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?
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.
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
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 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 gold is a way better card than platinum. I may or may not have 2 platinums but retention offers keep it going. The way I see it even then platinum if you do all your spending with gold and maybe bbp and then redeem those for travel your platinum really has a tough time getting value. It comes down to the credits being worth it
Oddly enough, the Saks $100/yr credit works for me. My budget for my everyday perfume is $300/year ($150 biannual), so I maximize the credit, and it's always been part of my expenses anyway.
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.
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
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.
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.
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
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.
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.
i've cut my amex from $300k to $74,500 last year....just missed the companion lounge access. honestly, i keep it, but i am tired of all the games (coupon book). sure, i guess this millennial target is good for them but i'll take the 2-3 points per dollar. i never get that airline credit because it is always the airlines i am not flying that year.
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
Just because they get approved don’t mean they’ll be keeping the card long lol 😂 Amex out here suspending cards over just simple mistakes on the consumer side for example like having the wrong banking information and putting a payment in and gets rejected I did this and they gave me a credit limit on the gold card I literally didn’t even have it for a month Now I gotta use it a ton in order to get back to being a charged card
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
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.
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👍
Love the feedback
@@SimonKatzShow Keep up the good work my friend👍🇳🇴
You are 100% correct..
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?
AMEX needs to get Costco back. Loved it when they were the primary card.
Agreed that would be so dope
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.
The gold is great for dining and grocery shopping, platinum for travel, centurion for travel and luxury. Dining just gets you into restaurants.
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.
facts
At 21 I now have both and make $50k so yes I agree
I’m one of them, I was 22 with $20k income, and I was approved at that time haha.
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
@@Guardd2002 if you're not military, I think you're losing out, even if you use all the credits.
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 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 gold is a way better card than platinum. I may or may not have 2 platinums but retention offers keep it going. The way I see it even then platinum if you do all your spending with gold and maybe bbp and then redeem those for travel your platinum really has a tough time getting value. It comes down to the credits being worth it
Oddly enough, the Saks $100/yr credit works for me. My budget for my everyday perfume is $300/year ($150 biannual), so I maximize the credit, and it's always been part of my expenses anyway.
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.
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.
This is my lifetime goal. Not sure it will happen but I will continue to work toward it.
It’s an invite only thing I believe. What are the spend requirements? Anybody have an idea?
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
@@JoeGiz64 Bare minimum around $250,000 a year spend and I'd imagine it's multiple consecutive years.
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.
Really. That’s a low score to be approved. Maybe theirs dropped after and they still had the card?
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.
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
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.
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.
Someday I’ll have my own Black Card . In the meantime I ❤ my Amex Platinum
Question , when I join the military should I go for Amex ?
Always a good idea to build credit and get a card that matches your needs.
Enjoyed the video, thx!
Thank you
I hope they improve the platinum card.
i've cut my amex from $300k to $74,500 last year....just missed the companion lounge access. honestly, i keep it, but i am tired of all the games (coupon book). sure, i guess this millennial target is good for them but i'll take the 2-3 points per dollar. i never get that airline credit because it is always the airlines i am not flying that year.
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
Thanks Lord for your peace
Thanks Lord for your salvation
Thanks Lord no Amex. Almost debt free
Debt free is good, especially with credit cards. Real Estate debt in my mind is ok!
Just because they get approved don’t mean they’ll be keeping the card long lol 😂
Amex out here suspending cards over just simple mistakes on the consumer side for example like having the wrong banking information and putting a payment in and gets rejected I did this and they gave me a credit limit on the gold card I literally didn’t even have it for a month
Now I gotta use it a ton in order to get back to being a charged card
The only bummer is when you go to pay with Amex and merchants won't take it.
Great video thanks. I never had a american express credit card because I use the uper tear airlines cards
I wonder what Simon does for living? What industry ?
Luxury Travel, Welding Manufacturing, Marketing
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
Foolish. I like to take advantage of it all
the best Simon 💪🏻
Cheers
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 ?
Yes email us or contact on instagram
So you do editing ? I need you .😊
❤
love the video!
Thank you!!
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
They approve everyone- yeah that’s luxury lol
lol
👏🏻👏🏻👏🏻👏🏻
TLDR: Amex is good bling, awful credit card
Why?
@@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.