Dear american, express it is with great sadness and a heavy heart that i announce it's over. Even though we've shared some unforgettable moments bought beautiful experiences together and dined in fancy airport lounges, you've changed, and now it feels like you're. Taking advantage of me, it's like you, think, i'm made of money and will keep paying you 695 a year just because i'm too lazy to leave, but i've got news for you. I am too lazy, but i'm not gon na.

Let that stop me from finally cutting it off all right, so for being serious for a second american express just recently raised the cost of their platinum card to a staggering 695 a year and after having this card for nearly seven years. I'm sad to say that it's time to let it go now, usually i'm an advocate for never closing your credit cards. After all, you're closing down an account. You subsequently have less credit available to you on your report, and that lowers your score, but in this case the recent price hike makes it very difficult to justify keeping not to mention as a self-proclaimed credit card enthusiast, i'm just not a fan of their new benefits.

Here's why and also big thank you to public for sponsoring this video, but, more on that later now to start the american express platinum has historically been the go-to of premium, rewards credit cards with unbelievable benefits, perks and features that could easily be worth a few thousand Dollars a year incredible customer service and a reputation that everyone knew and trusted. After all, there's a reason why 333 songs throughout 115 artists and 30 albums all mention the lyrics american express in them, even though most people might see it as a pointless expensive status symbol for reckless consumerism, the truth is yeah. It is, although, if you know how to use it correctly, you could very well make a few thousand dollars a year in profit, but american express is not in the business of losing money, so obviously, all of that profit has to come from somewhere. So after tumbling revenue and a decline in consumer spending during the shutdown, they did the unthinkable they revamped their card set to increase fees, and then they set back and watch those profits just roll in they begin by making the card metal in 2017 as a way To compete with the millennial, favorite chase sapphire reserve, which took the spotlight when it was first announced, in fact that chase sapphire reserve was so popular that they ran out of metal cards within the first week and cost the company 330 million dollars from users who extracted Every little bit out of the card that they could but american express fought back and by doing so they increased the rewards, but also their price to the 695 dollars that you see today.

So here's what you get for almost 60 dollars a month, because the people who know how to do this correctly make a lot of money. First for new card holders, they're extremely enticing with a 100 000 point sign up bonus when you spend 6 000 in the first six months, most likely they're doing this as a way for customers to overlook the 695 dollar fee. But in the first year i have to say the 100 000 points pretty much just pays for itself on the most basic lowest level. The points are worth about: half a cent each so they're, pretty much giving you back five hundred dollars right off the bat just for getting the card and meeting the minimum spent.

However, gift cards could often be redeemed at a value of point seven to one cent. Each so now we're getting into the 700 to 1 000 range of value. If you shop at one of their partners, and if you transfer those points to one of their airline affiliates like aeroplane or delta, you could get a value as high as two cents. Each depending on where you're going meaning this offer is worth anywhere from 500 to 2, 000 right from the very beginning, the second you'll get 200 a year in uber cash.

However, this is broken down into a 15 a month, credit with a 35 credit in december. That does not roll over into the next month, so in other words, if you don't use uber in the first half of the month and then in month 7, you rack up hundred dollar charge. All of those unused credits are gone now on the bright side, though, even if you don't use uber that 15 credits also applicable towards uber eats, which is usually enough to pay for the tip and delivery cost. The third you'll also receive a 200 airline credit, but there is a bit of a catch.

You must specify one airline each and every year that you want to receive the credit on and those credits are only applicable towards incidentals like checked bag fees, seat selection and lounge access. So it's not like you could go and buy a ticket and then get 200 off. The fourth you'll get a 200 fine resorts and hotels credit. This is done through an american express portal that allows you to book stays in a wide selection of hotels that offer you early check-in late check out daily breakfast for two free wi-fi, flexible cancellation and a complimentary 100 resort.

Credit you'll also typically get a one cent redemption. If you pay with points so this could be a really good perk if you use it. Fifth they'll give you a 100 credit for tsa pre-check every four years and or a 179 dollar clear membership credit again. If you're traveling, especially internationally - and you want to skip the line, this one is worth it the six.

This one is new, but you'll get a 300 annual equinox gym credit in 25. A month increments, though, even though equinox gyms are not everywhere and they're very expensive. If you go to one anyway, this is pretty much like money back in your pocket. The seventh you'll get 155 dollars in credit towards a walmart plus subscription which basically allows you free delivery on groceries and free shipping on other items purchased from walmart.

Now, eighth you'll get 100 credit towards saks fifth avenue, which is enough to buy a clearance pair of shoes if they happen to be in your size. Ninth you'll get a 240 entertainment credit which covers 20 a month, freeze towards peacock, audible, siriusxm or the new york times. It's also not including the other benefits like purchase, protection, extended, warranty delta and priority pass lounge access, as well as rental car upgrades. So all in all, if we add everything up and you use it correctly - you could get a top line value of about 3 600 in the first year, all for the cost of 695 dollars.

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I am personally invested in them because i believe in them that much and to top it all off, they want to invest in you by giving you a free stock worth all the way up to a thousand dollars. When you sign up and make a deposit using the link down below in the description with the code gram, so if you want to learn more about investing, build a portfolio, invest in stocks, funds and cryptocurrencies and claim your free stock, everything you need is one click Away down below in the description, so thank you guys so much and now, with that said, here's why i'm canceling my american express well to be completely honest. I wanted to cancel this card one year ago when they increased their annual fee from 495 to 550 dollars, and i wasn't using it at all because of the shutdown. But that's when i stumbled upon this video from mark reese who i'll link to down below in the description and for anyone watching this video who has any american express card whatsoever.

I want you to listen to this part very closely, because these next two minutes could easily be worth anywhere from 300 to a thousand dollars. If you follow along mark explains that, because so many people were cancelling their american express cards during the pandemic, they were doing anything they could to get people to stay, and that includes what's called a retention offer. This is what happens when you call or chat with your customer support team. Explain your reasons for canceling and once they walk you through the benefits simply ask if there's a retention offer to keep you as a customer and as long as you're in good standing, most likely they'll give it to you.

So after watching this video, i followed his steps. I spoke with the customer support team and 10 minutes later. They offered me 50 000 points to keep the card open for another year, so i did to me that was enough to cover the annual fee and it made it worth it to keep in conjunction with everything else and for them it's probably a very easy way To keep people as customers, especially when they know that almost a third of credit card users, never even use their points to begin with, so there's a chance, they just deposit those 50 000 points and they just sit there well. Actually, in my case, they did just sit there, but i'm gon na use them at some point, it's probably safe to say that the longer you've been a customer and the more you've spent on the cards, the harder they're going to try to keep you from canceling.

Although for myself, if you're curious, here's what i think about the new benefits and why a lot of people will probably end up canceling over the next year first, i just don't get the value from the uber credit. What makes this so difficult is that i rarely ever use the service and when i do it's typically a 50 to 100 charge, so when the unused credits don't roll over, it's like i'm otherwise wasting 15 a month to get nothing. Of course, i could use this towards ubereats, although most of the time we're either eating at home or going out to a restaurant anyway, so spending money just for the sake of using the credits, ends up costing more money than what i would expect to save. Second, the same thing also applies to the 200 airline credit, like i've only taken two flights throughout the last year, both of which didn't have any incidentals that i found any value in the third, the one time that we've used the 200 resorts credit.

It was awesome. We got an upgraded room, a hundred dollar dining credit, a 50 a day, breakfast credit free, wi-fi and early check-in, but when you only stay at a hotel once a year, if that it just doesn't make a lot of sense, especially when airbnb tends to be a Lot more accommodating and competitive in terms of price, the fourth, the 300 equinox credit would be nice, but they don't have any locations in las vegas, and i just use the community gym for free, so this benefit is rather limited in terms of who could use it. The fifth i've used the 100 saks fifth avenue credit in the past and i'll admit. I've got some free stuff, but the problem is that they issue that, in a 50 credit every six months, which makes it pretty much impossible to buy anything for under that on their website.

Besides a pair of socks, which, by the way, could be as much as 30 dollars for a single pair before tax, so this just seems like i'm unnecessarily spending money for the sake of using a credit before it expires and six we got all the other perks That i would just not use on a regular basis that i don't feel are worth spending money on. This includes the walmart subscription, the entertainment, credit and shoprunner, especially when i order everything through amazon. Prime anyway, now i will admit the airport lounge access is incredible and the variety that you get is fantastic, but the last time i tried using it, the centurion lounge was actually at capacity, and they had to put me on a wait list in order to get In which didn't give me enough time before the flight, the point sky blog also mentioned that the amex centaurian lounge will begin charging members a 50 fee for bringing in a guest starting in 2023. So it seems as though too many people are beginning to use this and amex is doing what they can to reduce the volume which is not necessarily good for the rest of us now, in terms of who should get this card and keep it beyond the first Year, if you're, somebody who travels frequently stays in hotels, lives in a big city, works out at equinox and orders ubereats on a regular basis, then you could absolutely make this card pay for itself.

Many many times over. Just the uber, equinox and hotel benefit pay for the card's annual fee alone, and then anything else beyond that is pure profit, especially if you travel more than a few times a year. It could also very well be worth it if you frequently use the airport lounge access, use the hotel room upgrades on a regular basis and use their purchase protection for an extended warranty. Although the issue comes from the fact that, unless you're spending this money anyway, it makes no sense to join a 300 a month gym just to get a 25 a month discount, so it winds up costing you more money than you would expect to initially save.

Now. In my case, i have other american express cards which makes it very easy to keep the points in the event they need to cancel a card, but it is important to mention that they do allow you to downgrade to more affordable cards. If you want to keep that credit line open, although american express does have a policy of only one sign up bonus per card per lifetime, so once you downgrade to a card you're not going to be eligible to get that sign up bonus ever again in your Life to me, it seems like they're purposely making these changes to be able to shake out all the people who don't add to the bottom line of american express like in the past. Those people would have gladly paid a 495 annual fee to use the lounge access on a regular basis, get monthly hotel room upgrades and otherwise receive way more than they would spend, but with the gaining popularity of financial, minimalism, credit card churning and financial responsibility, otherwise becoming Cool apparently too many people got on board and that did not translate into a profitable business model.

Of course, as a business i get it. You just can't be giving away stuff for free without making that money back in other areas and unlike chase it's not like, they could get you over to a bank account with loans, mortgages and financial planning. So american express seems to be taking a very methodical approach on the type of client that they want to retain, which seems to be very wealthy. People who live in big cities and spend a lot of money on travel, dining hotels in the gym.

That means, even though the american express platinum is no longer as good as it once was, for the average person if you fall within their wealthy spendy demographic you're, getting way more value than you ever did before. So i would say this is probably a good change for 20 of their customer base, but it's bad for the other 80, but in american express's defense. They are going after their ideal customer and that's what works for them. I've otherwise been a happy amex customer.

Since 2012 and they're a great brand, but the platinum card for many people is just not as good as it used to be. If you agree with that, just do me a quick favor and subscribe if you haven't done that already or hit the like button for the youtube algorithm, because it does help out the entire channel tremendously. So with that said, you guys thank you so much for watching. Also make sure to add me on instagram and to my second channel, the graham stefan show i post there every day, i'm not posting here.

So if you want to see a brand new video from me every single day, make sure to add yourself to that. And lastly, if you want that totally free stock worth all the way up to a thousand dollars, use the link down below in the description and sign up for public using the code. Graham, you may as well do that it's pretty much like free money. Let me know what stock you get.

Thank you so much for watching and until next time.