Borrowing from a loan company.....am I understanding this properly?

[Chris S]

AMEX is now accepted pretty much everywhere. We get 1.25% cash back so use is when/where we can? The AMEX point are also very good if you fly.

The APR% is pretty irrelevant as I suspect most user set up direct debits that clear the account every month automatically, so in effect you get cash back/point on spending you would have done any ways.

Does it cover the £575 annual fee? A lot of credit card providers don't charge one.

 

[MontyVeda]

Does it cover the £575 annual fee? A lot of credit card providers don't charge one.

that's for the platinum card.

 

[IanSmithCSE]

Good morning,

The point of the fee is to reduce the number of applicants not to cover the cost of the benefits to the user.

Although things have changed high prestige cards still have a purpose.

The ultimate card, Amex Centurion, The Black Card tells the hotel etc that you are a pro sports man/woman or independtly wealthy and this will affect the way the businesses relates to the card holder.

You might say that this is snobbery, but if you run a hotel or restaurant and someone uses an Amex Black then it tells you a lot about what the card user expects and is used to, if the card user wanted to "slob it" there are more normal cards or cash.

As this card is invite only there are many rumours and stories about it, one of which is that they vet out business people who would use it for expenses only.

It used to be the same with Amex gold to a much lesser degree when they were still uncommon.

Whilst a standard Amex was probably someone wanting to appear better off than they were unless it was a company card.

The problem now is that Gold and Platinum cards are so common that they say nothing about the card holder. Some big luxury chains may still train on how to treat high net worth customers but a Platinum Amex would be seen as just another card where I live.

Bye

Ian

 

[gzoom]

Does it cover the £575 annual fee? A lot of credit card providers don't charge one.

The annual fee on our cashback card is £25, we get about £150 per year cash back, for £125 net for doing nothing.

Looking at the various cards AMEX offer if you fly alot, the £575 annual fee on the Platinum card seems pretty good value given it goes you access to airport lounges and free late check-out upgrades in associated hotels. For some those perks are worth more than £575 a year if you use them.

AMEX also do a fee-free cashback card.

https://www.americanexpress.com/en-...nqdHi7VgNRAR1p9oHrYaAi0HEALw_wcB&gclsrc=aw.ds

 

[johnblack]

I find Amex pretty good, use it wherever I can, great cashback.

 

[Jameshow]

The annual fee on our cashback card is £25, we get about £150 per year cash back, for £125 net for doing nothing.

Looking at the various cards AMEX offer if you fly alot, the £575 annual fee on the Platinum card seems pretty good value given it goes you access to airport lounges and free late check-out upgrades in associated hotels. For some those perks are worth more than £575 a year if you use them.

AMEX also do a fee-free cashback card.

https://www.americanexpress.com/en-...nqdHi7VgNRAR1p9oHrYaAi0HEALw_wcB&gclsrc=aw.ds

Premier black from NatWest does similar I think £31 a month