Amex Platinum worth it?

[jteezie]

Hello again,

I'm taking a big international vacation soon. When booking flights, I was sold on the idea of getting an Amex Platinum card. The benefits are quite good for the first year if you consider all the cost savings of this trip, but I wonder if the price tag is worthwhile subsequent years.

Here are the factors I'm considering:

Benefits:
Really crazy. You can find details here. Platinum CardŽ Member Benefits
Additionally I get $200 back first year for buying my airline ticket. I've already saved on foreign currency transaction fees (3% conversion rate roughly). I got the $100 Global Entry account. etc, etc. First year is definitely worth it.
Somewhat intangible benefit is the prestige that comes with the card. It's subtle, but the card is a sign of good credit and money discipline (IMO, even despite the high cost [see below]).

Disadvantages:
$450 annual fee. Yes it is one of the most expensive cards out there.

So the question is; is this card worthwhile for a young person if he/she can afford it? I estimate the card will COST me about $100 a year to carry around and the return is a few occasions where I pull it out in front of others. I've already seen it impress people. In some ways I think this is the cheapest ways to "keep up with the Jones" without having to buy all the material stuff that they do. Does my logic make sense in thinking that this is a cost effective tool for adding to my professional development as a young professional?

Appreciate the input.

[Slug]

I have never kept a card where I could not more than offset the annual fee through rewards. I would keep this card and then dump it before the fee kicks in. I've done that with AMEX before with no repercussions.

[disneysteve]

I would only keep the card if the benefits save you more than the fee costs you. And even then, only if this card does more for you than a cheaper card.

Forget about status or impressing others. I'm really not concerned with the type of people who would be impressed by what type of credit card I carry.

[MonkeyMama]

Actually, I have conversed with jteezie a bit and he is in a profession where "looking rich" will pay off for him. So though I would personally never get a card because it "impressed people," I understand why it would be useful in his situation.

The thing about these cards is you can always cancel them. So, if it is working, great. If not, you can always change your mind at any time.

I would just carefully shop around all cards.

[disneysteve]

Somewhat intangible benefit is the prestige that comes with the card.

I've already seen it impress people. In some ways I think this is the cheapest ways to "keep up with the Jones" without having to buy all the material stuff that they do.

Actually, I have conversed with jteezie a bit and he is in a profession where "looking rich" will pay off for him. So though I would personally never get a card because it "impressed people," I understand why it would be useful in his situation.

It is really a shame that situations like that exist. How incredibly shallow of the people that you deal with to care about or be impressed by what credit card you carry. If that truly is the case, though, I would certainly be seeking to have the "flash" at the lowest cost and this may well be the way to do that. Very disturbing though that you have to stoop to their level to get ahead. I don't think I'd last very long in that kind of environment.

[jteezie]

Yeah their shallowness is probably why I feel that I show contempt toward my immediate coworkers, ignored them often, and found a new job in the same field but different company/industry. This is my last week.

I had some fun with it today by using my concierge services to try it out and instruct travel bookings. I must say, quite superior. Even their automated answering service is amazing!

[seen]

My father has the Amex Black (Centurion) card. $5000 initiation fee, $2500 annual fee. The thing is made out of titanium so it clinks/pings when you hit it against the table.

I would be out of my mind to get a card like that or the platinum, but he literally flies everywhere for business and so basically every flight, every hotel he gets their top notch upgrade. And yes, there is the flashy aspect of it too but for some the benefits are worth it I suppose.

[disneysteve]

Yeah their shallowness is probably why I feel that I show contempt toward my immediate coworkers, ignored them often, and found a new job in the same field but different company/industry. This is my last week.

Good for you! In that case, though, will you still need the "status" that carrying the card gives to those folks? Hopefully not, in which case just cancel it once you've gotten your money's worth from having it.

[fe2o3ez]

...he is in a profession where "looking rich" will pay off for him...

Any opportunity to charge this back against the business or file it as an expense and be reimbursed?

[kaleida]

I've never heard of this card until now, so the "prestige" would have been wasted on me.

I think you should only get it if the benefits outweigh the annual fee (without any changes to your current spending habits). I like my Amex blue cash preferred card ... I get 6% cash back on groceries and 3% cash back on gas, which more than outweighs the $75 annual fee.

[snafu]

I found a local bank's affiliated fee-free's gold card didn't charge a transaction/exchange fee and gave the published, international exchange rate. AMEX's 3% transaction fee was the most expensive of the ATM cards. I wasn't able to confirm that they use the daily, published exchange rate.

If you need a Platinum, fee based card for business reasons, I wonder if your employer will re-imburse.

[MonkeyMama]

Any opportunity to charge this back against the business or file it as an expense and be reimbursed?

Maybe. Depends on employer. OF course you can expense the fee if it is a business card and you own a business.

[timothygroom]

If you can afford it then definitely worth it. I love AMEX Platinum card and I believe it is really worth the value. AMEX is also a great company to cooperate with.