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$550 is a lot of money, but if that $550 annual fee creates value in excess of $550, it’s more of a pre-payment or investment if you will. That’s exactly how I look annual fees, they are the cost of doing business, and in business, both parties are happy when value is created. I view each and every credit card I hold as a relationship and currently I’m very happy with my Amex Mercedes Benz Platinum, a card that has been phased out, but offers parallel benefits to the American Express Platinum card, so I thought I’d walk you through 10 of the reasons why the $550 annual fee is worth to me, and can easily be recouped year after year. I’ll also show you how the holding the card can make travel SO. MUCH. MORE. ENJOYABLE – can’t you see how zen I am in the feature pic because I redeemed my points on Singapore Airlines First Class ( a great Amex transfer partner)
1) 5x points on airline purchases made with the airline or Amex Travel
- This is the highest earn rate for any card on the market for indiscriminate airline spend ( Jetblue has a 6x card solely on Jetblue). If you value Amex points at 2 cents a piece…you’re essentially getting 10% off every qualifying flight.
If you spend $1000 a year on your card – you’re earning 5k points back. That’s $75 at a 1.5 c valuation and $100 at 2c.
2) $200 Uber Credit
- $15 a month and $35 in December
Not everyone makes use of this perk like I do, but I’d be spending that on uber every month regardless of the perk. It’s an easy $200 recoupment.
3) $200 Airline Incidental credit
- Each calendar year – which means if you apply now, you’ll get $200 this year, and then another $200 starting 1/1/19
I easily make use of the card each and every year I hold the card. Read this for tips, but it’s a solid $200.
4) $100 Global Entry Fee Credit
- Simply charge to the card and get it refunded once every 4 years
$25 pro-rated
5) Centurion Lounge access
- Access for you and 2 guests at their growing group of luxury lounges worldwide
Currently LAX, my home airport, doesn’t have a Centurion lounge. I don’t make use of this benefit as much as I’d like, but I probably visit Centurion lounges 1/2 a dozen times a year. At just $5 saved on a coffee or beer it’s worth min $30.
6) Fine Hotels and Resorts
- Insane benefits including
- Upgrade upon arrival when available
- Unique property amenity ( this is usually in the range of a $100)
- Free continental breakfast
- Early Check-in and guaranteed 4pm late check out
FHR offers incredible value if you like to stay at high end resorts and hotels. The breakfast and property credit are easily worth a couple hundred on every stay over 2 nights. I’ve also had great success with double upgrades, and having a guaranteed 4pm late check out is huge when you have a late flight, and a distinct advantage of Virtuoso.
7) Hotel Elite Status
- Marriott Gold
- Hilton Gold
Why spend a gazillion nights staying at hotels when your credit card get get you mid-tier status. Hilton Gold especially is nice as it gives you free breakfast when using points for your stay.
8) 60k point welcome offer
- Current offer after meeting minimum spend requirement of $5k in 3 months
- Transfer to a bevy of valuable partners
Membership Rewards are one of the most valuable points in existence and opens up the door to unbelievable redemptions like this Lufthansa First Class seat for just 70k points ( transferred via Aeroplan)
9) $100 Saks Fifth Avenue annual credit
- $50 for each 6 months of the year
Once between Jan and June you’ll get $50 back as a statement credit, and then again between July and December. Even if you don’t shop for high end apparel, or accessories, Saks sells a ton of toiletry items that this credit offsets. Think Kiehls, Fekkai, etc
10) Priority Pass Membership
- Access to the global network of lounges and restaurants
- If you make use of the $28 dining credit 4 times a year you’re getting over $100 in value
Bonus) Amex Offers
- These are targeted spend offers that each cardholder can take advantage of by fulfilling spend requirements with certain retailers. The opportunities are frequently updated, and I’ve found that these alone could pay you back for an annual fee.
Overall:
While the $550 is a lot, I personally, am able to get over $1000 a year in benefits without even taking into account a welcome offer, or the other benefits like Rental car status, rental car insurance, free Boingo, global lounge collection, etc . Throw all that in, and you’re doing incredibly well at putting those $550 to good use.
What’s even better is how much the card can improve the way you travel. Having a lounge to access while you wait can make delays and layovers so much more bearable, and having status at hotels less costly at check out because of comped wifi, upgrades, breakfast, or even just in-room bottled water. Regardless, if you’re a travel geek like me, this card provides an incredible amount of value year after year
Does that trick for getting the airline fee credit for alaska air work anymore? Alaksa eliminated free cancellations for 60+ days out. Here’s an article: https://www.travelcodex.com/alaska-airline-increase-change-fees-and-axes-free-cancellations.
I’d suggest removing your previous post as it’s misleading now…
Turgutbey – thanks for the head’s up – updated the post to reflect 60 day issue, but looks like anecdotally the credit is still working for people, and i don’t know how much it’s a trick as it’s amex discretion on what to credit as indidental… https://www.flyertalk.com/forum/american-express-membership-rewards/1300459-airline-fee-250-200-100-reimbursement-reports-only-57.html
These are all near useless and the CSR is a much nicer card.
1. The Airline credit isn’t good for most purchases, only day pass for lounges and bag fees. The CSR has a much better credit.
2. Centurion lounges are incredibly overcrowded to the point where SFO and Seattle have insanely narrow time caps. No good for a delay.
3. The Uber credit is also useless. What good is $15 a month?
4. The earning on airfare is better than the CSR, but the CSR gets you far better travel protection in the event of a delay.
alpha – i don’t really get the agro sentiment, but i’ll give my response. 1 – amex incidental airline credit is dictated by amex and plenty of charges trigger the credit, never had a problem hitting $200, 2 – i valued at $30, they are crowded, but i still get value 3 – $15 is useless – my paypal is miles@monkeymiles if $15 is useless to you…i’ll take 15 a month thanks 🙂 4 – you prefer trip delay ( now 6 hours ) to guaranteed 2x higher earn, purely subjective. i’ve traveled over 100k miles this year and not been delayed 6 hours. jinx
this also wasn’t a comparison to reserve, which is a great card in itself, but rather how i end up getting a lot more in value than the fee.
Love your post. Only problem is that you said Amex Plat. highest earn rate for any card on the market. Not true entirely, it’s partially true. JetBlue plus card earns 6x the points. But yes it’s only for JetBlue. While the Amex is all airlines. That’s why I have both.
thanks Ro! ahhh i actually overlooked that! thanks for the head’s up – i’ll update
Also a great benefit is the International Air Program , I saved about $800 off the beat available price for two business class by to zur tickets.
ah yes totally slipped my mind, but I 100% concur