Here's the crux of the matter that most people don't mention in these videos: credit card game works best for big spenders. The more cash flow, the bigger the rewards. For those on a lower-income, don't take the bait.
@@brois841 good point. And sometimes I think, hey, why don't I just spend 3% less instead of trying to save 3% with a credit card. You're right. Sometimes it feels like we're all trying to be a coupon lady.
People with low income should NOT carry any cards with an AF or keep it limited to say one that is $99 AF but absolutely not when it comes to higher tier offerings (e.g. Gold, Plat, CSR etc.) those AF's are annoying as it is let alone on a low income.
Being active duty military really pays off with Amex. Thank you for informing me years ago about the MLA and SCRA benefits, Sebby! Not having to pay an annual fee is amazing.
I agree! They are the best! I have owned American express since 1974. I will continue to have it as long as I live. I started with the green then upgraded to platinum and since my needs have changed I went back to my green. They are not treating me any differently.
@@brois841 there is a difference though with Amex they treat you like you the customer is most important, with other companies they treat you like the merchant is most important.
@@thetechlibrarian Citi has always treated me well and so has Chase when I had them. I've had no issues with disputes, just lost my card the other day, called them from the airport, they overnighted a new card to me, so when I arrived at home I had it.
I’m a platinum person for 38;years. Take note..........you will not be admitted into an AMEX lounge if you have a standby boarding pass, meaning you bought a ticket but your seat won’t be assigned until you go to your gate. You have to have a seat number on the BP or no entry even though you are a Platinum member. In SFO Sebby, AE LOUNGE is like ten thousand miles from UA, DL and AS gates. Once you’ve walked twenty minutes down to get a BP with your seat assignment, you don’t feel like walking back to lounge. Fun fact.....Delta lets you in their lounge no matter what your boarding pass says......just flash the Platinum. Also, Priority Pass lounges and restaurants are not accepting pass holders that are affiliated with Amex. That sucks.
Reds........ok. Please tell me specifically what AMERICAN EXPRESS LOUNGES you get into with a boarding pass that just says STANDBY on it. Name the cities. I’ll be watching and waiting for your reply.
1) High Spend Requirements 2) Anti-Gaming(no manufactured spending) 3) Customer Targetting (care about new customers more) 4) TOO Travel Focused 5) Opportunity Cost(Other Cards value you less when you have an amex) 6) Too focused on certain cities(LA & NY)
I have about 6 Amex cards and only spend on 2-3 around $1,000-2,000/mo, never seen the popup offer yet! Cashed out about 350k MR points at 1.25cpp with the CS Plat.
I thought the value of the Platinum card went down with less international travel during the pandemic, and even considering canceling when they keep raising the annual fee. But I got the best value from the card this year with the Better Mortgage promotion. I lowered my mortgage interest rate below 3%, paid zero out of pocket due to increase in home value (actually got $55 back), and also got a $6,000 statement credit on my Platinum card. That "paid for" a few past and future annual fees so I think I'll keep the card a little longer.
i love my platinum but i might have to downgrade. Gold and the other one are completely useless and so are the rewards. the plantinum would be worth it if you they didn't add such dumb benefits (peacook, audiobook) 200 is silly and the airline fee is silly bc it is only for and the new hotel benefit only for their premier hotels which is usable but best for vegas.
@David W they get around this by saying you can use the card account on Samsung, Google, and Apple Pay as soon as you open the account therefore saying you have all allotted time.
Bingo. Highest "tier" of AMEX card I have is the gold and I am fixing to cancel it as it renews in August and I just can't justify the fee. It has gotten to the point where the credits are worth $0 to me. To add insult to injury, the gold card has absolutely the worst Amex offers of any of the cards I have. Think I will keep the green card, Blue Preferred, couple co-brands, and maybe add one of the everyday cards; things with no or low annual fees. As for a platinum card, I had originally planned to get one but I am glad I held off as the card changes have made it all but useless to me. Seems like AMEX has decided they don't care about anyone except millennial hipsters and fake rich wannabe's as the credits have become complete trash for what was their core audience of middle-aged and upper middle-class people. Even the Schwab card is looking like a no-go due to the deval of points transfers.
The more I look into high annual fee cards; they make sense if you have the monthly spend. The AMEX benefits are great, but if you aren't spending on their cards, they seem to like you have to go out of your way to use them. My current life situation doesn't have many expenses, and I'm happy with my Chase cards and WF Propel.
I’m excited about American Express because of their customer service and how they help their customers when issues arise. That’s my biggest selling point. If that were to end then it wouldn’t be worth it at all
@Brian Jung get off the crypto hype train and back into credit cards again. You haven’t even made a vid about the custom cash, Schwab point devaluation, etc. Us OG subs would appreciate it!
@@Ace2021 - Dude, I feel u. I haven’t watch any of his vidz in months. Honestly, I might have to unsub from his channel. And I was subbed to him before he hit 5K in total subs too. Lol.
I’ve been wanting the platinum, but like you said, my spend doesn’t justify the annual fee even for the welcoming points. I had made it up on the gold points on dinning and groceries.
@@CheekyBird888 I have a Hilton Amex card that gives me no foreign transaction fee and earn point to stay at all Hilton hotels. I received invitation from Amex twice for the platinum card but declined both offer as the fee is just too high.
I don't think I'm a value maximizer when it comes to my Amex Platinum, but as someone who does order food through Uber eats, does travel once, twice maybe three times/year and makes use of the other perks when they make sense for me, I would say I get more value from the card than I pay in the annual fee. And that's before taking points into consideration.
I’ve always just stuck with Chase for simplicity’s sake and I’m just not into aspirational travel, I rather just be able to visit my parents regularly in the US. I’ve been tempted by the Platinum, but I think this video convinced me to just stick with Chase. Great video!!
Paying no annual fee because active duty military has been a bonus for me.. Love the card and I realized with the amount of spend I do with them & the fact they are just about the only cards I use.... Makes perfect sense that I do have and will continue to have a good relationship with them. Does make me think that I am leaving opportunity on the table though by not having ANY chase cards. Almost at 400k points... Here is the crazy thing.. I don't even travel : (((
makes sense. I agree that Amex is geared towards New York lifestyle. The Gold and the BBP are my day to day drivers for me. The platinum, not so much but i do use Peacock and intend to book flights with it...that's about it
This video just gave me the clarity I needed on when to get the more Amex cards. I have the Hilton and Delta cards and I'm still learning how to get the most from those. Great video.
I literally eat my way to vacations with the Gold Card. Whoever said there weren't any benefits to being a fatass clearly didn't realize how many points they can get from the Gold Card just for doing what they love.
Gold card is the limit for me. Got an upgrade offer for the Platinum but I don't travel. Also be careful because GC isn't a cash back card. If you redeem points for cash back it's not 1-1. More like 60¢ back.
Looking to fly international next summer. I only have Discover and Chase cash-back cards (both for 10 years+). I just applied for a Freedom. FICO=800+, so what Amex should I apply for out the gate (if at all) and when should I apply for a Chase Sapphire Preferred?
I'm definitely not an American Express type of person since I prefer cash back, and I think this video just confirmed it, especially as a beginner still. After opening my cash magnet, I got the pop up of doom for the Platinum card, even though I never had the card before, and I never received a welcome bonus for that. With the annual fee increase and no intro bonus and my lack of traveling, I'm going to wait a year then cancel it.
The first point is a very good point that a lot of people fail to realize. American Express was always option three but they changed the narrative from being "third best" to being exclusive. In one of the phone calls I will never forget, 2001, Amex CS to get my first AMEX card. They ask me questions then ask me how much of a limit I wanted. I jovially asked how much is the most I can get. Response : $200,000! The income I expected to make was 50-60K, I realize they wanted me to do all my spending on this card and essentially live the "American Express, Don't Leave Home without it" catch line. I took $3000, as I would call if I needed my limit to be increased. In those days buying a townhouse or condo was easily under $200,000 in Ontario, Canada suburbs and give then waived the first year fee ($20 a month) and first years interest demonstrates how amazing they were.
Gave the video a like because they all great points despite me being a AMEX fan. I'm fairly new to credit cards but my family uses Hilton and we have time shares through them so AMEX long term makes sense to me. great video
I’ve had all of the charge cards over the years, you have to stay flexible on what’s best for you and which card works at the time. Gold works best for me, long-term. They have really slashed services and advocacy over the years but they still stay above the rest.
@2:38 - *How can you spend less than $500/ month?* Don’t you need gas (3% back), don’t you need groceries (6%), don’t you have subscriptions (3%), don’t you buy lunch/ dinner (3%), don’t you have ANY expenses!? Don’t tell me you’re paying with a Debit card! 🤦♂️🙄
Is Amex inquiry sensitive? Trying to decide if I should apply with them first, or apply with some inquiry sensitive options like Bank of America or US bank first
I have an Amex Platinum card the main reason why I have it is for the respect I get with it I probably only spend about $1,200 bucks a month on it but I do use the statement credits so realistically I'm probably spending $300 a year for this card not bad for somebody who makes $40,000 per year as an Uber driver before mileage deductions
I feel like SFO is more of a priority than LAX. Heck, AmEx closed LAX AmEx lounge in June 2021 and despite the stories they tell about construction, none is visibly happening and there is no urgency on reopening the lounge.
Started with the Delta Reserve but Delta's award flights are shite so I'm not going to run it anymore. Platinum & Gold I can transfer to BA. I travel to the UK a lot and have a Chase BA Visa which offers a companion ticket after $30k, which I do in the first month or two each year. Currently have over 600k miles stacked, two companion tickets and a voucher for a First Class trip to the UK. It's money I was spending previously by writing checks.
That's actually why I'm sitting on a stupid amount of Delta SkyMiles. No upside flights for F/J (for personal travel). Most domestic travel I can bill to clients / write-off so dumb to use miles there.
Good lookin heads up about American Express 👌. I thought about the every day blue cash 💸 rewards. But the way u put it about Amex. They really not the creditor's, I want in my name 💯.
Debby, I'm not a huge traveler but I like hotel stays. Currently, sitting on the Ritz CC, but they seem to not want customers. I just noticed my 150K offer and I'm a HUGE USER of Audible/Uber. This is obvious for me, but wh azz ts the long game at Amex? Are they going to keep raising fees and knock me out of the Plat? If I downgrade the Ritz, I'm saving money..
it probably varies by country.. In Italy where they don't have many competitors they are not even agressive with sign up bonuses... but they do offer existing card holders at some point offering you points... the only way to get good sign up bonus points is to get invited by an existing cardholder
You got me worried about getting the blue cash preferred now. I'll probably be less than a $500 monthly on the card. But want something to cover gas and transit
Great info. Seems like this is very accurate. I was just offered 100,000 points plus 150 credit to upgrade from my gold card to the platinum card. Typical send is between 3000-4000/m
Hi sebby I was prequalified for an upgrade from the gold for 100k bonus with 150 credit statement but later I saw it went down to 25k I called and told the rep about this and they were able to offer the 100k bonus
10 years from now everyone will be rocking their Capital One Reserve. Those lounges of theirs will have people scrambling to use their Home Goods $50 semi annual credit to break even.
@@SolidLiquidFox "First Shebby came for the Amex, and I did not speak out-because I was not a Amex hater. Then he came for the Chase, and I did not speak out- because I was not able to get Chase cards. Then he came for the Capital One, and I did not speak out-because I was not a Capital One customer. Then he came for my US Bank-and there was no one left to speak for me and US Bank."
Other than the Hilton Aspire, I'm backing away from the personal cards, as well as the business Platinum. No issue with the personal Gold, other than I'm earning enough MR points on the business side, and opportunity knocks.
didn't work for me i got rid of it as soon as i got I made a purchase for 51.00 credit line was3000.00 and bill came payment was 41.00 with a 51.00. don't like to make purchase just to keep the card. had a740 beacon score loss 3points closing with a zero balance.
I was in Amex jail, but I had an upgrade offer for my Everyday card, I hit the spend requirement, and now I'm able to get the bonus on the Hilton Surpass. Soon I will have gotten the bonuses on all the Hilton personal cards!
A lot of the comments and video focus on the travel benefits of Platinum and how you should be a traveler to get it. I'm not sure I agree 100% with this. The Uber/Eats benefit is $150, the streaming benefit is $240 and the Walmart benefit is about $150. Just those three benefits alone - which arguably have nothing to do with travel - put you within $100 - $150 of their annual fee. I am more than happy to attribute that to my "entrance fee" to the nice lounges for the 2-3 times/year when I do travel. All the benefits on top of that (like Clear and TSA Pre) are now just a fun bonus and stuff I willingly signed up for because I hate waiting in lines. So, yes, it helps to be a traveler, but I think Amex has done a great job of bringing other benefits to the card and I'm more than happy to pay the annual fee.
Amex is only worth having if you are a big spender on a high income, travelling globally. Even then I would think twice before getting one, if you make any kind of mistake in paying, if you are a day late or go a little over your limit, they are absolutely dreadful to deal with. If you get into trouble with your card payments, they have zero interest in assisting and are mean, ruthless and aggressive.
Great vid as usual. Would love a wallet update sometime soon. It’s always helpful to hear your rational on current strategy/cards as I have similar goals to you
Best advice is to not game the system. The people who game the system hurt us all. Stop worrying about snapping up bonuses and get the cards that work for your life.
That's why I can't pull the trigger on the platinum card. It's effectively a coupon book for me on spend I don't really use. I'd work myself hard just to make the annual fee work.
I got approved with the 150K offer yesterday. My CSP is my everyday card and i spend 2-3k a month and I’m planning big trips over the next year that I’d love to have lounge access/upgrades/Global Entry for. I imagine I’ll close AmEx after a year. This video (especially knowing to wait a full 12 months before canceling) was so helpful!
$695 is pretty steep, especially with the $175 on top of that if you have authorized users. Yikes! For now, my wife and I receive a better return with CSR and the Chase trifecta. I remain open to change, however. Great video as usual. 👍🏽
695 may seem a lot but consider what perks you'd use with the Amex plat. Those end up being refunded to you (statement credits) which then can be used for future purchases.
I have a question. So I have had the Amex Bus gold and a few others and just recently got the Platinum. I have relatively high card spend $100k+ a year. Regarding this in order to get like the $75k spend needed to bring others to the centurion lounges does this all need to be on the platinum or do my other AMEX consumer and business card spend count towards this also?
What if I got the Gold card first can I still get the bonus for the platinum card I didn’t start the platinum card first my first Amex card was the Gold card I want the platinum & Everyday Blue card but my score is too low 675 need 80 points Lol
I don't do that type of spending and flying. My goal is to stay out of debt. I had it AMEX and cut it up. Didn't like the fees. Credit cards debt is a rip-off! "The borrower is servant to the credit. Do yourself a favor and stay out of debt!!
Amex "has a very big focus on travel" yet I don't go anywhere without my chase sapphire preferred (global acceptance and primary rental car insurance... before anyone knocks the insurance perk, it's a big deal for even occasional traveler's, you just don't realize it!!)
Whaaaaat!!!! I love my Amex Card.. I have the Blue Cash Preferred and the Platinum… I was thinking about the Gold because I eat out too much 😕 damn sodium lol
Well guess that, I am just vintage old school. Found over time that, the best credit/charge cards for my needs are the ones with no annual fee, a grace period for late payments, and if there will be a balance for three to six months to offer a low interest rate. The American Express card that currently meets my needs is their business open card.
As someone who can potentially spend $1000 to $2000 per day as a business owner of a US and a Uk companies, but I not American and I am currently overseas with no plans to move to either the UK or USA. I do have residential address in the UK though. What options are there for me to get a credit card with American Express or any other similar compan?
Have no clue why anyone would use American Express. I spend over $10k/month and travel monthly. I get cash back on everything I buy everywhere, don't have to deal with points, planning, restrictions, blah blah. Who's got time for that crap? I think people get Amex for boasting rights only.
How timely, made my comment yesterday and an invitation for the Amex Platinum shows up in the mail today (w/150k points, which seems to be what everyone is seeking?). I think I receive the invite weekly. Looking at the benefits, not sure why I'd want it. Currently use a Citi Double Cashback card and it's 2% back all the time, every time, no fees, no planning, no headaches, no anything. So anyone reading this, please tell me why I would want it. What am I missing?
I like the platinum card and I most likely would keep it for another year depending on the travel situation. I do plan on product changing the CSP to the CSR, does that mean I have a chance of losing the point I accrued on the CSP?
@@Ricocase Chase platform is not hard to use. I didnt change it because besides the $300 travel credit, its not really useful for me beyond that. I had no intentions of letting go of the Plat
im seeing the exact same things with me. got pop up blocked from the Schwab Platinum but got the card anyway to cash out all my previous rewards points. unfortunately, Chase seems to be more on my level these days. by next year I'll be swapping to Chases Sapphire Cards instead. 🙏 thank you for the video!
I applied and just recently received my gold Amex card. As I am recently building personal credit would this hinder me in some way in obtaining other credit cards?
Here's the crux of the matter that most people don't mention in these videos: credit card game works best for big spenders. The more cash flow, the bigger the rewards. For those on a lower-income, don't take the bait.
- truth. I easily run $5k-$6k mthly spend through my credit cards.
@@docsays that’s low
@@brois841 good point. And sometimes I think, hey, why don't I just spend 3% less instead of trying to save 3% with a credit card. You're right. Sometimes it feels like we're all trying to be a coupon lady.
Funny I have always said it’s expensive to be poor.
People with low income should NOT carry any cards with an AF or keep it limited to say one that is $99 AF but absolutely not when it comes to higher tier offerings (e.g. Gold, Plat, CSR etc.) those AF's are annoying as it is let alone on a low income.
Being active duty military really pays off with Amex. Thank you for informing me years ago about the MLA and SCRA benefits, Sebby! Not having to pay an annual fee is amazing.
Yes, that would make sense then. Also, thanks for your service, Ace!
Their customer service and how they back you when you need help is far beyond what any other company offers. Well worth annual fee.
I guess you've never owned other cards, most cards have excellent customer service and back you up.
Agreed , their customer service is by far the best I’ve ever come across .
I agree! They are the best! I have owned American express since 1974. I will continue to have it as long as I live. I started with the green then upgraded to platinum and since my needs have changed I went back to my green. They are not treating me any differently.
@@brois841 there is a difference though with Amex they treat you like you the customer is most important, with other companies they treat you like the merchant is most important.
@@thetechlibrarian Citi has always treated me well and so has Chase when I had them. I've had no issues with disputes, just lost my card the other day, called them from the airport, they overnighted a new card to me, so when I arrived at home I had it.
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I’m a platinum person for 38;years. Take note..........you will not be admitted into an AMEX lounge if you have a standby boarding pass, meaning you bought a ticket but your seat won’t be assigned until you go to your gate. You have to have a seat number on the BP or no entry even though you are a Platinum member. In SFO Sebby, AE LOUNGE is like ten thousand miles from UA, DL and AS gates. Once you’ve walked twenty minutes down to get a BP with your seat assignment, you don’t feel like walking back to lounge. Fun fact.....Delta lets you in their lounge no matter what your boarding pass says......just flash the Platinum. Also, Priority Pass lounges and restaurants are not accepting pass holders that are affiliated with Amex. That sucks.
Question- how many times has your annual fee increased? I’m 32 and wondering if I should take the offer.
I been flying standby for 27 yrs. and I always get in the lounges.
Reds........ok. Please tell me specifically what AMERICAN EXPRESS LOUNGES you get into with a boarding pass that just says STANDBY on it. Name the cities. I’ll be watching and waiting for your reply.
1) High Spend Requirements
2) Anti-Gaming(no manufactured spending)
3) Customer Targetting (care about new customers more)
4) TOO Travel Focused
5) Opportunity Cost(Other Cards value you less when you have an amex)
6) Too focused on certain cities(LA & NY)
I have about 6 Amex cards and only spend on 2-3 around $1,000-2,000/mo, never seen the popup offer yet! Cashed out about 350k MR points at 1.25cpp with the CS Plat.
I thought the value of the Platinum card went down with less international travel during the pandemic, and even considering canceling when they keep raising the annual fee. But I got the best value from the card this year with the Better Mortgage promotion. I lowered my mortgage interest rate below 3%, paid zero out of pocket due to increase in home value (actually got $55 back), and also got a $6,000 statement credit on my Platinum card. That "paid for" a few past and future annual fees so I think I'll keep the card a little longer.
Doesn't Gold also qualify you for better mortgage? I'm up in the air on what to do.
At $695 renewal, it will be a struggle, the new credits, for the most part, are worthless and unusable to me.
If you travel and enjoy lounge access, then its worth it. If you dont care about lounge access, then the plat is not for you.
If benefits are worthless to you, why are you even thinking of a platinum card?😂
i love my platinum but i might have to downgrade. Gold and the other one are completely useless and so are the rewards. the plantinum would be worth it if you they didn't add such dumb benefits (peacook, audiobook) 200 is silly and the airline fee is silly bc it is only for and the new hotel benefit only for their premier hotels which is usable but best for vegas.
@@abhishekkumarrathore There arelots of people who has been taking the benefits of platinum card but don't wanna join equinox..
@@hyesungkim1474 I work for Amex.
I use mine like a debit card. You gotta go food shopping, gas, pay bills etc. why not get something back. The bank is t going to give you anything
If you can’t use the credits, an Amex setup ain’t cheap 😬
🥇
@David W they get around this by saying you can use the card account on Samsung, Google, and Apple Pay as soon as you open the account therefore saying you have all allotted time.
If people want to flex those shiny Platinum and Gold cards they'll pay the price and jump through all hoops for the coupon book...
Yes, you must use the benefits for it to make sense financially 💵….take advantage of all or most of them.
Bingo. Highest "tier" of AMEX card I have is the gold and I am fixing to cancel it as it renews in August and I just can't justify the fee. It has gotten to the point where the credits are worth $0 to me. To add insult to injury, the gold card has absolutely the worst Amex offers of any of the cards I have. Think I will keep the green card, Blue Preferred, couple co-brands, and maybe add one of the everyday cards; things with no or low annual fees.
As for a platinum card, I had originally planned to get one but I am glad I held off as the card changes have made it all but useless to me. Seems like AMEX has decided they don't care about anyone except millennial hipsters and fake rich wannabe's as the credits have become complete trash for what was their core audience of middle-aged and upper middle-class people. Even the Schwab card is looking like a no-go due to the deval of points transfers.
Military does not have to pay annual fees because they waive them!
The more I look into high annual fee cards; they make sense if you have the monthly spend. The AMEX benefits are great, but if you aren't spending on their cards, they seem to like you have to go out of your way to use them. My current life situation doesn't have many expenses, and I'm happy with my Chase cards and WF Propel.
@Shawn S
Pay now, not on the end.
That helps you keep using, what you really need to pay. DebitCard👍
If I could pay a mortgage with Amex card I would platinum or Gold
I’m excited about American Express because of their customer service and how they help their customers when issues arise. That’s my biggest selling point. If that were to end then it wouldn’t be worth it at all
Agreed with all points mentioned here!
oh haii!
A god amongst mortals 🤌🏻
@Brian Jung get off the crypto hype train and back into credit cards again. You haven’t even made a vid about the custom cash, Schwab point devaluation, etc. Us OG subs would appreciate it!
We miss a lot your credit card videos and charisma, why did you quit them?
@@Ace2021 - Dude, I feel u. I haven’t watch any of his vidz in months. Honestly, I might have to unsub from his channel. And I was subbed to him before he hit 5K in total subs too. Lol.
I’ve been wanting the platinum, but like you said, my spend doesn’t justify the annual fee even for the welcoming points. I had made it up on the gold points on dinning and groceries.
If you are a service member get Amex coz they waive annual fees. It's all upside for you.
FACTory
There are Amex cards that do not require annual fees
@@CheekyBird888 I have a Hilton Amex card that gives me no foreign transaction fee and earn point to stay at all Hilton hotels. I received invitation from Amex twice for the platinum card but declined both offer as the fee is just too high.
I don't think I'm a value maximizer when it comes to my Amex Platinum, but as someone who does order food through Uber eats, does travel once, twice maybe three times/year and makes use of the other perks when they make sense for me, I would say I get more value from the card than I pay in the annual fee. And that's before taking points into consideration.
I’ve always just stuck with Chase for simplicity’s sake and I’m just not into aspirational travel, I rather just be able to visit my parents regularly in the US. I’ve been tempted by the Platinum, but I think this video convinced me to just stick with Chase. Great video!!
Paying no annual fee because active duty military has been a bonus for me.. Love the card and I realized with the amount of spend I do with them & the fact they are just about the only cards I use.... Makes perfect sense that I do have and will continue to have a good relationship with them. Does make me think that I am leaving opportunity on the table though by not having ANY chase cards. Almost at 400k points... Here is the crazy thing.. I don't even travel : (((
Funny enough, there was an AMEX ad right before the video started 😂
Thanks for another great video, Sebby!
Very good points, Sebby, thank you. I’m a fan of American Express, but it’s important to keep everything in perspective
makes sense. I agree that Amex is geared towards New York lifestyle. The Gold and the BBP are my day to day drivers for me. The platinum, not so much but i do use Peacock and intend to book flights with it...that's about it
i have an amex everyday preferred and got a 125k platinum offer
American Express cards are seen as a status symbol also.
This video just gave me the clarity I needed on when to get the more Amex cards. I have the Hilton and Delta cards and I'm still learning how to get the most from those. Great video.
I spend around $1200 a month and don't expect to fly quarterly post Covid. Who should be my credit card company?
you are so good at analogies.. BRILLIANT
Hey Sebi great advice. It's nice that there is a real consumer advocate out there. I really appreciate you sharing your knowledge
Best wishes sir
Absolutely love amex. I just got a nice retention offer for my gold card! Their customer service goes above and beyond. No complaints!!💳💰
What’s your annual spend on the gold card?
I literally eat my way to vacations with the Gold Card. Whoever said there weren't any benefits to being a fatass clearly didn't realize how many points they can get from the Gold Card just for doing what they love.
Gold card is the limit for me. Got an upgrade offer for the Platinum but I don't travel. Also be careful because GC isn't a cash back card. If you redeem points for cash back it's not 1-1. More like 60¢ back.
The reasons you gave are really well explained 💯 Well done Seb 🏆
Thanks! :)
The Gold has consistently outweighed its annual fee for me. As for the Plat.. we have yet to see.
Excellent video. Great timing too. Happy to see you making vids again!!
Hi Sebby! I like the rose gold card and that’s the only card that I have with an annual fee
Great comments on the necessary spend. I have a Delta AMEX, and started getting higher CL when I used it at Ben Bridge
Looking to fly international next summer. I only have Discover and Chase cash-back cards (both for 10 years+). I just applied for a Freedom. FICO=800+, so what Amex should I apply for out the gate (if at all) and when should I apply for a Chase Sapphire Preferred?
I'm definitely not an American Express type of person since I prefer cash back, and I think this video just confirmed it, especially as a beginner still. After opening my cash magnet, I got the pop up of doom for the Platinum card, even though I never had the card before, and I never received a welcome bonus for that. With the annual fee increase and no intro bonus and my lack of traveling, I'm going to wait a year then cancel it.
You’re always there when I need you ❤️. I keep going back and forth on getting one as we got the good offer. But we aren’t traveling right now.
The first point is a very good point that a lot of people fail to realize. American Express was always option three but they changed the narrative from being "third best" to being exclusive. In one of the phone calls I will never forget, 2001, Amex CS to get my first AMEX card. They ask me questions then ask me how much of a limit I wanted. I jovially asked how much is the most I can get. Response : $200,000!
The income I expected to make was 50-60K, I realize they wanted me to do all my spending on this card and essentially live the "American Express, Don't Leave Home without it" catch line.
I took $3000, as I would call if I needed my limit to be increased. In those days buying a townhouse or condo was easily under $200,000 in Ontario, Canada suburbs and give then waived the first year fee ($20 a month) and first years interest demonstrates how amazing they were.
But my goal is to get the American Express Centurion card. First step is to win the lottery.
Gave the video a like because they all great points despite me being a AMEX fan. I'm fairly new to credit cards but my family uses Hilton and we have time shares through them so AMEX long term makes sense to me. great video
Much appreciated!
I’ve had all of the charge cards over the years, you have to stay flexible on what’s best for you and which card works at the time. Gold works best for me, long-term. They have really slashed services and advocacy over the years but they still stay above the rest.
@2:38 - *How can you spend less than $500/ month?* Don’t you need gas (3% back), don’t you need groceries (6%), don’t you have subscriptions (3%), don’t you buy lunch/ dinner (3%), don’t you have ANY expenses!? Don’t tell me you’re paying with a Debit card! 🤦♂️🙄
Is Amex inquiry sensitive? Trying to decide if I should apply with them first, or apply with some inquiry sensitive options like Bank of America or US bank first
They approved me my first Amex with 33 inquiries
@@JAA369 Really, that's good to know. Did you have that many in the last 2 years? And which Amex did you get approved for?
@@KP99 yeah they all recent inquiries
I have an Amex Platinum card the main reason why I have it is for the respect I get with it I probably only spend about $1,200 bucks a month on it but I do use the statement credits so realistically I'm probably spending $300 a year for this card not bad for somebody who makes $40,000 per year as an Uber driver before mileage deductions
Basically $300 down the toilet? It is a fun card to have after all lol.
I feel like SFO is more of a priority than LAX. Heck, AmEx closed LAX AmEx lounge in June 2021 and despite the stories they tell about construction, none is visibly happening and there is no urgency on reopening the lounge.
wow. what an awesome channel. It tough trying to figure out all these credit cards.
Started with the Delta Reserve but Delta's award flights are shite so I'm not going to run it anymore. Platinum & Gold I can transfer to BA. I travel to the UK a lot and have a Chase BA Visa which offers a companion ticket after $30k, which I do in the first month or two each year. Currently have over 600k miles stacked, two companion tickets and a voucher for a First Class trip to the UK. It's money I was spending previously by writing checks.
That's actually why I'm sitting on a stupid amount of Delta SkyMiles. No upside flights for F/J (for personal travel).
Most domestic travel I can bill to clients / write-off so dumb to use miles there.
Good lookin heads up about American Express 👌. I thought about the every day blue cash 💸 rewards. But the way u put it about Amex. They really not the creditor's, I want in my name 💯.
The airport lounge at Bradley in Hartford has been closed for over 18 months
Debby, I'm not a huge traveler but I like hotel stays.
Currently, sitting on the Ritz CC, but they seem to not want customers.
I just noticed my 150K offer and I'm a HUGE USER of Audible/Uber. This is obvious for me, but wh azz ts the long game at Amex? Are they going to keep raising fees and knock me out of the Plat? If I downgrade the Ritz, I'm saving money..
it probably varies by country.. In Italy where they don't have many competitors they are not even agressive with sign up bonuses... but they do offer existing card holders at some point offering you points... the only way to get good sign up bonus points is to get invited by an existing cardholder
I don't like credit cards with yearly fees
You got me worried about getting the blue cash preferred now. I'll probably be less than a $500 monthly on the card. But want something to cover gas and transit
Great info. Seems like this is very accurate. I was just offered 100,000 points plus 150 credit to upgrade from my gold card to the platinum card. Typical send is between 3000-4000/m
What are your thoughts on the American Express checking account?
So if we get an AMEX card, are you saying banks wouldn’t want to work with us?
Hi sebby I was prequalified for an upgrade from the gold for 100k bonus with 150 credit statement but later I saw it went down to 25k I called and told the rep about this and they were able to offer the 100k bonus
Solid review!
Does this apply to the everyday and blue or whatever it is??
Waits for Sebby to do a 5 reasons to avoid Chase.. 🤷♂️
Soon! Chase...Citi...Capital One...no one is safe 🤷♂️
What have we unleashed???
Looks like Credit One will be the last issuer standing 😂😂🏅
That's an End of Times sign ☢️ 💀😄
10 years from now everyone will be rocking their Capital One Reserve. Those lounges of theirs will have people scrambling to use their Home Goods $50 semi annual credit to break even.
@@SolidLiquidFox "First Shebby came for the Amex, and I did not speak out-because I was not a Amex hater.
Then he came for the Chase, and I did not speak out- because I was not able to get Chase cards.
Then he came for the Capital One, and I did not speak out-because I was not a Capital One customer.
Then he came for my US Bank-and there was no one left to speak for me and US Bank."
I feel like no downgrade paths to a no annual fee card should've been high on this list
Loved the visual examples!!! Had me ROTFL 🤣, but at the same time very educational.
Other than the Hilton Aspire, I'm backing away from the personal cards, as well as the business Platinum. No issue with the personal Gold, other than I'm earning enough MR points on the business side, and opportunity knocks.
Why wouldn't Capital One approve you if you have an Amex?
I never heard of Amex Jail. I'm probably serving a life sentence.
didn't work for me i got rid of it as soon as i got I made a purchase for 51.00 credit line was3000.00 and bill came payment was 41.00 with a 51.00. don't like to make purchase just to keep the card. had a740 beacon score loss 3points closing with a zero balance.
I was in Amex jail, but I had an upgrade offer for my Everyday card, I hit the spend requirement, and now I'm able to get the bonus on the Hilton Surpass. Soon I will have gotten the bonuses on all the Hilton personal cards!
👍 good information 👌
Great points!
A lot of the comments and video focus on the travel benefits of Platinum and how you should be a traveler to get it. I'm not sure I agree 100% with this. The Uber/Eats benefit is $150, the streaming benefit is $240 and the Walmart benefit is about $150. Just those three benefits alone - which arguably have nothing to do with travel - put you within $100 - $150 of their annual fee. I am more than happy to attribute that to my "entrance fee" to the nice lounges for the 2-3 times/year when I do travel. All the benefits on top of that (like Clear and TSA Pre) are now just a fun bonus and stuff I willingly signed up for because I hate waiting in lines. So, yes, it helps to be a traveler, but I think Amex has done a great job of bringing other benefits to the card and I'm more than happy to pay the annual fee.
Amex is only worth having if you are a big spender on a high income, travelling globally. Even then I would think twice before getting one, if you make any kind of mistake in paying, if you are a day late or go a little over your limit, they are absolutely dreadful to deal with. If you get into trouble with your card payments, they have zero interest in assisting and are mean, ruthless and aggressive.
Great vid as usual. Would love a wallet update sometime soon. It’s always helpful to hear your rational on current strategy/cards as I have similar goals to you
Best advice is to not game the system. The people who game the system hurt us all. Stop worrying about snapping up bonuses and get the cards that work for your life.
What do u mean by game the system?
That's why I can't pull the trigger on the platinum card. It's effectively a coupon book for me on spend I don't really use. I'd work myself hard just to make the annual fee work.
American Express Gold treats me well ! Very distinguish card !!
Customer service is superb!!
I am waiting until the late game to start the Amex journey. Thanks for the helpful tips.
I got approved with the 150K offer yesterday. My CSP is my everyday card and i spend 2-3k a month and I’m planning big trips over the next year that I’d love to have lounge access/upgrades/Global Entry for. I imagine I’ll close AmEx after a year. This video (especially knowing to wait a full 12 months before canceling) was so helpful!
$695 is pretty steep, especially with the $175 on top of that if you have authorized users. Yikes! For now, my wife and I receive a better return with CSR and the Chase trifecta. I remain open to change, however. Great video as usual. 👍🏽
695 may seem a lot but consider what perks you'd use with the Amex plat. Those end up being refunded to you (statement credits) which then can be used for future purchases.
I have a question. So I have had the Amex Bus gold and a few others and just recently got the Platinum. I have relatively high card spend $100k+ a year. Regarding this in order to get like the $75k spend needed to bring others to the centurion lounges does this all need to be on the platinum or do my other AMEX consumer and business card spend count towards this also?
Thanks! I waded in with a BCE card. Likely won't go any deeper. I'm low spend.
I did not know about Amex Gel. Found it fascinating.
What if I got the Gold card first can I still get the bonus for the platinum card
I didn’t start the platinum card first my first Amex card was the Gold card
I want the platinum & Everyday Blue card but my score is too low 675 need 80 points Lol
I don't do that type of spending and flying. My goal is to stay out of debt. I had it AMEX and cut it up. Didn't like the fees. Credit cards debt is a rip-off! "The borrower is servant to the credit. Do yourself a favor and stay out of debt!!
Yep, huge YMMV depending on use case. Can make sense if you do aspirational travel though: ua-cam.com/video/-PEhkGppUkQ/v-deo.html&ab_channel=AskSebby
I am from NYC I almost like 6 days a week takeout and outside eat. What is your recommended card?
Amex "has a very big focus on travel" yet I don't go anywhere without my chase sapphire preferred (global acceptance and primary rental car insurance... before anyone knocks the insurance perk, it's a big deal for even occasional traveler's, you just don't realize it!!)
Whaaaaat!!!! I love my Amex Card.. I have the Blue Cash Preferred and the Platinum… I was thinking about the Gold because I eat out too much 😕 damn sodium lol
Very easy to justify Amex, especially the annual fee cards, being active duty military. All the perks with none of the fees
Isn’t gold more valuable than platinum? And neither are accepted much outside the US.
Platinum is the higher tier card, but is not for a common person. AMEX has international uses as well
@@Epali But gold is more valuable than platinum.
Well guess that, I am just vintage old school. Found over time that, the best credit/charge cards for my needs are the ones with no annual fee, a grace period for late payments, and if there will be a balance for three to six months to offer a low interest rate. The American Express card that currently meets my needs is their business open card.
Only people who should be getting Amex cards are military members because the fee is then waived (I believe). Makes no sense to get one otherwise
As someone who can potentially spend $1000 to $2000 per day as a business owner of a US and a Uk companies, but I not American and I am currently overseas with no plans to move to either the UK or USA. I do have residential address in the UK though. What options are there for me to get a credit card with American Express or any other similar compan?
I love Amex, but still this is good information!
Have no clue why anyone would use American Express. I spend over $10k/month and travel monthly. I get cash back on everything I buy everywhere, don't have to deal with points, planning, restrictions, blah blah. Who's got time for that crap? I think people get Amex for boasting rights only.
How timely, made my comment yesterday and an invitation for the Amex Platinum shows up in the mail today (w/150k points, which seems to be what everyone is seeking?). I think I receive the invite weekly. Looking at the benefits, not sure why I'd want it. Currently use a Citi Double Cashback card and it's 2% back all the time, every time, no fees, no planning, no headaches, no anything.
So anyone reading this, please tell me why I would want it. What am I missing?
I like the platinum card and I most likely would keep it for another year depending on the travel situation. I do plan on product changing the CSP to the CSR, does that mean I have a chance of losing the point I accrued on the CSP?
No, both cards get UR points but make sure you ask the rep before product changing.
Why CSR > Platinum? I heard chase platform is hard to use.
@@Ricocase Chase platform is not hard to use. I didnt change it because besides the $300 travel credit, its not really useful for me beyond that. I had no intentions of letting go of the Plat
im seeing the exact same things with me. got pop up blocked from the Schwab Platinum but got the card anyway to cash out all my previous rewards points. unfortunately, Chase seems to be more on my level these days. by next year I'll be swapping to Chases Sapphire Cards instead. 🙏 thank you for the video!
I applied and just recently received my gold Amex card. As I am recently building personal credit would this hinder me in some way in obtaining other credit cards?