It's Over: Why I'm Cancelling My American Express
ฝัง
- เผยแพร่เมื่อ 27 ก.ย. 2024
- Go to public.com/graham and use code GRAHAM and you’ll receive a randomized free stock worth up to $1000 once you open an account! Here is why I'm cancelling my American Express - Enjoy! Add me on Instagram: GPStephan
NEW BANKROLL COFFEE NOW FOR SALE: www.bankrollcof...
DOWNLOAD MY NEW FINANCIAL APP: hungrybull.pag...
JOIN THE WEEKLY MENTORSHIP - the-real-estat...
THE NEW PODCAST: / @theicedcoffeehour
The TH-cam Creator Academy:
Learn EXACTLY how to get your first 1000 subscribers on TH-cam, rank videos on the front page of searches, grow your following, and turn that into another income source: the-real-estat... - $100 OFF WITH CODE 100OFF
My ENTIRE Camera and Recording Equipment:
www.amazon.com...
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
*This is a paid endorsement for Public.com. Offer valid for U.S. residents 18+ and subject to account approval. This is not a recommendation. You can lose money with any investment. Open To The Public Investing is a member of FINRA & SIPC. Regulatory and firm fees apply. See Public.com/disclosures/
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice. Public Offer valid for U.S. residents 18+ and subject to account approval. There may be other fees associated with trading. See Public.com/disclosures/
Graham: This video is sponsored by AMEX so my annual $695 fees are waived! ... Syke!
lol
Hi Michelle, What type of card do you personally like ? 👀
@@martint6461 Hey Martin, thanks for asking! I like cards that give 5%+ cash back on groceries, gas, Costco, PayPal, etc, but these are rotating categories. Another good one is a travel credit card if you find yourself usually flying with one main carrier, and it helps to have travel benefits like free bags, lounge access, and car rental insurance/waiver.
Tell me cash app to send you money
Lol
Random tip: The Uber credit is usable towards pickup orders (which is what I usually do), so you don’t need to pay their service/delivery fees.
Yep, and you can combine it with first-time customer offers like 20% off your first order or $5 off your order of $20+
Definitely not enough
Not enough, but I already spend money on food.. so ...
That's the way I use it
He said that in the video dude
Uber credit is good use it for ubereats, but graham has a point, it should roll over. They should do more like discounts and such
Agreed 👍 Do you have the Amex Platinum Card yourself & find that you get good value from it?
Totally agree with your thoughts Graham! The Amex Platinum has become a card that can have a lot of value, but its only going to be worth it for a much smaller customer base now with the higher annual fee. Great video!
Their annual premium cards have always been that way though and weren't meant for everyone.
BREAKING NEWS: AmEx revamps their reward structure and lowers their yearly fee after TH-camr Graham Stephan slams their price hike and causes massive customer exodus
Haha THAT would be awesome 😂👊 Do you have any Amex cards at the moment?
I’ve got the Gold card and I really enjoy it. Hopefully they don’t hike the price as much as the Platinum
Gold card sucks you cant even use it for 100% cash back I think points count for half a cent or some crap
🗑 🚮
@@johnmorrison7205 You need to convert then using the schwab platinum
I’ve been thinking about getting the gold card!
Get a card with a credit union. Avoid big banks. It works for me
There's a few businesses that refuse to accept American Express, and over the years other rewards cards have out competed them. I do believe many prefer the Chase Sapphire card over the Amex, especially for business travel.
Does Chase Saphire have its own network or does it use the Visa, Mastercard or another network?
@@dougpatterson7494 visa
F..k Chase. They can't even get a name change right and their customer service is outsourced to India. They absolutely suck
@@dougpatterson7494 VISA for most cards, but Mastercard for a couple
THEY DO NEED TO REVAMP IT THOUGH SUCH A GOOD CARD IN ITS PRIME
I love my platinum card. Yes, I’m wasting money since I have no way of spending or wanting to spend money on a equinox membership so that’s $300 gone but with the hotel credit and the benefits have been huge. Also the rental car protection paid for the card last year when a rock hit the windshield and Amex took care of everything with insurance. Saved $500 from one use. Just wish we could take the equinox and change it to something else
The Equinox credit isn't as simple as getting money back on your existing membership (I checked). You have to sign up for the high tier memberships which are usually $80+ more per month than a regular membership, only to get $30 a month back. It's not worth it.
You can use it for their online class subscription through the app, I do not think it only applies to a certain tier.
The Centurion Card pays for the whole membership.
Exactly
Actually that’s what I was initially told by the rep from Eq. but it turned out I am getting $25 credit every month with the regular membership. That was one of the big reasons I kept my plat. card this year.
Hey ChrisJ - yep, totally lame how they put those restrictions on it 😕 Do you have the Amex Platinum Card yourself?
Never canceling my AmEx Platinum. The lounge access alone is so convenient and valuable especially if you travel several times a year with a partner. I also happen to use most of the credits from natural spending (hotels, Uber, entertainment, etc).
Unfortunately, it looks more like a coupon book than an actual credit card.
I'm on the same boat as of right now. Hopefully this does get people to cancel and lounges won't be overly packed 😂😂
I don't mind the fee hike actually because I enjoy the lounge access within the priority pass. But Chase has them beat in their points, rewards, and cash back system. I actually miss my Chase card since switching over since AMEX has made this a coupon card. This may be the last year I hold on to my platinum.
Omg!!! Coupon card, you said it! I feel like a grandpa cutting coupons at the kitchen table when I scour for benefits on my phone to justify the annual fee and purposefully incur expenses that will be credited back.
@@NoNo-ng9sl I feel you
@@Woboito13 umm LITERALLY my hope. I'm their target audience. Them trying to broaden the card to "everyone" was always a mistake imo. It simply didn't fit their biz model.
Still makes sense for active duty military.
The airline credit is a total scam. 90% of the people who have this card will have status with the airline they travel, which means you get all of the things it covers for free anyway.
Which is why you apply it for a different airline for your personal travel :).
Not a scam just planning ahead.
Not always. I usually fly American, but have use sand will continue to use that credit for when I infrequently fly on Frontier.
Nope
What do you guys do to get the $200 credit? I have a flight in a couple days with American Airlines i wonder if i upgrade my seat will that count to get the credit
Hilarious opening, bravo 👏🏼… I wasn’t ever a fan of credit cards with annual fees, they just never really Made sense for me… however, I will say for a bit of time I had the capital one venture card to capitalize on travel points and it had the fee. Both years I simply called and said, “I never carry a balance, are you able to waive the fee?” And both years, they did… sometimes it is worth the ask…
When you take flexibility, liquidity, and no fee into account, not much beats a 2% cash back card from a local credit union. All these other perks are great but not for everyone’s lifestyle
I just used my Amex points for plane tickets and saved 830 dollars and I've only had my card since summer
Interesting that customer service was not mentioned here. I've been a customer for over 17 years and the main reason is their phenomenal service. I never wait when I call in for any reason and replacement cards (if/as needed) are sent in 1-3 days depending where you are in the world. The platinum card is truly a travel card and best suited for those who travel a few times a year (at least). I have the business blue as well and no issue there either. In fact the accounts link together so seemlessly making it easy to view and track spending and share points. Also not mentioned is that additional cards can be added to an account at a much lower cost. I've thought a few times about leaving but stopped when realizing the service does have value to me and I am willing to pay for it.
He mentioned their customer service. Briefly, but he did mention it.
💯 Top notch without a doubt.
If you’re a business owner like myself, consolidating my business banking to Amex when my community bank charged $12 a year for having a business debit card is much better.
@@BrownTrout1238 That's actually great! If I'm paying this kind of money, I'd rather be paying for concierge and top service. I don't think this card is targeting the masses; it's aimed at a niche market.
PLEASE PLEASE PLEASE do not forget, Active duty military receives this card for no annual fee! It is well worth it for Military
When I called in about cancelling I was seriously going to. They offered me a waive annual fee on the AE Business card. That was awesome.
Try again next year 😉
Hey Jeff - that's an awesome retention offer! 😃👊 How long ago was that?
the rewards need to be much simpler and not target specific brands. the idea of spending to justify rewards is a big turnoff.
4:59 legit thought those Saks Fifth Avenue shoes were bowling shoes 🎳😂
hahaha
Of the Green, Gold and Platinum cards, the Gold card is effortless to keep because GrubHubb and Uber, and the first digital $10 coupon they send you pay for it. I like efficiency. The Gold card is that.
The Platinum Card feels like "The Fluff Card."
I was a AMEX member since '80, but cancelled mine when they kept raising the annual fee. They obviously did not value a long time client.
Centurion Lounge is WAY too packed and has the worst hours (at least outside Miami). I tried to go 3x and only got in once and it was super uncomfortable. Everyone was desperate to get the free booze. I actually prefer the Admirals Lounge.
I cancelled my AMEX platinum too couple months ago before another renewal. I'm Canadian, I got NO retention, which was surprising! Your timing on new vids is great :)
How long did you have the card?
@@joselivingroom5951 2yrs
Hey m h - What were your main reasons for canceling the Amex Platinum Card? 😃💳
The level of frugality on this video is outstanding.
You can try to call the retention dept to see if they will waive the fee to keep you as a customer.
Graham, you make $6.1 million a year. $645 a year for a card is child's play to you buddy! lol :D
My reason for never getting AMEX is because this local taco place didn’t accept AMEX and a handful of other shops I frequented.
Tacos are life
Exactly, how dare AMEX get in the way of you and Taco Tuesday!
Tacos FTW,@@almendratlilkouatl
Hey Hasan - makes sense if you can't use Amex where you shop. Which credit cards do you use instead?
@@MarkReese citi custom cash for groceries, chase freedom flex for basically everything else. I did use a credit Union card while in college.
I been an amex gold membership card holder for a lil over 2yrs now. I recently got an email from them about upgrading. I was on the fence but now after seeing this video I'll gladly keep my gold membership. Everything platinum offers i rarely would take advantage of.
Hey there - Smart decision to avoid the upgrade if the additional benefits don't make sense for your situation 👍 Do you have other credit cards in addition to the Amex Gold Card? 💳
Living life this consumed with numbers seems crazy and exhausting.
It is... unless you're already crazy
I hate credit card benefits for the same reason I hate airline mile programs, hotel programs and coupons… I have enough things to worry about in life without clouding my brain with keeping track of all those silly things. Simplifying my life (as much as one can these days) is more gratifying than saving a few hundred bucks every once in a while in a flight or a hotel.
As always great video both entertaining and informative. Thanks for keeping up the hard work!
Thanks, will do!
Hey Peter - do you have any Amex cards that you find worth keeping?
One of the things I also really enjoyed on my Amex Platinum this year was the points spend with Amazon. The credits I had were enough to pay for Christmas for my family with the conversion which was awesome. Do agree the bump in annual made me think twice, however.
But that’s one of the worst ways to redeem, ie you only get .5-.6 cents per point instead of 1-2
Sorry to hear that, but you lost serious $ in that exchange. You could've at least sold the points to someone for 1.2
@@liveandletlive2894 How do you sell points to someone for 1.2? I have about 118K right now and I'm thinking that I'm not going to renew this coming year.
@@Joshua-of2dp
Idk but couldn’t you transfer them to their account and just trade for cash?
Hey Justin - awesome that you were able to pay for those Christmas gifts with your points instead of using cash! 😃💯 Do you plan to keep the Amex Platinum Card open for another year now that the annual fee went up to $695?
I was shocked when I saw that $695 charge. I called to cancel, and instead "downsized" to the business green card, which offers almost every benefit the platinum card does except for those special perks, which I never used in all the years I had that card (well, except once when I got into an airport lounge; I'll admit that was nice).
I love my platinum. If the annual fee is a non-factor you can get great enjoyment from the benefits and often get the value back from travel hire already doing.
Im a Marine so I’ll get these fees waived and hopefully I’ll get a flight back home for free.
I love that my first commercial on this video is for this exact credit card…lol
@@MarkReese I am, one for business and one for personal. 😅
This is how I feel about my Gold card. I don't do any grocery shopping where they accept points. H.E.B nope. Walmart nope. Kroger nope. No points
The American Express commercial at the beginning 🧍♀️…
I'm military and my fee is luckily waved. I don't mess with CC's too much but it's not too bad.
I would NEVER pay annually for any credit card.
Nope, nope, nope.
Always appreciate your insight Graham! I have to say though, I’m keeping mine. I was able to snag over 400K points just in December. Plus I love slamming that heavy, metal bastard on the table to pay. 😆
Im literally the same way, I love that big shiny silver hunk of metal
LMAO - true dat😄
Just snagged 300k points on the biz after stacking promos Dec and Jan now working on 500k points off the personal Feb until Mar
🥰😜
@@liveandletlive2894 how??
I canceled all my pay for credit cards during pandemic… no point. Bye bye Amex Gold, Chase Sapphire Reserve, and BofA Travel card… hello Citi Double Cash.
I agree with u in some ways, over the last few years my income as grown as well as my credit and looking to upgrade to better cards. after the Fee increase definitely makes you revaluate
Got me an American Express ad on this video lol
Finally, clean video. No clickbait
Hi Awais! Do you have any Amex cards yourself at the moment? 😃💳
I cancelled my AMEX card in 2008 because back at that time, they offered you $ 7,500 cash loan in a pinch for 🤔 think it was $200.00 yearly fee. SO after a couple of months they cancelled the offer of $ 7,500 loan SO I asked for a refund, AMEX told me "read the fine print" SO I told them 🤬🤬🤬 and cancelled my AMEX card.
Great video. I've been comparing various travel credit cards and I've been on the fence between the Amex Gold and Chase Sapphire Preferred. I think you hit the nail on the head with your Amex assessment. For a certain urban customer it makes sense. For most of us Chase fits better.
@@MarkReese I've been using the AmEx Grren for the past few months and I'm really happy with it so far. But I do see the compelling offers for the Chase Sapphire preferred right now which has me considering it
Just get the welcome bonus and use whatever benefits one can get in the first year, and then close it.
You should make a series on every financial topic beginners need to know about to become financially literate. I bet a lot of people would watch it
@Whats-Ap ME✝①④⓪②⑧⑤⑨⓪⑥⑨⑥ shut up
Quick tip for any military members out there: Amex will waive all annual card fees for all military members and their spouses.
Quick note: not everyone is eligible for a retention offer even if your account is in good standing.
Why is that?
I will only do memberships w/ companies unless the fee pays for itself.
:(
Hey B Richards - which credit cards are you using most this year?
We have been members since 2015. We just got the business ink. I’ll do this on my personal cards for sure.
I'm still traveling 4x a year so the hotel/lounge access are nice except I couldn't find a favorable route on American and instead flew nonstop on Southwest. Southwest was faster and cheaper. I also don't Uber, go to equinox, watch Netflix or online shop at Walmart or Saks. So this new collection of perks has very little to offer me.
Capital One Venture X is an easy no brainer option at the moment. Pays for itself annually with no need to jump through hoops.
In Amex defense it was not never meant to be used by the average person, as seen by the perks being offered that Graham listed.
Great video Graham!
Left this comment on another vid: can you make a video on FHA vs conventional loans for ‘house hacking’ a duplex/ triplex etc in LA?
I'll be so happy if it's a 5...
@@GrahamStephan a 5 what
@@GrahamStephan a five-plex?
Amex thinks it's customers shop at Walmart??? Costco!!!!
ikr - foolish
700.00
My cashback would be in the negative after every yr
@@MarkReese I have no recommendations in a religious level just go with what makes immediate sense to you at the moment, for your strategic position in a case by case bases.
(Not sponsored just keeping it opened) Cheers
I did this the other day. They really don’t pay during COVID
Just a heads up, the "once in a lifetime offer" is false. I thought it was the same thing, but if you switch between the personal platinum and the business platinum you just have to wait 48 months to get the same offer. I received the 100k offer twice on personal platinum....
Graham you could always downgrade a card no need to close the account
Amex need to calm down with those sky high AF. When rich people start to complain about it you know is bad
I have felt like over the years it has become harder and harder to get the full benefits out of my card. I found myself buying stupid crap from SAKS just to take advantage of the statement credits or checking my bag at an airport just because it was free and not because I actually needed to. Also. Centurion lounges are ALWAYS packed now 🤢
Hey Cassie - did you decide to cancel your Amex Platinum Card? 💳
I got an amex ad on this video
I said Buh Bye to the Platinum Card in 2020. I wasn’t traveling.
Hi Lisa - makes sense to let the Platinum Card go if you aren't traveling 👍 Which card(s) are you using now?
Funny that the ad poping up in the video is actually for Amex Platinium...
I agree, I plan to keep mine until early 2023 and then cancel. I am still making out on value but I plan to lessen my travel in 2023 and the value for me will be diminished. However, it was worth it to get that 150k intro bonus last year!
If you question a $700 fee you should not have the card.... Will make the lounge less croweded... I'm going black when I can't go PJ..Move in the right direction. Thank you Graham we love you
Hi Ezra! Do you have the Amex Platinum Card yourself and find the benefits worth it? 😃💳
Some people are still going to get it, just cause, it’s platinum and it’s cool to have it! 😂
@@MarkReese Yes, I do. lol. Primarily, for the lounges when I’m traveling!
Btw, love your videos Mark. You’re a true credit card lover! 😃
I like the statement, staggering annual fee of $695 then the description is perks and benefits easily worth over $1000 dollars
I had an American Express Gold card with "Unlimited" credit but they told me it wasn't really unlimited so I canceled the card.
I never really understood why you would willingly pay an annual fee on a credit card in this day and age even with all the “benefits” it would bring you if you use it properly
And now your credit score dropped
I got it for the lounges as I travel several times a year but I’ve only been able to visit two lounges. Sometimes I don’t have time if I have a connecting flight that leaves soon or some airports won’t even have centurion lounge. Plus I don’t be able to bring a guest in in 2023. It’s just not worth it. Maybe the saks credit but other than that it’s not worth it
Hey there! Do you plan to keep or cancel your Amex Platinum Card given that the lounge policy is changing next year? ✈️
Had this card back in a day when I was traveling heavily (~$500/yr I think) - was great then as all the different airport lounge access made it worth it. Agree with most that this card is not worth the money, much better options out there. Not sure if 'cleaning out' the folks who aren't the 'rich', looks more to me like just a bump to make more profit.
@@MarkReese That was probably the amount I paid as well (mid 90's). At the time I could purchase a single airline lounge card for $400 but when I ended up with another airline at certain times the cost was $50 per day so it just made sense to go with AMEX platinum. Cards I use now, Chase slate, Amex Optima Platinum (not sure if color makes a difference anymore) and one other bank which will eventually be replaced with a Fed Credit Union card. Lowest interest rate and no annual fee is the best direction to me.
well they have to weed out the undesirables...
Ive already canceled mine..most of the perks were travel related...traveling i couldn't do because of covid restrictions 😒🤷🏾♂️
*why I’m canceling my AMEX*
*sees an AMEX Platinum ad*
Lmaoo.
But Graham you're not supposed to leave home without it! 😁
Thank you for changing the intro !! I think the variety is good for the brain. Ok now I’ll watch the rest lol
Awesome job gram.
Thank you!
Hey Adam - do you have any Amex cards that you get good value from? 😃💳
AMEX coupon book is getting annoying. It’s like we are paying just for the AMEX brand in our wallet- especially if you are an expat overseas - most of these credits are useless . I would say the resort credit made it worth it for me this year but 2021 2020 - it was basically highway robbery.
Idk, at the minimum points awarded, this Amex giving you $500 for spending $6000 is not as ideal as Chase Sapphire giving you $600 for spending $4000. It's a reward to spend ratio of Amex 0.08 to Chase 0.15. And not to mention Amex's $695 vs Chase's $95 fee. Why bother with the Amex? Are the extra perks THAT worth it?
I love the Centurion lounges. And I put massive amounts of business spend on it.
@@Davidsworldtravels Glad you get great value!!
credit card with annual fee and perks are never worth it..cuz u shouldn't be spending money on those things anyways. They just put u on a habit of spending more money on things that u don't have to.
The beginning is absolutely amazing😊😊
hah thanks!
Hey Caleb - agreed, best intro ever! 😄🏆 Do you have any Amex cards that give you good value each year?
I just cut up my AMEX gold card up. If you want to do business with a company that puts through illegitimate charges on an expired card, refuses legitimate charges, and is unwilling to fix any sort of issue - then this is your card. Worst customer service experience of any financial institution I have every dealt with. One issue with this card and you will be ready to trade in every point you earned to have never done business with AMEX.
Amex is gonna be pissed !
uh oh
Haha.
@@GrahamStephan LMAO😄
Haha 😂 Did you upset Amex too by canceling any of your cards?
With the way I live, I could never justify any American Express cards other than the Blue Cash Preferred. I’m much happier with a lot of the basic cards, each with a primary duty (and most auto paid and budgeted for in a separate bank account so my groceries, gas, utilities, insurance, etc is just set on auto). The blue cash reserve is the only annual fee card I hold. The only other one I have, and will hold again is the Chase Sapphire Reserve, but I only upgrade to that for one year on the year we plan a travel vacation, and I save up points on my Chase Freedoms in the meantime to later transfer to the CSR when I upgrade to it again to use the travel benefits of the points. It’s an efficient approach, and it suits me fine.
This is exactly how I feel about my Platinum. Well said. I might downgrade to the gold or even green card however.
Might be better to apply for the gold/green first and then cancel the platinum for the signup bonus. Don’t want to leave those points on the table since once you have the card you will never be able to get the signup bonus on that card.
@@fs6668 Unfortunately too late for me 😕
I have multiple business American Express cards and spend a million dollars plus through them a year, I don't think I'll ever give up my American Express, they are awesome
Hey Abner! Which Amex cards do you use most for the high spend volume? 😃💳
I got mine for $550 last year. Probably going to cancel this year though. I get much more value from the CSR.
Hey Jason - did you decide to cancel your Amex Platinum Card? 💳
Loved this one Graham! The detail was great!
Im so glad your broke this down, in reality those benefits are for, I have no idea, I do feel like each of those categories will not fit a single person who uses all of those benifits that would benefit. I think very few people use all of those all the time. you saved me a lot of money. like button smashed.
Mark Reese is a legend
He is!!
Thanks LIGHTWEIGHT! 👊🥇
Actually got an American Express commercial in the video.😂🤣
As a previous employee of AMEX, who feels like I suffer from PTSD after working there because of how badly I was treated, I’m happy to hear you are cancelling.
He didn't though. I've had some bad experiences with AMEX myself.
If you don’t mind me asking what bad treatments did you get. I just got my offer to work there and I don’t want to be blindsided by anything.
You don't suffer from PTSD after working for AMEX
@@bukunmim4535 my guess is that she had a horrible manager/supervisor or bad coworkers. That's usually the biggest complaint with office jobs
I actually couldn’t justify getting the platinum when it was $550 but when they raised it to $695 and added benefits I picked up the shwab platinum.
@@MarkReese yes I have actually! Just as simple cashback that I used to help pay for truck parts! So awesome being able to use my points as cash
Hi Graham, Always had an AMEX Green Credit Card since 1988. Yes, I’m that old 🤣😱. I’ve been offered an upgrade to Platinum, but never wanted to pay the outrageous fee. Thanks for another great, insightful video!!
Uber eats has a 15 min purchase, and in california they upcharge now, so it's next to impossible to pay under 21 for the cheapest locations possible
Warren Buffett carries the Green Card
I canceled mine last year. But I have a no fee cash Amex credit card which keeps my member since date.