Why I don’t own any American Express cards: overrated, new rules, or just misunderstood?

you might be surprised that despite having 12 credit cards in my wallet I don't have any American Express cards in the mix let's talk about that why I never apply to any MX cards and will I ever do I feel that American Express is overhyped or maybe I don't see the value and of course don't forget that there are other types of American Express cards other than the most talked about platinum and gold so why not explore the other cards that they have and I have to admit that American Express has great points redemption options and great rewards and on that note let me introduce you to our sponsor of this video Kudos Kudos is a free browser extension that card rate calls the number one app to multiply credit card rewards which that means that Kudos can double the rewards you're already getting with your credit cards all you have to do is Hop on the browser extension pick a site and Kudos will double your points at checkout and if you're like me sometimes it's hard to decide which card to use when shopping because I'm trying to decide which card has the best value but Kudos can help me make that decision at checkout Kudos will Auto suggest the best card to use based on your spending habit and preference and even Kudos will show you the hidden benefits like travel insurance and extended warranties oh yeah and the cost it's free there's no hidden cost with Kudos they just get a small commission when you shop at one of their partnered sites you can download Kudos on all major desktop browsers and the iPhone just click the link below use my code Jazzy to get kudos free today and for a limited time you'll earn 2,000 points after your first eligible purchase which is equivalent to getting $20 back now back to the video the first reason why I don't have an AMX card is because I've been observing chases 524 rule so since I started my premium credit card Journey 3 years ago the first card I knew I had to get was the sapphire preferred and at the time it had 100,000 Point welcome bonus and I just knew that I had to prioritize it and along with that I knew that chase had their 524 rule where they would basically deny you of a new credit card application if you already have been approved for five or more cards within the past 24 months so that's just based on a lot of people's data and after looking through Chase's cards I figured I wanted to start off with this strategy of applying to only to Chase and along with that being new to credit card points it would just be a lot easier for me to pull all the points into the same portal and when the time comes to Redeeming the points it personally seems simpler for me to go that route so I began applying for Chase cards and I got the two freedoms the Hyatt Marriott and even United and so then I already had five cards within 24 months so that's the obvious reason why I didn't get any MX cards at first now on to my second reason and this is due to rules for one amx's once per lifetime rule if you haven't heard of this rule it means that you you can only receive one welcome bonus for each American Express card per Lifetime and because of this I really wanted to save the right card for the right time just in the past few months MX has also introduced a few new rules that makes it a bit harder to decide which card to pick next now you have to follow the order of operations so how the new rule works if you had the MX gold now you can't get the MX green welcome bonus and if you have the Platinum now you can't get the gold welcome bonus so if you've signed up for the Platinum first you're missing out on two welcome bonuses for the green and the gold which is super not cool but to tie in with all of this a lot of times AMX has targeted offers for people who have never applied to their cards except when I looked at their site it seems like they're not targeting me because they're only offering me 125,000 points for the Platinum hey AMX do you see me because I'm right here with their new rules I'm just being super indecisive on when to apply and which card I should even pick can we take 3 seconds to hit that like button thank you next up let's go into my third reason which is lounge access since having the Venture X I've been pretty satisfied with the lounge access I've been given and that's partly because I'm based in DFW where the first capital 1 Lounge was established but I do understand that Capital One lounges don't compare that close CL ly to Centurion lounges as there is more establishments and the amenities are better however there is one thing that is clearly a problem with Centurion lounges and that is the crowds I think most likely AMX is solving this issue based on their recent changes with the platinum card as you can no longer bring in guest for free into the lounge so clearly there is some friction being added there so hopefully changes are now happening and I did make a video about my experience at the capital 1 Lounge if you're interested you can go and watch it here or here finally my fourth reason let's not forget about annual fees the main reason why you have a credit card is to help you pay for purchases and to give you more value than just paying with cash I'm taking caution to not spend too much on annual fees because having a few cards in your wallet can result in spending hundreds if not thousands of dollars per year my husband and I are already spending $870 annually with six credit cards that number doesn't scare us though because we are getting a lot more value than those Annual fees combined but whenever we introduce a new card into our wallet we have to examine all aspects of it and decide if the card would make sense shortterm or longterm or if the benefits are overlapping with our other cards and I was on asu's website using his Platinum Card calculator to see how much the platinum credit card would bring me value obviously with the welcome bonus it would be worth it for the first year but because some of the perks overlap with my other credit cards and my lifestyle doesn't align that closely with some of the benefits it doesn't feel right to get the Platinum Card right now and then you can see here that in the second year I'm in the negative now the verdict will I ever get an AMX card and the answer is I think so I just need to decide which card to get and also when should I get the card people's Lifestyles change people Chang their credit cards and that could happen to me in the future also I would would love to get firsthand experience on what it's actually like to use MX cards and how to actually redeem their rewards I could see myself possibly getting the MX Hilton or maybe I'll try out the Platinum for a year and then downgrade it you guys will definitely be the first to hear and what are your MX card recommendations Please Subscribe if you're new and I'll see you in another video [Music] bye [Music]