American Express Platinum Card Review (2020): Is it Worth the $550 Annual Fee?

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https://dyernews.com/american-express-platinum-card-review/ Have you considered applying for the American Express Platinum card but aren’t quite sure if it’s right for you? Let's take a closer look at the card and 5 things you need to know about it.

To start things off, it is imperative that we talk about the card’s $550 annual fee as well as  the various credits that may or may not help offset that

Yes, you heard that right: to get the American Express Platinum card, you’ll need to pony up $550 a year. However, off the bat, the card features a number of credits that can hopefully help bring that figure down.

The first of these is the $200 a year Uber credit, which is doled out in increments of $15 a month  except in December when you’ll get $35. These credits can be used for Uber rides in the U.S. or for Uber Eats orders. If you don’t use rideshares all that oten, then I’d recommend trying the pick-up option on Uber Eats so you can maximize this credit.

Then there’s the $200 a year airline fee credit, which reimburses you for such expenses as checked bag fees, seating assignment fees, lounge day pass costs, etc. This credit can be a bit difficult to use as you’ll need to select a single airline for which your fee reimbursements will apply and because the list of qualify purchases is fairly limited. Still it can come in handy for some.

Finally, the card also offers a $100 credit to Saks Fifth Avenue, which is split into $50 for the first half of the year and $50 for the second half. If you’ve never shopped at Saks, you may endure a bit of sticker shock at first. But if you do some digging, you can hopefully find something worth of using your credit on that doens’t then cost you an extra few hundred dollars. For example my wife managed to find some shoes on sale that just barely topped the $50 mark.

Something that’s occasionally overlooked about the Amex plat is that it’s actually a charge card and not a regular credit card

If you’re anything like me, you may have assumed that credit card and charge card meant the exact same thing. However the Platinum card being a charge card actually means that you’ll be required to pay off your entire balance each month with no option to carry a portion over like with a credit card.

My personal favorite perk of the Platinum card and a big reason why I decided to get it is the airport lounge access that it offers

For as fun as travel can be, it can also be a stressful hassle. That’s where airport lounges come in, as they offer a place that’s a tad more relaxing than the normal gate area — and the American Express Platinum Card offers one of the best lounge access line-ups in my opinion. In addition to receiving a Priority Pass Select, you’ll also be able to visit the American Express Centurion Lounges at select airports. But what’s even better for Delta loyalists like me is that you also enjoy access to Delta Skyclubs when you’re flying with them.

Next, another one of the benefits I’ve been enjoying is the complimentary status you get as a cardholder

As a Platinum cardholder, you’ll be entitled to complimentary Hilton Honors Gold Status as well as Marriott Bonvoy Gold Elite Status. The perks of each can vary by property but some of benefits may include free breakfast, free wifi, room upgrades when available, late checkouts, and more.

Finally, in terms of points, the card offered 5X on certain airline and hotel purchases, but its how you choose to redeem these points that really matter

Most purchases you make with your Amex Platinum will earn you 1 Membership Reward point for every dollar spent. However you get 5X points when you book flights directly through the airline or via AmexTravel.com as well as5 X on prepaid hotel purchases made through Amex Travel. Those are great multipliers, although the latter can be a bit trickier given the limitation.

In any case, what really matters is how you use those points. While the Points Guy currently values Membership Rewards points at 2¢ each, cashing them out for a statement credit will only get you .6¢ per point. Meanwhile gift cards are only slightly better, ranging from .7 to 1¢ per point. Thus, in order to get the most value, you’ll need to transfer your points to one of Amex’s travel partners and likely do research for the best redemption opportunities. If you don’t travel a lot of don’t feel like putting in that kind of effort, then you may want to reconsider going all-in on running a Membership Rewards points set up.

Overall, I definitely don’t think that the Amex platinum is right for everyone. However if you’re a frequent traveler, are able hit to spending requirement for sign-up bonus, and can afford to spend $550 upfront, then the card can really benefit you in the long run.

For more credit card reviews make sure to visit https://dyernews.com/category/reviews/credit-cards-reviews/ and for all my credit card review videos https://www.youtube.com/playlist?list=PLFfM5Lf816alHHyNZJHOsxyZjXl0UlLyJ

YouTube url:	https://www.youtube.com/watch?v=UJvZ40CQlcg
Created:	30. 8. 2020 17:32:51

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American Express Platinum Card Review (2020): Is it Worth the $550 Annual Fee?