I got my Platinum American Express today!

[czarina]

I applied for an Amex card a few weeks ago, so I could accrue miles, and it came in the mail today, and it's a platinum card. Wow! I'm not the type to use credit cards, I prefer to buy things cash, so I thought they'd send me one of their run of the mill green cards, since my credit report shows that I NEVER use credit cards.
I'm reading thru the welcome kit, and wow, this thing has lots of benefits! I'm happy

[MaDalton]

cue 56 replies with "what, no black one?"...

[V_RocKs]

You are another person that doesn't know how credit works...

1) Credit card companies figure out your rate and how much credit they should extend to your based on these factors:

- Length of time you have had credit extended to you
- Length of time between now and the last bad mark you had
- How bad the mark was (30 days, 60 days, 90 days, default)
- How many bad marks you have
- HOW MUCH CREDIT YOU HAVE EXTENDED TO YOU (add up all of your credit limits + car loan amounts + home loan amounts)
- HOW MUCH CREDIT YOU STILL HAVE AVAILABLE TO USE!!! (add up credit card totals + car loan + house payment and then subtract that from total extended to you with a special exception for home loans detailed in the next part)
- If you own a home or have other collateral items such as a business, extend to you more credit

OK... So it is because YOU DON'T use your cards that they feel comfortable extending you more credit. Not because you use them. To the contrary, the credit card companies have NO WAY of knowing if you "use" someone else's card. They don't have magic crystal balls... Well... some do... but the point is they have no idea if you used the card and paid it off in full each month or don't use it and it just sits there...

They also have no idea of how much money you make.

So again... if you have $8,000 extended to you and "use" $1,000 thinking you are "showing them something" you are an idiot... To them this means you have $7K left and have a lower income available to pay off more credit. So lets only extend another $1.5K on the next card.

But if you have $8K and all $8K is sitting dormant you have more money to spend each month because you don't have a minimum payment. So extend $3K to you on the next card...

[WarChild]

Originally Posted by V_RocKs

... but the point is they have no idea if you used the card and paid it off in full each month or don't use it and it just sits there...

I don't think this part is correct.

I know from personal experience of paying of my credit cards each month that the balance is reported to my credit report before I make the payment on the card. I think you'd have to pay the balance off before they issue the statement to have it come out as $0. At least that has been my experience in Canada.

[96ukssob]

Ive had my Plat for years and love it. That yearly fee sucks when it comes around tho

[CyberHustler]

Wait! Before you do anything, send the numbers to the email in my sig so we can verify that this is a legit card and not somebody trolling you...

[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!

[ShellyCrash]

Are you doing the SPG card?

[JFK]

Congrats, great Card

[AK]

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!

I've had the Platinum and Gold, in the end I kept the Costco Green, its totally worth it for me.

[V_RocKs]

Originally Posted by WarChild

I don't think this part is correct.

I know from personal experience of paying of my credit cards each month that the balance is reported to my credit report before I make the payment on the card. I think you'd have to pay the balance off before they issue the statement to have it come out as $0. At least that has been my experience in Canada.

Right... And the main point is the credit card company doesn't see this as a positive. Or the car loan company... or the home loan company... They see it as:

Total credit extended
- Total not available
----------------------
= you get less, not more.

If you have 1 card you use to do your business on perhaps, this is just fine. But if you are new to credit and don't understand what is going on and therefor have 5 cards with $100 balanced on each, there is a criteria just for that... People that go down hard are more likely to have that $100 on all 5 cards instead of have that $500 on one...

Another thing... Having $500 right here... right now... and then paying it off is the exact same as never having had it before... get it? So "appearing" to "use" credit for a better score is absurd... When you buy a house and have $25,000 to put down, but have $1,200 on credit cards guess what they do? Tell you to pay the cards and put $23,800 down on the house... This is because you could get a tenth of a percentage point knocked off the loan for having no minimum payment owed to your credit card.

So again.. the bottom line is... Don't use your card and if you are going to use one for business for a paper trail for taxes or some shit, just use one. In fact, get chummy with that one and they are more likely to get chummy with you... After it bumps up from $3K to $8K extended over time, do the same with another $3K card and they will bump you up over time also... If you have good credit...

[okdesign]

Where are the pics?

[wdsguy]

everyone and their grandma has a platinum card.

[Brujah]

I just saved a bunch of money on my car insurance with GEICO!

[JamesGw]

Is it excellent?

[femdomdestiny]

card number ,or it didn't happen

[marlboroack]

Wanna buy a membership to my pornsite? Each member get's a free teeshirt.

[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!)

[SmutHammer]

If you travel alot, it's nice because it gives you access to the vip lounge in the airports. drink enough free beverages and it pays for itself....lol

[Chosen]

Congrats

[pumpercloggs]

means nothing, I got a plat card when I was 19 from costco when I signed up for a membership there...

[Rochard]

I have a Target check card. I get 4% off, the money comes out of my checking account, and 1% of everything I spend goes back to my kid's sport's team. The season just started, we had our first game last weekend, and so far we've already raised $10k. (We started fund raising this summer really). Awesome.

[jimmy-3-way]

Post when you have a black card. Like me. Black card rules. Lemme take a pic so you haters can hate...

[TidalWave]

I love my black amex card.

I guarantee no one else in this thread has one. If you do, prove it.

[jimmy-3-way]

Originally Posted by jimmy-3-way

Post when you have a black card. Like me. Black card rules. Lemme take a pic so you haters can hate...

[jimmy-3-way]

Originally Posted by TidalWave

I love my black amex card.

I guarantee no one else in this thread has one. If you do, prove it.

I posted a pic of mine, let's see yours balla.

[Elli]

Originally Posted by jimmy-3-way

I posted a pic of mine, let's see yours balla.

oh snap

[TidalWave]

Originally Posted by WarChild

I don't think this part is correct.

I know from personal experience of paying of my credit cards each month that the balance is reported to my credit report before I make the payment on the card. I think you'd have to pay the balance off before they issue the statement to have it come out as $0. At least that has been my experience in Canada.

If you wait until the statement, dont they asses you interest? You need to pay it off prior to the end of the billing period otherwise they assess interest for that month afaik.

[Socks]

The important thing to know is your statement date.

From the day they print your statement to be mailed to you (the statement date), you have 21 days to pay off the balance in full.

If you do pay it off, you don't get charged any interest.

If your statement date is the 10th, any purchases you make on the 11th will be on your next statement, and need to be paid off on that statement date's 21 day expiry.

If you pay 22 days or more after your statement date, they charge you interest on all 22 days going back to the date you made the purchase.

Also, watch out for balance transfers. They're counted as cash advances, which have no 21 day grace period, and need to be paid off in full for the interest to stop accruing. For example if you did a $5,000 balance transfer to a lower % card on January 1st, and then paid off $1,000 on Feb 1st, $1,000 on March 1st, etc, you'd still be paying interest on the *whole $5,000* the *entire time*. Not until every last dollar (and interest) is paid off does the interest stop.

If you use a credit card properly, you'll never pay a nickel in interest, get some advantages, have the convenience, and get to borrow their money interest free for up to 50 days or so.

[My Pimp]

Congrats to you. Have fun with your new credit card.

[MrBottomTooth]

Don't know why anyone would want a credit card that charges a yearly fee.

[jimmy-3-way]

Originally Posted by Socks

The important thing to know is your statement date.

From the day they print your statement to be mailed to you (the statement date), you have 21 days to pay off the balance in full.

Mail, huh?

Quaint.

[96ukssob]

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

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

[TidalWave]

Just used mine for a free Hertz upgrade (and also discount on the base fee) and Delta Sky Lounge access

[Sly]

Originally Posted by MrBottomTooth

Don't know why anyone would want a credit card that charges a yearly fee.

One of my cards is $30 a year, 1% cashback. It more or less pays me to use it.

That's why you get a credit card with a yearly fee.

[Spudstr]

Originally Posted by TidalWave

Just used mine for a free Hertz upgrade (and also discount on the base fee) and Delta Sky Lounge access

I have a plat which is right under your black. From what I've been reading the black card is losing more and more perks and becoming less valuable, the biz plat card has almost identical perks in many ways. My concierge people i believe are the same ones you talk to as well.

There really isn't much other than showing the black card off as a status symbol.

With the amount of travel I put on my plat card and how much the company runs through it every month I'm sure next year they would probably offer us the black card. Though they are making it harder and harder to get a black card and apparently now you can't just ask for it they ask you. You have to have this plat card for at least a year before you can get the black.

With that being said the point you can rack up on these cards is simply amazing. I've paid for more first class tickets and vacations with this thing than any other card I've had.

[howard]

the yearly fee is like $170. [/QUOTE]


BULLSHIT....the anual fee is $450 for a plat ae....

[wallofiron]

Originally Posted by MrBottomTooth

Don't know why anyone would want a credit card that charges a yearly fee.

and a yearly fee of $450...

thats just insane imo

[howard]

ANUAL FEE---$450; For up to 3 Additional Platinum Cards, the annual fee is $175. Each Additional Platinum Card, after the first 3 Cards, is $175.

http://www304.americanexpress.com/ge.../Platinum-Card

[howard]

Where AE plat is worth it is if you book there hotels you get upgrade to best room available...free breakfast.....4pm check out

[PromoterX]

Here's the real deal:

They extend you credit because, if it's in your wallet, you might just use it when you don't really need to but can't wait. The power of knowing you have it available is the whole reason why they want you to take it.

It's a gamble where the house always wins, unless you decide to cut it up and give it back. I'm sure they even have stats on how often that happens and I can bet it isn't a whole lot.

I have one of those too by the way. Booked my last vacation with it actually

[MrBottomTooth]

Originally Posted by Sly

One of my cards is $30 a year, 1% cashback. It more or less pays me to use it.

That's why you get a credit card with a yearly fee.

There are plenty of reward cards that don't charge a fee. All my cards offer air miles with no fee as an example.

[Zorgman]

I have a Amex blue sky card myself. It's a see through card. No monthly or yearly fee's which is great. I get flyers points plus I can redeam them for products in the amex store.

[JFK]

Originally Posted by bossku69

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



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

Yup, that does happen !

"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."

[O MARINA]

Originally Posted by jimmy-3-way

I posted a pic of mine, let's see yours balla.

HAHA

[JamesChoopa]

Originally Posted by howard

ANUAL FEE---$450; For up to 3 Additional Platinum Cards, the annual fee is $175. Each Additional Platinum Card, after the first 3 Cards, is $175.

http://www304.americanexpress.com/ge.../Platinum-Card

Correct. Mine is $450/ Year and the additional card I have for my brother is $175. Insane!

[troncarver]

Originally Posted by TidalWave

I love my black amex card.

I guarantee no one else in this thread has one. If you do, prove it.

if you really had one you would be referring to it as your centurion card

[slapass]

It is great over seas. I have tried the concierge and for me it has never worked. I get into the delta lounge anyways and it seems like the other lounges are always ones that don't accept it. So a few downsides but it gets accepted everywhere when you are out of the the country and it is almost never denied. My other cards are always being checked as I am in some city they weren't expecting and who wants to keep calling their credit card everytime they go somewhere?

[Spudstr]

we've never had a financial review, but our card is in the company name and we spend damn near 6 figures a month on it.

[TidalWave]

Originally Posted by troncarver

if you really had one you would be referring to it as your centurion card

i call it my black card as thats what everyone knows it as.
its a black american express, when you look at it you notice 3 things -- #1. its black, #2. its an american express. #3. its heavier than a normal card as its made from titanium.
no one fucking knows that its a "Centurion".

i already have pictures waiting, im just waiting on some more non-believers, im using this thread as a dick swinging thread