Comment by xyst | Hacker News Reader

Comment by xyst | Hacker News Reader

> in 2023, Amex cardholders (U.S. consumers only) spent, on average, $13,945 per year, or almost 4 times more than Discover cardholders

Honestly, not surprised. AXP/AMEX marketing team and superior customer service in the early days of the programs made it the top card to own amongst wealthy individuals.

The once coveted "black card" or Centurion product was invite only to existing card holders with the platinum card and met a certain annual spend criteria (some 6 figure amount). Card holders of this product paid some couple thousand dollar "initiation fee" and of course the annual fee. AXP got paid and then double dipped on the merchant side with even higher fees (the "no limit" cards charge a higher transaction fee).

Its exclusivity and hype has died down, especially when it started to issue centurion for businesses. Very easy to hit the required spend limit and use it as a weird flex at your next dinner party or restaurant outing with friends/family.

Honestly, if it wasn't for the centurion product. AXP would just be another credit card company and credit card network out in the wild (maybe it would have just been like "Diner's Club")

> use it as a weird flex at your next dinner party or restaurant outing with friends/family.

Went to a dinner with some of my gfs friends and her in NYC recently during my latest trip to the US (they work for Amex apparently). At the end of the dinner they suggested we all just pay separately because it is more simple. It confused me but I didn't mind. I understood it when the waiter held down a silverplate for us to put our credit cards on, and they pulled out their gold and platinum cards respectively, my gf also followed with her platinum card.

Then there was me, the only Europoorean at the table, and I put my regular card with a picture of a small kitten on the plate. The waiter complimented me on my card with a smile and I kinda cherish that. American flexes are weird to me, lol.

I don't really get it, except for the access to airport lounges with free food/drinks, if you do fly a lot.

I’m not sure what part you were confused about. Splitting charges is very common in the U.S. and has little to do with flexing your credit cards.

I suppose, but we were two couples. I usually pay for my gf, and in the case of a double-date, the other guy usually pays for his gf/wife.

I don't have the impression that splitting charges is more common in the US than the gentleman paying for his date. But I guess it does happen. Sometimes my GF insists on paying to even it out a little though.

Two couples = two cards (at most) in my experience. Some people are really particular about bills though. Did you split evenly or itemize the bills?

At least in my circles, unless it's like a first date, everyone is paying for their own meals. My girlfriend and I put receipts on the fridge and then reconcile them every so often.

It could also be that they wanted the cash-back or rewards they get on those fancy cards.

> card with a picture of a small kitten

and now I want to know which card...!

ING bank lets you design your own card. Upload a picture and they print it.

> Then there was me, the only Europoorean at the table, and I put my regular card with a picture of a small kitten on the plate. The waiter complimented me on my card with a smile and I kinda cherish that. American flexes are weird to me, lol.

A true German would have put down cash, and seen that as a flex perhaps. (Or at least would have done so in the past. I haven't lived there in a while.)

Doing something out-of-context also reminds me how the English put each other firmly into their class system by their accents. So how / where you grew up will follow you around your whole life and colour your interactions.

However, if you come in with a foreign accent--say German-- that overrides this clue, so it's easier for you to interact with both working class and upper class people with less weirdness than the natives have to endure.

Kitten? To me that’s an exquisite reverse flex.

“I see your ostentatious displays of status, and I counter with: a picture of something worth caring about.”

> A true German would have put down cash, and seen that as a flex perhaps. (Or at least would have done so in the past. I haven't lived there in a while.)

Things had changed quite a bit here. Card usage is now a default everywhere(including those pesky shops that used to put a "cash-only" signs).

Only hardcore grannies now use cash these days, but even I see a lot of oma/opa pulling out their Sparkasse cards at the counter.

Thanks!

I left the Vaterland in 2009, and I guess it shows how out-of-date I am. Even my sister says that my German has become old-fashioned.

Yeah I usually pay cash everywhere but I found Americans get nervous (and may think you're a criminal) if you pay bills north of $100 in cash.

In Singapore, we even have a 10,000 Dollar bill as legal tender (about 7.5k USD at the moment), and nobody would think you are a criminal for using it.

Though these days people would think you a bit eccentric, perhaps.

During hyperinflation following WW1, we had a 100,000,000,000,000 (100 trillion) Mark bill in Germany. But I think it was only enough to buy some groceries or so.

https://www.presseportal.de/pm/14611/5469522

The Turkish cut 6 zeros of their currency in the mid 2000s.

This doesn't seem like a flex situation, as the Gold and Platinum aren't difficult to get and are extremely common. The gold in particular earns a large bonus on restaurant spending so I always pay with that, and it never crossed my mind that anyone would be impressed.

As for why, for me and a lot of people, it is the points/cash back. Since European fees are capped, there isn't much opportunity for credit cards to bribe customers with perks. I make about 4% back on my credit card spending and pay off my balance every month, so no interest payments. I imagine people living in NYC are probably making 6 figure incomes, so the amount of points/cashback would be a lot more than the annual fees. Then of course you also get lounge/hotel/ etc. benefits.

>The once coveted "black card" or Centurion product

it even made it into pop culture, Ariana Grande's song 7 Rings has the lines

Black card is my business card The way it be settin' the tone for me I don't mean to brag, but I be like, "Put it in the bag,"

there have been r&b songs about this card since late aughts to my knowledge, when it was still mythical

but yeah the US Amex platinum has most or better perks than the Centurion now

Kanye did it better (and 15 years earlier):

    I went to the malls and I balled too hard
    "Oh my god, is that a black card?"
    I turned around and replied,
    "Why yes – but I prefer the term African American Express"

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