Quote:
Originally Posted by JamesChoopa
I've had their Platinum card for about 6 years now. As the card does offer more benefits than the Blue/Green or Gold cards you'd have to really use those benefits to make the fees worth it. The yearly membership fee on the Platinum is crazy high and they're pricks about waiving it. Even for clients like myself who has been with them for 10 years!
Congrats & Best of luck with it!
|
You think that's high? few years ago I got an "invite" for their centurion "black" card. I was spending over $100k/mo on it and almost wet myself when I found out. But there is a $5,000 year membership fee and a $2,500 "setup" fee. $7,500 out of pocket was to much but really wish sometimes I would of had it... not when the $5k a year fee is due
Quote:
Originally Posted by czarina
thanks, vrocks, great info there. I'm actually planning on using this card for all recurring payments so I get miles  then I'll pay it off at the end of the month. I don't like buying things on credit. My motto is "if I can't buy it cash, I don't need it!"
the yearly fee is like $170. I'm thinking that with the benefits and the mileage, it'll make up for the high fee (I hope, ha!) |
This is a CHARGE card, not a credit card. Meaning the balance is due in full each month. Think of it like writing a bunch of checks that are all cashed at the end of the month lol.
Seriously tho, there are a lot of horror stories with the card. My friends got fucked big time by them and here's how. They usually give you "no preset spending" limit but carefully monitor what you buy. If you buy a bunch of stupid shit and drinks/food they will cut your limit back.
They regularly check your credit and income so if there is a drop, don't be surprised if your card gets blocked and you have to send in a bunch of paperwork. This happened to me about 3 months in. I was traveling for the holidays and got into the hotel when they told me the card was declined. I called Amex and they said they sent out paperwork for me to call and reply to, since I was gone for a month I never got it and responded so they put my card on hold. I needed to send in financial information and taxes to show I made the income I did.
My friends lied to get theirs and same thing happened, but they put like $15k on their cards then the account was closed and they had to pay it back immediately.
Anyway, I used to travel a lot so the benefits are great. Upgrades on Hertz, you get into almost any airline travel lounge FREE, $200/year on airline purchases in flight (food, booze, etc), plus a lot of other things.
It seems cool to have, but if you don't plan on using it for that, I would ask for the Gold with the promo. A guy I worked with got double points for life and racks in TONS of points each year... I'm a bit jealous