If you fly frequently this cards $550 annual fee can quickly pay for itself. If you don't fly often it's tough to see how to offset the annual fee.
ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL
- Balance Transfer Intro APR Not Applicable
- Balance Transfer Regular APR Not Applicable
- Annual Fee $550
- Purchase Intro APR Not Applicable
- Purchase Regular APR Not Applicable
Most Helpful Positive Review
Most Helpful Negative Review
I applied with 740+ FICO -- don't remember exactly but I know that it was 740+ because I am really proud of having been once at 484 and now being over 70. I don't pay attention to Vantage anymore because noone else does so I have no idea what my CK score was that day. The $550 fee is absurd but I paid it because I wanted a card where I could earn points toward travel and I liked the no pre-set spending limit and the pay in full at month end requirement. Additionally I have read so many good reviews about the card and I saw that I could earn 60000 points in the first 3 months which equals $600 so paying $550 seemed like a good idea. I earned my points, but along the way there have been too many issues. Yes, it looks great and people are really impressed when you take it out of your wallet... WHO CARES!! I have now had 3 hotel bills declined at the desk with this gorgeous card. And just this morning while trying to use it online I was declined an $850 purchase. In each event the reason I was given when I called customer service was that I had reached the credit limit on my card. Wait -- the card advertises "no pre-set spending limit" so how can that be? My conversation with the customer service went something like this: Apparently, there IS a spending limit, it's just not preset... HUH?? Well, Miss, you have to establish the spending limit by spending... But I'm trying to spend right now and you won't let me. Well a few months down the line we will adjust the spending limit if you spend on the card... HUH?? I'm still confused! And this has happened in 2 other circumstances. I actually have become afraid to use the card in person because I don't want to be embarassed in having charges declined on a card that weighs 500 pounds!
In case you, like me, are still confused here is the catch with this card: It costs $550 per year and comes with lots of perks and "no pre-set spending limit". However, the card uses "algorithms" to understand how much money you spend and evaluate your credit worthiness along the way (initial credit score is clearly unimportant which is why people under 700 can also get approved for this card). Now I have paid my balance in full on time every month. Yet, the card comes with many features that are cute and status-worthy but as a functional charge card, so far for me it's not very functional. $850 is NOT a lot of money and my totaly AVAILABLE credit through other cards exceeds $50K. Why would I ever want to use a card that I paid $550 to use that won't let me spend $850?? It makes NO SENSE.
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