For a limited time, you can get 30% off your first purchase (plus free shipping) when you use my link! cometeer.com/sebby4 💳 See Sebby's Card Picks: www.asksebby.com/go/topcards 💳 Check CardMatch: bit.ly/33V4Oya
Have you received any news on the entertainment credit expansion? I was just told by Amex themselves that there’s a Disney related expansion starting 4/6/2022.
I am incredibly grateful to AMEX for waiving the annual fee for the Platinum and other premium cards. It’s an incredible gesture and helps solidify my loyalty to them.
Excluding some pockets on the coasts, many of the 80% of first-generation multimillionaires probably got that way by being good with money. A well-known adage is ""shirtsleeves to shirtsleeves in three generations." So while few of their grandkids would be caught dead in a Walmart, I would expect a lot of the people who actually earned the wealth would shop at Walmart. From an NBC station on google "According to financial site Millionaire Corner, one in three people with a net worth of more than $5 million shops at Walmart on a regular basis. More than 40% of multimillionaires shop at Target and nearly half can be found in the aisles of Costco stores. ... People making more than $100,000 a year are actually more likely to use coupons than people making less."
To be fair, rich people do shop at Wal-mart. There are tons of money-saving millionaires that shop at Wal-mart. This guy name Graham on RUclips, he is super on the saving game and he is a millionaire with tons of rental properties.
Sebby preaching the importance of median instead of average! 🙌Real world distributions are so skewed that averages are often useless. As for the Optio, I suppose I'm in the target market for it since I seem to be in-between the Platinum's and Centurion's numbers, and I also agree that Amex releasing the Optio likely doesn't make sense since the addressable market is so small.
I am sure there are many hoping that the "Optio" card would be a card that would provide value without the "coupon cutting." I love Amex and spend a lot but hate the fact that I have to figure out what to buy at dell or Sax. I have long given up on the airline credit as I have status on all carriers and it is impossible to use. Love/Hate?
Optio is a fantasy. It'll never happen. It seems like they want to double down on the Platinum because it already has name recognition. Especially with out much they are continuing to jack up the pricing.
The averages for the Platinum did surprise me. Got pre-approved last year at 37yrs old, with the 150k sign on bonus. Only had the Blue Cash Everyday/Preferred and $120k/yr salary.
I'm really surprised the average age demographic is around 56. I'm 19 and I just got approved for my platinum card yesterday, and my new card arrives on Tuesday.😄
I got mine when I was maybe 18 with little to no credit and only applied because a rep twisted my arm. Was always afraid to cancel it because chase and city and even capital one either declined me or offered me an extremely small credit line
Hmmm I have the platinum and I'm making 51k and worth 71k for right now I just love the lounge access since I'm in airports all the time as a Flight Attendant
Don't forget all of the active duty military members that I see frequenting Centurion lounge and carrying the AmEx Platinum cards. The average net worth of military members especially the enlisted folks is well under 500k and many are under 100k.
I wonder if some of the Platinum Card numbers are skewed because a lot of us 70yo+ with upper income retirements are trying to travel as much as possible ($100k+ on travel) before our health issues slow us down. Further we do not own a lot of property; slows down the ability to travel.
As someone who is almost 50 and enjoys your channel greatly for its accurate no BS information, I hope you take this opportunity introspectively revisit the data you just presented and let it act a little more like your North Star. While you focus greatly on the younger crowd, maybe you should consider a “master series” collection of videos targeting older viewers and end game you often reference.
Yep, definitely realized that after the "best beginner cards" video tanked (10 out of 10 with 35% of the views a "normal" video would get). It's definitely a balancing act because the pure older content also has the same problem (i.e., BofA setup: ruclips.net/video/5Z8taAV42hI/видео.html ) I think I need to just find a way to meld all of this together in the same video vs. trying to separate out dedicated videos.
Small business owner here. I had a platinum card from 2005-2021 and I will say it changed a lot to the point where even my rep told me to get a gold card for 80% of my expenses to maximize points. I was offered a centurion card through a big client and I couldn’t say no and risk them looking down on me and didn’t realize the fee had increased to 10k/5k annual. Started going through the line items of benefits like Saks $1k, equinox destination, etc. and tried justifying that way and still hard to stomach until I had to book last minute flights and got first class with 50% points rebates, no hold time, Christmas/birthday/anniversary gifts arranged, etc etc when I used to spend countless hours looking for the best reward flights, hotel deals, and so on. That said, do I think Platinum was a waste of money? Yes. Is Centurion worth it for the monetary benefits? Maybe if you shop at Saks and go to multiple equinox locations. Are you going to do the math on the cash benefits of either card and base your decision on it? Don’t even bother
Most people forget they aren't trees and can move about freely. I moved to Bellevue WA 6yrs ago and doubled my salary instantly. Now I work remote and can do it anywhere internet is available. Just gotta want it and go get it!
I've heard the Platinum has a ton of unseen features that the under 500k household salary never see. Certain perks like special invite only events or privileges are much more likely for this crowd than any kind of discount which they could otherwise pay for.
Events are basically self-selection, given the $250 to $1,000 price tag: www.americanexpress.com/en-us/benefits/the-platinum-card/platinum-art/index.html Chase Sapphire has similar events (think French Laundry)
I love how you said ‘how you’ve aged’ since I retired since watching your channel. It was at age 43 though (and yes, I have the Amex Platinum) and have only 1 property, but with the 7 figure net.
Averages are somewhat misleading since a few multi-millionaires are enough to skew the average way higher. Medians are more representative demographics but I agree AMEX probably targets higher spenders on average as their ideal target demographic.
Yep, same page for both things. Wish it was median but totally see SF/LA/Seattle/NYC professionals (tech, law, finance, etc.) skewing numbers dramatically.
Amex gold covers the food, platinum gives it off towards travel, centurion perks and status. Kinda hard to know which direction a new card could take tbh.
Thank you so much for explaining everything to us in an unbiased, informative way. It's important that we make our own decisions, and you're telling us to make sure the cards WORK FOR US!
We don't know the lag on data collection and when they revamped the card. All the marketing in the last 18 months suggests a younger demo, with disposable income, but not crazy rich. It's clearly a much larger market, given the credits - and while some find it frustrating, I think you're right that the card has a WAY broader appeal. It's also tricky because when you knock out your aspirational trips in your late 20's and 30's -- what's next? Amex is clearly trying to play a long game so there's reasons to stick around after the intro bonus. At the same time, the bay area is whack. I now primarily teach, but know students who have cards and spend money like this, well a couple.
you work like a dog getting these videos out and i appreciate that! i didn’t even think i cared about these stats or analysis about them but yet i watched this entire thing..
35-44 gang here. Found your channel in 2019 when I was in the 26-34 age group. We're just getting older and maybe a bit more wiser. But still dragging down the Platinum Cardholder average.
platinum makes sense for me and pays for itself even if I don't travel. The digital credit pays my Disney+ bundle and peacock. I will be using the clear credit. The uber credits get used with my gold card's credit. Saks also helps with $100 credit. Then add in I travel 3x a year for work plus at least 3 vacation trips a year. I max the hotel credit and the airline incident credit.
Thank you very much I really enjoy your videos a lot. I am a AMEX platinum card holder and really enjoy the card a lot I’ve had it for a short time but I really value the credits and plan on keeping it for years to come. I do say after hearing the average income it makes me feel poor lol but I think American Express really does a good job with marketing their products and they have great customer service I never wait on hold when I call the platinum line for anything service is always great.
I’m outside DC have business and personal platinum holder. Income north of $800k, Net worth north of $6m and 2 homes and 3 commercial properties. I like Amex because of the benefits and perks. I don’t care about the $100 extra annual fees.
Got the platinum a month ago, 150K sign up bonus. Card is a joke. They charge you the $700.00 fee right up front after the first month of having the card instead of at the end of the year as every other travel card. I have the sapphire with a massive credit limit. Amex platinum started me with 11K, the no preset spending limit Is a scam and bull shit. They market the card like something fancy you need when you don’t. Can’t wait to cancel this card after the first year. Way better ones out there.
I’m currently 19 I’ve been building credit for about a year now just now got approved for the platinum making 100K salary a year Numbers are definitely surprising I think I’m bringing down the average age a little bit
Thanks for your thoughts. I am definitely on lower end but I find value in aside from lounge access their travel perks. Travel services have in past two years have helped me get very good rates for car rentals.
Surprised at avg properties owned. Wasn't surprised avg household has a net worth >= recommended retirement savings for their age. i.e. The average card holder is smart with their # and investments.
The age is higher because so many of those Amex cardholders are people who have had their accounts there for 30-40 years. That also skews the net worth as the older card holders are going to have 401(k)s and IRAs up to the 7 figures.
@@AskSebby There definitely are. My friend's brother has the Plat and he's a 4 year at UC Berkeley. Granted though - he has amazing credit. 800+ since he has been working from 16 years old. I think the students with the Plat has strong credit.
I’m definitely not paying $700 for a card that has zero use for me. The preferred card works fine. I guess I’d fall into the riffraff category as well. The only reason I get a card is if they have some sort of massive introductory offer or whatever. I only get any credit card for the Points I mean obviously interesting data though.
Can we identify the riff-raff in Centurion lounges (and there's a lot of them) by excluding anyone that has ever said "player 2" in their lives? C'mon, son.
26-34 are poeple who are still figuring things out or just did. 35-44 are people who have already figured things out and are trying to take full advantage of it right now. Your groups 1 and 2 seem to be exactly who they should be given your content. 18-24 are still living at home or in school.
🐶 Yep, I can't imagine using my free time to do a survey. I think Nielsen (the survey company) has LITERALLY sent me $2 in the mail and promised another $10 if I did a 1 page survey.
The Platinum Card can not be evaluated by new signups alone, because we have two independent variables. #1 The changes to the card, #2 The increased signup bonuses. Let's say a bank was offering -1% interest rates, but but had an $800 signup bonus. To assume people were excited about a negative interest rate would be a mistake.
Depends on company but many are having employees come back into the office: www.engadget.com/google-wants-employees-to-return-to-the-office-on-april-4th-204334929.html (exceptions for the actual 10x engineers AFAIK but many of those people pull in $1m+/year anyways and can dictate their own terms)
I would rather spend less points on Economy tickets and take more trips with more points than a YOLO trip which you spend more points just to sit in a big seat for 6-14 hours and less trips.
For me, it really depends on the airline product. Korean Air? I'm a happy camper for 12-14 hours. Enough room to be relaxed without knees hitting the front seat. Swiss? I was miserable for the 4-6 hour EU to ME flight. Knees were touching the front while I was sitting up straight.
This video blew my mind. I got approved for the Platinum on the first try, not a ton of income, with no previous Amex cards. I totally thought this was a card for hackers but I suppose what you say makes sense. I'm 21 years old with a good credit score, so who knows.
I was only making $56,000 at one time and was offered their Black card. Since I have the Platinum card, I need to go ask my boss for a raise and showing him the article as justification!
@@robincastillo9372 it was before the Centurion card, it was called the Black card. I think I was offered it because of my usage of the green card I had at the time.
I got approved for American Express Platinum about 5 years ago and was making way less than $100K a year. I mostly wanted the airport lounge benefit. It can’t really be that hard to get approved for one. The annual fee sucks unless you really work out the benefits.
I make $45k and yesterday I got pre approved for the platinum, the green and the blue delta. I chose the green and got approved. For my basics everyday living, logic dictates that $695 will go towards 20% of my annual gas bill.
The current platinum card has events or "experiences". But they seem to be like equinox is for most users. Unless you live in NYC it is hard to take advantage. I have never seen anything for the SF area.
🐶 If you're already an Amex customer, 125k is solid. If not (or if you want to wait anyways), check CardMatch for 150k and possibly wait: www.asksebby.com/blog/how-to-use-the-cardmatch-tool-to-find-better-sign-up-offers
I certainly am NOT in the avg demographics, but I use my card for lounge access and the 1/1 Delta sky miles perks. I use this card for my business so other's people's monie's is going through this (Great perk huh?) I just bought 3 RT Delta tickets to Barcelona with points! The Platinum is a 1/1 purchase to points and the gold is 3/1 purchase to points so theres that. But, I LOVE the centaruiun lounge and I will generate enough through my card to continue getting Centariun longe access.
The average income/net worth/age is irrelevant the median would be more helpful .I suspect most platinum card holders earn significantly less and are younger than the figures quoted. If anything it probably only shows unless you earn loads there's is nothing significantly better than a platinum
"The average income/net worth/age is irrelevant. ... I suspect most platinum card holders earn significantly less." Because none of that shows up on your credit report. I'm actually baffled by how many people in the comments are apparently honest on their applications.
Argh. I think the "rich status" crap behind the Platinum card is annoying. People keep talking about how "its strange the average income so high but so many poor people use it." The issue here is: the Platinum is used by rich people because it has benefits to them without having to pay 10K then 5K per year for a Centurion. Realistically - the Centurion isn't a travel card so a lot of rich people don't even get it because it does not benefit them or they have both Centurion and Plat. Like the comment shown in the video, we are minority users trying to max the card while their target demo seems to just not care. And the coupon book, for what it is, benefits the rich more than it does us. Per example, Lululemon, is a rich people workout clothing company with items ranging from 100+ for just a sports bra or some shit. Rich people shop there. Rich people would use the coupon to save a few dollars. But I hear some people say, "if they rich, why they need to save money?" That's stupid. Rich people are probably some of the cheapest people out there. If they weren't, they would pay everyone a living wage.
I think that's a fair take. The Platinum does 90-99% of the Centurion without the hassle of some of the bigger credits. I treat the Platinum as rich + savvy.
@@AskSebby Wow. I'm shocked to get a reply from Sebby the man himself. Thanks for the reply. Also a Bay Area resident, so hello neighbor too! Keep up the great work on your videos. Oh. I also agree with your Platinum as rich + savvy. It makes sense.
Bro @sebby, I would take those comp figures with a grain of salt. I’ve worked in tech for the majority of my career, with a significant portion of that career in the Bay Area or for Bay Area companies. Those comp figures that you put up are heavily influenced by bonuses(which can vary wildly depending on what company you work with), sales commissions(1 guy meeting his quote +a kicker can easily do like 10x above his peers, which can skew the comp results), equity/RSU’s(the standard on these is a 2-3 year award timeframe, so after that they typically don’t award you anymore. Also, depending on the company you work for, you could get taxed at time of award vs time of sale, which truly lowers the actual value of the RSU’s) and finally seniority(basically anybody VP/SVP and C suite make 20x on all the categories that I mentioned above, which probably skew the numbers even more). You can definitely make really good money, but 400k for a non c suite/VP/Sales role is a little bit of a stretch.
whenever is see someone pull out a Amex card at hotel check-in they appear to be their mid 50’s BTW What is the name of that restaurant, the ramen looks so good! Are you in the Bay area?
Awesome and super informative video Sebby! Always learning and improving from the master! Thank you for doing these videos. Love your startup passion as well that I’ve seen on your iced ☕️ chat with Graham 🔥 I have a feeling they used dog 🐕years for the average age ;) Quick thought bubble 💭 what’s your typical strategy once you hit 5/24 with chase? Do you wait it out, or go for Amex cards? Do southwest cards still reject if you reach 5/24 or is that recent update meant to say that sometimes they will approve? Trying to hit that companion pass, but if not, + 2 will have to apply…not bad if we get referral points on it too :)
@@AskSebby love your videos but you show that 'tech only' bias quite a bit. Not everyone in SF is an engineer nor is everyone at Amazon. Would be useful to your viewers to balance it out a bit.
I think the average age is based on the how long the card has been offered too (1984 for Platinum.) I've been a platinum member for over two decades, so I'm long in the tooth for most members. 👴
This might sound a little weird but I think the numbers for the platinum is kind of high, and the numbers for Centurion members are low. I don’t know anyone with the Centurion card but since a lot of celebrities has it I expected a little bit more. Don’t get me wrong, 1.8 million income is a lot of money for sure, but I was gonna guess a little more. Also, I’m the riffraff as well. 😅
I saw the dog and would like to try some of that ramen! Interesting video. So much for the mythical Optio. Would be cool if it did become a reality. I can already hear the complaints about it not being metal enough, LOL.
I know people who have this card who make under $40,000 a year gross I know one guy who made $50,000 a year self-employed had 47,000 in business expenses that he put on his AMEX card so technically he only pays taxes on $3,000 but his income is still technically 50,000 in the eyes of Amex since they ask for gross income not adjusted gross or taxable income
i put 18,000 as my income and got approved at 19 years old. had a amex everyday card for like 3 months and a discover it before that. Anyone can get that card.
Your numbers just rattle my brain. It's amazing to think there's allot of 20-30 year olds that make so much money who it really doesn't even make sense to them to bother with the Platinum card.
I think what surprises me is that I got an offer in the mail for the platinum and I don’t make anywhere near these types of numbers. I’m what people consider the average worker ant I guess right now. I recently started my own business so maybe that has something to do with it? Idk but all I know is this card makes 0 sense for me rn unfortunately. Maybe some day I’ll get to where ‘success’ is. 😢
I think the age was the biggest shocker for me as a lot of the offers don’t seem geared towards the 50+ crowd. Dog gone good research for this video, Sebby.
I don't think it's that surprising when you think about it. Advertising doesn't work on older people, which is why it's all targeted to the under 40 crowd. Unless it's something they need, they won't buy it, and won't take advantage of most offers unless they need it already. This is why you don't see commercials for older people unless it's for medical supplies, life insurance, or a walk-in bathtub. But AMEX needs fresh cardholders, so this is where they target their ads.
Im not surprised but it is interesting that people would want to raise the price on somthing solely for the purpose of not having to interact with people who are not rich. Seems kinda dirtbagish to me.
I got the card to flex tbh… as a reward after getting a job. At age 56 I should be their target demographic lol. Now I’m here figuring out how to get my money back because I’m in the grind lol
For a limited time, you can get 30% off your first purchase (plus free shipping) when you use my link! cometeer.com/sebby4
💳 See Sebby's Card Picks: www.asksebby.com/go/topcards
💳 Check CardMatch: bit.ly/33V4Oya
Have you received any news on the entertainment credit expansion? I was just told by Amex themselves that there’s a Disney related expansion starting 4/6/2022.
FYI - AMEX Platinum annual fee is waived for Active Duty Military💯
Got the Plat and the Gold 💯
As it should be.
Why do you bums get the fee waived tf? Is this communism?
Shut up. Stop telling ppl before they get mad.
I am incredibly grateful to AMEX for waiving the annual fee for the Platinum and other premium cards. It’s an incredible gesture and helps solidify my loyalty to them.
I work in a pharmacy, and I can't say I'm too surprised. I have 70-80 year old patients come in all the time paying with their Platinum cards
That s called "street smart". A kind of knowledge that should be considered.
Platinum cards aren't that difficult to get. What's difficult to get sometimes is the APR that's attractive.
@@pharmdzznutzz I feel like it pays for itself, I’m a pharm tech in college and I have 3 of them 😅
Wouldn't have guessed the income was that high. I guess those Walmart monthly credits will really come in handy for this financial group 🤷🏽♂️
Best comment.
I really doubt the financial data they publish. I mean, the Walmart credit speaks volumes of who their true customers are
My guess is that Walmart paid Amex a bag of money to add it as a perk.
@@AskSebby guess again
Excluding some pockets on the coasts, many of the 80% of first-generation multimillionaires probably got that way by being good with money. A well-known adage is ""shirtsleeves to shirtsleeves in three generations." So while few of their grandkids would be caught dead in a Walmart, I would expect a lot of the people who actually earned the wealth would shop at Walmart.
From an NBC station on google "According to financial site Millionaire Corner, one in three people with a net worth of more than $5 million shops at Walmart on a regular basis. More than 40% of multimillionaires shop at Target and nearly half can be found in the aisles of Costco stores. ... People making more than $100,000 a year are actually more likely to use coupons than people making less."
To be fair, rich people do shop at Wal-mart. There are tons of money-saving millionaires that shop at Wal-mart. This guy name Graham on RUclips, he is super on the saving game and he is a millionaire with tons of rental properties.
Sebby preaching the importance of median instead of average! 🙌Real world distributions are so skewed that averages are often useless. As for the Optio, I suppose I'm in the target market for it since I seem to be in-between the Platinum's and Centurion's numbers, and I also agree that Amex releasing the Optio likely doesn't make sense since the addressable market is so small.
#mediangang
I am sure there are many hoping that the "Optio" card would be a card that would provide value without the "coupon cutting." I love Amex and spend a lot but hate the fact that I have to figure out what to buy at dell or Sax. I have long given up on the airline credit as I have status on all carriers and it is impossible to use. Love/Hate?
Optio is a fantasy. It'll never happen. It seems like they want to double down on the Platinum because it already has name recognition. Especially with out much they are continuing to jack up the pricing.
The averages for the Platinum did surprise me. Got pre-approved last year at 37yrs old, with the 150k sign on bonus. Only had the Blue Cash Everyday/Preferred and $120k/yr salary.
I'm really surprised the average age demographic is around 56. I'm 19 and I just got approved for my platinum card yesterday, and my new card arrives on Tuesday.😄
I got mine when I was maybe 18 with little to no credit and only applied because a rep twisted my arm. Was always afraid to cancel it because chase and city and even capital one either declined me or offered me an extremely small credit line
@@420straightdank5 you'll see when you get to the airport lounges. I'm 22 and by far the youngest person in every lounge who isn't with their family.
Hmmm I have the platinum and I'm making 51k and worth 71k for right now
I just love the lounge access since I'm in airports all the time as a Flight Attendant
Exactly! The card paid for itself before I even signed up for it. I made sure of that.
That’s about my same story. I made about the same amount when I got approved about 5 years ago. And I mostly just want the airport lounge access.
@@RichardsWorld chilling and eating good before all those flights. Love it
Don't forget all of the active duty military members that I see frequenting Centurion lounge and carrying the AmEx Platinum cards. The average net worth of military members especially the enlisted folks is well under 500k and many are under 100k.
SCRA gets them out of most, if not all credit card annual fees.👍🏼
Most are under 100k. Speaking from experience.
I wonder if some of the Platinum Card numbers are skewed because a lot of us 70yo+ with upper income retirements are trying to travel as much as possible ($100k+ on travel) before our health issues slow us down. Further we do not own a lot of property; slows down the ability to travel.
That would make a lot of sense, given the age numbers.
This makes a lot of sense actually, thanks for sharing!
As someone who is almost 50 and enjoys your channel greatly for its accurate no BS information, I hope you take this opportunity introspectively revisit the data you just presented and let it act a little more like your North Star. While you focus greatly on the younger crowd, maybe you should consider a “master series” collection of videos targeting older viewers and end game you often reference.
+1
Yep, definitely realized that after the "best beginner cards" video tanked (10 out of 10 with 35% of the views a "normal" video would get). It's definitely a balancing act because the pure older content also has the same problem (i.e., BofA setup: ruclips.net/video/5Z8taAV42hI/видео.html )
I think I need to just find a way to meld all of this together in the same video vs. trying to separate out dedicated videos.
Those are some crazy numbers! I feel like a fraudulent Amex Platinum holder.
Same haha
You and me both! 🤑
Nah, you're just ahead of the curve. Get the card that will fit the life you want to live?
@@aaronc6997 I got the big 3 now, Chase Sapphire reserve, platinum, and venture X
If these stats are correct, the Walmart benefit seems to make no sense at all.
Small business owner here. I had a platinum card from 2005-2021 and I will say it changed a lot to the point where even my rep told me to get a gold card for 80% of my expenses to maximize points. I was offered a centurion card through a big client and I couldn’t say no and risk them looking down on me and didn’t realize the fee had increased to 10k/5k annual. Started going through the line items of benefits like Saks $1k, equinox destination, etc. and tried justifying that way and still hard to stomach until I had to book last minute flights and got first class with 50% points rebates, no hold time, Christmas/birthday/anniversary gifts arranged, etc etc when I used to spend countless hours looking for the best reward flights, hotel deals, and so on. That said, do I think Platinum was a waste of money? Yes. Is Centurion worth it for the monetary benefits? Maybe if you shop at Saks and go to multiple equinox locations. Are you going to do the math on the cash benefits of either card and base your decision on it? Don’t even bother
I wish the equinox credit was any fitness place from gyms to cross fit or even race signups.
No rift raft in the centurion lounge please 😂 that was hilarious
😏
Most people forget they aren't trees and can move about freely. I moved to Bellevue WA 6yrs ago and doubled my salary instantly. Now I work remote and can do it anywhere internet is available.
Just gotta want it and go get it!
That was my suggestion to my Texas engineer friend as well. Put in 2-4 years at the FAANG and you're pretty much golden afterwards.
I've heard the Platinum has a ton of unseen features that the under 500k household salary never see. Certain perks like special invite only events or privileges are much more likely for this crowd than any kind of discount which they could otherwise pay for.
Events are basically self-selection, given the $250 to $1,000 price tag: www.americanexpress.com/en-us/benefits/the-platinum-card/platinum-art/index.html
Chase Sapphire has similar events (think French Laundry)
I love how you said ‘how you’ve aged’ since I retired since watching your channel. It was at age 43 though (and yes, I have the Amex Platinum) and have only 1 property, but with the 7 figure net.
Adding 2 more properties soon? 👀
@@AskSebby only through inheritance, my friend
Averages are somewhat misleading since a few multi-millionaires are enough to skew the average way higher. Medians are more representative demographics but I agree AMEX probably targets higher spenders on average as their ideal target demographic.
Yep, same page for both things. Wish it was median but totally see SF/LA/Seattle/NYC professionals (tech, law, finance, etc.) skewing numbers dramatically.
Love your channel. Thanks for helping me with the card consultation a few weeks ago! 🙌
Happy to help! :)
Amex gold covers the food, platinum gives it off towards travel, centurion perks and status. Kinda hard to know which direction a new card could take tbh.
Your insights on this video around the strategy of Amex as a marketing engine displays your deep understanding of this industry. Nicely done.
Thank you so much for explaining everything to us in an unbiased, informative way. It's important that we make our own decisions, and you're telling us to make sure the cards WORK FOR US!
We don't know the lag on data collection and when they revamped the card.
All the marketing in the last 18 months suggests a younger demo, with disposable income, but not crazy rich. It's clearly a much larger market, given the credits - and while some find it frustrating, I think you're right that the card has a WAY broader appeal. It's also tricky because when you knock out your aspirational trips in your late 20's and 30's -- what's next? Amex is clearly trying to play a long game so there's reasons to stick around after the intro bonus.
At the same time, the bay area is whack. I now primarily teach, but know students who have cards and spend money like this, well a couple.
Good point on data lag esp. w/ their new push.
you work like a dog getting these videos out and i appreciate that! i didn’t even think i cared about these stats or analysis about them but yet i watched this entire thing..
Thanks Holly! :) 🐶
38k a yr Amex Platinum member since Feb ‘22 🙌🏻 Benefit of having this added to my credit profile far outweighs the cost of the annual fee.
End of the day it's about value. I'll happily pay $700 to get >$700 in value :)
Hey will you ride to 1k maybe 1500
35-44 gang here. Found your channel in 2019 when I was in the 26-34 age group. We're just getting older and maybe a bit more wiser. But still dragging down the Platinum Cardholder average.
This was SUUUUPER interesting to think about all this data. Thanks for breaking it all down!
@5:15 - The AMEX Gold card has an annual cap of 25k for grocery spend to get the 4X points.
I meant eating literally eating out = going out to eat for restaurants :)
platinum makes sense for me and pays for itself even if I don't travel. The digital credit pays my Disney+ bundle and peacock. I will be using the clear credit. The uber credits get used with my gold card's credit. Saks also helps with $100 credit. Then add in I travel 3x a year for work plus at least 3 vacation trips a year. I max the hotel credit and the airline incident credit.
I have the gold and platinum because I'm in the Army. No annual fee!!!!!!
Most people I know don't make anything near $500k salary per year
Yep, I think our credit card community, on average, is a tiny blip vs. their actual target demo.
For not being a target for the Amex Platinum, they sure sent two brochures in the mail, and keep sending the occasional email invitation to apply.
Thank you very much I really enjoy your videos a lot. I am a AMEX platinum card holder and really enjoy the card a lot I’ve had it for a short time but I really value the credits and plan on keeping it for years to come. I do say after hearing the average income it makes me feel poor lol but I think American Express really does a good job with marketing their products and they have great customer service I never wait on hold when I call the platinum line for anything service is always great.
I’m outside DC have business and personal platinum holder. Income north of $800k, Net worth north of $6m and 2 homes and 3 commercial properties. I like Amex because of the benefits and perks. I don’t care about the $100 extra annual fees.
Thought on commercial vs. residential RE? I feel like commercial is where the money/value is.
@@AskSebby Oh and I am 57.
Got the platinum a month ago, 150K sign up bonus. Card is a joke. They charge you the $700.00 fee right up front after the first month of having the card instead of at the end of the year as every other travel card. I have the sapphire with a massive credit limit. Amex platinum started me with 11K, the no preset spending limit Is a scam and bull shit. They market the card like something fancy you need when you don’t. Can’t wait to cancel this card after the first year. Way better ones out there.
I’m currently 19 I’ve been building credit for about a year now just now got approved for the platinum making 100K salary a year Numbers are definitely surprising I think I’m bringing down the average age a little bit
Thanks for your thoughts. I am definitely on lower end but I find value in aside from lounge access their travel perks. Travel services have in past two years have helped me get very good rates for car rentals.
Awesome to hear re. car rental rates :)
Surprised at avg properties owned.
Wasn't surprised avg household has a net worth >= recommended retirement savings for their age.
i.e. The average card holder is smart with their # and investments.
Dang, I’m really pulling these numbers down by being a plat member, I’ll stop buying toys for my dog 🐩 and invest those money.
It’s hard juggling the benefits of the platinum and csr. Good thing there’s people like sebby out there
Sebby: "I'm the riffraff." 🤣
Me watching this in college and constantly getting my brain popped with all the $$$ being thrown around :)
I need 2.6 more properties
The age is higher because so many of those Amex cardholders are people who have had their accounts there for 30-40 years. That also skews the net worth as the older card holders are going to have 401(k)s and IRAs up to the 7 figures.
Wow… the idea of the Optio offering free last minute events really is cool. I’m in the younger age bracket and that’s definitely appealing to me.
also your reflections on optimizers is so true. It’s easy to get lost in the weeds and lose the forest for the trees
Glad I'm not crazy :)
*Looks at my Amex Trifecta
*Looks at average Platinum income
I have NO business wielding these! 🤣
😅 Pretty sure there are students w/
@@AskSebby There definitely are. My friend's brother has the Plat and he's a 4 year at UC Berkeley. Granted though - he has amazing credit. 800+ since he has been working from 16 years old. I think the students with the Plat has strong credit.
This was a super interesting and engaging video. More analysis like this, please!
Thanks Anil! :)
I’m definitely not paying $700 for a card that has zero use for me. The preferred card works fine. I guess I’d fall into the riffraff category as well. The only reason I get a card is if they have some sort of massive introductory offer or whatever. I only get any credit card for the Points
I mean obviously interesting data though.
Same here.
Great video! I enjoyed the content of this video! Thank you!
Can we identify the riff-raff in Centurion lounges (and there's a lot of them) by excluding anyone that has ever said "player 2" in their lives? C'mon, son.
26-34 are poeple who are still figuring things out or just did. 35-44 are people who have already figured things out and are trying to take full advantage of it right now. Your groups 1 and 2 seem to be exactly who they should be given your content. 18-24 are still living at home or in school.
The average age (and by proxy average net worth) is probably so high because really only retired folks fill out surveys dog
🐶 Yep, I can't imagine using my free time to do a survey. I think Nielsen (the survey company) has LITERALLY sent me $2 in the mail and promised another $10 if I did a 1 page survey.
The Platinum Card can not be evaluated by new signups alone, because we have two independent variables. #1 The changes to the card, #2 The increased signup bonuses. Let's say a bank was offering -1% interest rates, but but had an $800 signup bonus. To assume people were excited about a negative interest rate would be a mistake.
I just received a pre approved letter for Platinum, I wish I made a quarter of that average LOL. I guess it’s all in the credit score.
Hey Sebby, great video!!! can you do a comparison of the best card based on insurance benefits when you book flights, cars.
I wonder how remote work is going to change these numbers with people making California money but living in lower cost of living areas.
Depends on company but many are having employees come back into the office: www.engadget.com/google-wants-employees-to-return-to-the-office-on-april-4th-204334929.html
(exceptions for the actual 10x engineers AFAIK but many of those people pull in $1m+/year anyways and can dictate their own terms)
@@AskSebby I'm never going back I'll just get a new job. Awesome video as always
The last half of this video was one of your most insightful videos ever.
I was worried that I was rambling / going on too much of a tangent. Maybe more in the future? 🙃
@@AskSebby As a fan, that was the most insightful thing you have done.
I would rather spend less points on Economy tickets and take more trips with more points than a YOLO trip which you spend more points just to sit in a big seat for 6-14 hours and less trips.
For me, it really depends on the airline product. Korean Air? I'm a happy camper for 12-14 hours. Enough room to be relaxed without knees hitting the front seat.
Swiss? I was miserable for the 4-6 hour EU to ME flight. Knees were touching the front while I was sitting up straight.
This was shocking…
…and highly motivational 😮🏆💵
Goals!
Mark get that black card already 👍🏻
@@waltervila33 😬
they should raise the fee - the Amex lounges are too crowded and you can tell the "optimizers"
Amex has been sending mailers and emails for me to apply for their Platinum card. I make $33k a year, no thank you.
This video blew my mind. I got approved for the Platinum on the first try, not a ton of income, with no previous Amex cards. I totally thought this was a card for hackers but I suppose what you say makes sense. I'm 21 years old with a good credit score, so who knows.
I was only making $56,000 at one time and was offered their Black card. Since I have the Platinum card, I need to go ask my boss for a raise and showing him the article as justification!
Centurion at $56k? How? Great credit?
@@robincastillo9372 it was before the Centurion card, it was called the Black card. I think I was offered it because of my usage of the green card I had at the time.
It was by Amex right? Not the "Luxury Black" by Mastercard?
@@AskSebby Yes it was. Wikipedia talks about it, only 1,000 people had it. Not sure why they invited me.
Good financial goals to achieve! Let’s get started.
🤑
I appreciate all the content that you put out I have gained so much knowledge from your videos thank you
Thank you! :)
The age doesn’t surprise me at all, most people I see flip them out in restaurants are older people.
I got approved for American Express Platinum about 5 years ago and was making way less than $100K a year. I mostly wanted the airport lounge benefit. It can’t really be that hard to get approved for one. The annual fee sucks unless you really work out the benefits.
I make $45k and yesterday I got pre approved for the platinum, the green and the blue delta. I chose the green and got approved. For my basics everyday living, logic dictates that $695 will go towards 20% of my annual gas bill.
The current platinum card has events or "experiences". But they seem to be like equinox is for most users. Unless you live in NYC it is hard to take advantage. I have never seen anything for the SF area.
hey dog, would you suggest getting the Platinum card while the 125k offer is available, or would you anticipate special 150k offers anytime soon?
🐶 If you're already an Amex customer, 125k is solid. If not (or if you want to wait anyways), check CardMatch for 150k and possibly wait: www.asksebby.com/blog/how-to-use-the-cardmatch-tool-to-find-better-sign-up-offers
I certainly am NOT in the avg demographics, but I use my card for lounge access and the 1/1 Delta sky miles perks. I use this card for my business so other's people's monie's is going through this (Great perk huh?) I just bought 3 RT Delta tickets to Barcelona with points! The Platinum is a 1/1 purchase to points and the gold is 3/1 purchase to points so theres that. But, I LOVE the centaruiun lounge and I will generate enough through my card to continue getting Centariun longe access.
I'm 27 and make $75,000 per year. I got my AMEX Platinum card last week. First credit card.
Who uses the lounge?
I get to the airport in time to board.
That feature is of no benefit to me 🙄
The average income/net worth/age is irrelevant the median would be more helpful .I suspect most platinum card holders earn significantly less and are younger than the figures quoted. If anything it probably only shows unless you earn loads there's is nothing significantly better than a platinum
"The average income/net worth/age is irrelevant. ... I suspect most platinum card holders earn significantly less."
Because none of that shows up on your credit report. I'm actually baffled by how many people in the comments are apparently honest on their applications.
As someone who doesn’t give a single F about traveling or traveling rewards.
I think the BCP is a better Amex card.
"I"m the riff faff," lol.
No credit card is worth a $695 annual fee. Literally.
Argh. I think the "rich status" crap behind the Platinum card is annoying. People keep talking about how "its strange the average income so high but so many poor people use it." The issue here is: the Platinum is used by rich people because it has benefits to them without having to pay 10K then 5K per year for a Centurion. Realistically - the Centurion isn't a travel card so a lot of rich people don't even get it because it does not benefit them or they have both Centurion and Plat. Like the comment shown in the video, we are minority users trying to max the card while their target demo seems to just not care. And the coupon book, for what it is, benefits the rich more than it does us. Per example, Lululemon, is a rich people workout clothing company with items ranging from 100+ for just a sports bra or some shit. Rich people shop there. Rich people would use the coupon to save a few dollars. But I hear some people say, "if they rich, why they need to save money?" That's stupid. Rich people are probably some of the cheapest people out there. If they weren't, they would pay everyone a living wage.
I think that's a fair take. The Platinum does 90-99% of the Centurion without the hassle of some of the bigger credits. I treat the Platinum as rich + savvy.
@@AskSebby Wow. I'm shocked to get a reply from Sebby the man himself. Thanks for the reply. Also a Bay Area resident, so hello neighbor too! Keep up the great work on your videos. Oh. I also agree with your Platinum as rich + savvy. It makes sense.
Say hi if you see me walking! :)
Bro @sebby, I would take those comp figures with a grain of salt. I’ve worked in tech for the majority of my career, with a significant portion of that career in the Bay Area or for Bay Area companies. Those comp figures that you put up are heavily influenced by bonuses(which can vary wildly depending on what company you work with), sales commissions(1 guy meeting his quote +a kicker can easily do like 10x above his peers, which can skew the comp results), equity/RSU’s(the standard on these is a 2-3 year award timeframe, so after that they typically don’t award you anymore. Also, depending on the company you work for, you could get taxed at time of award vs time of sale, which truly lowers the actual value of the RSU’s) and finally seniority(basically anybody VP/SVP and C suite make 20x on all the categories that I mentioned above, which probably skew the numbers even more).
You can definitely make really good money, but 400k for a non c suite/VP/Sales role is a little bit of a stretch.
If you have to buy something you normally wouldn’t to get “value”, it’s not a good deal. E.g. saks, Uber, and airline incidental perks
whenever is see someone pull out a Amex card at hotel check-in they appear to be their mid 50’s
BTW
What is the name of that restaurant, the ramen looks so good! Are you in the Bay area?
Awesome and super informative video Sebby! Always learning and improving from the master! Thank you for doing these videos. Love your startup passion as well that I’ve seen on your iced ☕️ chat with Graham 🔥
I have a feeling they used dog 🐕years for the average age ;)
Quick thought bubble 💭 what’s your typical strategy once you hit 5/24 with chase? Do you wait it out, or go for Amex cards? Do southwest cards still reject if you reach 5/24 or is that recent update meant to say that sometimes they will approve? Trying to hit that companion pass, but if not, + 2 will have to apply…not bad if we get referral points on it too :)
Chase => Capital One / US Bank / Barclays => BofA / Citi => Amex
@@AskSebby Thanks Sebby 😊
I got a pre approval letter from Amex for the platinum with 300k/annual income and 4 owned properties, so I’d say those numbers are skewed
What do you do for a living?
@@danny15yearsago33 slumlord
The median person at Amazon is ~ 40K, not 200K.
Huge YMMV depending on background. I was mostly referring to product/software/data side: www.levels.fyi/company/Amazon/salaries/
@@AskSebby love your videos but you show that 'tech only' bias quite a bit. Not everyone in SF is an engineer nor is everyone at Amazon. Would be useful to your viewers to balance it out a bit.
I think the average age is based on the how long the card has been offered too (1984 for Platinum.) I've been a platinum member for over two decades, so I'm long in the tooth for most members. 👴
I would love a last minute event card especially if it kept the lounge access (and maybe rover credits for my dog 🐕)
Dog perks card, who says no?
This might sound a little weird but I think the numbers for the platinum is kind of high, and the numbers for Centurion members are low. I don’t know anyone with the Centurion card but since a lot of celebrities has it I expected a little bit more. Don’t get me wrong, 1.8 million income is a lot of money for sure, but I was gonna guess a little more. Also, I’m the riffraff as well. 😅
I’m 33. My credit score is not high at all. My income is under $85K. I have a platinum card. I travel a lot so I like it for the lounge access.
“I’m the riff-raff”. Me too sebby… me too ;)
I saw the dog and would like to try some of that ramen!
Interesting video. So much for the mythical Optio. Would be cool if it did become a reality. I can already hear the complaints about it not being metal enough, LOL.
Just make it a giant metal block that breaks credit card readers 🙃
I know people who have this card who make under $40,000 a year gross I know one guy who made $50,000 a year self-employed had 47,000 in business expenses that he put on his AMEX card so technically he only pays taxes on $3,000 but his income is still technically 50,000 in the eyes of Amex since they ask for gross income not adjusted gross or taxable income
i put 18,000 as my income and got approved at 19 years old. had a amex everyday card for like 3 months and a discover it before that. Anyone can get that card.
Your numbers just rattle my brain. It's amazing to think there's allot of 20-30 year olds that make so much money who it really doesn't even make sense to them to bother with the Platinum card.
I think what surprises me is that I got an offer in the mail for the platinum and I don’t make anywhere near these types of numbers. I’m what people consider the average worker ant I guess right now. I recently started my own business so maybe that has something to do with it? Idk but all I know is this card makes 0 sense for me rn unfortunately. Maybe some day I’ll get to where ‘success’ is. 😢
I think the age was the biggest shocker for me as a lot of the offers don’t seem geared towards the 50+ crowd. Dog gone good research for this video, Sebby.
Definitely a shocker, especially since age can't really skew averages as much as, say, income. (there isn't a Bill Gate equivalent 103,401 year old)
I don't think it's that surprising when you think about it. Advertising doesn't work on older people, which is why it's all targeted to the under 40 crowd. Unless it's something they need, they won't buy it, and won't take advantage of most offers unless they need it already. This is why you don't see commercials for older people unless it's for medical supplies, life insurance, or a walk-in bathtub. But AMEX needs fresh cardholders, so this is where they target their ads.
“Im the rif raf” 😂
😅
I got offered and approved for a plat card when I was making $60k when I was 23 a few years ago.
Amex is bleeding money so I wouldn’t be surprised If the annual fee got raised to $1000 soon
Im not surprised but it is interesting that people would want to raise the price on somthing solely for the purpose of not having to interact with people who are not rich. Seems kinda dirtbagish to me.
I got the card to flex tbh… as a reward after getting a job. At age 56 I should be their target demographic lol. Now I’m here figuring out how to get my money back because I’m in the grind lol