That’s kind of the point. Most Amex charge card users aren’t in the game to go into debt they’re spending money they actually have for rewards points. Even though they offer pay over time I never use that. It completely defeats the purpose
Be a big spender, get a big retention offer 🤷♂️. I told them I don’t like the price increase and was thinking about canceling. Negotiated a $300 credit for next year. I’ll do the same thing every year from now on.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
Delta Sky Clubs are pretty crowded and Delta has started to limit access somewhat for Platinum members. Centurion members like myself still continue to have unlimited access. The Centurion lounges are also a bit crowded. Even Priority Pass Lounges can get a bit crowded. These days, I try to limit using commercial aviation on anything but long distance travel. Was in Atlanta recently and the Sky Club had a line out front of waiting passengers. Thankfully, I was running a bit late and went directly to the gate. These days, private air terminals is where it is at.
@ Hartsfield Jackson is an outlier its one of the biggest airports. The lounges are crowded yes, but I think that will substantiate a raise in fees and/or increased space + multiple lounges at each airport until the market reaches an equilibrium between supply demand. I have not had a problem with lounges in places like Toronto, Hong Kong, Vancouver, etc.
@@Peter-jc4by Being a native of Atlanta, yes, I am aware that the airport is the Worlds busiest. Glad I don't live there anymore. These days, I don't use Centurion or Sky Club as much buy spend my time mainly in private pax terminals. It is literally a different experience.
@@kennixox262 Ive spent time in one of those but it wasn't for leisure! They are very nice, spacious, cozy and go a step above premium! More like elite
I am a depressed gen Z person still living with my parents, so I just got my 3rd credit card, and it is an AMEX, but not a Gold or Platinum. I got the Blue Cash Everyday because I simply do not spend enough money currently to make up the cost of the annual fee in rewards and perks. I hate subscriptions with a passion, so I keep mine to a bare minimum. I penny pinch where I can, but I desperately want to get out on my own, so my spending I hope will go up a bit as a result. I need a better job though.
I’m gen z and I don’t even own one Amex and no rush to do so. Could be my two charged off accounts but either way no rush to get an Amex. It’s a credit card either way jsut a different name and perks that aren’t that much more important then keeping my finances good.
I’m Gen z and I only have a discover credit card. I’ve had it since I turned 18. I have perfect credit and my credit line is pretty good I only use 10% of it and I use my credit card for every purchase and bill besides rent. I don’t need an extra card and I don’t care for an Amex card either. I like $0 annual fees and I pay my balance in full every month to avoid too much interest building up. I’ve only struggled a bit to pay off my card when I was in college and I had to pay out of pocket for tuition and supplies. And at the time that I was in college the 10% I spend now was my credit limit. Now my line is 10x more. But I never max it out lol
-Capital One Venture X for 2x everything and I get lounge access in Denver plus more lounges to come -Citi Custom Cash 5x for groceries -Bilt Card for 3x Dining and 1x rent Amex has just turned into a coupon book. Not worth it anymore.
I have to say the CapOne lounge at DFW rocks over the AMEX lounge.... great views of the planes coming and going, natural light during the day, etc. The AMEX lounge just faces the inside of the terminal. I can't wait for the CapOne Lounge in Vegas to open up. Until that happens I have to hold on to my AMEX Plat.
Gold card is the best for the overwhelming majority of people. Hard to beat 4x points on groceries and restaurants. And 3x points on travel purchases. I can rack up close to 100k points easily every calendar year. Platinum is great if you travel a whole lot. But for most people, platinum is a needless flex.
Gold and Platinum as a pair are great if you travel a lot. The dining bonus is really great for traveling, in addition to the 5x flights and hotels rewards. I fly 3-4 times a year, and travel maybe 5-6 times a year. We can rack up nearly 300k points in a year which can, in and of itself, pay for a majority of a vacation.
I mean that number will almost always go up. Population increase, and inflation. There are more people to have credit cards, and money continually loses it's value by nearly 4% annually. So that line will pretty much always go up and not mean a lot about actual spending unless you normalize it against the collective income of these card holders. That said pretty much all of the wealthiest people on earth have and use credit cards which often have no credit limits. So it would also be important to see the debt distribution, because it could be that nearly half of all that debt is held by like 10% of card holders most of whom are high earners. The amount of debt a group of like 100,000 people who have a median or below median income could be easily outdone by a single billionaire. The thing is most billionaires don't have a lot of cash assets, they have financial assets, so billionaires are also heavy credit users to avoid having to sell their profitable financial assets that actually make up the vast majority of their net worth. That alone probably contributes a significant portion to that figure.
Gen Z 23 Year old here! I have about 7 personal credit cards and then more for my businesses. I JUST got my first Amex, which is the $95 per year on. But they give you the first year free. So I haven’t paid an annual fee for a card yet. I am shocked that people my age are STARTING with Amex gold which is HUNDREDS per year fee. 2:30
@ I am CPA as my primary job but I have rental real estate plans, as well as bitcoin, gold/silver, selling MTG cards. I have an LLCs for each, plus a C corp But I only have 2 business CC cards. The others are debit and online payments
@ oh, very cool! Is real estate hard to get into? I’ve read a lot of conflicting views on it and as someone that’s 21, I’m definitely considering looking around for like a duplex or triplex but those are probably hard to find and there’s the whole other issue of neighbors
Older Gen Z here. Started out with a Discover secured card as my first credit card after high school to start to build credit. After the six-month waiting period, it graduated, then I got my first Amex card. Got two more every 6 months. Got an Apple Card when it came out, then months after, got a Best Buy card, then last but not least, I got a Chase card at the end. It took a few 1-4 years, but it helped me build my credit up. Plus, my brother and dad added me as an authorized user under their cards, that helped me boost my credit even more. My next cards are gonna be citi double cash back. I do like using cash back more than the points system.
I got the Amex platinum, not only for the lounge access, but because I'm not in a financial position to afford some luxury travel, after 2 decades of budget travel. That, and the welcome bonus of 175K points was pretty nice. The only bad part is that they made it a bit too catered for GenZ (I'm a millennial), but its not that bad. I can still find some uses on the credits.
I’m Gen Z. I’m 24. Main income and side hustle. I got Amex Plat and Gold because of elevated SUBS (sign on bonus) and I have the Blue Blusiness Card. Honestly guys it’s not worth it. These cards make you spend more than you need too and change your spending habits for worse. And everyone talks about the points, you realize how much you’re spending to accumulate those points? If you don’t own a business and use these cards for business expenses ITS NOT WORTH IT! Those little airport lounges are nice, but NOT WORTH $1k a year in fees. If my generation was SMART you’d take that and put it into a Roth IRA and buy the S&P 500. I’ve had the cards for 2 years now and I’m going to cancel. Everyone has it now and it’s honestly pretty lame.
$1k in fees every year, but are you not utilizing any of the credits on either card? You should be getting positive value naturally from the cards from the credits alone and if you aren't then you probably shouldn't have gotten the cards in the first place. Definitely do more research on the cards you apply to in the future, I'm sure you already learned anyway.
I only see credit cards as a means to protect myself from fraudulent purchases, I would never keep a balance. Credit cards are the devils chains in disguise in the wrong hands.
I have an Amex Gold but I obtained it just to take advantage of the benefits for the first year then I’ll cancel. They gave me the equivalent of $1000 in membership rewards, I used their offers to get $150 off a monitor I needed for work and I used their dining benefits to get up to $240 in meals. Not everyone who grabs this card is doing it for “vanity” reasons or because they’re financially illiterate. I could care less about flex culture and I’m close to home ownership.
@ I own 2 business, debt free, make purchases with my credit cards for points/rewards and pay it off when the purchase posts. So no higher wages means nothing if they aren’t responsible to begin with when they don’t have enough. Here’s an example, Just look at people with iPhones.. they rather have the “latest and greatest” than just buy a cheaper or used phone and save the rest of the money
@@stevegonzales527 1. I dont see what your statement has to do with my question. Your ability to pay off your cards promptly is due to the fact that you have the cash on hand to do so, which may not be the case of every. Apparently you cant seem to see that connection. 2. Your opinion is based on your preference. Not everyone wants a cheaper phone. And having extra cash doesnt always hold the same utility to everyone. Sure they could do that. But if they get no utility and choose to maximize for happiness, then thats the simple choice they will make. There seem to be a little confusion that everyone wants to Scrooge Mcduck. Which isnt true, most people want more money, not for security, but simple to buy more THINGS and experience which gives them some form of happiness. 3 ….And again this still has nothing to do with paying higher livable wages. As debt is simply people borrowing from the future to pay for the present. The fact is if they had in the present they wouldn’t be borrowing from the future. At least what I’ve gotten from this is: you have poor understanding of finance which then shades your view on how you see people, you suffer from typical American determinism - in thinking that your results are purely down to you and that other people just do less and thats why their results are different. And you have a difficulty seeing the world through others people perspective - as you genuinely think your way is the ‘right’.
@@squirrel9760 my xs max just broke. 500 for repair just bought a used phone for less 🤷♂️ age doesn’t matter. People always make excuses for something so simple
The data seems skewed. Of course there’s more young people signing up for a card that exists for decades, as older people often already own one. It’d be better if we’re looking in the card ownership in general.
47 gen x +860 credit score, I would not pay $50 for an American Express card... You just listed all of the perks and there isn't a single thing I'm interested in about it at all. I'm glad I never bothered getting one.
What’s old this new again! Gen X here and in my day (early 90s) AmEx was all over the universities. Posters, brochures, and pop-up tables with umbrellas offering paper applications all over campus. My first card was an American Express. We didn’t get all the benefits back then, but it’s not like 20 somethings and AmEx is a new thing. Didn’t get a Mastercard or Visa until after I graduated.
Funnily enough, in Malaysia, where Amex partners with Maybank, is a no annual fee for life card that earns cash back, with Apple Pay support. What's not to like about it (except not all merchants take it, for obvious reasons, universally).
As a Millennial, i just got my first and only amex card (and the last credit card in the US because i got all the ones that i wanted, like Pokemons lol, but i manage them tremendously well with no debt too) but the one without the annual fee aka amex everyday blue rewards card. My goal will be to build up my credit in other countries that i plan to live and visit in the future. I just started last year in Mexico and it's going great, the credit system is pretty much the same as in the US, Europe will be a little different but not too much.
If I am not making $100K a year than I am not getting the AMEX Platinum. I have the AMEX BCP for that 6% back for Groceries and as a father of two that is such a great benefit.
I'm thinking of getting the Amex Green Card. I don't care about the $150 annual fee. I think that's manageable as it eventually pays itself by the end of the year making it free.
Unless you would have already paid for the Clear membership, the green card is rarely worth it. If you naturally take a lot of city transit then maybe.
I’m gen z, I have paid 0 dollars in interest in the three years I have put everything on my cards (I set up full autopay). But I did get an Amex, although a 0 annual fee one. Half the reason I did it was frankly, the person feelings of owning an Amex. When I was young, it meant something to have an Amex, and the Amex gave me what I was looking for (cash back on gas), but that personal brand was definitely a consideration
Credit card perks are like BOGO or punch cards at a coffee shop, - the point is to complicate the math the consumer has to do in their head, so that we rely on impulse and instead of solid logic when making a purchase. I am NOT saying dont look for deals, I'm just saying dont get captured ...a wise woman once told me "if you wouldn't buy it if it weren't on sale, you probably don't really want or need it"
This is such a surprisingly upbeat video about a depressing subject. I’m sure AMEX is thrilled that young dummies are lining up for the opportunity to rack up debt at the point in their lives when they should be saving and building a firm financial base for their futures.
I'm a millennial, and I saw my parents go into a ton of credit card debt. It wasn't until my late 20s that I got my first credit card, and then till I was 30 that I got a "premium" card. The reality is you can have a credit card and carry no balance, in fact that's the only reasonable way to have a credit card. I never carry a balance larger than what I'm able to pay off. I pay my balance down weekly. This builds credit and gives me rewards, meanwhile I have never once paid interest on these cards. I have virtually no debt, you could say because I have a credit card balance that I have debt, but my debt never reaches the amount of cash I have on hand, in fact it almost never exceeds what I have in my checking account other than the rare time I was already planning to make a big purchase which would require pulling out of my savings. The benefits I get from my card far outweigh the annual fees I pay for those cards. Having an amex gold card at $325/year, in one year I got enough points to pay for 3 nights in a 4 star hotel in Amsterdam and a flight from Amsterdam to London for 2. That paid for nearly quarter of the cost of a trip to Europe. For context one night in that hotel was about $300, and so were the plane tickets. My credit card doesn't influence my spending habits much, the Gold card gets you 4x points on basically all food (eating out and groceries), and I just pay for literally everything on my credit card to get points. I mean if you are disciplined there's no reason to use a debit card for basically anything. A free credit card can get you cashback, an annual fee card can get you a bunch of points to can redeem for all kinds of things. I truly understand the fear of credit cards and racking up debt, but you can have a credit card without carrying any of the debt. I would hope that gen Z is just doing that, they are just using the card to accumulate points so they can travel. It's hard to say that simply having and using a credit card is a bad financial practice, because if you're paying down the debt on time it's actually a good financial practice for a variety of reasons.
As someone who made this same mistake in my 20s (now 35) I agree completely. Credit cards make it easy to overspend, and they separate the psychological connection between cost and benefit. Not everyone falls into debt, but it’s like paying Russian roulette.
Young people becoming debt slaves is great for "the economy"! Haven't you read the headlines: consumer spending is what is powering stronger growth in the US compared to elsewhere 🙃
i have a gold card, the points i’ve earned in a couple years can buy round trip flights to japan three times over. the card benefits are things i’d spend money on anyway so that’s nice even with the price increase. and of course i pay it in full every month. of course, i’m a millennial, i’m 30 so maybe i use it better than the average gen z
i don’t know any gen z with Amex LOL they were complaining they can’t move out their parents house or afford ice coffee and avocado toast. This is click bait
that's actually the main reason i got the amex. to flex on others. the perks and credits are nice, but truly it's all about flexing on others. when you pay for food, you whip out the amex and everyone knows. the lounge is nice too, but when you are in there, you are no longer the big baller, because everyone in that lounge with you is just as much of a baller. in public though, you are the shark among the fishes. in the lounge, its a level playing field and you are no longer superior to others.
Well, at least with AMEX, we have for the most part to pay the balance off in full monthly. I can remember when the Platinum card was by invitation only.
it's a status thing really, i even applied for an amex card but for blue cash everyday so i don't have to pay the fee but can say i have an amex card LOL.
i know 4 people who have the platinum and none of them use all the perks and they're all in tremendous student and shopping debt haha meanwhile im having a blast with my gold
Im 19 and all though AMEX has an annual fee, $325 is not a lot of money to pay once a year. Out of all my 9 cards amex is just the best when used right
You have low expectations of young people. They are smarter than you were at that age. This is the information era. Adapt to the new world my friend@@johnl.7754
They want the card because it is Amex, and maxe of metal.... Fake flexing that they are rich. Just get a regular bank card, oay it on time, oay the whole amount on time. You will reach 800 credit score points, amd your credit lone will be extended. Or just fake flex what you don't have.
The problem is people think the card is the flex, but the real flex is paying off the statement every month, lol.
Well good thing it’s a charge card!
that is the most geniune comment about Money & Finance ive seen in a long time
I fully agree. People with real financial stability never flex.
@@junyaiwaseit’s not a charge card. They convert it to a credit card after you get it.
That’s kind of the point. Most Amex charge card users aren’t in the game to go into debt they’re spending money they actually have for rewards points. Even though they offer pay over time I never use that. It completely defeats the purpose
Amex has no annual fees for active duty military, it’s a great deal if you’re in the military
Shhhhhhhhh
And for the 99% of people who arent thats useless
@@DillPickl3_great response
Yea but you have to be in the military tho that's disgusting
WOW that’s awesome.
Amex annual fee for the gold card is $325 now no longer $250
😂
but your have more credits to offset the annual fee. thats the part that most people don't get.
@@MOBMJyou’re still spending more then you would have last year
Be a big spender, get a big retention offer 🤷♂️. I told them I don’t like the price increase and was thinking about canceling. Negotiated a $300 credit for next year. I’ll do the same thing every year from now on.
bro I thought the exact same thing
Jump to 03:08 to get to the point.
ty
Ty!
I remember the time that you couldn't get Amex cards that easy.
Now kids are flaunting platinum cards with $700+ annual fees.
good thing these idiots cant get the black card 😂
@@wds3222 the black card is also easier to get now.
Good thing is you can distinguish the real losers when they flash their card instead of just using their phones.
That's because wealthy people generally don't carry a debt from month to month. They can make more money from the less fortunate.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
that's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well!
My advisor is *JULIANNE IWERSEN NIEMANN*
You can look her up online
I will give this a look, thanks a bunch for sharing
Unless you travel frequently then the platinum is not worth it
No debt is the ultimate flex. 💪🏽
You guys are 100% tapped in because literally i got an Amex mostly due to airport lounge access as I fly often
Delta Sky Clubs are pretty crowded and Delta has started to limit access somewhat for Platinum members. Centurion members like myself still continue to have unlimited access. The Centurion lounges are also a bit crowded. Even Priority Pass Lounges can get a bit crowded. These days, I try to limit using commercial aviation on anything but long distance travel. Was in Atlanta recently and the Sky Club had a line out front of waiting passengers. Thankfully, I was running a bit late and went directly to the gate. These days, private air terminals is where it is at.
@ Hartsfield Jackson is an outlier its one of the biggest airports. The lounges are crowded yes, but I think that will substantiate a raise in fees and/or increased space + multiple lounges at each airport until the market reaches an equilibrium between supply demand. I have not had a problem with lounges in places like Toronto, Hong Kong, Vancouver, etc.
@@Peter-jc4by Being a native of Atlanta, yes, I am aware that the airport is the Worlds busiest. Glad I don't live there anymore. These days, I don't use Centurion or Sky Club as much buy spend my time mainly in private pax terminals. It is literally a different experience.
@@kennixox262 Ive spent time in one of those but it wasn't for leisure! They are very nice, spacious, cozy and go a step above premium! More like elite
How do you access private pax terminals? By flying private?
I am a depressed gen Z person still living with my parents, so I just got my 3rd credit card, and it is an AMEX, but not a Gold or Platinum. I got the Blue Cash Everyday because I simply do not spend enough money currently to make up the cost of the annual fee in rewards and perks. I hate subscriptions with a passion, so I keep mine to a bare minimum. I penny pinch where I can, but I desperately want to get out on my own, so my spending I hope will go up a bit as a result. I need a better job though.
Why 3
i want the blue preferred
@Rhunl15 I would have gotten it if it didn't have an annual fee after the first year.
You dont need to move out or a better job. You need credit card DEBT at 29.99% interest rate like a good gen zee!
@@Betancourts no. I pay my cards off and have never paid a dime in interest on a credit card. Plus none of my cards have 29.99% on them.
I’m gen z and I don’t even own one Amex and no rush to do so. Could be my two charged off accounts but either way no rush to get an Amex. It’s a credit card either way jsut a different name and perks that aren’t that much more important then keeping my finances good.
I’m Gen z and I only have a discover credit card. I’ve had it since I turned 18. I have perfect credit and my credit line is pretty good I only use 10% of it and I use my credit card for every purchase and bill besides rent. I don’t need an extra card and I don’t care for an Amex card either. I like $0 annual fees and I pay my balance in full every month to avoid too much interest building up. I’ve only struggled a bit to pay off my card when I was in college and I had to pay out of pocket for tuition and supplies. And at the time that I was in college the 10% I spend now was my credit limit. Now my line is 10x more. But I never max it out lol
2:58 anyone who thinks the math is mathing against a billion dollar company making billions through usury isn't good at maths
Oy! Stop noticing!
I was like something was off and then realized Neal isn't wearing any glasses 😂
-Capital One Venture X for 2x everything and I get lounge access in Denver plus more lounges to come
-Citi Custom Cash 5x for groceries
-Bilt Card for 3x Dining and 1x rent
Amex has just turned into a coupon book. Not worth it anymore.
I have to say the CapOne lounge at DFW rocks over the AMEX lounge.... great views of the planes coming and going, natural light during the day, etc. The AMEX lounge just faces the inside of the terminal.
I can't wait for the CapOne Lounge in Vegas to open up. Until that happens I have to hold on to my AMEX Plat.
Gold card is the best for the overwhelming majority of people. Hard to beat 4x points on groceries and restaurants. And 3x points on travel purchases. I can rack up close to 100k points easily every calendar year. Platinum is great if you travel a whole lot. But for most people, platinum is a needless flex.
Gold and Platinum as a pair are great if you travel a lot. The dining bonus is really great for traveling, in addition to the 5x flights and hotels rewards. I fly 3-4 times a year, and travel maybe 5-6 times a year. We can rack up nearly 300k points in a year which can, in and of itself, pay for a majority of a vacation.
Amex once worked on a project that was “not your grandfather’s card” I guess it worked out
Credit card debt hits record $1.17 trillion
I mean that number will almost always go up. Population increase, and inflation. There are more people to have credit cards, and money continually loses it's value by nearly 4% annually. So that line will pretty much always go up and not mean a lot about actual spending unless you normalize it against the collective income of these card holders. That said pretty much all of the wealthiest people on earth have and use credit cards which often have no credit limits. So it would also be important to see the debt distribution, because it could be that nearly half of all that debt is held by like 10% of card holders most of whom are high earners. The amount of debt a group of like 100,000 people who have a median or below median income could be easily outdone by a single billionaire. The thing is most billionaires don't have a lot of cash assets, they have financial assets, so billionaires are also heavy credit users to avoid having to sell their profitable financial assets that actually make up the vast majority of their net worth. That alone probably contributes a significant portion to that figure.
Gen Z 23 Year old here! I have about 7 personal credit cards and then more for my businesses. I JUST got my first Amex, which is the $95 per year on. But they give you the first year free. So I haven’t paid an annual fee for a card yet.
I am shocked that people my age are STARTING with Amex gold which is HUNDREDS per year fee. 2:30
What’s your business?
@ I am CPA as my primary job but I have rental real estate plans, as well as bitcoin, gold/silver, selling MTG cards. I have an LLCs for each, plus a C corp
But I only have 2 business CC cards. The others are debit and online payments
@ oh, very cool! Is real estate hard to get into? I’ve read a lot of conflicting views on it and as someone that’s 21, I’m definitely considering looking around for like a duplex or triplex but those are probably hard to find and there’s the whole other issue of neighbors
The customer service with Amex is 2nd to none.
They are by far and best out there.
Older Gen Z here. Started out with a Discover secured card as my first credit card after high school to start to build credit. After the six-month waiting period, it graduated, then I got my first Amex card. Got two more every 6 months. Got an Apple Card when it came out, then months after, got a Best Buy card, then last but not least, I got a Chase card at the end. It took a few 1-4 years, but it helped me build my credit up. Plus, my brother and dad added me as an authorized user under their cards, that helped me boost my credit even more. My next cards are gonna be citi double cash back. I do like using cash back more than the points system.
I got the Amex platinum, not only for the lounge access, but because I'm not in a financial position to afford some luxury travel, after 2 decades of budget travel.
That, and the welcome bonus of 175K points was pretty nice.
The only bad part is that they made it a bit too catered for GenZ (I'm a millennial), but its not that bad. I can still find some uses on the credits.
I’m Gen Z. I’m 24. Main income and side hustle. I got Amex Plat and Gold because of elevated SUBS (sign on bonus) and I have the Blue Blusiness Card. Honestly guys it’s not worth it. These cards make you spend more than you need too and change your spending habits for worse. And everyone talks about the points, you realize how much you’re spending to accumulate those points? If you don’t own a business and use these cards for business expenses ITS NOT WORTH IT! Those little airport lounges are nice, but NOT WORTH $1k a year in fees. If my generation was SMART you’d take that and put it into a Roth IRA and buy the S&P 500. I’ve had the cards for 2 years now and I’m going to cancel. Everyone has it now and it’s honestly pretty lame.
Did you do any research before getting it? Get a no annual fee card from other banks.
$1k in fees every year, but are you not utilizing any of the credits on either card? You should be getting positive value naturally from the cards from the credits alone and if you aren't then you probably shouldn't have gotten the cards in the first place. Definitely do more research on the cards you apply to in the future, I'm sure you already learned anyway.
I only see credit cards as a means to protect myself from fraudulent purchases, I would never keep a balance. Credit cards are the devils chains in disguise in the wrong hands.
Great informative video. I'm actually shocked about the increased usage of AMEX, considering the high fees. Many merchants I visit don't accept AMEX
And they worry why they can't afford a house. I'm 23, graduated debt free, no credit cards. Don't plan on any.
In Mexico the platinum card anual fee is 1300 USD + taxes
Toby looking like homelander tbh 😂
I have an Amex Gold but I obtained it just to take advantage of the benefits for the first year then I’ll cancel. They gave me the equivalent of $1000 in membership rewards, I used their offers to get $150 off a monitor I needed for work and I used their dining benefits to get up to $240 in meals.
Not everyone who grabs this card is doing it for “vanity” reasons or because they’re financially illiterate. I could care less about flex culture and I’m close to home ownership.
I hate how fake this video look like, even this weird background make content so bad 😢😢
They love debt and blame the system on why they are debt 😂
Dont you think if they had higher wages theyd spend that instead 🤔
@ I own 2 business, debt free, make purchases with my credit cards for points/rewards and pay it off when the purchase posts. So no higher wages means nothing if they aren’t responsible to begin with when they don’t have enough. Here’s an example, Just look at people with iPhones.. they rather have the “latest and greatest” than just buy a cheaper or used phone and save the rest of the money
@@stevegonzales527 1. I dont see what your statement has to do with my question. Your ability to pay off your cards promptly is due to the fact that you have the cash on hand to do so, which may not be the case of every. Apparently you cant seem to see that connection.
2. Your opinion is based on your preference. Not everyone wants a cheaper phone. And having extra cash doesnt always hold the same utility to everyone. Sure they could do that. But if they get no utility and choose to maximize for happiness, then thats the simple choice they will make. There seem to be a little confusion that everyone wants to Scrooge Mcduck. Which isnt true, most people want more money, not for security, but simple to buy more THINGS and experience which gives them some form of happiness.
3 ….And again this still has nothing to do with paying higher livable wages. As debt is simply people borrowing from the future to pay for the present. The fact is if they had in the present they wouldn’t be borrowing from the future.
At least what I’ve gotten from this is: you have poor understanding of finance which then shades your view on how you see people, you suffer from typical American determinism - in thinking that your results are purely down to you and that other people just do less and thats why their results are different. And you have a difficulty seeing the world through others people perspective - as you genuinely think your way is the ‘right’.
@@stevegonzales527yeah cause people buy the new ones then keep them for years.
How old are you?
@@squirrel9760 my xs max just broke. 500 for repair just bought a used phone for less 🤷♂️ age doesn’t matter. People always make excuses for something so simple
The data seems skewed.
Of course there’s more young people signing up for a card that exists for decades, as older people often already own one.
It’d be better if we’re looking in the card ownership in general.
47 gen x +860 credit score, I would not pay $50 for an American Express card... You just listed all of the perks and there isn't a single thing I'm interested in about it at all. I'm glad I never bothered getting one.
What’s old this new again! Gen X here and in my day (early 90s) AmEx was all over the universities. Posters, brochures, and pop-up tables with umbrellas offering paper applications all over campus. My first card was an American Express. We didn’t get all the benefits back then, but it’s not like 20 somethings and AmEx is a new thing. Didn’t get a Mastercard or Visa until after I graduated.
Classic trick: sale/cash-back is “saving money”… each generation it’s a different wrapping on the same piece of 💩
Nice to see the faces behind the voices ! I’m a fan of Morning Brew podcast 😊.
Sign up bonuses is where it’s at
Funnily enough, in Malaysia, where Amex partners with Maybank, is a no annual fee for life card that earns cash back, with Apple Pay support. What's not to like about it (except not all merchants take it, for obvious reasons, universally).
1:40 who is getting approved for a cfu or citi dc as their first card?
me 😂
I can’t tell if the background is an actual set or a green screen 😂
As a Millennial, i just got my first and only amex card (and the last credit card in the US because i got all the ones that i wanted, like Pokemons lol, but i manage them tremendously well with no debt too) but the one without the annual fee aka amex everyday blue rewards card. My goal will be to build up my credit in other countries that i plan to live and visit in the future. I just started last year in Mexico and it's going great, the credit system is pretty much the same as in the US, Europe will be a little different but not too much.
These are not credit cards, they're charge cards that have to be payed back each month. A big difference.
If I am not making $100K a year than I am not getting the AMEX Platinum. I have the AMEX BCP for that 6% back for Groceries and as a father of two that is such a great benefit.
I like this set up, please do more videos like these!
Flexing with debt is so weird, why are people like this? 😂
I'm thinking of getting the Amex Green Card. I don't care about the $150 annual fee. I think that's manageable as it eventually pays itself by the end of the year making it free.
Unless you would have already paid for the Clear membership, the green card is rarely worth it. If you naturally take a lot of city transit then maybe.
I’m gen z, I have paid 0 dollars in interest in the three years I have put everything on my cards (I set up full autopay). But I did get an Amex, although a 0 annual fee one. Half the reason I did it was frankly, the person feelings of owning an Amex. When I was young, it meant something to have an Amex, and the Amex gave me what I was looking for (cash back on gas), but that personal brand was definitely a consideration
most gen z no longer qualify due to delinquent,collection,late payment on credit report
overspending culture / generation
i guess some people love poverty in old age. yeah no thank you.
Credit card perks are like BOGO or punch cards at a coffee shop, - the point is to complicate the math the consumer has to do in their head, so that we rely on impulse and instead of solid logic when making a purchase.
I am NOT saying dont look for deals, I'm just saying dont get captured
...a wise woman once told me "if you wouldn't buy it if it weren't on sale, you probably don't really want or need it"
This is such a surprisingly upbeat video about a depressing subject. I’m sure AMEX is thrilled that young dummies are lining up for the opportunity to rack up debt at the point in their lives when they should be saving and building a firm financial base for their futures.
I'm a millennial, and I saw my parents go into a ton of credit card debt. It wasn't until my late 20s that I got my first credit card, and then till I was 30 that I got a "premium" card. The reality is you can have a credit card and carry no balance, in fact that's the only reasonable way to have a credit card. I never carry a balance larger than what I'm able to pay off. I pay my balance down weekly. This builds credit and gives me rewards, meanwhile I have never once paid interest on these cards. I have virtually no debt, you could say because I have a credit card balance that I have debt, but my debt never reaches the amount of cash I have on hand, in fact it almost never exceeds what I have in my checking account other than the rare time I was already planning to make a big purchase which would require pulling out of my savings. The benefits I get from my card far outweigh the annual fees I pay for those cards. Having an amex gold card at $325/year, in one year I got enough points to pay for 3 nights in a 4 star hotel in Amsterdam and a flight from Amsterdam to London for 2. That paid for nearly quarter of the cost of a trip to Europe. For context one night in that hotel was about $300, and so were the plane tickets. My credit card doesn't influence my spending habits much, the Gold card gets you 4x points on basically all food (eating out and groceries), and I just pay for literally everything on my credit card to get points. I mean if you are disciplined there's no reason to use a debit card for basically anything. A free credit card can get you cashback, an annual fee card can get you a bunch of points to can redeem for all kinds of things. I truly understand the fear of credit cards and racking up debt, but you can have a credit card without carrying any of the debt. I would hope that gen Z is just doing that, they are just using the card to accumulate points so they can travel. It's hard to say that simply having and using a credit card is a bad financial practice, because if you're paying down the debt on time it's actually a good financial practice for a variety of reasons.
As someone who made this same mistake in my 20s (now 35) I agree completely. Credit cards make it easy to overspend, and they separate the psychological connection between cost and benefit. Not everyone falls into debt, but it’s like paying Russian roulette.
Young people becoming debt slaves is great for "the economy"! Haven't you read the headlines: consumer spending is what is powering stronger growth in the US compared to elsewhere 🙃
He forgot to mention the lounge access
Im 19 and have a amex cobalt, is that bad?
Status symbol, all wrapped in the the flex culture social media has enabled
I’m Gen Z and have Amex charge cards but they are business cards for my business
i have a gold card, the points i’ve earned in a couple years can buy round trip flights to japan three times over. the card benefits are things i’d spend money on anyway so that’s nice even with the price increase. and of course i pay it in full every month. of course, i’m a millennial, i’m 30 so maybe i use it better than the average gen z
Toby looks exactly how I thought he looked while I didn’t picture Neil with a beard I’m from the audio podcast 😂
i don’t know any gen z with Amex LOL they were complaining they can’t move out their parents house or afford ice coffee and avocado toast. This is click bait
that's actually the main reason i got the amex. to flex on others. the perks and credits are nice, but truly it's all about flexing on others. when you pay for food, you whip out the amex and everyone knows. the lounge is nice too, but when you are in there, you are no longer the big baller, because everyone in that lounge with you is just as much of a baller. in public though, you are the shark among the fishes. in the lounge, its a level playing field and you are no longer superior to others.
unless you got the black one, there is nothing to flex upon. Anyone can spend 700+ to get the platinum card.
Really? I think you might be a troll. I’m a cashier and I see literally hundreds of people with Amex every week
@@Fluffybunz779 there are hundreds of lambos too
Guess they aren't changing their "metal coupon book" business model any time soon😂
Aye i saw myself in this! 😂
Whaaaaa, another video in the same day!!!
Let's Ride!
isn't low p/e ratio really great ?
I liked amex card when it was more exclusive to people smh. Now u literally see alot of people with it!!
Interesting🤔 here in India GenZs prefer UPI more than the credit card..
Well, at least with AMEX, we have for the most part to pay the balance off in full monthly. I can remember when the Platinum card was by invitation only.
No matter which generation, no one can resist a coupon book
Not me, lol. If they’re cash back cards offered actual cash back, rather than just statement credits, then maybe I’d consider it.
4 min short video and yet more than half of it is just yap about absolutely nothing and no conclusive reason.
Sorry fellas, neither credit card debt or rich parents paid for that trip to Ibiza
In simple terms, we Gen Z are pathetic clout chasers
Honestly it’s probably good advertising through tik tok
Paying an annual fee, or any fee for that matter, for a credit card is far from being savvy!
This video seems like an ad
It sure is.
it's a status thing really, i even applied for an amex card but for blue cash everyday so i don't have to pay the fee but can say i have an amex card LOL.
Hey, who’s using lounges? I try to make my presence in airport as minimal as possible and there are people pay to stay in airport?
Connections and international travel both necessitate hours of hanging around the airport.
i know 4 people who have the platinum and none of them use all the perks and they're all in tremendous student and shopping debt haha meanwhile im having a blast with my gold
nah but like chase and capital one are catching up to all the travel perks
That reminds me I need to downgrade my AMEX because it’s not useful at all or just get rid of it
The card itself is the status symbol.
The Ibiza was OF and sugaring, not cc debt 😎
I'm happy with my Apple card, don't really care too much about flying perks since I don't fly.
I like how at 4:07 its just that dude on the left 🤭
Seek Wealth, Not Money or Status
Let them be; they are young. By their 30s, their perspective will change.
Im 19 and all though AMEX has an annual fee, $325 is not a lot of money to pay once a year. Out of all my 9 cards amex is just the best when used right
Wow that’s a lot for 19 yo
You have low expectations of young people. They are smarter than you were at that age. This is the information era. Adapt to the new world my friend@@johnl.7754
You have no idea
New set? This format and delivery style is diabolical though.
Flex culture
No credits for me 😏
Wow!
Just in Murrica.. nobodi cares outside US
Was born in 97 and I am avid Amex user
It shiny and not bendy
Frequent flyer points
Nice vid
Because of the JK Simmons commercials
They want the card because it is Amex, and maxe of metal.... Fake flexing that they are rich.
Just get a regular bank card, oay it on time, oay the whole amount on time. You will reach 800 credit score points, amd your credit lone will be extended.
Or just fake flex what you don't have.
They’re not
Points!
I just use the Apple Card if I wanna have a metal card
Who is the guy on the right 😅
They turn me down for the BCE yet give out a Platinum card to a teenager? LOL