As a long time sub of this channel and a huge fan of the content here I would like to take a second to applaud you on how much this channel has grown in terms of video and editing quality as it seems you’ve take yet another leap forward 👏🏽👏🏽👏🏽
I appreciate hearing that, Chris! Thank you for the support over the past few years. Credit for the upgraded video editing goes to my new video editor. Really thankful for the work he's able to do 🥇
@@MarkReese I should be thanking you for all the great content you’ve made that has been life changing. The video editor is doing a great job and I’m sure he/she is saving you a ton of time behind a computer screen editing all these videos leaving you more time to think up new ideas for future content.
With the Chase csr im prepaying 300$ for travel and then im essentially buying a yearly travel insurance policy/ lounge access for $250. Im not chasing coupons and im not restricted to a portal.
@@yurig2530 I don't stay at Marriott and I don't value an airline incidental credit that I have to call and jump through hoops as worth prepaying for. Not worth it for me.
However a $250 annual policy is still a better deal. Covers all travel 100 miles from home regardless of if or how it’s paid for. So if drive your own car on a road trip or if your rich friend invites you on their private plane you are covered. $50,000 primary medical plus $500,000 medivac and more.
Just want to point out that Capital One does price matching, so you can find the cheapest flight out there and just call them within 24 of your booking. Downside is they give you back as travel credits, not actual cash.
So does delta & other airlines if you cancel flight with out the airline high price insurance for refund change flight. voucher is paid back by the airline for the going rate at the time.
All great points, though for people like myself, #1 is actually a perk instead of a problem. Pick one card (with one annual fee) that works best for your situation, and no need to feel like you're missing out on something the others are offering.
Overlapping benefits, raising annual fees, coupon book credits, restrictive multipliers, big opportunity cost, make you forget how much you actually travel. Basically those are all AMEX problems. It's simple, don't listen to CC youtubers about how great a card is. Think for yourself
I use the Capital One duo as my primary ecosystem. I have the Platinum and use just a little over $700 in yearly coupon benefits that I would have spent on anyway, so the card works for me for its general travel and lounge benefits. However, I do not consider myself a participant in the AMEX ecosystem regularly. I have combined SUBs with AMEX to make my way through, though. If I am after the extra flight protections, I may use this card for that as it gives 5% without needing to use the portal. I wish more cards would give you 3% back for travel points and for outside portals, plus, have a broader travel category that consistently included cruises and rail travel. Oddly, although not a points card, the Citi Anywhere Costco card does have this benefit. For a card that I mostly relegate to Costco gas purchases, it does have this travel category that can still be useful.
This is why I generally prefer the mid tier travel cards, such as the Hilton Surpass and CSP. In the Surpass’ case, the $50 quarterly Hilton credit applies to all Hilton properties, from Spark and Hampton Inn all the way up to the Conrad and Waldorf Astoria. In the case of the CSP, you’re still getting that great travel insurance but you get better multipliers and it costs less to hold per year.
Only travel twice a year, Chase Sapphire Preferred suits me fine. I quit the premium cards when I retired. I'm waiting to see if Wells Fargo gets in the game.
Same but I heard a lot of people say Wells Fargo card for fraudulent charges and obviously Wells Fargo’s bad history of banking turns me off from it , idk enough about how good their customer service is for credit cards
Thanks for this, you definitely articulated well the reasons why cards like the Amex Plat I’m closing at the end of the year don’t appeal to me anymore now that travel isn’t a big part of my life.
I downgraded my platinum card to the gold card. Every time I tried to use a lounge, even centurion lounge, I had to get out of my way to look for it. They are saying that you could use the shower 🚿, but you have to stay in line, even to use the toilet. I didn’t like at all
That's one potential issue with lounges that are independent from an airline ... they may not be located in a convenient place from where you need to be. On the other hand, that's when airline-owned / operated lounges can be a lot more convenient. The AA Admirals Club, United Club, Delta Sky Club, and Alaska Lounges tend to be located near the gates of those airlines.
Thank you for the video very informative. My wife and I do a mini vacation six times a year. And I find it very hard to justify more than one premium travel card. I chose the American Express platinum only for the reason. My home airport has a centurion lounge.
I am a COne VX holder. Regarding with what you have said on missing out 12:58 , the card offers a price match guarantee. If you have find a lower price within 24 hours of booking.
Very prescient and cogent insight into these cards. Thanks once again Mark. As a recent college grad years ago, I gobbled up as many of these as my salary allowed ; to impress girlfriends, family and friends. Then I became a rational being and only kept the pragmatic ones. That being said, you are one of my "go to" guides on these things. Thanks for your objective and unbiased vids. Keep up the great work!
Feels good to evolve as a human being & realize that a bigger bank account balance is way better than a wallet full of high-fee cards (that eat away at the bank account balance) 😄👌
I totally agree with all the great points you brought up about these elite cc’s. I have had these travel cards for years but have been cancelling one by one over the past few years. This year, the Chase Reserve would most likely be cut. ☠️
As always this video was excellent and the way you broke it down was perfect! Many people don’t look at these cards as pre-paying for something that you may or may not use. Thank you for putting it all out there! I really appreciate it!
Yep, I definitely understand the complementary benefit between air + ground 👍 I'd just prefer no rideshare credit & a lower annual fee so I'm free to use whichever provider / method I choose 💯
I have countless co-workers and friends who have an Amex Platinum or Gold card. They all talk up the benefits and perks of the Cards. Curious, I delve deep into the fine print trying to figure out “ what’s the catch”. Let’s just say the perks are good for a reason 😅.
Another Great video sir. Made me think of two points. The green card probably best for most people over the platinum. Also Max Rewards to keep things straight!
Mark, your videos are always on point. I’ve been thinking recently that maybe we’ve reached peak travel card, at least on the consumer side. All the news lately has been about higher fees, more restrictive credits that are harder to use and cancelled benefits. Hopefully, Wells Fargo or Citi shakes things up with new offerings.
I have the platinum and the venturex. Annual fee is a breakeven on the venturex but might eventually cancel just cause it doesn't have any real benefits compared to the platinum. Probably would be alot more worth putting the annual fee in something like the honors aspire. Love the platinum so probably not canceling that one for the time being.
I think the Venture X offers the perfect amount of benefits to cost without becoming too much like the other products on the market. While I know it won't stay at 395 forever, it wouldn't hurt them either
You are definitely correct. Things have really gotten out of hand. Amex platinum used to be a great card. Now it isn't even worth the annual fee and for the lack of benefits. Many cards are getting to the point of not worth having. Feel the Chase sapphire is still worth it. Amex gold is better than platinum. For instance only kept the UA cc because I'm at a hub. Loyalty is not in the consumer interest anymore. Become a free agent and do what is best for your use. Love the fact that chase sapphire gives primary car rental insurance. Thanks for the detailed information and reminder why I need to keep reviewing my need for these cards. Most still pay the AF by using the perks. But once that's gone so am I
It's refreshing to hear this kind of perspective that emphasizes that premium travel cards AREN'T FOR EVERYONE. It's easy to buy into the hype of the cards but don't get them if they don't suit your use case and if they don't compliment your spend organically unless you make way over six figures and money isn't an object for you. Otherwise I'd say for many that want to begin to get into the points and miles game, you're better off getting a starter travel card and then you can decide if a premium card is right for you down the line.
My biggest problem with premium cards is that the credits are often ones that the vast majority of people might not even use or heard of . Like in Amex platinum the saks fifth ave credit. Or clear membership. Or even the equinox credit. Or instacart credit. Etc Examples like that
That’s because Amex is specifically looking to profit from breakage i.e. credits partners pay them money for but don’t get redeemed. They also profit from forced spending at 1x MR.
I mean to be fair. all the chase cards have Three times and dining which is annoying as hell to me. I have the trifecta myself and I can't stand how a lot of these categories overlap. The only thing that's about the CSP is at least you get a 10% on top of that as an annual bonus. So really it's above the 3% opposed to the other ones Doing all honesty. I wish I went with it for the CSR over this CSP due to the fact it's three times on travel
@@yurig2530 LOL not everyone has business credit cards or able to, not everyone has any income coming from other sources other than their w-2 job typically. Also ignoring the fact csp gives you another 10% bonus every year on top of spend Ink pref does not. Pref kinda trash tbh unless you ship and have high spend on that as well as internet, and other bills. Its mehhh tbh. i'd argue you get more value you csp than ink pref on top of having a 50 credit to cut the fee in half and 10% bonus, dash pass, among others. In reality ink is weak unless u use a lot of shipping, needs a revamp in all honest.y
@@yurig2530 csp has a better travel benefit in the portal, same dining better travel insurance since its more comprehensive as well. Chase ink is basically a sign on points card that pretty much the value
It is ridiculous for instance that the most prestigious card (Amex Platinum) wants you to shop at one of the crappiest stores in America - Walmart. It is like Ferrari owner receiving a coupon to Jiffy Lube for oil changes. They do this on purpose cause they know majority of the Amex user base would never bother to shop at Walmart.
It probably goes deeper than that. 1. Affluent customers still shop at Walmart, especially during the current economic climate: www.cnbc.com/2024/05/16/walmart-bubble-due-to-high-income-grocery-spending-warns-bill-simon.html 2. Walmart is also remodeling a lot of its stores, making them more attractive to shop in: www.usatoday.com/story/money/2024/02/01/walmart-new-stores-locations/72433769007/ 3. Walmart is also introducing a new private label brand, which will cover goods that more affluent customers may want: corporate.walmart.com/news/2024/04/30/walmart-launches-bettergoods-a-new-private-brand-making-elevated-culinary-experiences-accessible-for-all 4. At Amazon, those with a Prime membership spend more than those without a Prime membership: retailwire.com/prime-members-spend-more-than-double-what-nonmembers-spend-on-amazon/ ^ I'd imagine that's the case with Walmart+ members vs. non members (i.e., the "plus" members spend more). Amex likely wants a cut from the subset of Walmat shoppers who DO spend a fair amount, so Amex is offering a credit to offset the membership charge rather than being a general Walmart credit. Walmart also probably wants to attract more Amex customers into its store & online, since Amex cardholders tend to spend more than Visa / MC cardholders.
@@MarkReese I appreciate the resources. It is interesting that Walmart is going after more affluent shoppers. They for sure have a lot to do. We very seldom step into Walmart due their unwillingness to accept NFC payments such as Apple or Google Pay. Once they improve their stores and stop discriminating against NFC payments, it will be a different story.
Agree -this seemed strange to me as well at first. Upon looking further, it turns out that Walmart plus comes with its own set of perks that might appeal to some -namely paramount+ streaming membership that includes NFL streaming access for football fans. Also learned that WM+ 15:57 gets you free shipping on all orders (no minimum price cap to my knowledge) from both Walmart stores (including groceries) and from Walmart online which includes products from independent stores/ sellers as well as some large retailer brands (e.g. dockers, levi etc) - similar to Amazon but on a smaller scale. So not locked into buying from just Walmart by any means. Adding a Walmart Mastercard (no AF) on top of that gets you 5% cash back on anything purchased from Walmart online including items sold by independent/ non Walmart stores on there and including groceries as well-all delivered free with the Walmart+ membership. For some this combo in particular can add some value overall. And without ever setting foot in a physical Walmart store…
@@ramblr5900cards that overlap in categories & I am not using to prevent fraud or charges that I am not aware of. I am definitely canceling the Gold card after 2 year . I want premium cards only and max 5 cards in total. I currently have 11 open cards
Hey Mark I know this doesn't mean anything to you, but we gotta get you more subs to get out of the 66.6k subs you're hitting right now. Good video, dude
I recently got the Venture X. Annual fee due on AMEX Platinum. I was going to downgrade but I’m leaning towards transferring my points to Virgin and closing the Platinum. What are your thoughts? Great video.
If you have another Amex card that earn Membership Rewards points, then that one will preserve your points even if you close the Platinum Card. If you don't have other Amex cards that earn Membership Rewards points, then yes, you'll forfeit your points if you close the Platinum Card. I generally don't recommend speculative transfers (i.e., transferring points to a partner without a plan to use them). If you fly / plan to fly with Virgin or its partners, then you could make the transfer. If you don't know how / when / if you'll use Virgin, it may not be a good idea.
This video makes so much sense. Actually I travel a lot throughout the year on business. It would be great to accumulate the perks of flying a lot to get upgrades on my flight from economy to economy plus or business class. I travel overseas a lot. I don’t use Uber eats or DoorDash at all but I do take Ubers to the airport or around for quick errands. I have to make it make sense an not put myself in a position where I’m spending more than I benefit.
Yeah, I think these credit card companies are gonna face a lot of trouble going forward with these high fee.Travel cards that don't give you everything. Everything may be three or four points back on groceries gas and restaurants. I know there are some that there is so many that do not. Normal average people that bravo will soon be trying to find that one all around car.
Is this your best video of the year?…..yes😂. I agree fully, with inflation and less travel i do pretty well with my VX card and gold for food. The rest was just a race to spend more where you dont really need to.
Hey Mark. So I'm thinking about getting an auto loan, but I'm also considering getting a motorcycle loan. Would you happen to know if it's possible to get both without destroying a credit score. My credit scores about a 750 on average.
Potentially, yes. Getting a car loan will likely be more focused on the credit "range," (example: as long as you're between 700-740, then your APR on a car loan will be the same regardless of what the exact score is). However, a new inquiry will likely drop your score temporarily. If that drop results in falling from a higher range to a lower range, then yes, you could end up paying a higher interest rate on that car. Regardless, I'd personally avoid all credit card applications before things like auto loans, mortgages, personal loans, etc. The credit card game is secondary to financial responsibility & winning the money game overall.
@MarkReese thank you for your response. I really appreciate it! So a lot is going on right now!!! I am considering a credit card for upcoming medical expenses. Unfortunately, it looks like we're going to be needing a vehicle loan as well. Each needs my attention around the same time. Is there a better way than another to go about both? I'm trying to gather a responsible strategy to handle both situations? Thanks again!!!
I just got the Venture X over the others because if I don't find value in it in this first 1-2 years then I know I can still downgrade it (I have the Chase preferred as well). If Cap1 could get that Clear credit, then I'd be more than satisfied over the $300 credit it comes with lol
There's nothing "magic" about 30% utilization. If it gets on the higher side and the score temporarily drops a few points, it's super easy to rebound next month 🤙
Big travelers may have a premium bank card for earning valuable points on their spend. They may then add a premium airline card for access to that airline's lounge network. Perhaps a premium hotel card for elite status / benefits at their preferred hotel chain.
hi Mark, can you book 2 separate rooms and have 2 separate payments on the same day & claim two $50 hotel credit for the Chase World of Hyatt business card? does it have to be on a different day? if it cannot be on the same day, how about I check out the 2nd room on the next day? will it trigger the 2nd $50 hotel credit? thanks
Not sure. I don't have experience with the card or the benefit. Per my understanding of the terms, it seems to be possible same day as long as there are 2 separate transactions of $50 or more. It also doesn't have to be from a room rate, either. To quote the terms... _"Qualifying Hyatt purchases are single transactions of $50 or more made at Hyatt hotels and resorts (including at participating restaurants and participating locations that are owned, managed, franchised or licensed by Hyatt Corporation or its subsidiaries or affiliates)."_
Hi, this may be a different question from your video but i had applied to business card from chase with my ssn and it was counted towards personal credit bureau. Is this normal? I am not over 5/24 due to that and unfortunately can't apply to chase credit cards until i go down to 4/2. Please let me know!
Yes, that's normal & expected. Small business credit cards from Chase still pull your personal credit. You need to be below 5/24 in order to get approved, but if you get approved, they will not increase your 5/24 count. That's because while you do receive an inquiry on your personal report, the new account itself will not get reported to your personal report. Your 5/24 count only includes accounts that get opened, not inquiries. So, if you're 4/24 now, apply & get approved for a Chase business credit card, then you'll still be 4/24 after.
@@MarkReese Thank you so much for the information! After I was approved for busines ink unlimited, I applied for freedom flex a week to 10 days after. I was denied and i had assumed it was due to business creditcard being counted by using my ssn. Do you know what could be the cause of the denial? Only thing that would prevent me is 5/24 and i did apply 4/24 for the businesscard. Please let me know if you can give me insight on this!
@@djlearning60 - I don't have a way of knowing why Chase denied you. Call their reconsideration line to find out & see if they can overturn the decision.
I agree I canceled my saphire preferred card as I don’t rate general travel cards with fees any more. Branded ones are still good if you are loyal to the brand and utilize it regularly.
I mean CSP isn't really a travel card but either way you have a $50 credit which if you get a hotel every once in a while. Anyways, you already brought that price down to 45 bucks and if you use any streaming service throw that on the card and you get a discount on that anyway. So in reality, you're probably only paying 20 bucks for the card or essentially free on top I'll let you have a transfer partner unless you just only do cash back which is really a limiting your rewards
@@Notthecobracommander I don't pay rent so the built is useless for me but that's cool man So what made you decide to go with that hotel card? Then like Marriott or Hyatt or IHG
@Brianpeckin I get that bilt is for rent payers only. For me whyndham earner plus is the best hotel card because. 1 it pays 6x on fuel I spend a lot on fuel around 200 a month. 2 gives 10% off cash or points bookings. Many other programs are better only if you stay 4 or 5 days in a row and points only. Fixed point redemption per night, very cost affective. 6750 13500 27000 With discount. 3 anual fee is only 75 and gives you 7500 points rather than a certificate that expires in 1 year. 4 I am not too high class I like mid range hotels and whyndham has quite a few. Only real weakness are 1 whyndam so not really high end 2 not many hotels near stadiums. For that I use Marriott my 2nd choice.
I mentioned in the intro at 00:08 that of the 6, only 3 of them are open. Of those 3, I plan to keep all 3 open... Though I might downgrade the CSR to CSP. To be determined.
Welcome! It's not beat up, it's an artistic design you can choose to get. The one shown in the video is by Julie Mehretu. There's another floral design by Kehinde Wiley, and a third that's just the 'classic' / standard design.
I'm making 2% cash back (Fidelity card) on my spending that falls into a money market account at 5% (Thanks Jerome) or I can use the money to buy closed end funds that pay me 10% so that's enough for me, the rest of you have fun with all your air mile spreadsheets and stuff.
Hello Mr. Reese, I am thinking about getting into investing and generating passive income is my goal. Could you recommend a app or point me to a video you may have created on this topic? Thank you for your valuable content and insights
That's great to hear! I don't have any videos on that topic on this channel. However, I do have a beginner's investing video coming out next on another channel. Follow @TheSimpleDollarShow to be alerted when it goes live 💯 Here's a link to the page: www.youtube.com/@TheSimpleDollarShow
Once I get out of 5/24 jail in a few months, I’m going to downgrade my CSR to a freedom and apply for a new CSP. I’m keeping the Platinum and Venture X.
As appealing as traveling in luxury might sound to me, I found the Wells Fargo Autograph card being way more practical than many of my cards that have an annual fee.
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Honestly this is why Mark Reese is one of the peak credit card channels, he is really willing to actually ask if we’re getting value from these cards
That's what it's all about 💯 Real value that gets used is different than perceived value that we think about using 😄
He's one of the few credit card channels I can stand watching:)
@@AnonyMap1 for sure, one a few people I take seriously!
I think the amex platinum should give you 2x instead of 1x on everywhere else, that would be generous for that high annual fee
I like the sound of that 💯
I mean. Amex is a smart company. I'm certain they'd be losing money on it if they did that.
As a long time sub of this channel and a huge fan of the content here I would like to take a second to applaud you on how much this channel has grown in terms of video and editing quality as it seems you’ve take yet another leap forward 👏🏽👏🏽👏🏽
I appreciate hearing that, Chris! Thank you for the support over the past few years. Credit for the upgraded video editing goes to my new video editor. Really thankful for the work he's able to do 🥇
@@MarkReese I should be thanking you for all the great content you’ve made that has been life changing. The video editor is doing a great job and I’m sure he/she is saving you a ton of time behind a computer screen editing all these videos leaving you more time to think up new ideas for future content.
With the Chase csr im prepaying 300$ for travel and then im essentially buying a yearly travel insurance policy/ lounge access for $250. Im not chasing coupons and im not restricted to a portal.
Good perspective 💯
Get Ritz instead
@@yurig2530 I don't stay at Marriott and I don't value an airline incidental credit that I have to call and jump through hoops as worth prepaying for. Not worth it for me.
However a $250 annual policy is still a better deal. Covers all travel 100 miles from home regardless of if or how it’s paid for. So if drive your own car on a road trip or if your rich friend invites you on their private plane you are covered. $50,000 primary medical plus $500,000 medivac and more.
@@yurig2530 I’m looking into that, but there is still significant risk that you won’t be able to PC to that card while waiting for your year to end.
Just want to point out that Capital One does price matching, so you can find the cheapest flight out there and just call them within 24 of your booking. Downside is they give you back as travel credits, not actual cash.
Fantastic feature 👌
So does delta & other airlines if you cancel flight with out the airline high price insurance for refund change flight.
voucher is paid back by the airline for the going rate at the time.
Cost of Annual Fee vs. Value of Benefits = The BIG question every 12 months when that fee hits 😁GREAT video!
Sure is! Glad you enjoyed the video 💯
This almost makes me appreciate my US Bank Altitude Reserve with no transfer partners. That 3% on all mobile payments looks better than ever.
Does this include all PayPay purchases as well?
@@armandoangeljr4464no
PayPal is online so that would negate the mobile wallet aspect since you have to “tap” your cellphone for the transaction to be considered valid.
U.S. Bank Altitude ROCKS for simplicity 🏆
4.5% if you know how to do it.
All great points, though for people like myself, #1 is actually a perk instead of a problem. Pick one card (with one annual fee) that works best for your situation, and no need to feel like you're missing out on something the others are offering.
Good perspective!
Overlapping benefits, raising annual fees, coupon book credits, restrictive multipliers, big opportunity cost, make you forget how much you actually travel.
Basically those are all AMEX problems. It's simple, don't listen to CC youtubers about how great a card is. Think for yourself
💡💭
I use the Capital One duo as my primary ecosystem.
I have the Platinum and use just a little over $700 in yearly coupon benefits that I would have spent on anyway, so the card works for me for its general travel and lounge benefits. However, I do not consider myself a participant in the AMEX ecosystem regularly. I have combined SUBs with AMEX to make my way through, though. If I am after the extra flight protections, I may use this card for that as it gives 5% without needing to use the portal.
I wish more cards would give you 3% back for travel points and for outside portals, plus, have a broader travel category that consistently included cruises and rail travel. Oddly, although not a points card, the Citi Anywhere Costco card does have this benefit. For a card that I mostly relegate to Costco gas purchases, it does have this travel category that can still be useful.
This is why I generally prefer the mid tier travel cards, such as the Hilton Surpass and CSP. In the Surpass’ case, the $50 quarterly Hilton credit applies to all Hilton properties, from Spark and Hampton Inn all the way up to the Conrad and Waldorf Astoria. In the case of the CSP, you’re still getting that great travel insurance but you get better multipliers and it costs less to hold per year.
💯👍
Only travel twice a year, Chase Sapphire Preferred suits me fine. I quit the premium cards when I retired. I'm waiting to see if Wells Fargo gets in the game.
CSP = great for occasional travel ✈ I too am looking forward to see what Wells Fargo does!
Same. I normally travel only 2-3 a year so the amex green & csp work for me
Same but I heard a lot of people say Wells Fargo card for fraudulent charges and obviously Wells Fargo’s bad history of banking turns me off from it , idk enough about how good their customer service is for credit cards
@@qmanagement6002thats so overhyped in this community. Plenty of other banks have had controversies
I wouldn’t cancel my platinum Amex but man they got to get the lounges under control. The lines are dumb.
Overcrowding has become an issue 😬
Thanks for this, you definitely articulated well the reasons why cards like the Amex Plat I’m closing at the end of the year don’t appeal to me anymore now that travel isn’t a big part of my life.
Smart move to get rid of travel cards if travel itself plays a small part in your life right now 💯
I downgraded my platinum card to the gold card. Every time I tried to use a lounge, even centurion lounge, I had to get out of my way to look for it. They are saying that you could use the shower 🚿, but you have to stay in line, even to use the toilet. I didn’t like at all
That's one potential issue with lounges that are independent from an airline ... they may not be located in a convenient place from where you need to be.
On the other hand, that's when airline-owned / operated lounges can be a lot more convenient. The AA Admirals Club, United Club, Delta Sky Club, and Alaska Lounges tend to be located near the gates of those airlines.
Mark, that's a good video as usual. Love the audio/video effects, I wish that you included the US Altitude reserve.
Thank you! For the U.S. Bank Altitude Reserve, the biggest problem would be the current lack of a transfer partner program.
Two Amex plat gone, two biz plat gone, I only kept the venture x, and a CSP with two freedom. Simpler to keep track and not waste benefits
Nice simplification 👌
@@MarkReese thanks. Especially since my redemptions are exclusively Flying Blue. Having to fly back home to France from the US.
Thank you for the video very informative. My wife and I do a mini vacation six times a year. And I find it very hard to justify more than one premium travel card. I chose the American Express platinum only for the reason. My home airport has a centurion lounge.
Great that you found the card for you! Convenient to have an Amex Centurion Lounge at your home airport ✈
I am a COne VX holder. Regarding with what you have said on missing out 12:58 , the card offers a price match guarantee. If you have find a lower price within 24 hours of booking.
Correct, an excellent benefit for sure 👍 I just find a 24-hour window to be very limiting.
Very prescient and cogent insight into these cards. Thanks once again Mark. As a recent college grad years ago, I gobbled up as many of these as my salary allowed ; to impress girlfriends, family and friends. Then I became a rational being and only kept the pragmatic ones. That being said, you are one of my "go to" guides on these things. Thanks for your objective and unbiased vids. Keep up the great work!
Feels good to evolve as a human being & realize that a bigger bank account balance is way better than a wallet full of high-fee cards (that eat away at the bank account balance) 😄👌
I think the Delta card Revamps we just saw perfectly describe all of these issues for better or worse.
😁👍
I totally agree with all the great points you brought up about these elite cc’s. I have had these travel cards for years but have been cancelling one by one over the past few years. This year, the Chase Reserve would most likely be cut. ☠️
😁👍
An honest conversation that needed to be had!
🎙💯
As always this video was excellent and the way you broke it down was perfect! Many people don’t look at these cards as pre-paying for something that you may or may not use. Thank you for putting it all out there! I really appreciate it!
Glad it was helpful!
Rental and rideshare credits do make sense for airline cards, I have to get to the hotel or sometimes the next city over somehow.
Yep, I definitely understand the complementary benefit between air + ground 👍 I'd just prefer no rideshare credit & a lower annual fee so I'm free to use whichever provider / method I choose 💯
Not when those credits are doled out monthly.
I have countless co-workers and friends who have an Amex Platinum or Gold card. They all talk up the benefits and perks of the Cards. Curious, I delve deep into the fine print trying to figure out “ what’s the catch”. Let’s just say the perks are good for a reason 😅.
😁👍
I see you've been upgrading your edits recently Mark.🎉
Thanks to an editor I hired; he's doing great work!
Another Great video sir. Made me think of two points. The green card probably best for most people over the platinum. Also Max Rewards to keep things straight!
That's right! For rewards multipliers, the Green Card is awesome. MaxRewards' speed & reliability has improved recently, too!
Mark - this presentation had that "wow" factor👍🏾👍🏾 What can I say... when you put it that way, I really only need half of my cards😎
And I bet you're not alone in that 😄🤙
Mark, your videos are always on point. I’ve been thinking recently that maybe we’ve reached peak travel card, at least on the consumer side. All the news lately has been about higher fees, more restrictive credits that are harder to use and cancelled benefits. Hopefully, Wells Fargo or Citi shakes things up with new offerings.
Eagerly anticipating to see what WF does (and hopefully Citi at some point) 💯
I have the platinum and the venturex. Annual fee is a breakeven on the venturex but might eventually cancel just cause it doesn't have any real benefits compared to the platinum. Probably would be alot more worth putting the annual fee in something like the honors aspire. Love the platinum so probably not canceling that one for the time being.
That HH Aspire is an excellent card if you stay at Hilton resorts 2+ times per year and fly at least 1x per quarter 👌
I think the Venture X offers the perfect amount of benefits to cost without becoming too much like the other products on the market. While I know it won't stay at 395 forever, it wouldn't hurt them either
💯👍
You are definitely correct. Things have really gotten out of hand. Amex platinum used to be a great card. Now it isn't even worth the annual fee and for the lack of benefits. Many cards are getting to the point of not worth having. Feel the Chase sapphire is still worth it. Amex gold is better than platinum. For instance only kept the UA cc because I'm at a hub. Loyalty is not in the consumer interest anymore. Become a free agent and do what is best for your use. Love the fact that chase sapphire gives primary car rental insurance. Thanks for the detailed information and reminder why I need to keep reviewing my need for these cards. Most still pay the AF by using the perks. But once that's gone so am I
Always smart to evaluate the value to your own situation 👌 Being a free agent has its benefits!
Really appreciate the honesty!
💯👍
It's refreshing to hear this kind of perspective that emphasizes that premium travel cards AREN'T FOR EVERYONE. It's easy to buy into the hype of the cards but don't get them if they don't suit your use case and if they don't compliment your spend organically unless you make way over six figures and money isn't an object for you. Otherwise I'd say for many that want to begin to get into the points and miles game, you're better off getting a starter travel card and then you can decide if a premium card is right for you down the line.
Well said. For most, it's likely better to begin the journey with strong earning cards rather than strong benefit / perk cards.
My biggest problem with premium cards is that the credits are often ones that the vast majority of people might not even use or heard of . Like in Amex platinum the saks fifth ave credit. Or clear membership. Or even the equinox credit. Or instacart credit. Etc Examples like that
Yep. Seems like card issuers are getting more specific about their ideal target customers.
That’s because Amex is specifically looking to profit from breakage i.e. credits partners pay them money for but don’t get redeemed. They also profit from forced spending at 1x MR.
You missed the 3x on dining and general travel on the CSR. Those are big.
I mean to be fair. all the chase cards have Three times and dining which is annoying as hell to me. I have the trifecta myself and I can't stand how a lot of these categories overlap. The only thing that's about the CSP is at least you get a 10% on top of that as an annual bonus. So really it's above the 3% opposed to the other ones
Doing all honesty. I wish I went with it for the CSR over this CSP due to the fact it's three times on travel
Good point 👍 I got carried away with focusing on the "limited rewards structure" part 😂
Ink Preferred has 3x on travel and Freedom Flex 3x on dining and drugstores. You don't need CSR or CSP.
@@yurig2530 LOL not everyone has business credit cards or able to, not everyone has any income coming from other sources other than their w-2 job typically.
Also ignoring the fact csp gives you another 10% bonus every year on top of spend Ink pref does not. Pref kinda trash tbh unless you ship and have high spend on that as well as internet, and other bills. Its mehhh tbh. i'd argue you get more value you csp than ink pref on top of having a 50 credit to cut the fee in half and 10% bonus, dash pass, among others. In reality ink is weak unless u use a lot of shipping, needs a revamp in all honest.y
@@yurig2530 csp has a better travel benefit in the portal, same dining better travel insurance since its more comprehensive as well. Chase ink is basically a sign on points card that pretty much the value
💯 Thanks for the info + video!
You're welcome!
Mark, do you see reserve sign up bonus going north of 60k this year? Or unlikely?
I don't have a way of knowing.
Definitely my favorite channel in the credit card rewards arena.
Keep it up Mark 👍
Thank you! 🏆
@@MarkReese Thank you for the time and effort that goes into this. Take care 👍
It is ridiculous for instance that the most prestigious card (Amex Platinum) wants you to shop at one of the crappiest stores in America - Walmart. It is like Ferrari owner receiving a coupon to Jiffy Lube for oil changes. They do this on purpose cause they know majority of the Amex user base would never bother to shop at Walmart.
It probably goes deeper than that.
1. Affluent customers still shop at Walmart, especially during the current economic climate: www.cnbc.com/2024/05/16/walmart-bubble-due-to-high-income-grocery-spending-warns-bill-simon.html
2. Walmart is also remodeling a lot of its stores, making them more attractive to shop in: www.usatoday.com/story/money/2024/02/01/walmart-new-stores-locations/72433769007/
3. Walmart is also introducing a new private label brand, which will cover goods that more affluent customers may want: corporate.walmart.com/news/2024/04/30/walmart-launches-bettergoods-a-new-private-brand-making-elevated-culinary-experiences-accessible-for-all
4. At Amazon, those with a Prime membership spend more than those without a Prime membership: retailwire.com/prime-members-spend-more-than-double-what-nonmembers-spend-on-amazon/
^ I'd imagine that's the case with Walmart+ members vs. non members (i.e., the "plus" members spend more).
Amex likely wants a cut from the subset of Walmat shoppers who DO spend a fair amount, so Amex is offering a credit to offset the membership charge rather than being a general Walmart credit.
Walmart also probably wants to attract more Amex customers into its store & online, since Amex cardholders tend to spend more than Visa / MC cardholders.
@@MarkReese I appreciate the resources. It is interesting that Walmart is going after more affluent shoppers. They for sure have a lot to do. We very seldom step into Walmart due their unwillingness to accept NFC payments such as Apple or Google Pay. Once they improve their stores and stop discriminating against NFC payments, it will be a different story.
Agree -this seemed strange to me as well at first.
Upon looking further, it turns out that Walmart plus comes with its own set of perks that might appeal to some -namely paramount+ streaming membership that includes NFL streaming access for football fans.
Also learned that WM+ 15:57 gets you free shipping on all orders (no minimum price cap to my knowledge) from both Walmart stores (including groceries) and from Walmart online which includes products from independent stores/ sellers as well as some large retailer brands (e.g. dockers, levi etc) - similar to Amazon but on a smaller scale. So not locked into buying from just Walmart by any means.
Adding a Walmart Mastercard (no AF) on top of that gets you 5% cash back on anything purchased from Walmart online including items sold by independent/ non Walmart stores on there and including groceries as well-all delivered free with the Walmart+ membership.
For some this combo in particular can add some value overall.
And without ever setting foot in a physical Walmart store…
I burnt 🥵 out. I am closing some . Just want premium cards that fits my lifestyle minimalistic & simplicity approach.
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which ones are you closing
@@ramblr5900cards that overlap in categories & I am not using to prevent fraud or charges that I am not aware of. I am definitely canceling the Gold card after 2 year . I want premium cards only and max 5 cards in total. I currently have 11 open cards
Always love hearing your perspective, Mark!! Great video.
Thanks Luke! 💪
Hey Mark I know this doesn't mean anything to you, but we gotta get you more subs to get out of the 66.6k subs you're hitting right now. Good video, dude
Agreed, and a brand new strategy is now in place. The time has come for massive growth 📈🏆
I recently got the Venture X. Annual fee due on AMEX Platinum. I was going to downgrade but I’m leaning towards transferring my points to Virgin and closing the Platinum. What are your thoughts? Great video.
If you have another Amex card that earn Membership Rewards points, then that one will preserve your points even if you close the Platinum Card.
If you don't have other Amex cards that earn Membership Rewards points, then yes, you'll forfeit your points if you close the Platinum Card.
I generally don't recommend speculative transfers (i.e., transferring points to a partner without a plan to use them). If you fly / plan to fly with Virgin or its partners, then you could make the transfer.
If you don't know how / when / if you'll use Virgin, it may not be a good idea.
Can you please share your data points
This video makes so much sense. Actually I travel a lot throughout the year on business. It would be great to accumulate the perks of flying a lot to get upgrades on my flight from economy to economy plus or business class. I travel overseas a lot. I don’t use Uber eats or DoorDash at all but I do take Ubers to the airport or around for quick errands. I have to make it make sense an not put myself in a position where I’m spending more than I benefit.
Right on! Smart to weight the pros & cons prior to applying 👍
Yeah, I think these credit card companies are gonna face a lot of trouble going forward with these high fee.Travel cards that don't give you everything. Everything may be three or four points back on groceries gas and restaurants. I know there are some that there is so many that do not.
Normal average people that bravo will soon be trying to find that one all around car.
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Is this your best video of the year?…..yes😂.
I agree fully, with inflation and less travel i do pretty well with my VX card and gold for food. The rest was just a race to spend more where you dont really need to.
Best video...so far 😎 Great that you're getting good value from the C1VX + Amex Gold Card 🏆
7th problem with premium credit cards is middle-class people trying to look wealthy
Thankful to be having 3 trips booked for this year. Las Vegas, Hawaii, Mexico 🇲🇽
Fantastic! Enjoy them all ✈️
which credit card?
Bros Platinum card looks like he just got it back from Wolverine
😂 You can choose from 3 card designs. The one you saw in the video is 1 of them.
Hey Mark.
So I'm thinking about getting an auto loan, but I'm also considering getting a motorcycle loan.
Would you happen to know if it's possible to get both without destroying a credit score.
My credit scores about a 750 on average.
Potentially, yes. Getting a car loan will likely be more focused on the credit "range," (example: as long as you're between 700-740, then your APR on a car loan will be the same regardless of what the exact score is).
However, a new inquiry will likely drop your score temporarily. If that drop results in falling from a higher range to a lower range, then yes, you could end up paying a higher interest rate on that car.
Regardless, I'd personally avoid all credit card applications before things like auto loans, mortgages, personal loans, etc.
The credit card game is secondary to financial responsibility & winning the money game overall.
@MarkReese thank you for your response. I really appreciate it!
So a lot is going on right now!!!
I am considering a credit card for upcoming medical expenses.
Unfortunately, it looks like we're going to be needing a vehicle loan as well.
Each needs my attention around the same time.
Is there a better way than another to go about both?
I'm trying to gather a responsible strategy to handle both situations?
Thanks again!!!
@@DB6904. - I'd get the auto purchase done first, then the credit card after. It can even be the same day 👍
@@MarkReeseThank you!
I just got the Venture X over the others because if I don't find value in it in this first 1-2 years then I know I can still downgrade it (I have the Chase preferred as well). If Cap1 could get that Clear credit, then I'd be more than satisfied over the $300 credit it comes with lol
Smart move 💯
Was closing a few cards today somehow the interest eek’d to 32% instead of 28.9% since I owned it…
There's nothing "magic" about 30% utilization. If it gets on the higher side and the score temporarily drops a few points, it's super easy to rebound next month 🤙
Why would anyone have more than 1 of those? You are only benefiting the credit card company
Big travelers may have a premium bank card for earning valuable points on their spend. They may then add a premium airline card for access to that airline's lounge network. Perhaps a premium hotel card for elite status / benefits at their preferred hotel chain.
Stay away from all chase cards do you read the news about how bad chase is
I don't allow the news, the dealings of banks, or outside circumstances prevent me from making / saving more money.
hi Mark, can you book 2 separate rooms and have 2 separate payments on the same day & claim two $50 hotel credit for the Chase World of Hyatt business card? does it have to be on a different day? if it cannot be on the same day, how about I check out the 2nd room on the next day? will it trigger the 2nd $50 hotel credit? thanks
Not sure. I don't have experience with the card or the benefit.
Per my understanding of the terms, it seems to be possible same day as long as there are 2 separate transactions of $50 or more. It also doesn't have to be from a room rate, either.
To quote the terms...
_"Qualifying Hyatt purchases are single transactions of $50 or more made at Hyatt hotels and resorts (including at participating restaurants and participating locations that are owned, managed, franchised or licensed by Hyatt Corporation or its subsidiaries or affiliates)."_
Hi, this may be a different question from your video but i had applied to business card from chase with my ssn and it was counted towards personal credit bureau. Is this normal? I am not over 5/24 due to that and unfortunately can't apply to chase credit cards until i go down to 4/2. Please let me know!
Yes, that's normal & expected. Small business credit cards from Chase still pull your personal credit.
You need to be below 5/24 in order to get approved, but if you get approved, they will not increase your 5/24 count.
That's because while you do receive an inquiry on your personal report, the new account itself will not get reported to your personal report.
Your 5/24 count only includes accounts that get opened, not inquiries.
So, if you're 4/24 now, apply & get approved for a Chase business credit card, then you'll still be 4/24 after.
@@MarkReese Thank you so much for the information! After I was approved for busines ink unlimited, I applied for freedom flex a week to 10 days after. I was denied and i had assumed it was due to business creditcard being counted by using my ssn. Do you know what could be the cause of the denial? Only thing that would prevent me is 5/24 and i did apply 4/24 for the businesscard. Please let me know if you can give me insight on this!
@@djlearning60 - I don't have a way of knowing why Chase denied you. Call their reconsideration line to find out & see if they can overturn the decision.
I agree I canceled my saphire preferred card as I don’t rate general travel cards with fees any more. Branded ones are still good if you are loyal to the brand and utilize it regularly.
I mean CSP isn't really a travel card but either way you have a $50 credit which if you get a hotel every once in a while. Anyways, you already brought that price down to 45 bucks and if you use any streaming service throw that on the card and you get a discount on that anyway. So in reality, you're probably only paying 20 bucks for the card or essentially free on top I'll let you have a transfer partner unless you just only do cash back which is really a limiting your rewards
@Brianpeckin see I use whyndham creditcard for my hotels, I was using csp for travel streaming and fast food. Now I have bilt and autograph for those.
@@Notthecobracommander I don't pay rent so the built is useless for me but that's cool man
So what made you decide to go with that hotel card? Then like Marriott or Hyatt or IHG
@Brianpeckin I get that bilt is for rent payers only.
For me whyndham earner plus is the best hotel card because.
1 it pays 6x on fuel I spend a lot on fuel around 200 a month.
2 gives 10% off cash or points bookings. Many other programs are better only if you stay 4 or 5 days in a row and points only.
Fixed point redemption per night, very cost affective.
6750
13500
27000
With discount.
3 anual fee is only 75 and gives you 7500 points rather than a certificate that expires in 1 year.
4 I am not too high class I like mid range hotels and whyndham has quite a few.
Only real weakness are
1 whyndam so not really high end
2 not many hotels near stadiums. For that I use Marriott my 2nd choice.
Good move to get rid of cards that don't fit your needs 👊
I would never have more than one premium card unless someone else is paying the AF
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@MarkReese which are cards are you keeping out of the 6?
I mentioned in the intro at 00:08 that of the 6, only 3 of them are open.
Of those 3, I plan to keep all 3 open...
Though I might downgrade the CSR to CSP. To be determined.
Thank i see i was listening to the video not watching. Right hand! Camera side 😂❤
I’m new here but I keep seeing that beat up Amex platinum in his videos. What happened there? 😯
Welcome! It's not beat up, it's an artistic design you can choose to get. The one shown in the video is by Julie Mehretu. There's another floral design by Kehinde Wiley, and a third that's just the 'classic' / standard design.
@@MarkReese oh now now I feel terrible 🫣
I'm making 2% cash back (Fidelity card) on my spending that falls into a money market account at 5% (Thanks Jerome) or I can use the money to buy closed end funds that pay me 10% so that's enough for me, the rest of you have fun with all your air mile spreadsheets and stuff.
Strong strategy for cash, well done 💯💵
Great video!
Thank you!
Hello Mr. Reese, I am thinking about getting into investing and generating passive income is my goal. Could you recommend a app or point me to a video you may have created on this topic? Thank you for your valuable content and insights
That's great to hear! I don't have any videos on that topic on this channel. However, I do have a beginner's investing video coming out next on another channel. Follow @TheSimpleDollarShow to be alerted when it goes live 💯 Here's a link to the page: www.youtube.com/@TheSimpleDollarShow
Fantastic review
Thank you!
good job mark
Thank you 👍
Sounds like it’s probably best for a household to have one elite card, at most, if it’s practical for their lifestyle.
👍👍
I just bought the platinum bc its cool
Once I get out of 5/24 jail in a few months, I’m going to downgrade my CSR to a freedom and apply for a new CSP. I’m keeping the Platinum and Venture X.
Good luck on the application! It's been 48+ months since your last Sapphire-branded bonus, correct?
Not an elite card, but I roll withe the Citi Premier. Best multipliers in the game.
Great choice 💯 That cards covers A LOT.
Id argue WF autograph may have better multipliers albeit no partners
@Jiggy609 Supposedly they are coming.
Thanks mark. Remember, no one gives anything free to anyone. In particular the banks. Hence they make billions of dollars
That's right 😁👍
It’s all about elevated status. Do the math is the right approach.
The numbers tell the story 👍
Isn't cancelling a card will hurt your credit score?
Depends on the situation, but in many cases, no. Watch this video to learn more: ruclips.net/video/UcWqixdQk30/видео.htmlsi=K6gjGw1fvyb88U6d
Thanks!
You rock, thank YOU 🥇
I'm sticking with cash back
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I think the Amex Platinum will increase to $895 this year.
I will gladly pay for it.
Why $895 and not $795?
😬
@@joephillips5594cancelled long time ago, when coupon book was introduced.
Or they come out with their rumored super-premium card for $1,000 or $1,500. The Titanium Card perhaps? Might even be good for the first year or two.
EVERYONE needs to cancel these cards. All of them. Then things will change.
😂
@@MarkReese 😎👍
2:14 yes >.< lounge is life >.< jk
✈🥂
As appealing as traveling in luxury might sound to me, I found the Wells Fargo Autograph card being way more practical than many of my cards that have an annual fee.
Glad you found the WF Autograph to work well for you!
I’m eyeing that Autograph journey card thats supposedly coming
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😊
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Yes indeed these cards are redundant just like your content 😂
Thanks! You're free to stop watching whenever you like 💯