Card News: AMEX Platinum's New $180 Credit

American Express’s (AMEX) premium credit cards usually offer a form of travel credit, which “offsets'“ high annual fees for cardholders. Since the emergence of Coronavirus, AMEX has either changed existing benefits or implemented new perks to their credit cards and charge cards because people weren’t traveling. Users of the AMEX Green Card received up to $80 in statement credits on wireless phone services from May through December 2020, and AMEX Hilton Aspire cardholders were able to use their annual $250 resort credits towards U.S. restaurant and dining purchases.

Coronavirus drastically changed the credit card industry, and card issuers modified existing benefits to accommodate consumers.

The AMEX Platinum also received two main benefits. The first perk was up to $180 in statement credits on select streaming services from May through December 2020, and the second perk was up to $180 on wireless phone services from U.S. service providers from May through December 2020. Overall, AMEX Platinum cardholders were able to receive up to $320, effectively lowering the card’s high annual fee of $550 to $230. I personally put my cell phone bills and streaming services such as Netflix and YouTube Premium on my Platinum Card to appreciate the credits.

The AMEX Platinum Card underwent temporary changes last year. Photo credit: www.americanexpress.com

The added benefits were largely welcomed by the cardholders since they were easy to use, unlike the card’s restricted airline credit. There have been many speculations on what AMEX would do when January 1, 2021, rolls around since both $20 benefits had an expiration date of December 31, 2020, and Coronavirus was not going anywhere. I’m here to report that AMEX did not let us down because from January through June 30, 2021, you can earn up to $30 in statement credits each month when you use your Platinum Card to make purchases with PayPal. In total, each Platinum cardmembers can receive up to $180 until the end of June. Although the $30 PayPal credit is $10 less than the combined $40 benefit (wireless phone and streaming services), the PayPal credit is certainly easy to use and is accepted everywhere.

The $30 monthly PayPal credit can be used at countless vendors, making the benefit highly versatile.

Please note that transactions using PayPal Key are not eligible for the offer. This is because many people were gaming the system to meet spending requirements and earn Membership Rewards (MR) points using PayPal Key. In addition, the $30 benefit is not valid for person-to-person payments, reloading prepaid cards, or the purchase of gift cards. Only personal Platinum cardholders are eligible for this benefit, and there is no need to register. Simply link your Platinum Card to your PayPal account, and you are all set. Also, this is a use-it-or-lose-it credit so make sure to utilize it by the end of each month until June. If you have any questions, you can visit the official PayPal offer FAQ page by AMEX.

There is no need to register for the $30 monthly PayPal benefit. Photo credit: www.americanexpress.com

Overall, this is great news. Many people, including the team at PointsMiler, are still affected by Coronavirus, and until the economy stabilizes, people are in dire need and require immediate help. Since PayPal is widely accepted at major retailers, the $30 monthly credit should be very easy to use. I am glad AMEX stepped up the game and delivered a user-friendly benefit. I wonder what other issuers such as Citi and Chase would do to alleviate continued financial difficulties on consumers. What do you think other competitors would do? Leave a comment below!