I was wondering is 2.6% fee worth it on amex transactions. I was thinking to use my amex to pay my other cc bill, is it worth it?
AmEx Platinum 2.6% Fee Worth It?
samxspam on 01/02/2025 - 20:36
Comments
Do you get more than 2.6% benefit from the purchase? If yes then it is worth it, but if not then you can figure it out.
Why not just use Amex instead of the other cc in the first place?
Doesn’t work everywhere
How do you use your amex to pay another cc bill?… I dont think that works
I was thinking to use my amex to pay my other cc bill, is it worth it?
You tell me, what do you get in return for your 2.6%?
So if you paid $10,000 on your credit card, and paid 2.6% aka $260 in fees.
What would you get back for your $260 in fees?
There are people on here who churn cards but struggle to meet the required spend to get the bonus. Good luck to them, I respect their efforts to take advantage of the sign-ups that are designed to attract people like me who choose a card for a few years.
They might find it worthwhile to pay fees like 2.6% because they are getting $500 or a $1000 worth of sign on benefit so $130 in fees on a $5000 spend are worth it.
If you aren’t surfing from card to card I don’t see how it is worth it - unless I guess it avoids the 20%+ interest if you would otherwise carry a balance.
But if you are carrying a balance it becomes a much more tricky game, and trying to precisely time interest free periods, balance transfers and things becomes a bit of a house of cards where a slip up can undo all the benefits.
Sometimes you might find yourself thinking about whether a definite 2.6% fee is worth it for the chance to achieve things like a 5.2% bonus saving rate to not touch savings. Pretty quickly you end up hoping there is no unexpected expense over the rest of the whole year, because you need to get that bonus, and Wow! All this becomes a really tricky way to earn a pittance and avoid a penalty.
So my usual advice would be to avoid high costs like a 2.6% fee unless you are assured it will deliver a benefit no matter what.
no
Only you can do the sums to work out the answer