Perchoutofwater Posted July 1, 2009 Share Posted July 1, 2009 I normally shred credit card offers as soon as I get them, but I got one today that caught my attention. First, based on the envelope, you wouldn't know it is a credit card offer. The envelope and the offer it self appeared almost like a wedding invitation. The offer, 6 month 0% balance transfers, 1% cash back, and concierge service. The catch, $495 annual fee. Supposedly the card is more "exclusive", and only offered to a limited number of people, though I seriously doubt that. Does anyone really care about that? Why would anyone pay that annual fee for "status"? One thing I will note, while the terms and conditions are still small, they are much larger than typical. Don't know if that is part of this card's pitch, or part of the credit card reform passed earlier this year. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted July 1, 2009 Share Posted July 1, 2009 The catch, $495 annual fee. Quote Link to comment Share on other sites More sharing options...
Perchoutofwater Posted July 1, 2009 Author Share Posted July 1, 2009 Like I said, stupid. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted July 1, 2009 Share Posted July 1, 2009 Like I said, stupid. For $495 I'd want that concierge service to be personal masseuse service. Quote Link to comment Share on other sites More sharing options...
The Irish Doggy Posted July 1, 2009 Share Posted July 1, 2009 I normally shred credit card offers as soon as I get them, but I got one today that caught my attention. First, based on the envelope, you wouldn't know it is a credit card offer. The envelope and the offer it self appeared almost like a wedding invitation. The offer, 6 month 0% balance transfers, 1% cash back, and concierge service. The catch, $495 annual fee. Supposedly the card is more "exclusive", and only offered to a limited number of people, though I seriously doubt that. Does anyone really care about that? Why would anyone pay that annual fee for "status"? One thing I will note, while the terms and conditions are still small, they are much larger than typical. Don't know if that is part of this card's pitch, or part of the credit card reform passed earlier this year. I've received that style of offer a couple times - especially from American Express. Some people really get into that whole exclusive club thing, even if its complete BS. Quote Link to comment Share on other sites More sharing options...
darin3 Posted July 1, 2009 Share Posted July 1, 2009 I've received that style of offer a couple times - especially from American Express. Some people really get into that whole exclusive club thing, even if its complete BS. American Express Black card. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted July 1, 2009 Share Posted July 1, 2009 Why would anyone pay that annual fee for "status"? the same reason people buy too much house and too much car. cause status means alot to some people unfortunately. Quote Link to comment Share on other sites More sharing options...
geeteebee Posted July 1, 2009 Share Posted July 1, 2009 American Express Black card. The black card costs a lot more than $495. Quote Link to comment Share on other sites More sharing options...
Perchoutofwater Posted July 1, 2009 Author Share Posted July 1, 2009 The black card costs a lot more than $495. The Amex Black Card is a $2,500 annual fee, but also has a one time $5,000 initiation fee that doesn't count towards the annual fee. Amex Platinum is a$450 annual fee. The Visa Black is $495. Visa is trying to promote their Black card as being in the same class as the Amex Black, but if you compare the two, that is laughable. The Visa Black compares more favorably to the Amex Platinum card though it is supposedly more exclusive, as if that should make you want it more. Of the three the Amex Platinum is the best deal, as it offers more bang for the buck when you consider everything offered. Still I just can't see why anyone would want these other than to stroke their ego. Quote Link to comment Share on other sites More sharing options...
westvirginia Posted July 1, 2009 Share Posted July 1, 2009 I had someone buy a car with an AMEX card once. She wanted the airline miles or something. It was beautiful. Quote Link to comment Share on other sites More sharing options...
geeteebee Posted July 1, 2009 Share Posted July 1, 2009 I had someone buy a car with an AMEX card once. She wanted the airline miles or something. It was beautiful. I've tried that and have been told no, that the dealership didn't allow it. I put everything on my credit card (especially dinners at local Asian restaurants, just to piss off their owners). Actually, I just hate carrying cash and my credit card bill provides a great way to itemize my monthly expenditures. Plus, I just got $1500 from AmEx for my annual cash back. So I got that going for me. Which is nice. I'm with perch, I don't know why anyone would ever pay a fee for a credit card. Quote Link to comment Share on other sites More sharing options...
jetsfan Posted July 1, 2009 Share Posted July 1, 2009 I had someone buy a car with an AMEX card once. She wanted the airline miles or something. It was beautiful. I did that with my wife's car. We had $40k in the bank, why write a check? I called Amex and told them we were going to do it, wasn't a problem. Got two free airline tickets out of it. Quote Link to comment Share on other sites More sharing options...
Perchoutofwater Posted July 1, 2009 Author Share Posted July 1, 2009 I've tried that and have been told no, that the dealership didn't allow it. I put everything on my credit card (especially dinners at local Asian restaurants, just to piss off their owners). Actually, I just hate carrying cash and my credit card bill provides a great way to itemize my monthly expenditures. Plus, I just got $1500 from AmEx for my annual cash back. So I got that going for me. Which is nice. I'm with perch, I don't know why anyone would ever pay a fee for a credit card. I'm the same way. I usually don't carry more than $20 in cash unless I'm going to a casino or to a poker game. My rule of thumb is if it is over $5 it goes on the card. We pay for pretty much everything including all of our bills with credit cards with the exception of the mortgage and of course the credit card bills. I have 3 cards I use about evenly instead of putting it all on one, as I've heard a large balance on one card will negatively affect your credit score where as a medium size balance on 3 cards will positively affect your credit score provided you pay them off monthly. I just will not have a card with a annual fee. Quote Link to comment Share on other sites More sharing options...
Riffraff Posted July 1, 2009 Share Posted July 1, 2009 I'm probably weird, but I don't own any credit cards. I find many of the offers entertaining to look at. Quote Link to comment Share on other sites More sharing options...
westvirginia Posted July 1, 2009 Share Posted July 1, 2009 I've tried that and have been told no, that the dealership didn't allow it. I put everything on my credit card (especially dinners at local Asian restaurants, just to piss off their owners). Actually, I just hate carrying cash and my credit card bill provides a great way to itemize my monthly expenditures. Plus, I just got $1500 from AmEx for my annual cash back. So I got that going for me. Which is nice. I'm with perch, I don't know why anyone would ever pay a fee for a credit card. It depends on the dealership. They would be losing the percentage that the CC takes. In my case, it was explained to her and they split it. Quote Link to comment Share on other sites More sharing options...
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