Is The Amex Platinum Worth The Yearly Fee latest 2023

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Is It Worth Applying For A Platinum Credit Card?

In the early days of credit cards, around 50 years ago, the proposition they offered was quite simple: pay by card and either pay the balance in full each month or pay interest on the debt you accumulate. There would be little or no additional benefits or incentives, as the novelty of paying in plastic and getting easy credit was enough to attract customers. Indeed, it was quite normal to charge cardholders an annual fee just for the privilege of carrying the card.

Over time, as more banks and financial service providers have embraced credit card law, competition has increased and additional features have become commonplace. A simple way to make a card stand out from the crowd was to label it a “Gold” card, implying a level of prestige and even glamour, which in theory would rub off on the holder of the card. the map. Typically these cards offered some sort of premium service like free insurance or travel benefits, although often at the cost of a higher annual fee and stricter approval criteria – good credit was essential, as was a higher minimum income.

As gold cards became more common and standard card features began to become more attractive, a new level of prestige was needed, and so the platinum card was introduced to the market. Typically, a platinum cardholder would have been considered part of society’s financial elite, and card accounts would have higher credit limits and access to a greater range of premium features per compared to standard cards or even gold.

These days, however, even the most humble credit cards will likely offer features considered inconceivable a few decades ago. Balance transfers, interest-free periods, rewards, cash back, free insurance, telephone help and information lines – all of these can be found in one form or another across the credit card spectrum. So what reasons are there left to choose one Platinum card over another?

Although some platinum cards may still offer benefits you wouldn’t normally find on a standard card, like entry to airport business class lounges for example, it’s rare to find a general platinum card that can’t be beaten. by a more specialized card. card on a lower rung of the prestige ladder. A proper travel rewards card, for example, will likely still offer airport lounges as a backup to its main travel points program.

The main reason for the existence of platinum cards is still the perception of them as a status symbol. Even this advantage is under threat, with the emergence of “black” credit cards which aim to supplant Platinum cards as the most prestigious cards on the market.

If you can find a card that meets your needs and offers the features you want, and it’s just a platinum card, then that’s no problem at all. Don’t be fooled by the hype into thinking a platinum card is necessarily a bargain or higher status: you should judge a card solely on its features, not on claims of prestige.

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