dinanm3atl

I'm sure it's possible to get to the point they offer but by default I don't think so.

Handcake

The article really should be saying what ALL AMEX Plat owners are thinking: is this giving me value?

This is the first year since I had the Plat that I don't feel it is giving me value for the cost.

As a Canadian card holder, I pay $699 and get a $200 travel credit which has to be used by buying a ticket through Amex Travel. I book all my hotel stays direct, same with rental cars. I prefer to book flights direct as well as it makes booking seats easier. It was a pain to use the credit last year. I predict it will be a pain to use it this year. Shouldn't benefits be CONVENIENT?

I have to pay 2.5% forex fees and they have horrible overall rates. This has led to me paying about $700 to AMEX this year that if I had free forex fees I could save.

I use SPG gold to get Marriott gold, and do about 15-20 stays a year. I value the lounge access at about $25 a stay usually. I used to use PP lounge a lot...lately I am flying business so I get lounge access anyways. So I use PP about 4 times, which is maybe $100 of value.

Flight insurance is the main reason I keep AMEX. I got burned before using my visa with less comprehensive flight insurance, so AMEX it is - the thing is I have never had to use the insurance in the 3-4 years I've had the card...so the value of paying $699 each year plus what I do in forex fees is adding up to not really be worth it.

AMEX needs to offer more: more vendors, more benefits, better retention offers.

theboss7593

You lucky sob!


Points aside. I'm up $800 ($1250 -$450 fee ) from US benefits.

I think just like the CAD right now AMEX CAD is in the tank.

dinanm3atl

Seen it discussed a little. Is the MR points just really slow to post? I got my initial spend and posted. No sign up bonus. No points for any of the spend itself. What is the 'normal' speed of giving out the points? Sounds like it might be monthly on billing?

krazykanuck

In general... if it's your first Amex MR account, sign up points will take an extra month to become available, so they'll be available after your May closing date. Points based off purchases will be "pending" for 1 month. My Platinum statement just closed yesterday, and with that the points from my March statement became available today. Amex Offers and retention offers tend to post within a few days of you meeting the requirements and aren't tied to statement dates.

It's kind of annoying because it makes it harder to track, but I have a high enough MR balance that I've never found myself waiting for points to post.

dinanm3atl

Not the 'first' but first recently so likely the story here. Thanks.

kb9522

Millennial here... admittedly I have not read through the entire thread, but a few things (in no particular order) struck me as odd.

1. I've never even thought that a credit card could be "showy" or "pretentious"... It's a credit card, not a Ferrari...
2. I never got the impression that AMEX was marketed toward "the affluent" or that it had a reputation of being a difficult card to qualify for... I do not consider myself affluent, but was approved for an AMEX Platinum.
3. Do people actually brag about what lounges they can access? Why?
4. I'm happy with the AMEX benefits. That said, I think they could probably make the benefits a little easier to use (lump sum for the Uber credit, no "fee" restriction for the travel credit, etc.).
5. Acceptance is a noticeable issue, but not a huge one... I have a MC which I use if AMEX is not accepted.
6. I have to think financially illiterate millennials are a minority... surely being responsible for one's own finances is a common thing. If not, I apologize for the stupidity of my generation.

eajusa

Numbers 1 and 2 were definitely true among some cardholders at one time years ago.
Numbers 4 and 5, especially 4 are often reasons people restrict their use of their Plat card or cancel their accounts eventually.
As to number 3 I have no idea.
And as for number 6, you are not stupid; millennials probably run the gamut from financial experts to novices.

Steve M

I feel the same way. If a credit or charge card is compromised, the thief has stolen from the bank. If a debit card is compromised, then my money is gone, until I get the bank to accept fraud report and undo it. Meantime, I may bounce a check or not be able to get cash that I need.

And, that's not even mentioning the most important reason to not use a debit card: they don't rack up frequent flyer miles.

gsxsilver

We have a tendency to think that if we are having a problem then everyone else must be having the same problem. Amex plat is the only card to date that pays me an $50 annual fee from easily quantifiable benefits. So no, I am not asking that question.

Being toward the older side of millennial...
1. I do agree that card shouldn't showy, but yet people do take notice (even plastic plat).
2. Statistically wise, I would believe plat is harder to get then the run of the mill card. But the gap is probably not really notable.
3-4. I like lounge access, not sure if I would brag about it. Any card could probably improve their benefits, but hey, not going to complain too much.
5. Never had an acceptable issue outside of costco.
6. Not sure how true this is considering... "According to a recent SurveyMonkey report undertaken on behalf of investing app Acorns, almost half of Millennials have spent more money on coffee than on retirement investing."

Explorer789

1. It's only pretentious if you openly brag about it. Most people who own supercars like Ferrari are actually pretty down to earth people who have worked hard and are self-made individuals. It might be showy, but it's just an unintended byproduct of having the things that you care about.
2. I can't imagine anyone other than the affluent (i.e. educated middle class or higher) and business travelers than can justify the $450 AF. Sure, these days college students are getting these cards, but the true long-term cardholders are usually those that make decent money.
3. Most people have never been in one, so mentioning that you have lounge access might be a talking point for some people when they share their travel experiences. Again, same as one, you only look stupid if you brag about it.
4. Same. I'm okay with the benefits. I think Amex is not done adding stuff.
5. I agree for the most part. Most big chain places have no issues. It's mostly the small business and family-operated restaurants that might reject amex. Same with overseas travel.
6. I think you are confusing financial illiteracy/competency with budgeting. Most millennial are perfectly capable of budgeting their paycheck and making that money last each month. Beyond that, majority save very little and barely know the basics to credit cards, retirement, etc. Not many people can even explain how credit card interest works.

GeorgeLopez

Most of AMEX's 20 options are worthless though. Plenti, SPG at a 3 to 1 ratio, Hilton, Choice Privileges, Virgin America at 2 to 1, Hawaiian Airlines, El Al Israel (are you kidding me?), Millemiglia (airline going bankrupt), Aeromexico.


Truly awful options right there.

HomerJay

THIS! Used to be able to top off my mileage on just about every major domestic airline, but, one by one, they've fallen off the tree like autumn leaves. No more Southwest. Hell, not even Frontier any more.

mlin32

^Agreed with the above. I keep asking myself, if its worth racking up tens of thousands of points to transfer to an airline, if none of the transfer options are particularly appealing.

Given my location, I fly AA for most US flights. My OneWorld mileage is accrued in Finnair Plus, which isn't a transfer partner. Internationally the airline choice varies, but I don't spend enough on my credit cards to rack up the 50-60k needed for a Trans-Atlantic or Trans-Pacific flight. I don't fly DL, and I'm not interested in hotel rewards programmes aside from Accor.

So I always wonder if I should just use it for the rewards- the 1% redemption awards I can easily utilise, like rental cars and such. Because the mileage rewards just don't add up for me, unless I'm missing something.

antonius66

Yes, some partners have been lost or reduced value over the years, but boy, if you cannot find great value with MR points, you are seriously doing something wrong.