The AMEX Platinum is ok for the rewards, but you have to charge an assload to justify the $400 a year membership fee. It is an ego card, but then again, aren't they all? All of the companies have the different colors and levels of membership..... gold, platinum, titanium, diamond, cobalt, whatever. That's just part of the marketing game. We all want to feel 'special.'
But none of it matters if you don't take advantage of the rewards. I have about 200k points sitting on my AMEX that I haven't used. It seems like a hassle sometimes to use them. I don't like the 'well you can use them only during this time or under these conditions' b.s.
It does suck the lack of acceptance of the card. In all of my retailing experiences, Visa has kicked the crap out of every other card in terms of useage. If a potential customer is going to have only one credit card, chances are it's a Visa. Many bank debit cards are Visa. Mastercard is a close second, and I think I've seen a Dinner's Club card maybe twice in my life. I would guess Discover would be considered the black sheep of the credit card family. Though I think Discover is the only card Sam's Club accepts
If you use it for business and pay for some of your larger bills with it (hosting/printing/rent/etc) the points can add up quick. Hell, it can easily be an extra 10,000 points a month, provided your vendors accept it. It's nice to be in a position to pay those large purchases off each month to avoid the stress and finance charges, unless you're into creative financing and move the balances around.
BTW, there is absolutely nothing wrong with cancelling an old, unused credit card. Have many cards open HURTS your FICO score, not help it. Even with zero dollars on the account, a potential creditor factors in the mimimum payment if the account was fully charged. So closing old, unused credit cards, like first ones you ever received (Mervins, Best Buy, Texaco, etc) is a good idea
Anyone have a better alternative for a rewards card to AMEX?