AMEX's CENTURION perks, at least for the US, are such a paper tiger, already diluted to what they rolled out with, that there is really not much lower it can go. The PLAT card now is functionally equivalent to the CENT card in terms of bundled perks, which begs the question of "why bother to pay more for the CENT card ??

AMEX has, IMO, performed the perfect margin optimization scheme on this CENT card perk package to where they get benefits of the "buzz" at little to no incremental cost or overhead to support the CENT card over the PLAT card (or if they do spend more supporting CENT, then they're inefficient or lazy, because its not very apparent to this CENT cardholder these days). If I were studying the CENT product from a business-only perspective, I would have to say "WELL DONE" AMEX. Roll out a strong program of affinity perks to bring in the value-buyers...emplace a very tough set of criteria to get into the program...to bring in the elite "cost doesn't matter" snobs that won't and have no intention of really examining the core value of the card's perks and just want the black card in their Gucci pocketbook...be secretive and get some targeted product placements in celebrities' hands visible in the national media...to bring in the celebrity bunch...and then raise the annual fee from $1000 to $2500. "NAIL THE FOOLS", I am guessing senior AMEX managers chuckle at the highest levels of AMEX managers' meetings.

Did Mr. Kelly's presentation go over this sort of strategy ?

As a several-years' running CENT cardholder, though, holding the card FOR PERKS VALUE ALONG has become a major disappointment for me. Literally, the only reason I continue to hold the card is because I am grandfathered at the $1000 annual rate, thus my incremental cost vs holding the PLAT card is negligible AND because I hold out hope AMEX will somehow and someday lasso another major hotel program's top-tier elite perk. That AMEX CENT has offered, AND NOW LOST, top-tiers in Hyatt and Sheraton...says a lot about the failures of the AMEX CENT program to provide value in these hotel's eyes. I am very surprised AMEX did not step in to prop up the Starwood PLAT-level perk, as losing it really diminished the core value of the overall CENT program to a large and vocal group of decision-makers and influential people in the affinity world...never looks good when high-end affinity partners bail out on one's flagship affinity program.

Shame someone wasn't there to challenge Mr. Kelly on this issue of major affinity partner abandonment (both in the core CENT perk package, AS WELL AS IN AMEX's MEMBERSHIP REWARDS program, which has been decimated by abandonment of affinity programs since MR's inception).

Of course, back to my first comments...if Amex could get $2500 annual fees by offering Holiday Inn green tier perks (dunno if there is such a low tier) and a freebie dinner at your local diner, then they technically have optimized their return.

This is the devilish delimna and dastardly dynamic we cardholders have to suffer ===> It is only in AMEX's best interest to provide a robust affinity program DURING ROLL-OUT phase, whether it be the established Membership Rewards, or the perk package associated w/ CENT, PLAT,or even GOLD. Once announced and the fools line up to pay their annual fees...then program dilution phase begins. The classic strategy is to announce a new card w/ robust perks...induce the various groups to "buy in" (I mention three typical groups - there are undoubtably more, held as close AMEX trade secret)...and then immediately start reducing the perk and affinity overhead.

To this strategy, AMEX has performed brilliantly.