Do you think that Platinum cards are overrated these days? It seems like everybody has them regardless of their annual salary. The AMEX platinum card used to be some super exclusive, by invitation only card which was a form of status symbol, but now, it is seemingly a card that is simply given out so that they can make money from charging the exorbitant annual fee. Even with the Black Centurion card, more and more people seem to have it, especially from the UK, Germany and Japan. Apparently they need an annual income of USD400,000 to be approved. I think anyone can have it as long as they are willing to pay the very high annual fee, and of course have spent alot of money on their current cards.
Now, with institutions like Citibank and other large financial firms (local and international), they currently only have Platinum as their highest level. Do you think they will come out with a new conecpt, creating a card with a higher exclusivity, enabling them to charge a higher annual fee since platinum cards are loosing their niche?
Just an example of how gimmicky banks can get:
I make probably close to minimum wage by Sydney standards, and yet my bank sent me a replacement card (platinum) for my current gold card. To make it even more attractive, all I had to do was sign the contract, send it back to them, ring them once I received their reply by mail and I would have been entitled to the 1st year free, and unlimited suplementary cards. However, the 2nd year was somehting like $400 a year for the main card, and $150 a year for each supplementary card. I did not take up the offer since it was a bit of a hassle to change cards and such, and I never use up my pre-approved limit anyway. I think they are just taking the chance that we use their 'free' services for the first year, then hopefully we forget to termintate the card and get charged the 2nd year so on.
What do you think?