Is This Card Worth It?

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Credit Card Worth It

In the mail awhile back, I received an “Invitation to Apply” for the American Express Platinum Card. If memory serves, I once had one of these cards – back during my startup days – and used it, but not enough to justify keeping it. So I eventually canceled the card (and, BTW, closed out quite a few other cards, since I’m focusing on credit card use only as a necessity). What caught my eye was the price tag on the annual membership fee, leaving me to ask: Should You Spend $450 on a Credit Card?

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Now, to the nitty-gritty. And, actually, a few reasons why something like this could be worth it!

It’s not a “credit card.”

That’s point one, and the very first selling point I remember from my very first American Express experience – getting a card in 1989. You have to be disciplined enough to pay the balance in full every single month.

If you don’t have that discipline, the penalties can be steep, up to $38 each month for a late payment. For some of us, that is a deal-breaker. But, if you are committed to paying it off every month…

100,000 Membership Rewards points!

I don’t cover the points space that often – and, if you’re a reader of this blog, you’re likely more focused on getting an edge when it comes to disciplined savings and investing, and the smart spending that comes with that focus on your finances. But, Amex tells us in the letter that points are valued at up to $1,000 in gift cards at select merchants.

Other perks

They list the other perks in the marketing materials:

  • $200 Airline Fee Credit
  • The Centurion Network – their airport lounges, in just a few cities
  • Access to Delta Sky Clubs
  • No foreign transaction fees
  • A fee credit for Global Entry and TSA Pre-check

So, if you travel quite a bit, this may very well be worthwhile.

But, Should you spend $450 on a credit card?

That is a hefty price tag – think of it as five Amazon Prime accounts. Four annual Netflix subscriptions. The equivalent of an average car payment.

I don’t know, gentle reader…if you travel A LOT and are disciplined, and $450 at one fell swoop is not insane…then MAYBE it’s worth it.

But, for me…I’ll pass.

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Prosper Personal Loan

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