AmEx Platinum

[Leo]

When I was starting out and got my first job after college, I was stupid with money. One of my small dream is to have an AmEx Platinum and to have a really good credit score. I was immature and wanted some kind of "status symbol". I know that those who carry the card has good credit score and probably earn decent amount of money plus the card is expensive to keep.

I am better now financially, my salary increased over the years and I have a really good credit score. I applied couple years ago because of the 50k amex points sign up bonus and got accepted. I was happy but I know that I don't need it and $450/year membership is a lot. Although it has some good benefits, it does not really fit into my lifestyle.

I don't really use the card a lot because I have other credit cards that can give me at least 2% cashback. I currently have around 100k points which I believe is equivalent to $1000. I can probably transfer this to an airline and have a free vacation trip somewhere else and cancel the card. The card customer service is good, and I like the warranty extension of any purchase especially electronics. I know the card has other benefits as well but I am just a boring regular guy and this luxury card is not for me.

Right now, I don't care about the card anymore and I am more mature now and learned a lot financially. It's like having a dream girl and now you're married but deep inside you want a simple low maintenance wife.

Is it time to dump this card? Anyone has this card or maybe anything that cost you money that gives you little to no benefit or does not makes sense at all to have?

[disneysteve]

$450/year membership

Is it time to dump this card?

Yes!

Unless you are certain that you are getting way, way more than $450 in benefits from this card, get rid of it.

I have one credit card that has an annual fee. My Marriott Visa has an $85 fee. However, every year on my account anniversary I get one "free" hotel stay. That alone is worth more than $85 so I actually come out ahead every year before I even consider the rewards I earn.

[ua_guy]

When I was starting out and got my first job after college, I was stupid with money. One of my small dream is to have an AmEx Platinum and to have a really good credit score. I was immature and wanted some kind of "status symbol". I know that those who carry the card has good credit score and probably earn decent amount of money plus the card is expensive to keep.

I am better now financially, my salary increased over the years and I have a really good credit score. I applied couple years ago because of the 50k amex points sign up bonus and got accepted. I was happy but I know that I don't need it and $450/year membership is a lot. Although it has some good benefits, it does not really fit into my lifestyle.

I don't really use the card a lot because I have other credit cards that can give me at least 2% cashback. I currently have around 100k points which I believe is equivalent to $1000. I can probably transfer this to an airline and have a free vacation trip somewhere else and cancel the card. The card customer service is good, and I like the warranty extension of any purchase especially electronics. I know the card has other benefits as well but I am just a boring regular guy and this luxury card is not for me.

Right now, I don't care about the card anymore and I am more mature now and learned a lot financially. It's like having a dream girl and now you're married but deep inside you want a simple low maintenance wife.

Is it time to dump this card? Anyone has this card or maybe anything that cost you money that gives you little to no benefit or does not makes sense at all to have?

Yup, time to dump the card. Cancel immediately. You should not be paying $450 year for a credit card if you are not participating in any of the benefits of the program.

Not only should you be dumping this "dream girl" of a card and wanting a "simple, low maintenance wife" kind of credit card, you should be swooning over a credit card and credit lifestyle that is the equivalent of your great grandmother.

[feh]

Yes!

Unless you are certain that you are getting way, way more than $450 in benefits from this card, get rid of it.

+1

I refuse to pay any annual fee for a credit card. They should be paying you to use their card.

[disneysteve]

I refuse to pay any annual fee for a credit card. They should be paying you to use their card.

Many cards do "pay" you to use their card in the form of rewards, even ones that have an annual fee. You just need to make sure you are getting your money's worth. See my previous post about my Marriott Visa. I have no issue at all paying the $85 annual fee because it pays for a weekend getaway for my wife and I every year at a nice hotel that would otherwise cost as much as $400.