I believe it. The charge cards are hard to keep now that they have become coupon books They raised the annual fee, took away the benefits, and then added "credits" to make the annual fee seem more palatable to people who otherwise couldn't justify the price. This is why priority pass lounges and centurion lounges are bursting at the seams.The focus demographic according to the CEO on recent business show (this week after earnings report) was the “millennials” who “value” the added benefits and prestige.
I really struggle with Amex. I've had one forever and they've always been a pleasure to deal with, but their business model has me scratching my head. They've abandoned their core demographic (high spenders and frequent travelers). They raise the fee, get rid of the excellent insurance coverage, and then add things like $10 a month to Shake Shack and a Walmart subscription? No thanks. That hardly screams "prestige" to me, so I guess I don't understand why people think the card is so prestigious.
if they get rid of the stupid credits and bring back the travel benefits, I'd happily keep mine. But until then, I'm testing out the Chase Sapphire Preferred. $95 a year with trip insurance and primary rental car insurance? That's a steal. I fail to see the value of having an Amex card anymore, yet I haven't gotten around to canceling mine yet.
Statistics: Posted by NYCaviator — Fri May 03, 2024 7:07 am — Replies 61 — Views 7846