To get ahead of any hate comments, please watch from 14:46 to the end of the video and remember that we’re all on the same team here. I still think Amex is an awesome lender that I’ll continue to use and get value from (particularly with their welcome offers), but they aren’t the best keeper card options for me at this current time of my life (or many others in my audience), hence why I don’t recommend them as highly as others. I hope you enjoyed this type of video and thank you for being awesome! 👊🏼 💲 Download MaxRewards: maxrewards.app.link/spencer (Code: SPENCER)
If you go to the places the credits are good for you get value. Technically they're paying you at that point. Otherwise you're absolutely right and they are just not worth it.
Some of their credit cards offer more benefits than others. I personally find the Hilton Aspire and the Delta Platinum to be particularly valuable, as they provide easily attainable benefits each year. I intend to keep both of these cards long-term, and depending on my travel patterns, I might even consider upgrading to the Delta Reserve. These two, along with the Venture X, form a valuable trio for me, allowing me to consistently derive benefits without having to exert significant effort each month.
A very sensible video. A lot of creators are reevaluating their set ups. Amex is not an easy choice unless you travel a lot nd the coupon book is easy to use.
12:13 I love AmEx and travel a lot yet I would never suggest their cards to my friends in general. I totally ignore the “coupon book” and hardly find any vendor on my international trips who accepts AmEx so finding this video pretty spot on.
For me personally, I think they are def worth it! I do travel internationally pretty often so love the lounge access. But for sure hate the limited use of the card internationally and also if they do accept the card, the merchant codes stuff incorrectly so if you eat out lets say in Lima Peru and they do accept amex at a restaurant, they might not code it as a restaurant under amex network and miss out on the 4x. So typically I just use my amex cards in the US to gain a lot of points and I use my CSP internationally to get some points for UR
I like amex cards but the fanboy side of amex i always call out lol Amex by a large has the most fanboys in credit card history. Its not so bad to be a fan of a product but amex fanboys have the shoulders crossed with a authority position & hypnotized with anything amex. Prepare for the backlash......
Hahah I'm definitely prepared for some backlash, but hopefully people take the time to watch the video and read the pinned comment before leaving any negativity here. Thank you for the support on this one Lewis!!
@@SpencerJohnsonOfficial Actually, I 💕 all premium travel cards (Amex, Chase, Citi, C1) with just a few exceptions (BoA, USB). Amex happens to have most of the premium travel cards. Cheers brother 🥂
💯💯💯 I hate AMEX too! Except for the Hilton Aspire and Delta Reserve cards. And maybe the BIZ Platinum unless they take away the 35% pts rebate......🤣🤣🤣 Thanks for the info + video!
I cashed out close to 1M points (earned from plat sub, plat retention, and Schwab sub) then turned around and closed all my amex cards. I'm in popup supermax now. Don't be like me haha
I also hate Amex cards besides the Hilton Surpass card and the BBP is just borderline OK. Can't be used overseas (no one accepts), Amex offers have weird limitations such as flights must originate in the US and most are not applicable to stores overseas unlike Chase. Like if Chase has a 10% off Marriott offer, it works across all Marriotts overseas, unlike Amex.
The fees just don’t seem worth it. As someone who can easily offset the gold fee, I still question having it. I prefer Chase UR so I’m not 100% sure I’ll keep the gold… except for one more year since I renewed at $250 lol
That’s actually a super interesting observation you made and that’s exactly how I felt about my Gold card. Even though I was technically getting positive value, it didn’t really feel like it. I don’t blame you for renewing yours at the lower annual fee, but we’ll see what 2025 provides! Thanks for watching as always Cody.
I have the Amex gold and using all The credits is easy for me to get positive value, but I value chase Points more than MR points. I use my sapphire preferred to get 3x on dining and groceries. So I will be canceling my Amex gold this year.
How dare you sir!!!!! LOL!! I totally agree with you. Alot of people jump in to Amex way before they are ready, and do anything to justify the card. Amex cards are for spenders...big spenders. Always great advice to reevaluate your cards every year. Thanks for the video Spencer!!!!
Amex is the best credit card issuer and is worth every penny, If you cannot afford it then is not for you and you dont need to make a video full of nonsense just to justify that you cannot affor the best credit cards 😊 blessings ❤
I’m an Amex guy all the way, but I completely agree I think the platinum and gold cards are basically worthless. Cost way too much for what you get back plus the annoyance of having to keep track of all those credits. I like to keep things simple and don’t want a wad of cards so I run the bce for gas, groceries and online purchases and I live by a airport that’s a delta hub so I have the delta platinum for flights, hotels, and restaurants plus the companion certificate is nice. I’m probably not ruthlessly maximizing my points, but it’s only 2 cards and they are in the same ecosystem.
I get the best value out of Amex cards based on my spending and where I live, but anyone who defends them blindly needs a reality check. Card companies are not your friends, they're businesses and it's in our best interest to critique and evaluate them and we only win when they compete to offer us the best products.
They’re definitely in a market of their own. I guess that’s part of their appeal. We just gotta be careful to not overvalue them depending on our current lifestyle.
I wouldn’t call myself the beginner or intermediate CC user but would be considered Beginner when it comes to the points game so trying to get a good hybrid cash back/travel set up. if I just signed up for the business platinum and got approved for it, would you then recommend the chase cards to complete that set up? And cancel the business card? What is the dollar amount you would say I would have to spend every year for the platinum to be worth it? I signed up for it bc as a family we would spend around 100K on it every year and take maybe 2-4 international flights. For gas, groceries and dining I was thinking about the gold but after your points now thinking about the chase set up u recommended…. Should I then cancel amex?
Amex credit cards are not for you, but I'm sure you wouldn't mind people clicking on a referral link and earning MR points from it 😂. All good points though, you're right that it's not for everyone
As I watched this video I just got approved for Ink unlimited at 90k sub. For $0. Amex is legendary if you fly a few times a year and utilize Centurion lounges. Otherwise, pfft.
The lower acceptance internationally is a BIG reason why I don't see myself having Amex cards as keepers. In Asia, it's a lot more difficult to find places that take Amex, whereas Visa/Mastercard is basically automatic. And I travel there almost every year so that is important for me. I just got an Amex Delta card purely for the SUB. I'm very likely downgrading that card in Year 2. I'm not a high spender, and I do think you need to be to really benefit from the better Amex cards. So, I think for a premium travel card, I'm aiming for the Capital One Venture X as a keeper card next year. I just can't meet the spend for that SUB atm. Overall, good video.
Super interesting video Spencer! Really made me re think my Amex gold card. I got mine right before the new anual fee hit with that 90k welcome bonus so I’ll be keeping mine until my anual fee comes up again. But now that I got my venture x really thinking about just using that powerful duo in the long run…
figure this was going to be followed by another video of Why I "Love" Amex...definitely hate some things about Amex like you...high annual fees, limit on number of cards can get, their incredibly stupid family tier system denying welcome offers on cards if you get higher tier first, and the low monthly credit coupon book nonsense. But with all of that said, can't see getting rid of my Platinum card, Marriott or Hilton Amex cards anytime soon unless they'd make drastic changes to them (God I hope they don't do so!!)
@@SpencerJohnsonOfficial Quick question, I just wait the traditional three months to get the platinum after the gold right? I think the platinum and the venture x will both have spots in my keeper setup. The gold was purely for the sign up bonus lol.
@@nickverburg8255 That should work! Of course, they have the preapproval tool so you'll know for sure whether you'll get the bonus before completing the application, and if not, you'll just wanna wait a bit longer. Best of luck to you brotha!
You’re not wrong. Amex is definitely not a good keeper card setup for most people. For me personally with my travel habits and credits I actually would use no matter what, the platinum and the Aspire card are keepers for me. All of my other Amex cards I get for the SUB then close. And if they’re not closed after a year it’s because I got a retention offer to keep it. Side note, I was just in Bonaire 🇧🇶 and not a single place took Amex. I’m working a biz plat SUB so I literally asked at every place I shopped at if they take Amex. Even tried to be sly and use Apple Pay and still nothing. It’s a good point that for a company that touts that they are the leaders in travel cards, they should be at least accepted as much as visa or and MC. Hopefully it gets better as time goes on.
Thank you for the Amex reminder. I love Capital X, ink, sapphire, Citi Strata, Ritz. As for Amex. The Green makes most sense just got it and put spend on it makes sense and hopefully will get out of pop up jail
Being new to the credit card game, I decided to go with the capital one duo. I have no regrets but I find myself wondering how life would be if I went the Amex route. The fact that I live in a major city in the US and spend most on dining, I think Amex could have been the better value. Ultimately, I think your reasoning and overall thesis was on point. Keep up the great content!
as for the transaction fees, i don’t think amex is actually charging more. higher end visa and mastercards actually charge more than amex but they force all or none acceptance. amex did historically charge more and the lower acceptance (at least worldwide) is probably because of the residual mental image people have
Really appreciate you approach from an average person's perspective, rather than focusing on luxury redemptions that aren't practical for most people. Keep up the great work!
Amex gold was going to be my next card till they changed it. I was fine with going out of my way for the monthy restaurant credit but with the dunkin and resy credits I'd have to go out of my way twice a month and twice a year. Looks like I'm still sticking with chase till they change it back or I find a good grocery travel card
On the flip side, I like the Amex transfer partners, offers, and perks better than I do in other ecosystems. I don't like any of the travel transfer partners on people like Citi
Spencer this was a brilliant critique of the Amex ecosystem👏🏾👍🏾 I am an Amex fanboy... but the prices keep going up, the credits keep increasing, and the freedom to spend where and when you want keeps reducing. It's becoming a dictatorship you have to work hard and spend more to "belong" to. I travel int'l 3+ times/yr usually 1st or Bus class. If you like the "luxury" touch, no other ecosystem is better for that usecase - imo. To your point, their target demo is not "everyone". There are several better "everyman" ecosystems out there, with no FTFs and "useful" multipliers in the Int'l space. Amex is not one of them. Thanks for making this plain!
Dude, thank you so much for the kind words! Your comment was exactly what I was hoping to receive when I made this video so that's really great to see. I seriously appreciate you taking the time to hear me out and help folks in the community! It means a ton.
6:12 Ok thank you for mentioning this because I was just about to say this lol. This is why I hate when credit card/finance channels on RU-vid treat money like it’s a one size fits all thing, news flash ITS NOT. If you make 10x more than the average person, you’re going to manage your money differently than someone who doesn’t. It’s not a bad thing but when you are giving advice to people, it does matter! 😂
I completely agree with you! I do my best to ensure I don’t give “one size fits all” recommendations to anyone on this channel. Personal finance is extremely subjective and we need to remember that! Thank you so much for the comment brotha.
I'm thinking very hard about whether to renew my Platinum. The primary value to me is travel protection and especially lounge access. (Atlanta is my hub.) But, I was going to charge a $22K trip last week, and the tour company won't take Amex! I have my eye on two other tours that same company offers, too. And, if Amex cuts Platinum cards down to just 6 lounge visits next year, well, that's the nail in the Platinum coffin for me.
I definitely understand how you're in a tough position! Super unfortunate to hear the tour company wouldn't take your Amex, especially with you wanting to use it for the protections it provides. Of course, every card is gonna have its pros and cons. The weight you place on each is what determines if the card is worth it for you or not. Let me know what you end up doing!
Hay Spencer, great video I agree with your point of view with Amex. I like CHASE and capital one. I am thinking about trying Citi. PS I like the Pagosa Springs T-shirt. I live close by there.
Hey Francisco! I’m glad you resonated with my thoughts here. There are definitely a bunch of solid options on the market these days outside of Amex cards. And that’s funny you recognized the shirt! My family loves Pagosa Springs. Beautiful spot!! Thanks for the comment my man.
My "rage bait" is not at what you said, it's at what you basically didn't say. I agree with all of those complaints, but none of them apply to the Team Cashback cards. $95 for 6% on groceries is an absolute steal! The video should have been about Premium or MR cards, not all amex cards.
I can definitely see how amex cards aren't for most people. For me the only two that really make sense are the gold and the bbp. The gold I've found pretty easy to justify considering I like using uber eats and grub hub for carry out anyway and the dunkin credit is such an easy alteration in spend with getting 1 breakfast a month that I'm getting positive value. Resy is pretty worthless for me though. Overall the gold update was a non issue for me overall and still fits in my setup. That being said if that weren't the case it would be canceled when the next annual fee comes up.
I know what you mean! As with every card, lifestyle dictates whether or not a card is valuable or not, but that’s exponentially true with Amex cards since you have no choice but to use the credits to get positive value from their high annual fee cards. Thanks for the comment as always!! It really means a lot.
If the realistic videos about Amex get the fanboys riled up AND make some people think it through before applying that's a win/win, let them fill the comments section, engagement is engagement.
Haha I really appreciate you saying that. My main goal with these videos is to help people step back from the hype and choose the best cards for their needs. Again, thank you for the comment man. It means a lot!
The fees are insane now. I use my gold card for all my food related stuff and order delivery a couple times a month so the credits do bring me positive value but the fees need to stop increasing or I will cancel.
The only amex i find valuable is the hilton one as i work for hilton so i can stack perks and just earn more for my stays. Other than that its really tough to get out of my way to use credits and have more spending than i need to.
I completely get where you’re coming from. Their cobranded cards are pretty solid for sure! That’s awesome you’re able to stack those benefits working with Hilton. Thanks for the comment Andy!
Amex doesn’t work if you want a hybrid set and want cash back or points on a moments notice Don’t want to earn all these points just to do hours of homework to find a very specific award seat
It definitely takes some effort to get value from their points as opposed to a more hybrid ecosystem! Of course, MR points are extremely powerful still, it just depends on your redemption preferences.
You know, when people talked about the new gold amex card they said the color was a washed out plat. Then the rest credit and higher annual fee really made a plat lite.
Some really good points, but keep in mind that while it's only a 1 pt diff between the savor1 and gold card, that's actually a 33% increase, which is substantial.
That’s very true! However, the bigger point of mentioning the Savor One is that it’s a free card that doesn’t require any work to get value from it. A lot of folks want simplicity over the extra 1x.
@SpencerJohnsonOfficial totally...it's an amazing card. As I typed that response I was actually waiting for my Uber eats order I put in on my S1 to get 10x, lol.
Can resonate with this somehow…absolutely love my Amex cards but never ever refer / recommend plat when someone ask me what’s the premium card they should get
I love to hear that! I was hoping it would be relatable for everyone, no matter what their stance on Amex cards. And you hit the nail on the head. Amex cards are just harder to responsibly recommend to the general public, hence why I make these types of videos for folks.
Agreed! As a college kid when I got the Gold card, I convinced myself I could get positive value from it which is technically true on paper. However, it was hard for me to do so which shouldn’t be the case. That’s when I had to come to the conclusion that Amex cards weren’t for me just yet. At least outside of their welcome offers.
