I have been an AMEX Cardmember for probably 15 years now. I have an AMEX Platinum card (costs $450 per year), which I link to an AMEX Gold Business Card ($125 per year). I get two AMEX Green cards for my 2 assistants (no charge) and my wife has a personal Platinum card for an additional $125 per year. So, total costs are $700.
Key benefit: points are dollar-for-dollar on the airlines. For example, I probably spend well over 100K per year on the cards (between business and personal) - so the Membership Rewards points convert to airline points and I usually go 1st class to and from Vegas every May with my buddies from when I grew up. That ticket is probably around $1,200 or so without points -- so I am $500 to the positive. Oh, and AMEX does charge a fee to xfer points from AMEX to, say Continental but it is about $30 or so. Also, the AMEX customer service has been pretty awesome I must say (especially with credits for unauthorized charges (i.e. subscription renewals, phantom charges, etc).
I got solicited by Visa for a BlackCard (AMEX offered me one when I ran a lot more work related expenses thru the accounts, but $2,500 annually for an AMEX BlackCard is....well....ridiculous unless you use all the benefits of it to negate the insane cost. Anyway, my FICO is 805, no debts other than the mortgage on house and on the inv property. Approval was quick and easy and I have the cards now but have not activated them.
Keys: $495 annual fee, from what I can see there is no additional cardholder fee and I can link up multiple cards. If the airline point transfers are equivalent to AMEX, am I nuts to think that maybe I should consider changing to a Visa exclusively and canning the AMEX Platinum? I can keep the business AMEX for work expenses, but it just seems like it would cost me less per year unless I am missing something.
If anyone has any info or is in a similar "what do I do" situation, please share your perspective on this. I do not have to do anything on the VISA as I dis not actiavte, and it is by no means a life-changing event whether I do or do not take the Visa Black Card.
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Visa Blackcard is for suckers. It is offered to almost anyone making over 50-75k a year with a good credit. Not much benefit worth keeping. trash it along with a dent on your credit score.
Actually, my credit score was 798 in July and, after getting the card (still unactivated) it was 805 when I checked.
And i think the income minimum is a little higher on that card (not that I care whatsoever).
Am looking for a comparison between the two cards.
MMNJ
Pun said:Visa Blackcard is for suckers. It is offered to almost anyone making over 50-75k a year with a good credit. Not much benefit worth keeping. trash it along with a dent on your credit score.
According to their own website: "The Black Card is made with carbon, creating a more unique card, guaranteed to get you noticed."
So, if the goal is to "get noticed" then by all means go for the Visa Black -- it even says "VISA BLACK" on the front for those who are colorblind and might miss it.
Also from the website: "For each additional card on the account, there will be an annual fee of $195 billed each year."
I'd be surprised if Visa had any minimum income requirement for the Black card. My wife received an invitation to apply for the Black card recently, and she's a university TA earning peanuts each year.
MortgageManNJ said:Thank you everyone for your input -- although I am wondering why people rated me red for asking a question...>
MMNJ
You didn't get red for simply "asking a question", you received red because you didn't do any searching. I agree with other posters, the Visa Black gets mailed to lots of people. Get the 2% Cash Back Schwab and be financially savvy.
Why not get Capital One Black? I read this on somebody's blog: Get a Cap One card, just whatever card you want. You can make your own design for the card, so what you do is, you make a black background and maybe put "BLACK" in gray or white letters or something, then upload it. About a week later you will have a black Cap One card. Now, I admit this is not quite like the Visa Black. If you want it to be like Visa Black, spread out a handkerchief and lay $495 on it. Lay a rock on top of that, and tie up the Handkerchief. The next time you go to Las Vegas, go out on Lake Mead on a boat. Take your $495 wrapped up in the handkerchief and throw it in the lake. Of course, it's still not exactly like the Visa Black because when you throw the money in the lake, it will at least make a splash.
MortgageManNJ said:Key benefit: points are dollar-for-dollar on the airlines.Dave, if you are primarily interested in airline mileage benefits, there are FAR better options than the $450/year AMEX Platinum. As others have correctly pointed out above, the Schwab 2% card, for instance, will give you a flat 2% Cash Back on your purchases, which you can use however you want. I understand that for tax reasons, you may want to avoid Cash Back cards, in which case there are still far better and cheaper cards out there, such as AMEXDelta Gold/Platinum, etc...
In general, you NEVER get a "prestige" card for its reward structure, because every single one of them always has an awful reward structure. You get these types of cards for other benefits. For instance, AMEX Platinum gets you and 2 of your companions into airline lounges, so if you travel a lot, it's better to pay for AMEX Platinum than for a lounge membership. Having said that, for several years now I've been enjoying my free Priority Pass membership paid for by BOA Accolades (BOA waives my annual fee on the card), which is a $399/year benefit paid for by BOA and up until 9/1/09 (Delta/NWA pulled out of Priority Pass on 9/1/09) provided me with my greater lounge access than AMEX Platinum. BOA Accolades also still offers its buy one-get one free domestic airline ticket program, while AMEX Platinum stopped its program a while ago.
Cerdo said:AMEX Centurion is the only card that should garner any "looks", if that's the kind of attention you want (I don't)Under the right circumstances, the Centurion can pay for itself very quickly, so it doesn't just exist for the looks. For instance, it makes you a Delta Gold Medallion member, which, after just 1 or 2 free upgrades to first class, more than pays for your annual fee. This assumes, of course, that you would otherwise consider paying for it out of pocket or, at least, that the upgrades are worth that much to you. The bottom line though is that if you travel extensively, paying the ridiculous $5,000 initiation fee and the $2,500 annual fees for the Centurion can be a very smart business decision.
AbbaZabba said:Why not get schwab 2% visa? You spend >$100k (+ annual fee) and get a 1200$ ticket? With schwab you'd have 2k cash instead and no fee.While it's true and I wholeheartedly agree with you, the calculations are not quite as simple for business owners and those who get reimbursed for their business expenses. The reason that a lot of people with business expenses do not use CashBack cards and use mileage cards instead is because a CashBack card creates taxable income for them. A while ago, however, the IRS announced that because of the complexities associated with determining the value of miles, mileage accruals won't be considered income for the recipients.
Please note that this is not an issue for people who use Cash Back cards for personal expenses, since Cash Back is treated by the IRS as a reduction of the purchase price and is not, therefore, taxable to the recipients. If you are deducting your business expenses, however, or are getting reimbursed for them in full, you can't reduce the purchase price by the Cash Back, so it becomes taxable income.
Message edited by: geo123 on 2009-11-07 06:27:06 CST
Cerdo said:Visa black screams poseur. AMEX Centurion is the only card that should garner any "looks", if that's the kind of attention you want (I don't)
I've gotten some "looks" with the Merrill+ card. It's simple black with a glossy ML bull outline.
It's also a no-fee card with a decent rewards program (especially if you charge >$20k on it).
I'd laugh at someone using a "Black Card" for prestige when there are nifty looking free cards available.
Thanks everyone. I am not that insecure where I need to flash a card and say "hey, look at me, I have a Black Card"
I simply was looking to see, through FW'ers experience, whether or not it was wise to change from my current CC accounts to the VisaBlack -- from what I am reading the answer is no and I have received some nice suggestions regarding alternatives (SchwabVisa, Merrill, etc)
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