American Express Black Card Holders Prefer BMW Most

[sparoz]

Originally Posted by s4008616

How much do you need to spend on the Platinum card a year to get an invite in Australia?

I don't put through too much on my personal card. May be I am just spending at the right places, like BMW , personal plates, luxury hotels around the globe, and Michelin starred and hatted restaurants this year. We are starting a new business and we have been travelling. Put it this way, I am spending a lot less than what many people said you need to on my personal card. However, I do put through a lot on my business cards, way way way more than what people said you need, but I have been doing that for years and only just got an invite.

At 4300 AUD - unless you are travelling all the time, and you already maxed out on your bonus points on your plat, you are paying a lot for a piece of jewellery. I always wanted one as I was so pissed off when they start giving the plats away. Now I got an invite, and I couldn't justify it. The extra bonus points on the cent is worth about $4000 in frequent flyer points so that in effects pays for the card - but if you don't fly, or you are getting so many points anyway, it is a bit useless - all you get is unnecessary attention.

Originally Posted by DarkRider23

84% of millionaires are self-made millionaires and didn't inherit the money. Just a nice little statistic for those wondering why some of those millionaires are driving Hyundais.

Everyone like different things and people will spend money on what they like. If I have no interest in cars, I am sure I will be driving a Hyundai. Put it this way, I only spend money on things that gives me utility. , and if you see me on the street, you wouldn't think I drive a BMW cause I hate spending money in clothes.

[rmmcdaniel]

Originally Posted by s4008616

How much do you need to spend on the Platinum card a year to get an invite in Australia?

I would go check the boards on flyertalk.com. The spending requirements vary greatly by country and while none of us know exactly what it is, there are pretty good guesses/ranges on there if you search for your country.

It is amazing how low it is in some places. People who have had a card less than a year and only put $25,000 USD on it get invites. Someone on here earlier mentioned that they think your zip code has a factor in getting the invite and that would certainly attest to that.

[littleyellowm3]

Originally Posted by 335_MI6

I have one, my dad got it for me on my 16th bday....

Is that even possible?

[NewYearsBoy]

Originally Posted by rmmcdaniel

Honestly, I'm not sure how you can survive without a credit/charge card. You simply cannot use a debit card for everything.

Debit cards can't be used at hotels, car rental agencies, or airlines without significant hassle and most banks limit transactions to $1k or $2k per business day (with Sat/Sun counting towards Monday's limit).

I guess if you don't travel at all or only once a year then you might be able to deal with the hassle of only having a debit card.

Not to mention all the extra benefits others have mentioned that credit/charge cards provide.

And the fact that credit/charge cards help build credit so you can get things like mortgages...

Thats what I keep telling my friends up north in PA and NY. How can you allow yourself to be 22 and up and not have any type of credit. (or open an IRA) This stuff used right can really benefit you. Damn If I had a disposable income of 50K+ a month I would be going nuts with that card.

[FStop7]

Originally Posted by rmmcdaniel

Debit cards can't be used at hotels, car rental agencies, or airlines without significant hassle and most banks limit transactions to $1k or $2k per business day (with Sat/Sun counting towards Monday's limit).

I guess if you don't travel at all or only once a year then you might be able to deal with the hassle of only having a debit card.

Not to mention all the extra benefits others have mentioned that credit/charge cards provide.

And the fact that credit/charge cards help build credit so you can get things like mortgages...

I book hotels and flights with a debit card all the time. Never once has it been any different than if I had used a credit card. Car rentals however do require a credit card, I agree with you there.

I pay everything that I can through a credit card in order to get cash back. I pay my card off by ACHing in money from my checking account as needed.

[rmmcdaniel]

Originally Posted by FStop7

I book hotels and flights with a debit card all the time. Never once has it been any different than if I had used a credit card. Car rentals however do require a credit card, I agree with you there.

I pay everything that I can through a credit card in order to get cash back. I pay my card off by ACHing in money from my checking account as needed.

Most of my hotel stays and flights cost more than the daily limit ($1,000) that my bank (Citibank) allows to be charged to a debit card, so that is why I included those. I agree that it depends on cost of hotels/flights and how much your bank allows you to charge to your debit card per day/transaction, so probably shouldn't have listed those as it might just be unique to me.

[M3Bahn]

Originally Posted by termsheet

I've had one since about 2005. While the requirements may have changed, when I got mine the requirement was that you were a Platinum card member for at least one year and that you charged more than $50K per month during that time. I have several friends that also have them and the most common way to hit the spending numbers is through charging business expenses on the card because $50K per month is a pretty hefty monthly number for just personal expenses. They did ask for my net worth after they invited me and did pull my credit as part of process but I don't know how much that factors in to their decision. I do know the invite is based on spending history on the Platinum card, not how much money you have in the bank. If you charge big numbers consistently and pay your bill you'll probably get an invite.

The card is anodized titanium.

The fee is $5000 up front and of the half a dozen people I know with them the fee was never waived. I can't remember the annual but $2500 for the cardholder and $1500 for each additional sounds right. My wife has one as well. If you're sweating the fees, it probably isn't the right card for you. At an average net worth of $16M, the average cardholder is making more than $500K a year in after tax dividend income alone, plus their average salary is $1.3M. $4000 a year is a rounding error for someone with that balance sheet and income statement.

The main benefit from my POV is travel. You get platinum status on Delta, gold on continental, platinum on US Air and some status on Virgin which I never fly. So you always get the first class/status line through security. If you buy a business or first class ticket, you get a second ticket for a companion for free. You also get a card called Priority Pass which let's you into almost any airport lounge in the world. You get Starwood gold, Marriott silver, Hyatt and Hilton I think. You also get Hertz gold and the Avis equivalent plus a Centurian discount code that gives you upgrades and a 20% rate discount. The card also includes full coverage rental insurance so you can decline the rental car company insurance. They also have a hotel program where if you book through amex you often get $100 hotel or spa credit or free airport transportation, etc. The credits vary from hotel to hotel. The hotels in the program are all high end. For example you get upgraded to the highest room available at any Ritz Carlton. I've been given the presidential suite several times and always upgraded to a suite on the club floor.

Most importantly you get a dedicated travel agent that has your passport, all your loyalty program numbers and preferences on file. When I need to make complex reservations I call her, I'm rarely on hold, and she calls me back with all my options. No time wasted searching Kayak. Plus, once I was in Europe and all the flights, including mine, were getting cancelled. I called bc and while everyone else was waiting in line for the airline people bc got me on the next flight. The card also includes roadside assistance and international emergency health insurance in case you are injured oversees. I had a friend who's wife injured her leg in an accident in India and they put her on a private medical jet back to the USA under the insurance. They also keep a register of my other credit cards, membership cards, etc, and if I ever lose my wallet, I just call them and they cancel everything and handle getting my cards replaced. They have preferred programs with several jet and yacht charters as well, although I've never booked a jet through them.

You also get a dedicated concierge that handles restaurant reservations. They have seats reserved at some restaurants but they tend to be really popular places. Many times they have been unable to get me a table last minute at really hot, lessor known restaurants in LA. I've heard it's better in NYC but my experience is hit and miss. My concierge handles things like buying the new iPhone so I don't have to deal with it or sending people birthday presents on my behalf. My friends wife saw a limited edition handbag in a magazine, sent it to his concierge and they tracked one down for her. I have used them many times for hard to get concert tickets or front row Lakers tickets as my season tickets are about 20 rows up. They almost always get the tickets but you pay up for them.

There are probably a few other perks I'm forgetting but the main ones are travel and shopping. That's the upshot. Between first class upgrades, hotel upgrades, access to airport lounges and the rental car discounts I figure I probably do get an ROI on the fees. But I would never take the time to add it up.

I have 2 BMWs, a DBS and I have no interest in a Rav4 . I wouldn't even rent one. Maybe there is something to the Hundai if it is attracting so many buyers that can drive whatever they want and I think that's the whole point of their marketing exercise.

Did your concierge type this post as well?

[sparoz]

Originally Posted by M3Bahn

Did your concierge type this post as well?

[335_MI6]

Originally Posted by Philritter21

Is that even possible?

Im under there card

[freshwhite335]

Originally Posted by 335_MI6

Im under there card

same way i have a platinum, got mine when I turned 15. 19 now, you can't have your own AmEx until you are 21 and only if you have sufficient credit.

[ScarecrowBoat]

Originally Posted by 335_MI6

Im under there card

*their

My dad got me an Amex under his name when I was 12, it was actually a good way to break somebody in to understanding what credit was before I was on my own and able to bury myself in debt since I was mostly only somewhere I could buy something when I was with them.

[hankcah]

So there is an outrageous annual fee $5k to $2.5k. And you call concierge desk and "walla" they get a magical dinner reservation. Are you blind? They used your annual fee to get you into the restaurant. You paid at least $1k for that one meal. I can understand for business needs and if you get a card for free, but other than that, no thanks. Im not P.Diddy.

[ScarecrowBoat]

Originally Posted by hankcah

So there is an outrageous annual fee $5k to $2.5k. And you call concierge desk and "walla" they get a magical dinner reservation. Are you blind? They used your annual fee to get you into the restaurant. You paid at least $1k for that one meal. I can understand for business needs and if you get a card for free, but other than that, no thanks. Im not P.Diddy.

Well duh, people are well aware of that. The concept of paying money for a service is nothing new

It's the convenience and the feeling of somebody waiting hand and foot on you, or just having somebody you can call that will take care of it for you. If you have a lot of disposable income, why the hell not. I mean, what are you working so hard for anyways?

[CarbonAlpine]

I have the platinum, and I'm happy with the benefits. They actually run parallel to the centurions' benefits minus a few...but mostly, the centurion card gets more attention.

I can't justify the premium you have to pay just in fees. But, it is a nice looking card.

[epbrown]

Originally Posted by hankcah

So there is an outrageous annual fee $5k to $2.5k. And you call concierge desk and "walla" they get a magical dinner reservation.

It's voila (man, this bugs me).

And "duh." Yeah, you're paying the service fee to cover things like this and it totally makes sense if you value your time and convenience when you travel/eat out a lot. As numerous people have pointed out, it's not a fit for everyone and so they don't get the card.

[335i101]

Originally Posted by SE3P_to_E90

i'm not sure if i'm the only one who feels this way, but... who cares?

100000000

[335i101]

I used to have 6 of these, I got my first one at my baptism. Then my local credit union offered a debit card with a free coffee mug, so I cancelled all of them.

Seriously, it's a status symbol. I go on 2 to 3 vacations a year, I stick with delta, now I get free 1stclass upgrades, (wife as well) skylounge, concierge aka an operator, it doesn't cost a thing.

All the "decent" cards have trip insurance, rental car upgrades, cash back, hotel discounts, the list goes on....not bragging AT ALL but I have no idea all the benefits I get with my card and I guessing that is the same for 99% of people out there.

I pay 250.00 bucks a year, get a free plane ticket (that justifies the 250) and a bunch of other stuff I never use!

FYI, if you talk to people in first class, you quickly learn very few bought a 5k first class ticket, most of them are frequent flyers and get upgraded...

****disclaimer****when I said "decent cards" I meant the cards that aren't the "trying to build my credit" starter cards.