Amex plat. Those end up being refunded to you (statement credits) which then can be used for future purchases.
didn't work for me i got rid of it as soon as i got I made a purchase for 51.00 credit line was3000.00 and bill came payment was 41.00 with a 51.00. don't like to make purchase just to keep the card. had a740 beacon score loss 3points closing with a zero balance.
What if I got the Gold card first can I still get the bonus for the platinum card
I didn’t start the platinum card first my first Amex card was the Gold card
I want the platinum & Everyday Blue card but my score is too low 675 need 80 points Lol
The airport lounge at Bradley in Hartford has been closed for over 18 months
This video just gave me the clarity I needed on when to get the more Amex cards. I have the Hilton and Delta cards and I'm still learning how to get the most from those. Great video.
Very minimal down votes, so you must be saying something right. I agree with you on the AE cards- Best are AE Platinum and AE Hilton Aspire for traveling.
Amex is kool but not using it alot but yes the membership fee went from $550.00 TO $695.00 don't know why they raised it
That annual fee is ridiculous as I would never spend enough to make it worthwhile currently.
Waits for Sebby to do a 5 reasons to avoid Chase.. 🤷♂️
Soon! Chase...Citi...Capital One...no one is safe 🤷♂️
What have we unleashed???
Looks like Credit One will be the last issuer standing 😂😂🏅
That's an End of Times sign ☢️ 💀😄
10 years from now everyone will be rocking their Capital One Reserve. Those lounges of theirs will have people scrambling to use their Home Goods $50 semi annual credit to break even.
@@SolidLiquidFox "First Shebby came for the Amex, and I did not speak out-because I was not a Amex hater.
Then he came for the Chase, and I did not speak out- because I was not able to get Chase cards.
Then he came for the Capital One, and I did not speak out-because I was not a Capital One customer.
Then he came for my US Bank-and there was no one left to speak for me and US Bank."
I have a question. So I have had the Amex Bus gold and a few others and just recently got the Platinum. I have relatively high card spend $100k+ a year. Regarding this in order to get like the $75k spend needed to bring others to the centurion lounges does this all need to be on the platinum or do my other AMEX consumer and business card spend count towards this also?
I never heard of Amex Jail. I'm probably serving a life sentence.
I’m not a big spender per se, but I just got the gold card because I go to the grocery store several times a week. And I’m also working for one of Amex’s travel partners, so I can fly for free on that airline, which means I’m going to be traveling more.
I really think the best AMEX for most people is the Blue Cash Preferred then Everyday.
I love what AE offers BUT they don't have great coverage here in Saudi Arabia or Asia in general. There is nothing worse than having a card that's accepted in a few stores only 😑
does having personal loan look bad when applying AMEX?
I got the Amex Everday preferred. As part of the promo material that came with the card I got a 150k Amex Platinum offer. I got the card.
Great comments on the necessary spend. I have a Delta AMEX, and started getting higher CL when I used it at Ben Bridge
you are so good at analogies.. BRILLIANT
Whaaaaat!!!! I love my Amex Card.. I have the Blue Cash Preferred and the Platinum… I was thinking about the Gold because I eat out too much 😕 damn sodium lol
If you have massive debt its a no no, especially if your debt is consumer debt.
Gave the video a like because they all great points despite me being a AMEX fan. I'm fairly new to credit cards but my family uses Hilton and we have time shares through them so AMEX long term makes sense to me. great video
Much appreciated!
I use mine like a debit card. You gotta go food shopping, gas, pay bills etc. why not get something back. The bank is t going to give you anything
Is Amex inquiry sensitive? Trying to decide if I should apply with them first, or apply with some inquiry sensitive options like Bank of America or US bank first
They approved me my first Amex with 33 inquiries
@@JAA369 Really, that's good to know. Did you have that many in the last 2 years? And which Amex did you get approved for?
@@KP99 yeah they all recent inquiries
I use the American Express Bluebird card for my banking and love them
Funny enough, there was an AMEX ad right before the video started 😂
Thanks for another great video, Sebby!
I am from NYC I almost like 6 days a week takeout and outside eat. What is your recommended card?
Does this apply to the everyday and blue or whatever it is??
Had a AMEX Platinum Card for 5 years with a $120k limit /// one day they said I called in rude to a representative ? I was then told I was Banned for Life with no way to appeal ? lost over 200k points and I never even called in! I tried to plead my case but they had no interest in my call ? //// This could be your #6 Reason to Avoid American Express Cards
I'm from the UK had an American express card for 6 years but hardly anyone accepts them ( the atmosphere free big chains groups do) in Europe, so had to swap it for a proper. card . Various internet articles claim the card is accepted worldwide but unless things have dramatically changed in the last 12 months or so Any America's wanting to travel outside your continent be warned
Actually I was surprised by how many pieces in the UK accept Amex these days. I remember not being able to pay anywhere a couple of years ago. I recently used it to pay at a local food stall. Things must have changed in the last year or two indeed.
I agree, I had an amex once like 6 years ago. I do not like them & would never get another one again!!