Recently one of the daughters shared the story of their status obsessed millennial roommate and her Chase Preferred metal card and how amazing it is. I looked it up and $550 annual fee, $300 annual travel credit etc.
Am I missing something here or are these elite cards a scam? Is a card made of metal really better in some way?
I don't think you are missing anything but whether they are a scam depends on the individual. They are a scam in the sense that the issuers know most people will not use all the perks. But if you understand the card's features and benefits and are able to take advantage of them then some of these premium cards can be a good deal.
I keep track of the benefits of value to me make sure I am getting value.
For example, I have an AMEX platinum card that costs $550 per year (although that is going up.) They give a $200 uber credit, a $200 airline fee credit, Priority pass lounge membership plus access to their own airport lounges, plus pay for Global Entry $100 every 4 years, pay for Clear $169 per year (they will pay $189 but I get a discount so it only ends up being $169). So if I make maximal use of those credits they add up to $594. So I am ahead and get everything else for free including the lounge access.
Last year, even with Covid, I got $180 in uber credits. I can always get the full $200 in airline credits because I upgrade to economy plus and they detect that and credit it.
Now, would I pay for Clear if I had to pay out of pocket? I don't know, I signed up this year and so far the experience has been excellent and I would. I have asked myself if I would pay for lounge membership. The answer is yes but not at the rates they charge. Priority pass is $254 per year. I would probably pay $100 based on my usage.
Can I live without lounges, global entry, clear, etc.? Of course I can but they make traveling much easier and stress free.
So, at least to me, that premium card is worth it, at least for now. There are rumors of some pending changes that would definitely make me reconsider.
One thing that does annoy me about AMEX is that their benefits seem targeted to people who live in big cities. I wish they would have a more flexible package of benefits, maybe even a cafeteria plan.
I couldn't care less if my card is metal!