Dude, love your videos, but I do think your are wrong here. I just cancelled my plat card due to the fact tha amex has become such a coupon card. Wealthy users? Sure you will find them using this card, but amex has downgraded the card by joining forces with Walmart (not exactly premium), and the fact that everyone seems to qualify for the card. Such a shame....
Agree with you. Just like a coupon book and more work to make sure you remember to spend the perks, in order to get them back. I do love Amex customer service, but I went to a 3% cash back Visa, and am using Amex a lot less now, and I've been with Amex since 1991. Plus, as you said, Amex approves way too many people nowadays, so there is no prestige factor either now.
@@josephroberts7374 Yupp. I also got invited to apply for the Centurion card two years in a row. 2021 and 2022 (2 and 3 year of having the plat card). Ended up not getting it, which pissed me off beyond belief. Very, very unprofessional of Amex.🤬Happy using other cards, and do not seeing me returning to Amex👍
For all the people saying that America express approves everyone, well of course they do lol. They pay $695 to get the card to try and get the sign up bonus, most people can’t spend enough to get the sign up bonus, then they can’t use the credit properly and by year two they cancel the card, Amex gets the annual fee and loses nothing. I love my platinum card just got back from a hotel collection hotel in New Orleans where I got $60 for breakfast per day and $100 for experience, and early check in with a room upgrade. Who else is doing that?
I have to disagree with you about Amex being very selective about approvals. It may have used to be that way, but there are many datapoints on Reddit from 18 or 19 year olds making less than $50K per year getting approved for the Gold and Platinum.
I worked there for over a year. The cards have lost status and yes Amex accepts everyone and anyone after Covid. It’s not premium. People have platinums with 1k limits
The people in the comments complaining about the Platinum perks most likely means the card isn't catered to your lifestyle. And that's okay. IMO Platinum is more than how you recover from the AF from using coupons or the credit score you need to get approved. It is geared towards frequent travelers who fly often and need to have access to lounges and get multipliers on their flights. Simon's video is about why the wealthy prefer AMEX. Not standard pop. Great video!
This doesn’t get said enough, so thank you for saying it. The Platinum isn’t meant for everybody, and that’s why the people who the Platinum is actually meant for get tremendous value out of it.
Amex is my primary go-to ecosystem because it meshes well with my travel preferences. However, I grow weary of the semi-annual, qtrly, mthly, etc, etc, credits and the coupon book model. I value my time & attention too much to go all in on an eco-system like that. Waiting, looking, for a quality and simpler ecosystem that is competitive with Amex... still waiting😎
They have always been great at making the card seem sexy. I can still remember getting my first card in the 1990s and all month I would take it out and quote every five minutes their commercials "That's why I carry.... (dramatic pause) THE AMERICAN EXPRESS CARD".
The reason is that AMEX depends on spending for a living. They track what you spend and tailor their advertising. If the customer is a lady who buys a lot of high heels, she will get a ton of ads / offers for every stiletto in the city. Chase doesn't depend on spending and doesn't care. All they see is that you spend $5k a month, and process your payment. The end
I clicked on this video so fast. Still very much my goal to have an American Express Centurion card by the end of this year or early next year! Claiming that manifestation.
It is invite only and the rumor is a minimum 250k annual spend on the personal platinum over multiple years. No idea about minimum spend on the business cards.@@JoeGiz64
How do you justify using the Centurion card for earning points on dining or flights if you can use the Gold card for dining (4x) and the Platinum card for flights (5x)? Besides the add-on perks like Equinox or Saks, I see no incentive to actually use it for purchases.
Love the perks that comes with the card. That’s why i use the card. But i live in the Netherlands and the perks are different in Europe than they are in the USA. We can’t use the concierge service with the Plat card. (We do get €300,- dining credit at selected restaurants ) So owning the card is mainly because of the hotel and travel perks. Amex is not everywhere accepted in Europe, so the biggest pros are with travel to the US.
Unless you spend a lot on airfare, much better to have the blue business card (no annual fee) for 2x on all spending and platinum for the 5x airfare and the benefits.
Loved 99% of what you said Simon. Only exception I take is the Platinum acceptance rate. There are data points showing people with 590 and low 600 credit scores getting approved for the Platinum. Just seems the requirements for the Platinum card are being willing to pay a $695 annual fee and possessing a pulse. I feel this has hurt the Platinum's exclusivity.
They won me over because the competition is cheap af with raising credit limits, my salary is decent enough but their credit increases are a joke. My buying power is already growing with every day spending. Im gonna treat myself to a rolex in the near future and I cant do that with visa or mc. They are all getting cheap across the board with rewards it seems though. Cant wait till the day i get an invite for the black
I wanted Disney+ and ESPN but didn't want to pay for it since i don't watch much of it, but since I'll get credit for it, I will subscribe, including Walmart. I will start ordering supplements from them and have it delivered for free. But I got the Amex Platinum because there's a Centurion Lounge at my local airport. That was my #1 reason for getting it.
Claiming and keeping track of perks and benefits. No thanks. I’m high net worth(eight figures) I don’t have time for this nonsense. And $695 a year. I’ll keep that. Thank you
I am wondering if they will raise the Plat...AF to @ $850 or more. If so, then I will downgrade. But I have the schwab plat and will be sad not to be able to transfer my MR points to my portfolio @ 1.1cpp.
Hey Simon , really nice video ! I was wondering if I could help you with more Quality Editing in your videos and also make a highly engaging Thumbnail which will help your videos to reach to a wider audience ? Please Lmk what do you think ?
kind of i just move to the States on a green card living there for just a year and i was approve for Platinum card on a Pastry Chef Salary 😊😊😊😊😊😊😊😊😊, anyways nice contents
@@SimonKatzShow extracting value from Amex perks, benefits, rewards is like a 2nd job. For people with a life and/or company to run it’s a waste of time.
