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American Express Platinum just got even better.
$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 for future benefits and services. 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 card I hold as a relationship. American Express just made their Amex Platinum a lot more valuable for new cardholders with the current offer that includes 10x points on all US gas and US supermarket purchases made with your Amex Platinum.
That blows any and every single competitor out of the water on US supermarket and US gas spend.
*You should keep in mind that the 10x earn rate on us gas and us supermarkets is capped on a combined $15,000 spend, but that means you could earn a whopping 150k Amex points in your first year if you max it out in your first 6 months of card membership.
Interested in an American Express Platinum?
Do you qualify?
Amex has a once in a lifetime clause that limits the ability to get a welcome offer more than once, so if you’re had the Platinum card before, you may not qualify for the welcome offer.
Is this the best offer we’ve seen?
I think this offer is absolutely incredible. People have reported anywhere from 75k to 125k welcome offers depending on how you’re targeted. The ability to earn 10x on US gas and US Supermarkets for 6 months, up to $15k is second to none. I really wish I could sign up for this card right now.
What are some awesome ways to use Amex points – read our list
I have an entire post dedicated to some truly awesome ways you can use your points. The best ways, in my opinion, to make use of American Express points are by utilizing their long list of transfer partners.
One of my favorite ways to fly is Lufthansa First Class which can be accessed by transferring to Aeroplan, Avianca, ANA, or Singapore Airlines.
Here are 10 additional ways I think the card is worth the annual fee
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 on Uber or Uber Eats
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 for me. Plus they are offering an Uber Eats Pass which equates to $0 delivery fee and 5% off orders more than $15.
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 1/1/21
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
Global Entry is a phenomenal program that expedites your immigration when entering the country. It’s saved me hours and hours of time over the years. I just renewed my global entry this year and the refund was very fast.
- Simply charge to the card and get it refunded once every 4 years
5) Centurion Lounge access
- Access for you and 2 guests at their growing group of luxury lounges worldwide
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.
What’s even better…if you pre-pay the hotel…you’ll earn 5x points on it as well.
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) $30 PayPal credit until June 2021
- Until June of 2021 US based cardholders will receive a monthly $30 PayPal creidt
- There are few restrictions so make sure you read the terms and conditions. Namely, must be in US dollars and person to person PayPal transactions and direct to business via PayPal app don’t qualify.
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
- American Express eliminated the $28 restaurant credit, so keep that in mind.
- 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.
International Airline Program
I’ve some absolutely fantastic deals on airfare ( Premium Economy and up ) via the IAP. Highly worth checking out before you book elsewhere. Note that you must be on one of the following airlines departing from the US in Premium Economy, Business, or First Class.
And Referrals points – 55k a year
You can earn up to 55k points per card every single year. In fact, you can add your referrals to this post. It gets a lot of traffic so many are earning quite a few referral bonuses from us.
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
Monkey Miles has partnered with CardRatings for our coverage of credit card products. Monkey Miles and CardRatings may receive a commission from card issuers
A Monkey Miles favorite for beginners and point pros alike because it earns unlimited 1.5x Ultimate Rewards with no annual fee.
♥ Earn 20k Bonus Points or $200 after $500 Spend in 3 months
♥5x on travel purchased via Chase Travel
♥3x on dining and drugstores
♥1.5x on all purchases, unlimited