Why Wealthy Americans Love AmEx: Amex Platinum, Amex Centurion Card | CNBC Reaction
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- Опубликовано: 7 фев 2023
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CNBC's original video: • Why Wealthy Americans ...
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is AMEX still a charge card gold and plat since you pay over time now??
💳
Can you please make a video comparing in detail the differences in the travel protections (trip cancellation, car rental protection, trip delay, lost luggage reimbursement, etc.) for the platinum, venture x, CSR?
The very same title on CNBC!
The Platinum Card is a joke for their high annual fee and low MR points earn rate despite it being a travel card. It doesn’t give much tangible value for the price of its annual fee. What it is is a piece of metal giving the cardholder bragging rights and status symbol.
If Amex wants to make the Platinum an everyday spend card, they have to do something with the multipliers. Maybe add 3x on dining and 1.5x on everything else in addition to the 5x on flights. This would encourage people to take the card out of the sock drawer and use it. 💳
I already see people use it some everyday use like buying a coffee or bubble tea.
@@darrenchen2058 not very smart of them. Gold card would give way more points on those types of purchases.
The multipliers are so bad with platinum it won’t be my go to ever.
Chase trifecta forever!!
See, they don't WANT to make the Platinum an everyday card. Want great multipliers on dining and groceries? Get the Gold card. Want good multiples on other travel besides airfare and hotels that get the $200 credit? Use the Green. It's not their business model for one card to be all things for all situations. Like it or not, it works.
I got my first Amex card in 1981 (Green Card). I’ve had the Platinum Card for about 20 years. During all that time, I’ve carried a few other Visa cards in my wallet, but my primary spend card has been Amex. It’s worked out really well for me. I admit I probably don’t recoup the whole $695 annual fee, maybe I recoup $500 in benefits. But wait - there’s the points. Since maybe 2008 or so, I have used my points for one and only one thing - roundtrip Business Class on ANA from LAX to Tokyo. I haven’t done the calculations, but I’m pretty sure I’ve come out ahead. 💳
💳Personally I really want to see Amex add some multipliers for entertainment. Movie theatres, amusement parks, museums, zoos, etc. I feel like this would be something that could appeal both to the upper and lower classes
But AMEX branded itself as a card for the upper class. That's why merchants are willing to pay extra to do business with them. AMEX brings in big spenders to their business.
To start catering to much less affluent customers. Would go against their clearly successful business model.
💳 The Amex customer service is worth the cost of the card for me
100% agree with this.
I love the way you summarized the in 3-4 points. Great job.
Excellent video. Love Amex high end cards. Great perks, front of the line access during travel is huge
Amex has done a great job at marketing. Gotta give it to them. 💳
💳 this is one of your best videos. Though it was a video review, I found your commentary really insightful!
I’m a plat and gold holder . So far the experience has been great . I have one credit card for pretty much every category available to make the most of my points .
💳 Great insight on American Express and History. Thxs 👍
5 card setup: Personal Gold + BBP, Delta Reserve, Hilton Aspire + Hilton Business 💳💳💳💳💳
💳 American Express has been very good to me, and I think they are a great company. My first card with them was the American Express Delta SkyMiles Blue. I then got approved for the Blue Cash Preferred (going to the Blue Cash Everday to get rid of the annual fee), and I also hold the No Annual Fee Hilton Honors card. These have been great for me. I and my wife have a Church, and her credit score is a bit higher than mine, so we applied for the Blue Cash Business Card yesterday and she got approved. Thank you for the AMAZING content. Be blessed.
It's kind of amazing how Amex controls the whole process, but visa and Mastercard are still cheaper
Visa band Mastercard just have so much more volume and are the majority of debit cards as well.
What about discover? Discover also controls the whole process
@@poli6884 they don’t sign up other banks to issue cards though.
Living in Hawaii, Walmart+ free shipping included with Amex Plat is worth it for me. I saved thousands in shipping fees alone.
You knocked it out of the park on this one👍🏾 I'm "almost" all-in with Amex, having both the Bus and Pers trifectas. Their customer centric focus permeates all their service offerings very nicely💳
💳Found your channel through my friend @30AndAWakeUp Kevin during his livestream today. Subbed to you as well. I have been an AMEX holder since 1997 and a platinum member since 2014. While I originally got the platinum for some Delta miles and perks, your video made me realize I am not taking advantage of all that platinum membership offers. I will definitely investigate this more. I try to put my entire life on my AMEX card and pay it off at the end of the month religiously. On another note, I like how you presented this topic and mixed in the CNBC piece with your own thoughts. 👍👍
I watched the CNBC video a couple days ago and still watched your video all the way through. Fantastic input!
Also 💳
Thanks Jude :) Tried to edit parts for pacing, knowing that a lot of people probably watched the original already!
Thanks for posting!
💳 I'm one of the plat card holders in ATL...I do feel like a good number of the like 'best' benefits are more focused at NYC. At least they'll be opening the centurion lounge at ATL (we'll see how crowded that gets...) I think Amex has a good strat. They've got me tied into their system.
Having been a member longer than most of your audience is old, I remain a raging fan of AMEX. I still learn new tricks for maximizing rewards in every video! 💳
OMG in the '70"s i always used Amex traveler's check when I traveled in Europe. They even had travel offices.
💳always fantastic info, Sebby!
💳 I agree with you (09:40) on some perks feeling New York centric. I use the AE card for transferring miles to ANA and 5x on travel.
8:09 whenever I'm at home and my parents have the tv on, you notice that tv channels ALWAYS remind you what channel you are on. "You are watching CNN." or "You are watching Disney Channel"
VERY interesting video! I have been debating a Platinum for a while now, but I feel like you made a good point about the whole "regional value prop" for lack of better description. I too am S.F. based. I'm currently a CSR holder and have trouble justifying both fees every year, BUT I am able to spend well into 6 figures on cards a year with my business so it might make sense to carry both. What do you think? Have you done a video on the value, if any, of purposely carrying more than 1 flagship card?
I would say, the platinum would be a killer if they shift from Equinox to all Gym memberships 🤯
Also, if it changed the BCP from cashback to either cash or points 😱
If it applied to soho house membership too 😂
💳 Lol I decided to buy some Amex stock after watching this video. That in tandem with actually using their cards too. It reminded me of a quote Warren Buffett mentioned that the brand of Amex is part of its market cap.
Amex needs to revise their Green Card as a $95 annual fee card to compete with Chase Citi Capital One and the likes. The multipliers are good but if they add a 3% for groceries and maybe even 3-5% for EV charging or purchasing renewable energy and eco-friendly products. It will give the Green Card some "green" credentials!?
That would give it the leg up of their competitors that offers every day spending and eco conscious (younger and probably affluent) spending.
Headed to Thailand in March🎉 God Bless you Sebby 👍
such a great informative and educational video
💳 I love a great reacts video to an original video I also watched. Thanks!
Awesome thank you!
Hi Sebby, new to you channel. I like it.
Whats the difference in concierge services between Centurion and Platinum?
💳 Amex generally does an excellent job at fostering relationships with its consumers, even if it's inadvertently. I've met far more people who absolutely love Amex than I do who hate them. There's a reason they're so respected! This was a fun one Sebby. Thanks for sharing!
💳 At first I thought the addition of Walmart+ to Amex plat was strange too, but I activated it and it's been a great convenience. Also isn't it known that millionaire types like shopping walmart? So maybe it's not so strange after-all?
Thanks. Lots of good information. I’m having problems justifying owning the platinum because the benefits just aren’t there for me in Portland. 💳
Responding to your comment about which cities feel like the card is designed for them- in Atlanta and loving the Vanilla Plat. Gets me into any of the 9 SkyClubs in ATL and does so with many more annual fee subsidizations than other cards that have that perk (Delta Plat, Delta Reserve). I will admit that the "events" categories and perks feel very New York focused. Also no Equinox in Atlanta but I wouldnt join Equinox if it were on the first floor of a building I lived in.
It's good for folks in Atlanta, because Amex has a pretty tight partnership with Delta.
Platinum is my one card to rule them all. The one and only card in my wallet. Are there better cards for everyday use? Sure but I think I get enough benefit out of my Plat to not need anything else.
Agreed x 2
It’s important for most people to not look at the credits that come with platinum at face value. Discount for time value of money, lower portability, and increased price conditions among other factors. For example, even though I use Uber all the time, I value the credit at about $150 instead of $200. 💳
It depends a bit, if you spend more than $15 on Uber every month anyways it is literally the full amount without any extra effort. The same goes for other credits but yes, of course, some are not as useful. The Walmart one, for instance, is nice but most people probably wouldn't get it otherwise so it certainly is much less than the 150ish.
💳 I've had the Platinum for about 3 years, likely cancelling it this year due to new lounge policy, we recently flew Sky Harbor and noticed no difference in crowds. Stinks having to pay $30 for my son to consume a cookie. Unfortunately don't have much of a choice until the new Sapphire Lounge opens. Maybe I'll switch it to player 2 so the bonus can offset the cost of all additional guest lounge visits 💳
What’s wrong with the lounge policy? You still get into the lounges.
American Express and Wells Fargo bank were started by the same people. Henry Wells and William Fargo.
I don't know if anyone provide this perspective previously. I worked for Amex and what I've noticed is 1. Amex is not only a credit card, Amex provides events for rich people to connect with each other. Eg, the annual golf tournament for centurion card members, luxury car presale dinner events and etc. Those invitation-only events are great opportunities for those upper-class people can meet each other and exchange their resources. 2. Amex also collaborate with amusement parks, such as Universal Studio (Super Mario theme park) you can use "Japan Issued" Amexplatium card to buy VIP access tickets ( other Amex card issued by other country doesn't work is annoying)
Ask Sebby, I noticed a lot of Amex stock images were backwards. Just FYI. Keep up the good work.
Do you have an opinion on the Platinum card perks of the US vs Canada? The US appears to give a lot more.
As a Centurion card holder I enjoy the lounge access and the meet and greet at airports. The concierge and supposed personal assistant service has been useless. The endless list of save $5 etc. with vendors is just annoying. Either make it worth while or stop offering it. I find it interesting that you say the Platinum card is the least valuable as it offers 5x on airline airfare purchases where as the Centurion card does not. Also, with the changes to earn status on American Airlines now tied to spend, the wife and I are putting the majority of spend on the Citi and Barclay AA cards so that we both now hold Executive Platinum status with AA. This is more valuable than the mid tier Delta status offered with the Centurion. So all in all, we don’t put spend on the Centurion but retain it for the travel perks.
💳💳 Thanks for flagging this story and providing your commentary.
Makes sense! Thanks for these valuable videos! 💳 I just learned that even if you add the Gold card as an additional card to your Platinum account, you don't receive the same 4x rewards for restaurants and grocery stores b/c it's not the primary card. I wasn't aware of that at all. Do you think it's worth it to have 2 cards (Platinum & Gold) and pay those high annual fees? Any advice?
I just learned this today. Very disappointing.
Have you taken advantage of the Premium Private Jet Program that Amex offers to its members?
💳!!! love the vid bro.
💳💳i am an upstate ny student and i took gold card from amex because i use it to go to restaurants and pay my tuition although i pay my balances in full is it going to affect my inteo bonus for cards like platinum in future since i don’t spend a ton on anything els but tuition
good analysis, what about amax checking, you could cove that. and talk about why its a safety net. ok well see if you get that.
watched this video a couple of weeks ago and shared it with a bunch of people. Thought it was a great video and super informative.
I'm wondering is there a certain amount of monthly spend that they want to see a gold card holder have? If u spend under than that .will they close it?
Gen X here. Don't know if we're wealthy or not but I don't consider us as wealthy. Me and my player 2 have platinum as our travel and general coupon book. Had it for at least 8 years now. We added the Gold personal about 4 years after that for mostly groceries (GCs). Oh, since we ship a lot, we have gold business and that will pay for our business class trips.
I know this is very YMMV about Walmart+, but because of it, we're able to use it to get gas at Sam's Club. So for our family, even we don't really swipe our platinum we take the benefits that come with it. The rest we just put on the gold.
Everything else we put on CSR, Venture X, ink business plus.
Not a perfect set up, but it works out well for us. 💳
You have a business, ship enough to get enough points to fly, etc, you are more wealthy than the vast vast majority of people. 50th percentile in the US is $71k per household.
💳 Amex Gold is my everyday carry. Much better multipliers than Platinum. I pull that out only when I travel.
As a fellow San Franciscan, it is sometimes frustrating you’re shut out of some of the extra perks not being in NYC, or to a lesser extent Los Angeles.
Great video and I agree being in SF not sure perks are great
So many people have an Amex idk if you even need extremely high income anymore. What I see when I see people with them is just someone who is also more financially literate (owns stock, understands money in general)
I only have a Discover Cash-back and Chase Cask-back (both for 10 year+). I just applied for a Chase Freedom (waiting on reply). FICO=800+, so what Amex should I apply for out the gate?
can you make a video on how to get the Morgan Stanley American Express Platinum card in 2023? I don't care about getting the 695 credit. I just want to know how to get the card itself.
Great video!
Hello. I have a question. I travel to PR often and have to rent a car. My car insurance does not cover PR and for that reason I have the Chase SR. If instead you have a card that only provides secondary insurance like Amex Platinum, how to go about making them become primary
❤ do you think i can apply for the platinum card now that i just got the cobalt my credit history is like 1 yr and 3 months old and îm a 760 ?
I'm an Amex card holder and I absolutely enjoy it. 💳
Does a user earn 5X points with the Amex Platinum card for flights purchased on foreign airline websites, such as Avianca, AeroMexico, Singapore, Turkish, Luftansa, etc?
Has there been any new info on the class action lawsuit against them?
People with reimbursable expenses are in a great position to use Amex cards
💳 thanks Sebby!
💳 I would consider acquiring the Platinum earlier if discounts to New Year's @ Musikverein & best seats at Concertgebouw, Suntory, La Scala, etc. were a regular perk. As to pre-existing relation, I've used their card offers at 2 of José Andrés restaurants, offers such as $25 off a >= $75 bill (reasonable for 2 persons in a party and even 1 person if sufficiently hungry and ordering 3 or 4 tapas).
Chase, I've seen either a percentage off or 5X points on all dining for the entire quarter, most recently on the Hyatt card. Solid, but not a "gold spot" if American Express offers for an establishment that I like.
💳 I want an Amex platinum so bad. But haven’t been able to make sense of it.
Apple card prediction 10 months ago! You got it right Sebby! ✅
💳 Interesting to learn how Amex makes it's profits, which are centered around transaction fees! Are there benefits to putting more spend on Amex cards, aside from the multipliers/sign on bonus? e.g. better targeted offers, retention offers, better approval odds, etc?
i.e. you are deemed a profitable customer and Amex wants to do more business with you
I don’t know… I dig the Walmart membership. It’s more useful to me than Equinox. My equinox is closer to me than my local Walmart and I’ve been a member in the past but not currently. Now if they want to give tonal and/or peloton (not any of the competitors) I’d be real happy.
Maybe I’m not wealthy enough.
Also I subbed to the Walmart + because…. People we need competition for Amazon. We must learn this lesson. And with Walmart + I don’t have to fight parking lots or slow lines. It seems like an odd pairing but it might be brilliant for the competition.
💳As someone who lives suburban/rural (edge of the suburbs) the value for the Amex just isn't there for me. I don't rideshare outside of when I travel. I don't order food out a lot. The streaming credits are probably the most useful for me, but there's no way I'd recoup my annual fee with my current spending habits.
💳 I have had nothing but good fortune wit amex ....must say I'm still loving the flex🤷♂️
💳 I have a few American Express cards. I like them over other companies but the only issue is that I don’t like that they raise their annual fees.
Red Alert! 🚨 Today at Walmart all current stock of old school gray Walmart VGCs were void at the register. Hopefully it's just temporary. I am hearing that there is a bar code scam going around. Do you know of any good resources for info?
Does all this mean that if the legislation in Congress goes through it won’t impact AE cards that much ?
The best value going is the Amex Platinum thru Morgan Stanley... its free if you keep money on deposit with them. I feel like they pay me to use the card and the perks.. even better we get two cards for free...
💳-Just got into Amex in 2022. I have been a huge fan thus far. Customer service has been spot on the couple of times I have called them. I am currently working on the Business Gold intro bonus which is 110k points. Was lucky enough to get the 150k Plat, 90k personal Gold bonuses as well.
9:36 - "Feel to you as the customer that this program was custom designed for me." Then why am I getting all these wine offers???
AmEx Platinum card card holder for nearly two decades. Overall good experience and still a fan of American Express.
We'll have to see what the future brings
💳... Amex is the best at keeping you hooked on spending. I wish they had more offers of known retailers.
What should I get next?
💳Have: Amex Platinum, Wells Fargo Cash Back and Chase Freedom Flex.
Looking at: Citi Custom Cash, Amex Gold, Chase Sapphire Preferred
Would you get something else based on my current setup?
Amex Blue Cash Preferred.
1:33 that is also how Discover cards work. But why didn’t Discover become another Amex?
They actually do. My corporate cards have all generally been master cards. As well as many airline cards 🤷🏻 they just don’t really compete with Amex. Not in the same way. They don’t need to. Not everything needs to be a direct competition to be good for their customers.
In Denver the reward’s definitely feel like they are for New York.
💳 I got approved for the Delta Gold via mail but got the Delta Platinum card for the SUB then Hilton Surpass with the SUB then I applied for the AMEX Green Card for the SUB and got approved w/o SUB. Sucks tbh since I spent 3.5k for a vacation last weekend
While I agree AMEX is NYC centric, if they add Blade membership waiver or credit then AMEX is truly a NYC credit card😂 Personally I would love a Blade credit
Disclaimer I never used Life Miles. I see AMEX transfers to Aeromexico at 1 to 1.6 but transfers to Avianca at 1 to 1. because Avianca is connected to Aeromexico could I transfer my AMEX miles to Aeromexico and buy my life miles tickets. Life Miles have the ticket the cheapest.
I got grey listed. Any tips on how to get out of it 😅
After getting the Chase Sapphire reverse I am contemplating getting this card, my investment account is through TD Ameritrade which just was purchased by Schwab, I am trying to decide if I should wait till my TD Ameritrade account converts to Schwab and getting the Schwab platinum or just pulling the trigger on the regular platinum. After consideration of the credits I actually would prob net 100 bucks in value every year.
Also I have noticed that I can routinely get targeted for the 150k offer on the Amex website if I visit the website a couple of times.
I live in Houston and get plenty from my membership!
💳 Keep up the great content! Question, I hear you refer to pop-up jail frequently. What are you referencing?
It's a slang term for when you go to apply for a credit card, put in your information to apply, and then get a notification in the form of a pop-up that notifies you that you are not eligible (and they don't disclose the reason outright in the pop-up) for the sign-up bonus with that card if you go through with the application. Now Amex has a rule that you can only earn the bonus on one of their cards "once in a lifetime," so if you've had that specific card before you will get this pop-up. But "pop up jail" specifically refers to a situation where you've never had that card before but you've had one of their other cards and the issuer has internally designated you in their system as unprofitable so they're not going to give any additional incentive to sign up for that card. Because this internal designation can stick with you for a long period of time, it's referred to as "pop-up jail."
I have just got AmEx Platinum. Got 150K points if I spend $6k in 6 mths. Juggling after the $6k spend which card I use. Marriott Bonvoy vs United vs AmExP
💳 Since 2018, been getting that SCRA fee waived experience 😅
Lol @ 14:14. She has SVB in the background 😅💳💳
Yes. Noobs like me are in the greylist. I got my Amex when I was a student and now they wont give me any welcome offers on new cards.
Same, I’m high income, travel three times a month and would be profitable but they won’t give me a welcome bonus. So I won’t be their customer and instead Chase get my 80k/year in spend.
The reactions I get from just a rose gold are hilarious.
💳 Your reaction to Walmart...😂😂😂😂
I only have 6 credit cards but AMEX is my main card just because of their customer support. Top notch as always. Easy to talk and doesn't sound like a robot.
9:22 I don’t know. I’ve felt that the Chase offers have been more usable for me than the Amex ones for the past two years.
Agreed. Most of the Amex offers are from obscure, boutique type stores. Chase offers are things I would actually use.
@@curmudgeonextraordinaire1884 Yeah definitely. Chase offers more bigger merchants that I actually use.