For the vast majority of people, their choice of credit card isn't likely to be a big one. Most will focus primarily on the rate attached to the card but, as you go up the income ladder, the rate becomes less important and the rewards become more important. I'm sure many of you have strong preferences on what's the best card out there, but if a recent article from Bloomberg is to be believed, it may not be American Express:
Co., long the envy of the industry for its wealthy clientele, is fighting to retain its grip on affluent cardholders... Rivals including Plc and & Co. are courting them with enhanced perks, lower fees and more incentives. And as AmEx seeks to diversify by pursuing tech-savvy millennials and underbanked Americans, the risk of eroding its brand--and its biggest source of revenue--is rising.
Here's how AmEx Platinum stacks up against some of its competitors.
Where are people going?seems to be AmEx's biggest rival and according to the article, surpassed AmEx among those with incomes exceeding $125k two years ago. However, as you can see in the above graphic, they're not the only ones gaining ground:
"I charge a lot of money on my credit card," said [Whitney Tilson], 48, who manages more than $83 million at Kase Capital Management in New York. He said the Barclaycard Arrival Plus World MasterCard gives him more cash perks while rewarding him for the money he spends on travel. "The difference between getting 1 percent and 2 percent cash back is thousands of dollars and for that amount of money, Barclaycard has a better offer," he said.
What do you monkeys think? Who's going to come out on top, Centurion or Palladium?