Amex Charge Card

floppydisk1

bonkersbonkers1 said:

I can't think of any reason why I would want a charge card over a credit card.
Credit cards give you flexibility with repayments - Charge cards need to be repaid in full every month.
You get no S75 cover with a Charge card (although chargebacks are available).

Everyone has different needs and expectations. Charge card is useful for those who spend large amounts regularly, as credit card utilisation could be quite high for quite a few people. Also no frills basic charge card is good for keeping tab on expenses and gives more protection than debit card. There is quite a large number of people who travel a lot and £ 60 or even£ 575  starts making a sense ( you'd be surprised how much one can run through the card even staying in travel lodge+ lunch and dinner + fuel, let alone flying and travelling internationally... Some people find them useful some don't.  

Malkytheheed

Sandtree said:

Dr_Crypto said:

Allegedly AMEX do charge cards for the super-rich which allow millions to be spent. I don't move in such circles but it makes sense as someone has to cater for the 1%!

Its not really "allegedly" given until recently there was a public access website for it and if even now if you ever look at some of their emails it will state "Platinum Benefits" and "Centurion Benefits".... go on eBay and you can even get a fake card to put in your wallet to make it look like you're rich.

To qualify for one you don't have to be "super rich" (though very well off) but have to spend a very large amount and on the right sorts of things (travel being key). After doing that for long enough on a Platinum card you can be invited to upgrade. I know two chaps who had the card but that's because they travel extensively for work (business class) and often last minute and put it all through their personal AmEx card (and expensed it back).

You need to value what it offers a lot, or really care what the till assistant in Waitrose thinks about you, to pay the annual fee being around £4,700 in year one and £2,200 for each subsequent year (subject obv to review/inflation)… it won't be offered to me but I doubt I'd be accept it even if it was (I think the extra year 1 fee is to get rid of the "I'll do it just for a year to see" types)

Centurian card or "black" card. Is much more about Marketing for AMEX than an actual profitable finnancial product. AMEX want certain people associated with their brand and will give them black cards to create a "presitige" around the brand. There are no set minimum limits in that regard. Elon Musk says he was given one and hardly ever uses it, maybe a dinner here or there. Certainly nothing you or I wouldn't put on our mere peasent cards. It's just a marketing stunt.

Sandtree

Malkytheheed said:
Centurian card or "black" card. Is much more about Marketing for AMEX than an actual profitable finnancial product. AMEX want certain people associated with their brand and will give them black cards to create a "presitige" around the brand. There are no set minimum limits in that regard. Elon Musk says he was given one and hardly ever uses it, maybe a dinner here or there. Certainly nothing you or I wouldn't put on our mere peasent cards. It's just a marketing stunt.

I wouldn't profess to know if the product is profitable for them or not however I would certainly question what proportion of their cardholders are celebrities etc.

As I say, I was a work colleague/friend with two holders who were certainly not going to be a marketing ploy. I've also been to many of their "Platinum/Centurion Invites" events (champagne tastings, restaurants, talks at the RA etc) and seen plenty buying with their black card and certainly no one "famous" there.

If you look at the AmEx section of Head For Points there is always threads talking about achieving the centurion and many claiming they have (and many also claiming they were invited and turned it down). AmEx part sponsors them to do two annual weekends for members, one of which is in London and the other moves round the globe. I've been to a few of the London ones, I'd guess 100-150 go (never counter), there is a charity auction (with the condition that bids are paid with AmEx) and there its probably mainly black cards coming out of wallets. The majority of the people there I've spoken to are SME owners who've done well for themselves over the years or upper management (but generally below board) of large organisations.  

Remember there is also a Business version of the card and certainly at least one of my former employers who used AmEx as their business card gave their top Exec black cards, upper management platinum and us plebs gold.