Why I’m CANCELING This American Express Card
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- Опубліковано 21 лют 2024
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Skip the waitlist and invest in blue-chip art for the very first time by signing up for Masterworks: www.masterworks.art/benhedges
Purchase shares in great masterpieces from artists like Pablo Picasso, Banksy, Andy Warhol, and more.
See important Masterworks disclosures: www.masterworks.com/cd
I signed up with masterworks and they kept cold calling me and spamming me to buy artwork I've never heard of. Their choice art are too risky since all the picasso's and van goh's etc were all sold out which left me with high risk artwork that I have no interest in. Fast forward a month and they keep calling me and spamming me which i found annoying so i canceled their membership. and they kept calling me until a few months later they gave up on me since i blocked their calls.
Here we go, another youtuber “canceling” an Amex card. Lol. I swear it’s like a trend. 😂
Yup the same cards they swear is the best in their categories, 😂😂,they should just say best sign up bonus cards
Yeah, but its fun to see the reasons why some YT'ers are considering differnt options. I usually learn something new from each of the videos I watch.
Nice respectful comment. NOT.
@@oreally8605- Hahahahahaha. Caught me 😅
@@KingGreen78 Hi, I would not have said this card is best in categories, I mean its only 1x on most things. Cards like Amex gold are great for certain big spending categories 94x) but not this one
Very detailed video, appreciate everything you do!
Plain Bagel's review of MasterWorks or Scott Shafer review really gives you a semse for that company
Hey Ben great video as always, I love watching your videos
I would recommend to not cancel the amex platinum business until you try to get retention offer since you spend a lot of money , I think it worth the shot since you are going to have another big spend as you mention paying the taxes , I was able to get one even if they did not give me retention offer I still was going and will keep my amex platinum credit card , I love the card and as you know amazing costumer service if you decide to do this it would be great to update us with another video about your final decision!
Take care bro and have a good one!
Thanks for the info + video!
I got the Business Gold for the sign up (new benefits/old annual fee).
Unfortunately they stuck that Walmart+ membership on there and it’s useless with the one from the Platinum card.
If they had something different, I would consider keeping it because I like the 4x on gas & transit.
What I think is funny, all these finance you tubers hyped up this card 1 or 2 years ago, sayin its so great and fits their lifestyle perfectly, their annual fees hits and then all of the sudden the card sucks or doesn't benefit them any more lol 😅
That's standard credit card churning my brother.
It’s hard to justify having 2 top tier cards, especially two cards that are almost identical. Cancelling one of them just makes sense after the ROI analysis.
Year1 of my Biz Platinum with December triple dip setup was insane. But I definitely had to cancel after. I’m glad I got all the Plat products SUBs before the family language.
Like the video. Only part I sort of disagree is with the taxes part. Many people rather pay their taxes using a CC instead of paying cash. In that scenario you were going to pay the CC fee regardless. I think these particular situations would justify paying on a CC without a SUB so long as it has good point earning rates. Or if it grants you like a free night award or status at an airline or hotel.
Sounds like you are agreeing, not disagreeing. I make the point that I will use the Hilton Surpass this year since it gives me a free night. Just getting 1.5x per point with no additional bonus would be break even or only just a little better than break even, but I’d still be parting with a lump sum of a few hundred dollars
I was targeted 120,000 MR points for the Business Platinum but did not accept it, I wanted the personal platinum, Question if I was targeted for the business platinum, Do you think If I apply for the personal Platinum I will get approved? I've been in popup jail sense Oct 2023 for the platinum card but I Made a few big purchases, Started my own online business, Open up a business checking account, Then started getting business credit card offers like crazy one from American Express, capital one and chase ink . I never got a targeted offer for the personal platinum if I apply will I still be in popup jail?
You can write off the credit card processing fee if paying taxes for a business. Says so on the IRS website
The term “Keeper card” implies that a lot of us will get some of these cards, not to keep, but to exploit for the SUB points and then hold just long enough not to get blacklisted before canceling
My experience with the business platinum is much like yours try not really find true value in the annual fee. One of the saving grace is of this Carter all the offers get added to the car throughout the year that have actually save me quite a bit of money in normal purchases, I would already be making sell that is one of the reasons I am keeping it but otherwise I’m much in the same boat as you where I’m really trying hard to find value in the car itself because I also have the personal platinum card.
That's true, there are way more good offers on the biz platinum
The 35% redemption bonus is better than anything the personal has to offer. Having personal gold as a daily driver along with business platinum with the 35% bonus has paid for my AF on this card several times over.
I have been targeted twice for 150k offer which I got both times plus when I opened it the first time. So yes I have had 3 of those cards. I will be doing the same of canceling them when the one year mark rolls around, but with the $400 dell credit $200 airline credit $120 wireless credit I get a positive value on just those alone on one card so I will keep mine open.
Can you still get an AMEX welcome bonus paying federal and state taxes? There have been some mixed reviews
I did it last year
I got an offer for this card with 200k welcome bonus. I wonder they are increasing the welcome bonus exactly because people can get it not knowing what the “new” credits will be.
The American Express Gold Card is a winner
It has a hefty annual fee
But it gives you rich credits and bonuses
And a flexible rewards currency
I enjoyed mine for 2 years but I had to ditch it bc I'm moving to a town where I couldn't effectively use the Uber and Dining credits
Imagine paying $695 for a card and only getting 1.5x on purchases over 5k when Amex has a no AF 2x card up to 50k.
If you use the credits then it makes sense especially when the SUB is at 150k. Also every year just tell customer service you're thinking of cancelling the card and they'll usually waive the fee or give you a "spend x amount and get x amount points"
theres a reason there is a market for these cards. if its not for you then its not for you
Dude, are we really doing a masterworks sponsorships on this now? It's 2024.
Dude he needs to make money...let him be.
@@martinasandoval5326
Tl;Dr: The only reason Ben gets a sponsorship is because people like you and me watch him in the first place that sponsors like masterworks go "oh, hey, we'd like to get this in front of your audience, we'll pay you to do an ad reel for us".
Without the audience, sponsors like masterworks wouldn't be giving a sponsorship in the first place. It's up to the content creator to consider if a sponsor could be detrimental to their overall channel, and if he wanted to sign the deal, he should be allowed to be criticized about it. That's how this whole system is supposed to work.
there's nothing wrong with wanting a sponsorship, just, there have to be ethics about where you get that sponsor from.
Just because someone is willing to pay doesn't make it right for someone to then throw money at what is otherwise a cherry picked investment category that doesn't actually do what it says it does.
This is as disingenuous as NBA UA-camrs telling you to play prize picks, or video game UA-camrs who tell you to go play raid shadow legends or genshin impact (like, I'm saying this as a reformed gacha addict who played a whole year or something in genshin, and like, 4-5 years in a bunch of other gacha Pay-2-Win skinner box game models before genshin)
We know he's not legally allowed to give you financial advice with regards to what you invest your money into. And that with a teensy bit amount of research, you will end up finding out that, masterworks isn't really that crazy good an investment opportunity, it's just betting and gambling, just like gamestop, TUP, and other meme stocks before it.
Like, take away the rose colored glasses that, just because the guy gives you credit card info you're interested in and you like his editing style
It's not every time that I get something as good as Final Fantasy 7 Remake, that when my favorite series gets a giant deuce like Final Fantasy 7 Advent Children, I should be able to lampoon and not pretend to support the product.
Masterworks is much less our friend as it is Ben's friend, they just cut him a check for the video. There's no real relationship except a money one there.
I dunno, plus like, a channel like this, is Masterworks really the only sponsor he could have gotten? He had Kudos and Aura, why not those?
Agree to disagree, I like Ben's content too, and I passively watched a lot of it the last couple weeks and a few months ago, however, especially if he's able to say he makes money off this, he should be held accountable for what sponsors he chooses to work with, as an adult, to choose what sponsors he wants to show to his audience, an audience mind you, made up of impressionable people just getting into this whole credit card/personal finance thing
I dunno why any of that needs to be explained. Especially since Ben is not our actual financial advisor who we are paying for a 1-to-1 consultation for.
Same i will cancel my Amex biz plat. Too long for the wait year end. Maybe replace with another useless redemption.
Thanks for this Ben! I did a similar video about getting the business platinum and came to the same conclusion - great strategy for year 1 on taxes, but definitely a cancel for me year 2. I totally forgot about the 1.5x on purchases of $5,000 or more though! Feeling even more confident with my decision now 😁
How do people keep up with these points??? It's OVERWHELMING!!!
How does a credit card youtuber not get the full value out of the airline credit and leave money on the table by end of year?
I often fly business, in that scenario, what do i use the credit on? Everything is included. I only got value out of it last year because I flew to Hawaii in economy. I also have the credit on the personal platinum to use up before this one as well!
Also pro tip if you don’t cancel within 30 days of your annual fee posting they won’t prorate it for you if you cancel. You’ll have to downgrade and your credit is posted on your downgraded card
How do you down grade to keep the credit?
@@Wasabi9111inquire about it when you call.
I got this card to pay taxes just like you did last year but don’t see the value in keeping it. I don’t like that the 5x on airlines is only through the portal and it does not have the $200 hotel credit. Also would rather put purchases on the BBP for 2x.
Dude, just say that there's no need for TWO amex platinum cards. Gees!
This video is all over the place.
...Bout Time
You actually get more money by not spending for stupid credit card rewards 🙄
Good Riddance!
You will regret this with the biz plat updated benefits coming out in 2025… mark my words!
Yes, I know, but i could get it again if its really good, just can’t get the bonus again
You fail to mention the business platinum is tax deductible. Why would you have a personal and an individual business platinum? This video is ridiculous.
I got the business platinum for the bonus. And yeah the fee is tax deductible, I’ll add that to my taxes, thanks.
Ben... you have to stop it with click-baiting titles. Use real titles. It is being unproductive.
How is it clickbait? I really am canceling it