Hey, I'm thinking of getting an American Express Credit Card (Platinum) but they charge a ridiculous amount of around $400 a year. Any way to get this fee waved? Thanks, Joe
I think I pay a $300 annual fee. I am able to justify it by the worldwide "Life Flight" medical care associated with the card. If you get hurt anywhere in the world AMEX Platinum will air lift you back to the states for medical care. So if you're ever hiking in Machu Picchu and fall off a cliff or happen to be in Istanbul when an 8.0 quake hits....you'll be glad you had it. Also the Platinum card has a worldwide concierge service. You find yourself hungry in say Hong Kong with a no dinner reservations....the concierge service will hook you with a nice table somewhere with a just a quick phone call. Or you need last minute tickets to sold out playoff game with a rental car Amex Platinum concierge is the place to call. Just wait until they invite you to their American Express âBlackâ Card. Itâs a cool $1500 per year.
Both the AMEX platinum and black card invitations are based primarily on spending over income. Platinum invites are sent after $25,000 in yearly charges. Centurion "black" invites are sent after you've spent >$100,000 on your platinum in a year's time. The fee for a black AMEX is $2500. Both cards come replete with perks and a LoC at excellent rates. The insurance alone is worth the fee. I flew on the Concorde for $1100 r/t through a Platinum promo.
Travel accident insurance, car rental, baggage, among others. Dr Z mentioned the air-lift service. The travel deals are great as well.
I'm waiting until next year. Tempting, though... particularly that Black card... just for the wow value.
Around mid 2000, I was having lunch at The NY Merc with the owner of my firm and a couple of other traders. When the bill came the owner whipped out his "black" AMEX...but before he could give it to the waiter we passed it around the table and everyone did their "ooohhhs" and "aaahhhs" like a bunch of kids. I still laugh when I think about how foolish we must have looked.
i got an invite for the platium. i spent 30k on my axp card last year. it comes with a nice thin white sheet between the app. i can't see paying that $375 fee
I receive those platinum offers like twice a year. I don't like the $400 fee either. I have only a couple debit/check-cards and the classic Amex the one that has to be paid in full each month. There was a survey couple of years ago on the WSJ, I think it was private banking clients with more than five mil net worth. The majority didn't have any of those fancy platinum, ultra VIP cards. The reason why is no one gets or stays rich spending that much money on expensive cards. Those cards are used basically by top corporate employees, cash flow rich, not necessarily balance sheet rich.
Sad - but at least you're honest. I think you will find that if $400 troubles you, then you have no business having one of these. Besides, Amex isn't a credit card, it's a charge card. Maybe you are a piker and just want one to pretend you are an insecure mediocre success? I dont think ego has any place for a trader.