Sunday, August 28, 2011


On July 23, 2011 my former best friend (aka American Express Platinum Card) turned against me. After 3 years of a comfortable $1,500-ish minimum payment, suddenly Platinum was requesting $7,975.47 of the outstanding $40,028.05 (that we'd thoroughly enjoyed spending I might add!) by August 16.

I drive a BMW, I wear a Rolex, I carry a Dior wallet inside a Balenciaga bag (nothing but the best to hold my dearest Platinum) but I make PAYMENTS. I don't have savings or investments or $7,975,47 in "disposable" income each month. I thought Platinum knew that? So I had to wonder if perhaps this was just a ploy all along? Perhaps Platinum secretly knew I was addicted to consumption and status symbols? Perhaps Platinum was really just stringing me along, staying "Approved" and laying in wait for me to charge $8,420.22 to an already sizable balance so Platinum could pounce? Hitting me with a massive monthly minimum in the hope I wouldn't be able to make it. Then Platinum could really have it's way with me - hitting me with a late payment fee when I couldn't cover the whole amount, thereby justifying skyrocketing my interest rate and really making me "one of our most valuable Platinum cardholders".

Well I'm sorry Platinum but you're not going to win this one. I'm going to be shittiest Platinum cardholder there is because I'm not going to be your slave anymore. You're being replaced in my Dior wallet with something much more valuable: a small amount of cash that won't offer me unlimited credit or Rewards First points and that won't get me access to the Admiral's Club. But, a small amount of cash that will buy my groceries, gas my fleeced (oops - I mean leased) BMW and actually pay for all the other simple needs in my life until I can rejoice in owing you $0.00. 

This is not an original story. I have a plan, and I'll stick to it.


  1. Hi, I know this is a dated post but wow! my heart just dropped at this!!! What happened, did you pay it? I'm here by way of Fabulously Broke in the City. I wish you the best!Karen

    P.S. I'm unsure, what is a ten bob millionaire?

  2. Wow you're the first to comment on my blog!!! :)

    I'm certainly paying it! I had to liquidate my retirement account to pay the initial payment to AMEX, and then I started getting an education through books and many personal finance blogs. I came up with my own spreadsheets to figure out a payment plan and I budget like a fiend! I'm down to $11,875 outstanding and I hope that will be gone within the next few months. My original date was April 20th, but as I've started contributing more to my retirement account and savings again, baring any kind of disaster the debt will all be gone by June.

    LOL a Ten Bob Millionaire is an British saying basically meaning a poor man living like a millionaire.

    Thanks so much for commenting! Made my day!

  3. Ok, so have you gotten rid of the BMW and some of the other status items? Just curious. Seems like you're on your way to clearing this in any case but just wondering. Best of luck!!!!

    1. I had a big eBay sale and got rid of a lot of stuff, but I kept a few key items that have served as great motivators. I know roughly how much I owed when I bought each item, so when I've paid off that part of the balance, I've found it erases the lingering debt guilt and shows me how much more I appreciate something when it's paid for. Due to the lease, I still have the car but when it's up I'm buying something I can afford and getting out of the neverending monthly payment cycle. The debt will be gone soon and then the intense saving for the car starts. Thanks for the encouragement!!!