digitalone
Posts: 136
Joined: Sat Aug 11, 2001 2:16 pm

Platinum Credit/Charge Cards - Gimmick?

Fri Apr 30, 2004 8:35 pm

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?
 
WellHung
Posts: 3299
Joined: Mon Feb 23, 2004 8:50 pm

RE: Platinum Credit/Charge Cards - Gimmick?

Sat May 01, 2004 2:28 am

I can't speak for other countries, but here's how it works in the US.

Platinum cards are based on your credit rating, not salary. Your salary, debt ratio, job stability, etc, determine your credit limit.

The Centurion is still invitation only and you need to charge $150,000 annually for a couple of years on your Amex Platinum or other AMEX card before you are invited.

Some banks are offering Titanium level, which is above Platinum.

As for your annual fee, unless there was a card I used exclusively and it provided a benefit that I needed, I would never pay a fee for a regular visa / mastercard.

Credit cards gimmicky? Nah.
 
iflyatldl
Posts: 1796
Joined: Mon Nov 03, 2003 1:41 am

RE: Platinum Credit/Charge Cards - Gimmick?

Sat May 01, 2004 3:17 am

I can remember when Gold cards were the DEAL. Now, they're pretty much a dime a dozen as are Platnium cards. WellHung said it best, along with it depending on what bank issued the card. I know this one guy(who has a sh*tty credit record) and he thinks he's hot because he has a Cross Country Bank Platnium card. NOT! I bet he's got a credit limit of maybe $500.00, if that.  Big grin
Me, I've got AMEX DL Skymiles Gold and a Platnium Bank of America Visa with no annual fee. Nice to have and More than I need.  Smile
Ah, Summer, Fenway Park, Boston Red Sox and Beer.....
 
hawaiian717
Posts: 3139
Joined: Tue May 18, 1999 2:46 am

RE: Platinum Credit/Charge Cards - Gimmick?

Sat May 01, 2004 7:22 am

Visa has four levels of cards: Classic, Gold, Platinum, and Signature. The higher tier cards offer additional benefits. Details at http://www.usa.visa.com/personal/cards/card_benefits.html.

David / MRY
 
SophieMaltese
Posts: 2023
Joined: Sat Feb 17, 2001 2:08 pm

RE: Platinum Credit/Charge Cards - Gimmick?

Sat May 01, 2004 10:11 am

Having a platinum card simply means you can get yourself into more debt than a person without one. I hate credit cards.
 
JAL777
Posts: 2453
Joined: Wed Jun 04, 2003 10:13 pm

RE: Platinum Credit/Charge Cards - Gimmick?

Sat May 01, 2004 10:23 am

Having a platinum card simply means you can get yourself into more debt than a person without one.

Yes... it's the credit cards fault you can't control yourself.
 
IMissPiedmont
Posts: 6200
Joined: Wed May 23, 2001 12:58 pm

RE: Platinum Credit/Charge Cards - Gimmick?

Sat May 01, 2004 1:24 pm

"Some banks are offering Titanium level, which is above Platinum"

I assure you that that is not true. In fact the titanium card means pretty much that you have a card backed up by an account with the provider.
The day you stop learning is the day you should die.
 
WellHung
Posts: 3299
Joined: Mon Feb 23, 2004 8:50 pm

RE: Platinum Credit/Charge Cards - Gimmick?

Sat May 01, 2004 1:46 pm

Well that's interesting. I have a Fleet Titanium, but no account with them. Bank One offers a Titanium without an account. How do you explain Discover's offering?

https://www.novusnet.com/acqs/stdapp/req?cmd=splash&card=TITA

or Yahoo / FirstUSA

http://www.firstusa.com/cgi-bin/webcgi/webserve.cgi?partner_dir_name=yahoo_titanium_personality_tiered_12_purch&page=cont&mkid=6YSN

Rainforest / FirstUSA

http://www.firstusa.com/cgi-bin/webcgi/webserve.cgi?partner_dir_name=greater_good_rainforest&page=cont&mkid=6NJ8

You still have a few minutes to edit your post.  Big grin

[Edited 2004-05-01 06:46:58]

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