Why Amex Credit Cards Are NOT For You (w/ RJ Financial)
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- Опубликовано: 8 сен 2024
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Hey guys, in this video I have a conversation with RJ Financial, a fellow credit card/personal finance RUclipsr. Not only do we talk about the power of cash-back credit cards and why Amex credit cards are overrated (for some people), but we also discuss the importance of getting credit cards that fit your overall strategy/goals, what cash-back credit cards you should consider adding to your setup, and much more!
This is the fourth episode in my Creator Conversations series where I talk with some of the most influential creators in the credit card/personal finance niche so we can all get to know them better outside of our regular topics of discussion. We all have many different passions that we don't get to talk about on our channels much, so I wanted to give everyone a place to talk about those things through this series. I hope you enjoy it!
RJ's Accounts:
RUclips: @RJFinancial
Second Channel: @RunonTheBank
Website: www.profitable...
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Card Links:
💳 Citi Custom Cash: spencerjohnsono...
💳 Capital One Savor One: spencerjohnsono...
My Referral Links:
💳 Chase Freedom Cards: spencerjohnsono...
Products I Use:
💰 Rakuten ($30-40 free): www.rakuten.co...
💲 MaxRewards Gold (1 month discount): maxrewards.app...
🛍 Kudos ($20 back after eligible purchase): joinkudos.com/...
Watch Next:
🎥 5 Reasons You NEED the Chase Freedom Unlimited: • 5 Reasons You NEED the...
🎥 How to Product Change Credit Cards the RIGHT WAY: • How to Product Change ...
🎥 Why You SHOULDN'T Get Amex Credit Cards: • Why You SHOULDN'T Get ...
🎥 How Much Money I Made From Credit Cards in 2022: • How Much Money I Made ...
📚 Chapters:
00:38 RJ Financial’s Introduction
02:53 Why RJ Is On Team Cash Back
03:16 RJ’s Past Travel Experiences
03:52 RJ’s Travel Philosophy
03:53 How Much Money Can We Take From Banks?
04:31 Differing Views on Travel Credit Cards
06:16 RJ’s Start to the Credit Card Game
07:12 The Tangible Value of Cash Back
08:49 What Makes RJ Financial Unique
10:15 The Beauty of Cash Back Credit Card Setups
11:17 Top Cash Back Credit Cards
12:47 #1 Catch-All Credit Card
13:35 Best Cash Back Credit Card Setups
14:09 Are Wells Fargo Cards Actually Good?
15:32 Our Opinions on Wells Fargo
17:05 RJ Financial’s Top 3 Cash Back Credit Cards
18:47 The Gift Card Trick
20:17 How to Get Multiple Chase Freedom Cards at Once
21:54 When Does Chase Start Denying Your Product Changes?
23:01 Why RJ Financial Doesn’t Like Amex Cards
24:48 RJ’s Thoughts on Amex Cards
26:51 Why Amex Cards May Be Wrong For You
27:25 Why You Should Get Every Amex Card
27:54 How Amex’s Marketing Works On Us
29:04 Using the Charles Schwab Amex Platinum for Cash Back
30:10 Cashing Out Amex Points With Their Checking Account
30:46 Using the Amex Travel Portal
31:14 How RJ Incorporates Amex Cards in His Life
32:01 How the Amex Platinum Card Tricks Us
33:13 Why RJ Financial Hates the Amex Green Card
34:42 The Problem With Amex’s Monthly Credits
35:58 Why Amex Welcome Offers Are So High
36:52 Who Are Amex Cards Really For?
39:57 Lounge Access Discussion
40:37 Final Thoughts on Amex
41:24 How RJ Got Into Bank Account Bonus Hunting
42:48 What Is Bank Account Bonus Hunting?
43:51 How Much Money RJ Has Made From Bank Account Bonuses
44:16 How to Win the Bank Account Bonus Hunting Game
44:55 Bank Account Bonuses vs. Credit Card Welcome Offers
45:22 How Many Bank Accounts RJ Applied for in 2022
46:25 Why You Can Apply for So Many Bank Accounts
49:01 Why RJ Loves the Bank Account Bonus Game
51:24 How to Manage Bank Account Bonuses
52:02 Why Hunt Welcome Bonuses?
52:51 RJ Chooses Between Bank Account and Credit Card Bonuses
54:06 The Risk of Bank Account Bonus Hunting
54:47 Bank Account Bonus Return on “Spend”
56:08 Passive Bonus Hunting
57:24 RJ Financial’s New Website
58:42 Channel Memberships
59:31 Bridging the Content Creation Gap
1:01:23 RJ’s Plans for His Business in 2023
1:04:51 What I’ve Learned From RJ’s Content
1:05:53 RJ’s Final Thoughts
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#rjfinancial #cashbackcreditcards #creatorconversations
To see more creator interviews as they’re uploaded to the channel, check out this playlist: shorturl.at/DKNQ8
Thank you so much for watching! What was your favorite part of the interview? 🤔
Pls. Interview Ben Hedges (Credit Shifu) or Prince of Travel. Thank you very much
@@truytayaba2415 I'd love to!! Great ideas!
@@SpencerJohnsonOfficialDamn what's up with the Thumbnail, RJ look sinister Afouk, haha, "Join the Dark Side? Of Cashback."
Over/under on if I can break the like button record of the other guests? It' was a good time, thanks for having me sir
Haha let's see if you can do it! It's always a pleasure getting to talk with you. We'll have to do it again sometime!
Over lol
@@arey256 Run it up
As a fellow Detroiter, I appreciate the MotorCity and Team Ca$hBack representation!!!😊
Over!
26:00 I really appreciate RJ's take on the Amex ecosystem. Don't change your spending behavior for a credit card.
I completely agree. It's easy to say we'll get a ton of value from these high annual fee cards, but if you won't naturally use the credits that come on them, you're just wasting your money.
Exactly! That's just another reason I like the Venture X I will get about triple value from using that card the same way I use my current “Daily driver” which for reference is the Delta Platinum card.
@@jmbwashi That's awesome! Locking in that extra value just by using a different card is huge.
That’s right. The Amex MR points ecosystem isn’t for everyone (it’s definitely not for me).
Something that gets overshadowed though and not really talked about is that Amex does have a solely cashback ecosystem. The BCP gets all the attention but it is possible to have a viable cashback system with BCE, cash magnet, and Blue Business Cash.
@@anandr1385 That's a great point! They do have some solid cash back credit cards that shouldn't be overlooked. I just feel like most people in the cash back game prefer to have cards with a bunch of different lenders rather than pledging their loyalty to only one, but you're 100% right!
This is the type of relatable, honest and substantive talk we need in this hobby. I really enjoyed it. Please keep doing this.
That really means a lot! I definitely plan on continuing this. I’m lining up a few more interviews as we speak!
Yeah. This was prob the best discussion in the game that I’ve seen. Too many times creators are enthusiastic for no reason. And any critiques are superficial.
RJ has convinced me to call American Express and get rid of these silly annual fee cards!!!!! Time to go all Cash Back!!!
Haha I knew he’d make someone do it!! 🤣
Great to see RJ on your series Spencer! I think he brings such a unique perspective with his cash back mindset and bonus hunting strategies. Not often we see someone who is team cash back as well as an Amex skeptic in the credit card community!
I enjoyed our conversation for sure! I love the way he presents things. He has a no BS way of talking about these topics which I really enjoy. Especially when it comes to Amex. I think it's a perspective we need even if not everyone agrees with it!
This video is just amazing RJ is one of my favorite content creators out there. Thanks so much for this collab, it was truly sensational. I really feel like these interviews are your niche and you excel exceptionally at them. Keep up the great content my brother.
That means a lot Ridley! I really enjoy making these so I really appreciate the kind words. Our conversations was one of my favorites so far, so it was my pleasure getting to interview him. Thank you again man!
Awesome interview! Glad to see a discussion from two practical perspectives. It gets tiring how some RUclipsrs talk to talk, but don't walk the walk
Thank you so much! And I'm glad this was refreshing. At the end of the day, we all have different experiences in the credit card game so I try to be as honest as I can with my content. The same definitely goes for RJ too!
RJs viewpoints are so refreshing
Absolutely!!
I like hearing from RJ about how he liked to travel stretching the points out. That's more how I travel. I just got the IHG Premier card for the 175,000-point bonus. Which I am planning to use for 8 free nights this summer at their cheaper Holiday Inn Express. I maybe could have gotten more CPP value by staying for 4 nights at a higher-end property, but that would have only been 4 nights.
I wish there was someone making videos about how to do things like that.
I think that's a really solid strategy and one that I will definitely be implementing here and there. And I definitely plan on recording all of my redemptions, so hopefully I can help people out when it comes to booking economy domestic trips. Stretching out your points is never a bad thing to do!
I’m same way say. Don’t care about Maldives. Stretching my points for economy with decent quality (IHG over Hilton or even choice hotels for example).
I usually agree with you guys about a lot of things but I disagree with respect to the CFU vs the CFF, unless someone happens to really dislike the rotating categories. I have both cards and as an average person with a W2 job doing average consumer spending, I typically get 3X as much cash back on the CFF as I do on the CFU. The CFU is fine as a catchall card, but with the grocery quarter (this year combined with the Target quarter), the Walmart quarter, and the gas quarter, and using the CFF to pay my cellphone bill because of the cellphone protection, I always get more back on the CFF even though I use the CFU to pay cable and utilities and as a catchall card.
It all depends on what categories you're spending in and if you're someone that likes rotating category cards. In this case we were more thinking of folks who aren't trying to maximize every dollar they spend (and may even forget to activate the 5x back on the CFF every quarter) so I would say the CFU would be better for them. But yes, the CFF can earn you more cash back every year if you max out those rotating categories every quarter, that's for sure! More room for upside if you're strategic about it.
Great that you have RJ on, he's a huge inspiration and a real pragmatic guy. We just need to get him to travel outside of the US a bit to see the big world how much better the weather, lifestyle, food, and dating and social environments are vs the Midwest. I do understand that travel is not for everyone though, it's a good point.
RJ did you see that $2,500 Wells Fargo bonus what do you think of it?
I've always been a big fan of RJ, so having him on was my pleasure! Although I wish he'd give some luxury travel experiences a try, there's something to be said for someone who knows exactly what they want and stick to their guns.
Two big dogs in one video! I loved the practicality shared in this interview. RJ is top notch. Part of the fun of this game we play is the strategy aspect - what works well and makes sense for one individual may look completely different for someone else. And that's okay! There's no one size fits all situation, which makes everyone's journey unique. A+ work, Spencer! 👍
I appreciate you Sam! RJ is definitely a great dude. I think you hit the nail right on the head too. The fun part about the credit card game is that everyone's setup and strategy will be a bit different. It's good to know all the different options out there though! That's why I love getting to hear what other creators are doing with their setups. Thanks for the kind words once again!
RJ is my favorite financial yt.
He's taught me a lot over the years, that's for sure!
@Shawn Yes sir!
Great episode here Spencer, and love seeing RJ on the Creator Conversations!
Thanks Matt! It was definitely a good time getting to talk with RJ and I'm excited for more great conversations to come!
Love RJs channel. Have him on regularly if possible
I'd love to have him on more!
Great interview with the 👑 of Cash Back! Hilarious that RJ has an AMEX Biz checking account. 🤣🤣🤣Thanks for the info + video.
Thank you Jimmy! It was definitely a great time. And I know right?! Pretty hilarious, but the man takes all the money he can get which I respect. Thanks for watching man!
Good interview. I just wanted to weigh in on the Wells Fargo thing. The cheated so many people for so long, some people remember.
The lies and scams they pulled made the consumer feel like there was no choice. During that time it was hard to find out what to do to complain.
IMO they cheated so many for so long they earned their hate. So I really appreciate everyone churning the hell out of them. Please.
I respect that opinion for sure! I'm also of the opinion that every bank does shady stuff like that and most just don't get caught. However, I wasn't personally affected by WF, so maybe my opinion would be different if so. At least we can agree it's nice to earn and burn their welcome bonuses!
I have learned so much from RJ over the years, definitely one of my favorite RUclipsrs!
Same here man! This was a fun conversation so I hope you enjoy it!
@@SpencerJohnsonOfficial DEFINITELY enjoyed it!
That’s awesome to hear man!
I really like where you’re taking it Spencer! Keep up the great work!
I appreciate that man! Will do!
Another great episode! Great work Spencer loved hearing RJs point of view on things!
Thank you Mark! I'm glad you enjoyed it man!
This was a fantastik interview! Kudos to Spencer for his interviewing talent👍🏾 RJ's perspectives are distinct both in the CC game and bank bonus content space. I appreciate his objectivity on a giant like Amex, while not sharing his perspective. While I think he has a slight bias towards Chase (the everyman's credit card bank), I actually think he has a deeper understanding of Amex's marketing and business strategies than most of us do because of his banking/business background.
That really means a lot! I'm happy you enjoyed it. And that's a really good point about RJ's knowledge of Amex. Considering his background, he definitely has a good grasp on why they're so successful, and even then, he doesn't bit on their marketing which is impressive. Thank you for watching this one!!
Awesome! Will watch tomorrow
Thanks so much! I hope you enjoy.
Once again, great interview! Thoroughly enjoyed it!
Thank you Manny! Glad you enjoyed it!
The Schwab Platinum AmEx is now down to one MR point per dollar spent.
Crappy card. Them investment banks really hurting now with higher interests rates. 😂. 💩them!
I do love what he says about Amex. I still don't have any Amex, but I will. But I know that I can't justify the annual fees with credits. Like he said I'd be changing my natural spending for it. But if I can get a 150k SUB it's a no brainer for at least a year...
I agree! I’m definitely not one to recommend everyone Amex cards. They just don’t make sense for a lot of people. But they definitely DO make sense for a lot of people if only just for the bonus like you said. It just all depends on your current setup and overall strategy really.
Consider the hilton cards
The Hilton line of cards are great! Especially the Aspire. I’m sure I’ll get them all one day.
Yes. Wait until you see 150k sub.
I just PCd into an OG freedom but I had to jump the weirdest hurdle, for some reason they required a 5K limit for the PC, so I had to lower my CSP down to 3K and now my freedom has a higher limit than my sapphire preferred
That is super interesting. I haven't heard of that happening before. Thanks for sharing that DP!
I like Amex a lot, but some of their cards I do not imagine grabbing. Particularly the Delta Cards, the Gold Card, and the Platinum Card. I don't have loyalty with any airlines, so I don't want to lock myself into a card. For the Gold and Platinum, the monthly credits annoy me a lot along with them not being in my normal spending.
I do like a few of their No AF cards and the Hilton Cards.
The BCE is a killer of a No AF card. 95% of my natural spend hits a category on this card and it comes with a monthly discount to the Disney bundle which I'm sure many use. I also personally used the Home Chef $15 monthly credit twice, I had discounts directly from Home Chef and also Amex Offers for it. I then went through Rakuten and got even more cashback. Effectively, I paid $20 for two boxes that would've cost like $183 originally. The cost of me buying all it the food myself would've been like $80-$90.
That's completely fair and this is exactly how I prefer people look at their credit cards! It's awesome you get so much value from the BCE. Personally I wouldn't get any value at all really since 3% cash back is less than a 2x catch-all travel card will give me, but that just goes to show how everyone's goals and strategies are way different! However, everyone can get value from those credits if they already use those services. Thanks for the insightful comment!
Charge cards (Amex) do seem kind of outdated. I guess is Amex case they stick around for the flex factor. Great banding but meh value for most holders.
This was a great discussion. Some how I missed it when it cane out. Great points
I’m happy to hear it popped back on your radar! I definitely had a good time chatting with RJ. Thanks for watching!
Thanks Mr. Johnson for connecting with another good sir!
Of course Mitchell! Always happy to do so.
Rj is a legend 0:44!!thanks Spencer for great content!
I agree with you there Chris!! And of course man. It's my pleasure!
Love the deep analysis collaboration vid good to see
Thanks Neno! I've really enjoyed this series so far, so I'm glad you're liking it too.
I really enjoyed this video! Great job and great interview!
Thank you Jordan! I’m glad you enjoyed it man.
In uk, we do not really have choice, other banks suck to the core for their customers service
Ahh that’s unfortunate. I know the selection in the US is much broader, so I feel for you there. What cards do you have?
@@SpencerJohnsonOfficial the best ones are amex and chase has an online bank which gives 1% cash back on everything
Okay that’s good to know. I know y’all have different cards than we do even with the same lender so it’s always interesting to hear about those.
Nice and insightful
Thanks Paolo!!
As a new yorker - Amex is great for me. I have access to all of the things they offer. Even as someone who is pretty middle class here. With that said, if I moved anywhere else outside of another coastal city, I would have jumped into a Chase trifecta years ago.
Amex cards are for City dwellers
I think this is 100% accurate. It all plays into what kind of consumer Amex wants representing their products. Someone in a big city definitely fits what they're going for. Chase and the other lenders are definitely more beneficial for the average person, but Amex has it's place for the right people.
It definitely makes the cards easier to justify, that's for sure!
Even when I’m in Texas. Amex is 90% where I want to spend my money.
You guys did a great job!
Thanks so much! I’m happy you enjoyed it.
Love the conversation ur both of u and RJ, I agree, Amex is freakin amazing but also not for everyone. I think young ppl see the plat and/or gold cards as flashy and status symbols just for the sake of them being Plat and Gold. But I love my Gold cards, they give me tons of value and I definitely make sure I use my credits. Lol ❤😂❤😂
Thanks Dannee! Good to see you in here again. And I completely agree with you. Amex does a great job with their marketing to a point where everyone feels like they need them to have some kind of status when they may actually just be wasting money. I also love my Amex cards though. For the right people, they're some of the best out there!
I already know I’m gonna cancel my plat after my late 2024 international travel/redemption. Unless…they restore some value that it once had. Like making 1 guest $0 into centurion, is a start
Amex welcome offers take too long to come through compared to chase and capital one. Takes like 12 weeks I was told. Ridiculous.
Ah interesting I haven't had much experience with their offers but if that's the case then that's definitely unfortunate!
I got my bonus on my Amex Gold within days of hitting the spend threshold. Whereas my friends with CSP had to wait until statement close
@@Jiggy609 ah interesting data point! I’m STILL waiting on my blue cash everyday. I talked to AMEX last week and they said the system hasn’t calculated it yet.
How long does it take to get awarded the SUB with Chase? Cap1?
At least he admits he's on the wrong side! Lol. Jk. To each their own. I understand cash back... but I'm team travel because I have my house in order... I save X amount a month. I put X amount into 401k, Roth, individual account, I save for real estate, and the what's left over I spend to enjoy life. I redeem my points to travel in a more comfortable style than I would otherwise. Before points I had never stayed at a hotel, always AirBNB and the cheapest one i could find, never would think about paying for a business or first class flight.. with points I can! But if I didn't have enough money to pay myself first... I'd be all about cash back.
This is a really good summary for who should be on team travel vs. team cash back. If you don't have your finances in order yet, it may not make a ton of sense to be earning these high value travel points since your main focus should be on getting your money in line. It's awesome to see what these luxury travel credit cards can get you, but you gotta stop to think if they're right for you and where you're at in life. Great points David!
Team travel tend to be aspirational about the credit card game.Whereas Team cash wants more everyday utility from the game. Not a wrong side, Just want u value.
Any recommendations for first business bank account?
I think it depends on a lot of factors. I know RJ uses the Amex Business Checking account which has had a lot of great reviews lately. I personally use an online bank called Novo and I’ve enjoyed it so far for what it’s worth. However, if you’re someone that is worried about not getting approved for certain cards (i.e. Chase for example) then it could be beneficial to open up a business account with them and build that relationship. It really depends on your goals to be honest.
Let’s go!! 🙌🏾
Man CJ, you're killing it lately with the timing of your comments haha 👑
@@SpencerJohnsonOfficial I’m fast when I’m writing my script 🤣🤣🤣. I see the push notification on my screen.
@@ItsMeCJ Haha that's awesome.
aye its RJ! :)
Yes sir! The man himself.
Great
Thanks!
Dang :( I just got an Amex!
Luckily I think RJ and I would both approve of the Amex card you applied for. The Blue Cash Everyday is an excellent card all around and since it has no annual fee, it’s automatically justifiable compared to the high annual fee Amex cards like the Gold and Platinum cards. I like your choice!
Thanks for the reassurance, Spencer! Great video.
Of course man!
Based RJ
To see more creator interviews as they’re uploaded to the channel, check out this playlist: shorturl.at/DKNQ8
Thank you so much for watching! What was your favorite part of the interview? 🤔