Super Mario

That's a bold, blanket-statement. Obviously, there is no one-sized-fits-all approach to anything. I would feel more confident in saying that the frugal wealthy will buy things they see value in. Some may see no value in the Platinum. Some may find it is exactly what they want. I would also say the changes in the card appeal more to the frugal wealthy than this card has in the past. Your big spending millionaires probably aren't as excited for all of these new credits as they are for centurion, statuses, service, etc.

MojoGuru

I consider wording such as "All" or "None", blanketed. You claim that "likely / unlikely" is boldly blanketed. Pretend I said 50:50, if you wish, but remember that only 36 million Americans have an Amex Card of any kind, out of 333 million.

Still, you don't understand the frugal rich, especially the self made. They don't have time to waste on this, because it would literally distract them from much more important and lucrative objectives.

https://www.businessinsider.com/habi...onaires-2016-4

Global Adventurer

The only thing in that list that is guaranteed to work for sure, is ALWAYS live below your means. Not to be a millionaire, but to live very comfortably and do what you would like. Being a millionaire doesn't really make you a millionaire if you have millionaire debts, which many do and are staying afloat

Doppy

Based on that promo video, people should have been happy with FHR benefits and Equinox, but instead the complaints here was that those benefits were too fancy and highfalutin, not fit for simple country folks that are the supposed bread and butter of the program.

Now the simple country folks are upset that Walmart is not chic and cosmopolitan enough for them.

pmblinn

Funny, because my late grandfather's mantra was "Live beyond your means and drink lots of champagne."...and he had a helluva great life.

moe8555

I don't think that's true. The anger with Equinox was that its geographic footprint is highly limited and excludes a huge part of the country. Additionally, for those that actually had an existing membership, the credit only applied to the most expensive membership package.

As for FHR/Hotel Collection, I wasn't aware that it was considered problematic.

mia

What is the reaction here whenever American Express adds a feature to Green or Gold, but not to Platinum?

moe8555

Why is a $150/$250 card getting new benefits and a $695 card not?

But Walmart+ would seem to mesh far better with the lifestyle/segment targeted by either of those two cards IMO. Especially the Green, now that Platinum offers a full Clear credit.

At any rate, as I said before, the first player to offer 1.5-2X base earn with no FTF (and isn't CapitalOne) will earn my complete exclusivity and see all competitor cards cancelled the same day! (if by chance an Amex junior analyst happens to see this)

WasKnown

It isn’t. Amex’s primary strategy for the plat is to get users that swipe with the card often for high value purchases. Card fees are inconsequential in comparison to discount revenue for Amex.

Visconti

Ah, BofA Premium rewards with a $100K relationship fits this bill. If I recall, it's 1.5 on all spend with no FTF, and a 75% bonus on all rewards earned. It's cashback; so sometimes I just forget or don't bother using it, though I had gone through the effort to park an orphan IRA in there for the Plat Honors reward thing.

Super Mario

I'm still not so sure I completely buy your position. That article doesn't really support your point in the way you think it does.

I agree rich people usually aren't taking the time to create spreadsheets to maximize coupon book value or holding 15 cards. The value of time argument works both ways though. AMEX has positioned itself to be a premier brand with premier service and protections. For some people's habits, they might prefer having all of these protections in one place, vs comparing and shopping for other things (ie - medical evac, purchase protection, travel insurance, etc). If they value their money, I don't think it is unreasonable to suggest they may value a few of the credits if it fit their lifestyle. Maybe the cash back can also work well. Just because they don't buy the latest Mercedes does not mean they can't hold a premium card.

Not that it matters, but I'm quite frugal myself. Not wealthy, but comfortable. I don't think I could be without a premium card. I couldn't see myself dropping them either if I made more money.

I'm also no champion of the Platinum either. I think it is in the middle of an identity crisis, and could absolutely understand how some frugal wealthy people may double think "do I really need to spend this $695 a year." I just don't believe that this is a product that all frugal wealthy just absolutely can't see value in.

moe8555

Sorry, I should have been more specific: cards with transferrable points...

Visconti

LOL...I'm not opposed to shopping there per se, but there just isn't one anywhere around me. The closest Walmart around here is at least 45 - 60 minutes away, and no shopping venue is worth that kind of effort.

RE: Platinum - Irrespective of one's financial health in life, if a person travels to any extent and in a position to maximize the Uber, flight, clear and visit a Cent lounge a few times per year, isn't it a no brainer? The rest is just gravy, in my view. And, with the 100K, 125K and 150K SUBs, wouldn't one just have to get it on general principle?

Adelphos

This is easily done with one of these two card, $95 fee combos:

Chase (Freedom Unlimited + Sapphire Preferred)
Citi (Double Cash + Premier)

Not sure why you haven’t done one of these already

mia

Both of these combinations adds a FTF when using the card which earns 1.5/2.0 points per dollar. If you live outside the USA this detail is critical.