But on the other hand, with that $400 you also get free Global Entry & PreCheck, $200 of airline incidentals per year (in-air food, baggage overages, upgrades, whatever), unlimited free companion tickets when you purchase tickets for yourself via their concierge service, free gold/elite status with most major car rental and hotel chains, and whatever other non-travel benefits there are. For frequent travelers it can pretty easily pay for itself.