Page 57 - Book1E

to carry the card. Gold and Platinum cards imply wealth, financial responsibility, and purchasing wisdom.
Platinum credit cards are perceived as high-end cards carried by execu- tives and those with the capital to acquire them. An excellent payment history and a minimum purchasing power are required before you can own a Platinum credit card. These cards usually provide the holder with better incentives and rewards than other cards. While some have annual fees, those fees usually cover expanded insurance, theft, and fraud ben- efits. Rewards are obtained faster than with other credit cards.
Regardless of the reality, the American Express credit card has been synonymous with luxury and affluence since it was first introduced. American Express offers luxury cards that entice customers with the possibility of fabulous rewards—from fully paid African safaris to rac- ing on a Formula 1 track. Probably the most exclusive of these luxury cards is the “Black” card. You can’t apply for this card. It is invitation- only. This card has no credit limit and has been rumored to purchase a Porsche on the spot. If you are a consumer who pays only the monthly minimum payment on your balance, you probably won’t be getting an invitation.
What should you do?
Avoid thinking of debt as a way to impress your neighbor. It might be difficult to rethink ideas that you are bombarded with every day, but it’s more important to be proud of yourself than to worry about impressing your neighbor with the number of Gold cards in your wallet.
Managing Your Debt
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