![Card Review: AMEX Platinum [August 2023 Update]](https://images.squarespace-cdn.com/content/v1/5e155597124c2c0cab493f6e/1668963367676-HA40DLNFXLAIXJBII4IR/AMEX+Platinum_Product+photo_PointsMiler.jpg)
Card Review: AMEX Platinum [August 2023 Update]
Since American Express (AMEX) launched its first charge card in 1958, the company has grown exponentially and now offers a unique lineup of charge cards and credit cards for both individuals and small businesses. AMEX has more premium cards than other credit card issues, and one of the most premium cards you can get from AMEX without an invitation is the AMEX Platinum Card. It’s a premium travel charge card, and even though there still are many travel restrictions due to Coronavirus, this is arguably the best time to apply for the AMEX Platinum Card.
The AMEX Platinum Card is offering a historic-high signup bonus right now.
Sign-Up Bonus & Multiplier: Worth up to $2,000 and More!
The AMEX Platinum Card is currently offering a sign-up bonus of 100,000 Membership Rewards (MR) points after spending $6,000 in the first six months of account opening. I personally value MR points at 2 cents per point, valuing this “normal” sign-up bonus at $2,000. However, if you use a referral link or search for the offer using Google’s Incognito Mode, you may be able to find bonus offers of either 100,000 points + 10X MR points at restaurants worldwide and at U.S. small businesses, up to $25,000 for six months. With this elevated bonus, you could earn up to 350,000 MR points, worth up to $7,000. This is the highest offer I’ve seen, and I bet this is the best offer we will see for a while.
Use my referral link to get the best signup bonus EVER. Photo credit: www.americanexpress.com
Because the primary focus of owning the AMEX Platinum Card is to fly and travel, the multipliers, other than the airfare earning rate, are fairly weak. The card earns 5X MR points on up to $500,000 per calendar year on flights purchased directly from airlines or on the AMEX travel portal. It also earns 5X MR points on hotels booked and prepaid on the AMEX travel portal, and all other purchases earn 1X MR points.
If you’d like to apply for the American Express Platinum Card, please consider using my referral link. It will continue to help fund my blog operations and help visitors make informed decisions to maximize their rewards. Thank you! Click HERE to access my referral link!
Annual Fee & Benefits
If you thought the multipliers of the card were mediocre, prepare yourself because the annual fee of the card is $695. It is one of the most expensive cards to open, but thankfully, AMEX included valuable benefits to effectively offset the annual fee. Here are the following benefits included in the card membership:
$200 Fine Hotels & Resorts Credit & Benefits
Cardmembers can also have access to AMEX’s Fine Hotels & Resorts (FHR) portal and receive up to $200 back in statement credits every calendar year when prepaid for a stay using AMEX FHR or The Hotel Collection. FHR lives within the AMEX Travel portal, and it features major hotel brands like Hyatt and Marriott as well as small independent properties. Though FHR does not guarantee the cheapest rate, booking through AMEX’s FHR grants you lucrative perks such as:
Room upgrade upon arrival when available
Daily breakfast for two people
Guaranteed 4 pm late checkout
Noon check-in when available
$100 hotel credit such as a spa or food and beverage credit
Complimentary Wi-Fi
You can score a complimentary night or property credits at various properties but be mindful that they are generally expensive. Photo credit: www.americanexpress.com
The most notable caveat of using the FHR portal is that you may not earn elite status or loyalty benefits. I’ve had mixed experiences where one of the stays counted toward elite nights and some didn’t. However, you’d earn 5X MR points on the stay booked through the FHR portal, and that may even out the lost opportunity cost.
$200 Uber Credit
AMEX Platinum cardholders receive $15 in Uber Cash for Uber rides or Uber Eats food orders in the U.S. each month. In December, there is an additional $20 bonus on top of the regular $15, giving the cardmembers $35 for the holiday season. I personally value this at 100% since I live in a big city where I can utilize it towards takeouts and occasional Uber rides.
If you live in a big metropolitan area, the $200 Uber credit will come in handy. Photo by Unsplash.
$200 Airline Credit
The $200 airline credit is definitely harder to use since it is only supposed to cover airline incidental fees, which means that you cannot use the credit towards airfare. As of right now, it covers the following fees:
Overweight/oversize baggage fees
Checked baggage fees
Flight change fees
Phone reservation fees
Airport lounge day passes and annual memberships
Pet flight fees
In-flight food and beverages
In-flight entertainment fees (does NOT include wireless internet)
Seat assignment fees
This means cardmembers cannot use it towards upgrades, gift cards, anything mileage-related, and seat upgrades. Also, if you are a cardholder of the AMEX Platinum Card, there is a good chance that you are a frequent flyer, which means most of the items above are likely covered by your airline status. Adding to the already difficult usage, AMEX makes you choose an airline at the beginning of every year from the following airlines:
The airline incidental credit will only trigger when it’s used towards your airline of choice. Cardmembers are only allowed to change the airline in January, and because the airline incidental fee is so difficult to use, it has been the most criticized AMEX credit since issuers like Chase, Citi, and Bank of America utilize travel credits that cover anything travel-related. I personally think AMEX should switch the benefit so it reflects anything travel-related.
The $200 airline incidental credit is becoming harder to use every year, and AMEX should seriously consider adjusting its terms and conditions. Photo by Unsplash.
However, because of how transactions are coded differently in the backend, there are some loopholes, and you can use the credit towards airline tickets. The easiest one is United, and you can use United Travel Bank, which functions as an online gift card system. However, as of January 24, 2021, United Travel Bank seems to code as “gift certificate”, which means the airline incidental credit will not trigger. Some people reported that inexpensive flights (less than $100) from Southwest, JetBlue, and Delta trigger the credit but this may not work for everyone. Lastly, when a Delta flight is partially purchased with a Delta gift card, the transactional coding changes to “additional collections”, triggering the credit.
There are still some backdoor ways to utilize the airline incidental credit, but your mileage may vary. Photo by AMEX.
Be aware that rules change constantly and AMEX has the right to claw back your points or shut down your account if you were to defy their terms and conditions. I strongly advise that you do the research before using the airline credit alternatively.
Centurion Lounge Access & Priority Pass Membership
The Centurion Lounge is one of the main reasons why I hold the Platinum Card. There are a few international ones, but in the U.S. there are thirteen Centurion Lounges currently available. Additional lounges will open at Denver International Airport and LaGuardia International Airport in the near future. Centurion Lounges are known for amazing food from award-winning chefs, delicious top-shelf cocktails, and complimentary massages.
The Centurion Lounge provides a far superior lounge experience to most airport lounges. Photo by AMEX
As with almost all premium travel cards, the AMEX Platinum Card provides Priority Pass Lounge access. This means you can visit more than 1,200 airport Priority Pass lounges around the world. Priority Pass lounges offer basic food and beverages and are especially useful for travelers hoping to enjoy a few drinks before their flights.
Delta Sky Club Access When Flying Delta
On same-day Delta flights, Platinum, cardholders can visit Delta Sky Clubs for free. If you want to pay to visit, you can purchase an annual membership for $545 or 54,500 SkyMiles. If you were to hold the Platinum Card though, you can bring in a guest for a daily rate of $39. I don’t think a Delta Sky Club is worth $39 but if you like to drink and avoid crowded terminals, it may be worth it for you.
Hilton Honors Gold Status & Marriott Bonvoy Gold Elite Status
Hilton Honors Gold status opens a door to great benefits. I think the best perk is free breakfast. Even though the complimentary breakfast is only a continental breakfast when you stay for a couple of nights, charges can add up rather quickly. Hilton Honors Gold members receive an 80% point bonus, two complimentary water bottles per stay, and welcome bonus points or other welcome amenities.
Getting free breakfast every morning can help you save a lot of money. Photo by Unsplash.
Marriott Gold Elite status is not as valuable as the Gold status from Hilton, but Gold Elite members can still benefit from receiving enhanced internet access, 2 pm late checkout when available, a 25% point bonus, a welcome gift at check-in, and enhanced room upgraded based on availability. Note that the enhanced room upgrade does not include suite upgrades.
Reimbursed Global Entry or TSA PreCheck Application Fees
Cardmembers can get up to $100 in statement credit when the AMEX Platinum Card is used to pay for the application. I would highly suggest using this benefit for a Global Entry application since it includes TSA PreCheck. Global Entry can save you hours of waiting time in line over a year if you travel often internationally. You can use this credit every 4 years and apply it towards a friend or family member if your own Global Entry membership is covered by another card.
Breezing through airport security can make your travel experience significantly more enjoyable. Photo by Unsplash.
$240 Digital Entertainment Credit
In a true AMEX fashion, the $240 digital entertainment credit is broken into $20 per month, and a Platinum cardholder can get up to $20 in statement credits each month when you pay for media services at eligible providers:
Peacock
Audible (ending on 10/1/2023)
SiriusXM
The New York Times
The Wall Street Journal
Hulu
ESPN+
Disney+
The Disney Bundle (Hulu, ESPN+, and Disney+)
Get your daily dose of news from the New York Times - all covered by holding the AMEX Platinum card. Photo by Unsplash.
Enrollment is required to take advantage of the benefit. I signed up for the Disney Bundle with Hulu without ads, and it costs $19.99 per month before taxes and fees. The New York Times subscription and SiriusXM membership also cost around $17 per month, so you can mix and match to your liking.
$300 Equinox Credit
Equinox is a luxury fitness club that mainly operates in large metropolitan areas. It costs about $200 per month, depending on the location, and is the parent company of SoulCyle, PURE Yoga, and Blink Fitness. As a Platinum cardholder, you can get up to $25 back each month on select Equinox memberships, and enrollment is required on your AMEX benefits page. If you are already an Equinox member, then it’s a cherry on top because most people do not have the luxury. In this case, I recommend looking into Equinox+, a subscription-based app by Equinox, which will cost you $40 per month. With the app, you can access various workout programs developed by Equinox and enjoy the workout at home or on the go.
$179 CLEAR Credit
CLEAR is a biometric screening membership that scans and stores your irises and fingerprints to dramatically reduce the time you spend waiting in airports, sports stadiums, and event venues. With CLEAR membership, travelers can bypass all TSA Pre passengers, and CLEAR personnel will escort you straight to a TSA agent. Today, CLEAR is available in 34 airports and 31 stadiums across 21 states, as well as in Washington D.C.
Combined with TSA Pro, CLEAR will make your air travel a much more enjoyable experience. Photo by CLEAR.
As a Platinum cardholder, you can get up to $179 back per calendar year on your CLEAR membership. CLEAR’s default annual rate is $179, but with frequent promotions, this can be lowered to $149. Additionally, Delta and United members receive substantial discounts: Delta Diamond Medallion members receive complimentary membership, while Platinum, Gold, and Silver Medallion members, as well as cardholders of AMEX Delta co-branded cards, pay $109 a year. General SkyMiles members pay $119. The same rules generally apply to United members: United 1k members receive complimentary membership, while Platinum, Gold, and Silver members and cardholders of Chase United co-branded cards pay $109. General United MileagePlus members pay $119 annually. Plus, CLEAR offers a family plan which enables the primary account holder to add up to three adults for only $50. Therefore, if you have a frequent flyer status with either Delta or United, you can possibly squeeze your entire family into the membership at no additional cost.
$155 Walmart+ Credit
Walmart+ is a subscription-based service for free shipping and delivery for online orders and groceries. It comes with discounts for prescriptions and gas and even offers additional perks such as early access to certain sales. Walmart+ costs $12.95 per month, and when paying with the AMEX Platinum card, you can now receive statement credits in monthly increments, up to $155, which will cover the entire cost of the membership. I think this was AMEX’s attempt to address and satisfy suburban Platinum cardmembers. With no required order minimum, free next-day or two-day shipping can be very valuable to certain cardholders.
Getting groceries delivered is easier than ever with Walmart+. Photo by Unsplash.
$300 SoulCycle Credit
SoulCycle is an upscale cycling machine that retails for $2,500 before taxes and fees. While it is cheaper than Peloton, it is a significant investment for a workout machine. With the AMEX Platinum card, you can receive up to $300 in statement credit when buying a SoulCycle machine. Be aware that financing the bike will not trigger the $300 credit; you must buy it in one transaction.
$100 Saks Fifth Avenue Credit
The $100 credit is divided into two $50 statement credits, redeemable from January through June and from July through December. I usually use the benefit to buy a gift for friends and families. Because Saks sells luxury items, you may have to dig for affordable items if you plan on spending right around $50. Recently, I purchased a new set of whiskey glasses by Nude Glass.
You can find affordable gift options on Saks’ website. Photo by Sak’s.
On top of all the benefits mentioned above, Platinum cardholders get purchase protection, return protection, extended warranty on purchased products, secondary auto rental coverage, and complimentary memberships in Hertz Gold Plus Rewards, National Car Rental Emerald Club Executive, and Avis Prefered.
Summary
The AMEX Platinum Card is one of my favorite credit cards for many reasons. Even though the annual fee is $550, the benefits easily outpace it. Because I travel once or twice every month, the $200 airline credit can be used easily. I live in a big city where both Uber and Uber Eats are available so I don’t have any difficulty using the $200 Uber credit either. Because Delta is my airline of choice, I visit Delta Sky Clubs often and the Centurion Lounges when available. I understand Saks does not sell inexpensive items, but if you dig enough you will find affordable options that can be purchased for yourself or others as gifts. Moreover, the $180 PayPal credit and other targeted AMEX offers make effectively offset the annual fee even further. In deciding whether the AMEX Platinum Card deserves a spot in your wallet, you need to evaluate if the benefits apply to you and ask yourself if you can get value from most of them. If you need any assistance in deciding if the card is the right fit for your personal credit card portfolio, request a free consultation session with me!
If you’d like to apply for the American Express Platinum Card, please consider using my referral link. It will continue to help fund my blog operations and help visitors make informed decisions to maximize their rewards. Thank you! Click HERE to access my referral link!
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