Amex Platinum Users: still getting value in 2024?

[NYCaviator]

I was ready to cancel my Amex Gold card and they offered an upgrade to Platinum with 80k MR points. Generally I'd say no, but looking at the Platinum again, I'm intrigued. For anyone that has kept their Platinum card, are you still getting value out of it?

I had one pre-covid and cancelled it but stuck with the Gold card. The Gold card earns lots of MR points, but has no travel protections or additional insurance.

I don't really care about MR points or lounge access, but the travel protections and insurance are what intrigue me. I'd get the $150 off as a corporate card holder, I could easily use the $200 for Uber, probably $100 for my NYT subscription, and the $200 for prepaid hotels. That alone would cover the annual fee.

Considering I spent about $3k this year on travel insurance for various big, nonrefundable trips, that seems like a huge benefit of the platinum card. Plus you get extended warranty, cell phone insurance, etc. Overall the benefits are decent, even though the annual fee is high.

Is anyone else still getting value from their Platinum card?

[WonderWander]

Considering I spent about $3k this year on travel insurance for various big, nonrefundable trips, that seems like a huge benefit of the platinum card. Plus you get extended warranty, cell phone insurance, etc. Overall the benefits are decent, even though the annual fee is high.

Why not just get good annual travel insurance coverage - probably cheaper than buying it separately for each trip?

[NYCaviator]

Considering I spent about $3k this year on travel insurance for various big, nonrefundable trips, that seems like a huge benefit of the platinum card. Plus you get extended warranty, cell phone insurance, etc. Overall the benefits are decent, even though the annual fee is high.

Why not just get good annual travel insurance coverage - probably cheaper than buying it separately for each trip?

Most of the annual policies have a very low limit of "per trip" insurance, which is why they are not a viable option.

For instance, Allianz tops out at $5k per insured per policy period. For my spouse and I to get a policy it would cost over $1,000 per year and only provide $5k in coverage each. Chubb's annual plan would be $900 per year and only cover $5,000 per trip. With Amex you're getting $10k per trip and $20k per year, which is much higher.

We've bought a few of the "per trip" policies, but they aren't cheap either. I only get them for some of the non-refundable stuff like hotels, lodges, and some airfare. I still get a GeoBlue policy when we travel overseas.

[bd7]

Is anyone else still getting value from their Platinum card?

If you look at the benefits as a coupon book and you're trying to recoup the annual fee with the various offers and benefits, then I think it just takes too much effort to just break even. Some benefits we end up not being able to use up some years, like the Fine Hotels and airline fee credits. There are a lot of things that have paid off for us--5 MR points on airfare, purchase protection, extended warranty--that are also available to some extent via other cards that don't charge $695+ annual fees. For me what is worth it is the level of customer service that is attached to those benefits, AMEX CSRs are a few levels less crappy than most others. There's still some value there, IMO, although probably somewhat diluted due to the overwhelming numbers of AMEX Plat cards that they've managed to sell.

[WapelloHawk]

Thanks to Amex pricing, we saved $900 per ticket on Delta One to Tokyo this fall compared to the Delta website prices. That’s two years of annual fees without considering any other savings.

Love the Centurion lounges in the US. Easily $60 of value for two people each way on a trip. We take advantage maybe 8 times a year - $480 of value.

Uber Eats is a simple to use $200 value annually.

Excellent car rental insurance through Amex costs $25 per rental. That is an extra expense, but tremendous piece of mind value.

Received a $50 cash back deal at a mid level Marriott just a few weeks ago. Amex also running a 2 x $20 you tube TV monthly cash back deal between now and 12/31. That will be another $40.

I see people complaining about Amex Platinum and I don’t understand - if you are a quasi frequent traveler who doesn’t fly coach, it is very easy to get your money back and then some. Great card if you fit their target profile

[NYCaviator]

I see people complaining about Amex Platinum and I don’t understand - if you are a quasi frequent traveler who doesn’t fly coach, it is very easy to get your money back and then some. Great card if you fit their target profile

Thanks. Do you have an additional Platinum card for $195 a year for a spouse? I was just looking at the free companion card. We'd easily surpass the $75k in spend to get a free guest in to the Centurion Lounge, though I rarely have enough time to waste in a lounge.

[martyboyle]

For travel protections overall I think Chase Sapphire Reserve has the best package according to this comparison:
https://frequentmiler.com/ultra-premium ... insurance/

I still have the Amex Plat as well as the Chase Sapphire Preferred, I feel they complement each other well. But in terms of value I think cards should be worth their annual fee on their own. Last I checked, even if you valued all of Amex's credits at 50% you'd break even somewhat (takes effort as the other person mentioned and maybe some funny math was involved). But 695 is a tough pill to swallow so I've been on the fence for the last year or 2. Maybe not helpful, but it seemed travel protections were important to you so wanted to share the comparison.

[the_wiki]

Have you looked at Wells Fargo Autograph Journey?

Only a $95 fee, but $50 back on airline purchase making it more like $45 fee.

5% back on Hotels, 4% Airlines, 3% on dining. No foreign fees (and unlike Amex it is actually accepted worldwide).

$15000 per trip cancellation protection. $3000 Lost luggage, $1million accident insurance.


No games to play with trying to get back your huge fee in prepaid credits.

[SubPar]

Yes, still feel that we're getting value. Rotating monthly promotions usually have a one or two things that earn cash back, taking advantage of the expanded companion pass for our Mexico vacation this Fall.

[WapelloHawk]

I see people complaining about Amex Platinum and I don’t understand - if you are a quasi frequent traveler who doesn’t fly coach, it is very easy to get your money back and then some. Great card if you fit their target profile

Thanks. Do you have an additional Platinum card for $195 a year for a spouse? I was just looking at the free companion card. We'd easily surpass the $75k in spend to get a free guest in to the Centurion Lounge, though I rarely have enough time to waste in a lounge.

Yes, the $695 main user and the $195 second user card.

[02nz]

Thanks to Amex pricing, we saved $900 per ticket on Delta One to Tokyo this fall compared to the Delta website prices. That’s two years of annual fees without considering any other savings.

Love the Centurion lounges in the US. Easily $60 of value for two people each way on a trip. We take advantage maybe 8 times a year - $480 of value.

Uber Eats is a simple to use $200 value annually.

Excellent car rental insurance through Amex costs $25 per rental. That is an extra expense, but tremendous piece of mind value.

Received a $50 cash back deal at a mid level Marriott just a few weeks ago. Amex also running a 2 x $20 you tube TV monthly cash back deal between now and 12/31. That will be another $40.

I see people complaining about Amex Platinum and I don’t understand - if you are a quasi frequent traveler who doesn’t fly coach, it is very easy to get your money back and then some. Great card if you fit their target profile

If you pay for your own premium-cabin ticket, the International Airlines Program can work out well. However, probably a lot of the target audience prefer to use miles/points they accumulated in their work travel.

The Centurion Lounges have gotten way too crowded. The last time I was in one, it was standing room only! Rather defeats the point of a lounge.

And many of the other benefits are offered by plenty of other credit cards. Several cards offer Priority Pass memberships, but without the restaurant exclusion that Amex has. The Amex Offers you mention are not exclusive to Platinum cards, my no-annual-fee Amex cards get the same offers. I have several cards (including a no-annual-fee one, the Bilt Rewards card) that offer rental car insurance.

Some "benefits" are of questionable value. Take the CLEAR membership - every time I've walked past CLEAR recently, the wait was shorter just going to the PreCheck line, so I haven't used CLEAR even though I got it for free via Amex, and I'm certainly not going to pay to renew now that I no longer have the Platinum card.

And since Amex acceptance is far from universal, it can never be my only or even primary card for travel.

Not saying you can't get good value out of the card, but it's for a lot of people it's much harder to justify the $695 annual fee than the Sapphire Reserve's effective $250 annual fee.

[WapelloHawk]

I see people complaining about Amex Platinum and I don’t understand - if you are a quasi frequent traveler who doesn’t fly coach, it is very easy to get your money back and then some. Great card if you fit their target profile

Thanks. Do you have an additional Platinum card for $195 a year for a spouse? I was just looking at the free companion card. We'd easily surpass the $75k in spend to get a free guest in to the Centurion Lounge, though I rarely have enough time to waste in a lounge.

Yes, the $695 main user and the $195 second user card.

P.S. we are retired and consider our lounge time part of the vacation. Lol. Try to plan a 2 hr layover just for the lounging! My wife would consider “time to waste in a lounge” fighting words.

[NYCaviator]

I see people complaining about Amex Platinum and I don’t understand - if you are a quasi frequent traveler who doesn’t fly coach, it is very easy to get your money back and then some. Great card if you fit their target profile

Thanks. Do you have an additional Platinum card for $195 a year for a spouse? I was just looking at the free companion card. We'd easily surpass the $75k in spend to get a free guest in to the Centurion Lounge, though I rarely have enough time to waste in a lounge.

Yes, the $695 main user and the $195 second user card.

P.S. we are retired and consider our lounge time part of the vacation. Lol. Try to plan a 2 hr layover just for the lounging! My wife would consider “time to waste in a lounge” fighting words.

that's fair! The last few times I've passed Centurion lounges they've had lines out of the door. I even try to avoid regular United lounges, unless it's the Polaris lounge. They've all just become so crowded.

[WapelloHawk]

I see people complaining about Amex Platinum and I don’t understand - if you are a quasi frequent traveler who doesn’t fly coach, it is very easy to get your money back and then some. Great card if you fit their target profile

Thanks. Do you have an additional Platinum card for $195 a year for a spouse? I was just looking at the free companion card. We'd easily surpass the $75k in spend to get a free guest in to the Centurion Lounge, though I rarely have enough time to waste in a lounge.

Yes, the $695 main user and the $195 second user card.

P.S. we are retired and consider our lounge time part of the vacation. Lol. Try to plan a 2 hr layover just for the lounging! My wife would consider “time to waste in a lounge” fighting words.

that's fair! The last few times I've passed Centurion lounges they've had lines out of the door. I even try to avoid regular United lounges, unless it's the Polaris lounge. They've all just become so crowded.

People complain about the Centurion lounge lines (including this thread) and we just don’t see it.

For early retired people (good BH earners and savers that we’ve been for 30 years), we travel a lot. Through major airports. Maybe we benefit from better days of the week or better times of the day. I have seen lines at regular airport fast food restaurants far surpass Centurion lines.

And once you are inside, the food is free. The alcohol is free. And I have never seen standing room only. Maybe someday I will, but that seems between unlikely to very rare to me.

If you aren’t relying on your company to pay your expense reports, Amex Platinum is a darn good deal for an early retired and frequent traveler. We love it.

[Mskrad22]

If you decide to get the platinum card, you are better off not accepting the upgrade from gold offer. Instead, apply directly for the platinum card through Resy which currently has the best publicly available welcome offer, 100k points plus 10X points at restaurants for 6 months.

[WapelloHawk]

Thanks to Amex pricing, we saved $900 per ticket on Delta One to Tokyo this fall compared to the Delta website prices. That’s two years of annual fees without considering any other savings.

Love the Centurion lounges in the US. Easily $60 of value for two people each way on a trip. We take advantage maybe 8 times a year - $480 of value.

Uber Eats is a simple to use $200 value annually.

Excellent car rental insurance through Amex costs $25 per rental. That is an extra expense, but tremendous piece of mind value.

Received a $50 cash back deal at a mid level Marriott just a few weeks ago. Amex also running a 2 x $20 you tube TV monthly cash back deal between now and 12/31. That will be another $40.

I see people complaining about Amex Platinum and I don’t understand - if you are a quasi frequent traveler who doesn’t fly coach, it is very easy to get your money back and then some. Great card if you fit their target profile

If you pay for your own premium-cabin ticket, the International Airlines Program can work out well. However, probably a lot of the target audience prefer to use miles/points they accumulated in their work travel.

The Centurion Lounges have gotten way too crowded. The last time I was in one, it was standing room only! Rather defeats the point of a lounge.

And many of the other benefits are offered by plenty of other credit cards. Several cards offer Priority Pass memberships, but without the restaurant exclusion that Amex has. The Amex Offers you mention are not exclusive to Platinum cards, my no-annual-fee Amex cards get the same offers. I have several cards (including a no-annual-fee one, the Bilt Rewards card) that offer rental car insurance.

Some "benefits" are of questionable value. Take the CLEAR membership - every time I've walked past CLEAR recently, the wait was shorter just going to the PreCheck line, so I haven't used CLEAR even though I got it for free via Amex, and I'm certainly not going to pay to renew now that I no longer have the Platinum card.

And since Amex acceptance is far from universal, it can never be my only or even primary card for travel.

Not saying you can't get good value out of the card, but it's for a lot of people it's much harder to justify the $695 annual fee than the Sapphire Reserve's effective $250 annual fee.

Note my last sentence you quoted: “great card if you fit their target profile”.

[THY4373]

Have you actually read the terms of the insurance to make sure it meets your needs? I think the link below is US Amex Platinum terms and they appear to limit the cancellation insurance to $10k a trip and $20k total per year. Depending on how you travel that may not be enough. I also didn't see any medical insurance or evacuation insurance though perhaps you don't care about that. Anyway the terms are here: https://www.americanexpress.com/content ... urance.pdf

Also keep in mind the prepaid hotel benefit is really either one night at an FHR property or two nights at a THC property minimum. I have always been able to use the credits but it isn't as always as simple as it seems. I'll be honest after years of holding multiple Amex cards (Plat, Bus Plat, Gold, etc.) I have been thinning the herd as I am sick of the coupon books. I still have some Amexes but less than a year ago and my Gold card will probably get canned if the rumored annual fee increase goes through.

[02nz]

Thanks to Amex pricing, we saved $900 per ticket on Delta One to Tokyo this fall compared to the Delta website prices. That’s two years of annual fees without considering any other savings.

Love the Centurion lounges in the US. Easily $60 of value for two people each way on a trip. We take advantage maybe 8 times a year - $480 of value.

Uber Eats is a simple to use $200 value annually.

Excellent car rental insurance through Amex costs $25 per rental. That is an extra expense, but tremendous piece of mind value.

Received a $50 cash back deal at a mid level Marriott just a few weeks ago. Amex also running a 2 x $20 you tube TV monthly cash back deal between now and 12/31. That will be another $40.

I see people complaining about Amex Platinum and I don’t understand - if you are a quasi frequent traveler who doesn’t fly coach, it is very easy to get your money back and then some. Great card if you fit their target profile

If you pay for your own premium-cabin ticket, the International Airlines Program can work out well. However, probably a lot of the target audience prefer to use miles/points they accumulated in their work travel.

The Centurion Lounges have gotten way too crowded. The last time I was in one, it was standing room only! Rather defeats the point of a lounge.

And many of the other benefits are offered by plenty of other credit cards. Several cards offer Priority Pass memberships, but without the restaurant exclusion that Amex has. The Amex Offers you mention are not exclusive to Platinum cards, my no-annual-fee Amex cards get the same offers. I have several cards (including a no-annual-fee one, the Bilt Rewards card) that offer rental car insurance.

Some "benefits" are of questionable value. Take the CLEAR membership - every time I've walked past CLEAR recently, the wait was shorter just going to the PreCheck line, so I haven't used CLEAR even though I got it for free via Amex, and I'm certainly not going to pay to renew now that I no longer have the Platinum card.

And since Amex acceptance is far from universal, it can never be my only or even primary card for travel.

Not saying you can't get good value out of the card, but it's for a lot of people it's much harder to justify the $695 annual fee than the Sapphire Reserve's effective $250 annual fee.

Note my last sentence you quoted: “great card if you fit their target profile”.

And I'm saying, the "target profile" is a lot smaller than just any "quasi-frequent traveler who doesn't fly coach."

[8foot7]

I use the Centurion Lounge at our home airport at least a dozen times a year and more like 18-20.

We use FHR benefits 2-3 times per year, and the 5x points on prepaid reservations results in sizable effective cash back. The $200 back on that is gravy.

I can easily purchase airline gift cards for the $200 credit using some of the documented ways over at Flyertalk. Those airline gift cards are as good as cash for us, a family of six who needs six tickets to go anywhere.

Between the last two items, that's $400 off the $695, not counting the effective rebate of the 5x points on the prepaid FHR reservations.

We easily absorb most of the $20 digital entertainment credit through Hulu (and previously SiriusXM).

Now we're at $640 off the $695. So to account for the remaining $55 of the annual fee, I'll assign a value of $4.58 to each monthly lounge visit, as we certainly consume $4.58 worth of food and drink.

It easily pencils out for us.

[THY4373]

People complain about the Centurion lounge lines (including this thread) and we just don’t see it.

You are some combination of lucky and/or have travel patterns that avoid peak times. My limited experiences with Centurion Lounges:

Philly: once, no line but pretty slammed I got a seat though. The second time a 30+ min line. I had access to Admirals Club (AA Plat on a international flight) so went there, it was pretty busy but at least I could get in and get a seat.

Miami: Been through there four times. Three times were some combination of line and/or standing room only and one time nearly empty and it was wonderful. Two of the four times I had access AA Flagship Lounge and went there. Not crowded and honestly I think better than the Centurion.

Dallas: Busy but not crazy back when you could still guest so my boss joined me. Good time.

So for me I am around 50/50 with the Centurion.

I also hold a C1 Venture and their new lounge in Dulles is also pretty slammed. Once two days after it opened it was very busy but no line. The second time a few months later it as a line.

These days I am finding domestically Priority Pass Restaurants are a decent deal. They were already better and that was before Chase dropped them at the beginning of the month. My old legacy Citi Prestige still gives me the restaurants so that is where I often go if that is a choice and don't have access to a decent uncrowded lounge.

[njdealguy]

Thanks to Amex pricing, we saved $900 per ticket on Delta One to Tokyo this fall compared to the Delta website prices. That’s two years of annual fees without considering any other savings.

Love the Centurion lounges in the US. Easily $60 of value for two people each way on a trip. We take advantage maybe 8 times a year - $480 of value.

Uber Eats is a simple to use $200 value annually.

Excellent car rental insurance through Amex costs $25 per rental. That is an extra expense, but tremendous piece of mind value.

Received a $50 cash back deal at a mid level Marriott just a few weeks ago. Amex also running a 2 x $20 you tube TV monthly cash back deal between now and 12/31. That will be another $40.

I see people complaining about Amex Platinum and I don’t understand - if you are a quasi frequent traveler who doesn’t fly coach, it is very easy to get your money back and then some. Great card if you fit their target profile

The car rental insurance for primary coverage can be had without paying extra $25 per rental through Capital One Venture X or Chase Sapphire Preferred/Reserve cards.

Recipe to get the full $700 annual fee back before additional amex offers are added which are variable:
$200 uber eats
$200 amex fhr
$200 airline credit (depositing to United Mileage Bank or buying refundable tickets on Southwest airlines for under $100 a seat does the trick, then cancelling the SW booking for a travel credit that never expires)
$100 saks credit (I just hop into a store twice a year and buy $50 gift card that does the trick, have hundreds of dollars in gcs from multiple years but no planned purchase yet!)

I did not mention streaming digital entertainment credits as already receive the benefit from before through my Verizon plans and do not care for the services besides hulu/disney/espn

[bowest]

$100 from Saks.
$200 airline credit (on united use for travel bank and you can use it for flights).
Free Walmart+ sub that includes Paramount+ sub.
Bill your mobile plan to Plat and you have free phone theft and damage protection for all users ($50 deductible. I slammed by iphone in a car door and broke it in half. Received $650 reimbursement nearly no questions asked).
If you're in or visit NYC you can sometimes get slightly better Broadway tix. And some cardholder exclusive performances.
Some decent Amex Plat 40th anniversary deals. Third night free on hotel collection properties, decent airline, hotel bonuses.
80,000 MR pays for itself for next year (and then some).

[ResearchMed]

Considering I spent about $3k this year on travel insurance for various big, nonrefundable trips, that seems like a huge benefit of the platinum card. Plus you get extended warranty, cell phone insurance, etc. Overall the benefits are decent, even though the annual fee is high.

Why not just get good annual travel insurance coverage - probably cheaper than buying it separately for each trip?

Most of the annual policies have a very low limit of "per trip" insurance, which is why they are not a viable option.

For instance, Allianz tops out at $5k per insured per policy period. For my spouse and I to get a policy it would cost over $1,000 per year and only provide $5k in coverage each. Chubb's annual plan would be $900 per year and only cover $5,000 per trip. With Amex you're getting $10k per trip and $20k per year, which is much higher.

We've bought a few of the "per trip" policies, but they aren't cheap either. I only get them for some of the non-refundable stuff like hotels, lodges, and some airfare. I still get a GeoBlue policy when we travel overseas.

If travel insurance is of any interest at all, then please make certain that you double check about "pre-existing condition" exclusions. (This could affect claims for medical costs or just for non-refundable travel costs that had to be forfeited due to medical problems or cancellations. Note that "pre-existing condition" definitions can be very specific to each policy and may be quite different from what we think of in everyday life.)
The "fine print" can really matter here...

We always get third party travel insurance and use:
https://tripinsurancestore.com
But CALL them and do not rely upon online summaries that are of necessity very limited.
(We've had quite a few claims, so travel insurance has been a real help for us, but may not be for many others. Of course, that can't be known in advance.)

We haven't travelled much since Covid, so we missed out on the perks (alas).
However, ordinarily, we benefit a lot from the Fine Hotels program, with the credits and the guaranteed late check-outs and sometime early check-ins. Occasional free upgrades were nice, but not something we'd have otherwise spent money on, so not really any savings.
The airport lounge use has been great over the years, but we've not experienced (yet) the recently reported crowding problems.

There is also the special Amex Plat airline business class program, but we found that wasn't too valuable, given the availability of advance purchase tickets. And then we started using awards for all international business or first class air travel, so airfare wasn't much of a factor anymore.

RM

[bople]

Thanks. Do you have an additional Platinum card for $195 a year for a spouse? I was just looking at the free companion card. We'd easily surpass the $75k in spend to get a free guest in to the Centurion Lounge, though I rarely have enough time to waste in a lounge.

You would buy $75K a year in plane tickets? That is all that the Plat is good for buying since they are 5x MR, and even then, I prefer getting 3x UR since we are United captured city.

Doesn't mean that the Plat isn't worth it, and we have 3x AUs to make sure the kids can get into Centurion lounges when we travel. The recent switch from $175 for 3x AUs to $195 for each AU stung...

[Cruise]

Amex Plat is a no-brainer for some people, including me. Hope this helps you, OP:

viewtopic.php?p=7823810#p7823810

[SlowMovingInvestor]

This is my first year with the Amex Plat.

Not to hijack the thread, but I'm wondering if people find the $200 credit for FHR and THC hotels useful.

It seems to me that the rate for THC hotels from other sites (including the hotel/chain's own sites) are better than Amex rates, so the credit (for 2 nights, at $100/night) doesn't bring much benefit. And THC hotels are good but are generally more expensive than other decent lodging in the area.

FHR hotels are another matter. The credit is valid for a single night stay, so the Amex Plat + Credit rate is often significantly better than from other sites ($200 for 1 night). And while the hotels are expensive, they are often unique, one-of-a-kind properties. I'm personally willing to spend more for really unique hotels such as the FHR hotels, but not necessarily for very good but not unique hotels like the THC hotels.

The other benefits provided by FHR and THC hotels ($100 experience credit) seem hit and miss, very property dependent. Of course, if one stays for a longer period, other factors (such as 3rd night free) come into play.

Any thoughts?

[THY4373]

Not to hijack the thread, but I'm wondering if people find the $200 credit for FHR and THC hotels useful.

Yes but in typical Amex fashion they make it harder than it needs to be. I actually have multiple CCs that give me a hotel credit in addition to Amex Plat, I have C1 Venture personal and business ($300 a year for any booking via their travel portal also 10x points), Citi Prestige (4th night free 2x a year booked through their portal and also 10x points) and the Prestige $250 annual travel credit can also be used for hotels and Citi Premier ($100 off a $500 booking and also 10x points).

All the other credits are valid at any hotel (or in case of C1 any booking) made through their portal. They also all earn 10x vs Amex's 5x points. So what happens is I have to price a hotel stay multiple ways to find the best deal.

The advantages of Amex is FHR does give a lot of hotel benefits (though the other CC providers provide similar for a subset of hotels on their booking portals). You sometimes (but not always) get elite benefits and points with hotel brand loyalty program with both FHR and THC but it has been hit or miss for me. The problem with Amex is you are left with a limited subset of hotels vs the other programs and with FHR the hotels are often a lot more money than I am willing to spend for most places I stay (a hotel is a place to sleep for me outside of destinations such as Bora Bora where the hotel is a major part of destination).

Basically for me I have always been able to use the credit but it takes work and I certainly don't hold the card for this benefit. I also travel 3-4 times a year so I have plenty of opportunities to thread the Amex coupon book needle.

[the_wiki]

I personally don't find the value in this card.

The "coupon book" feels like prepaying for things I would have to force myself to buy and often comes in unfriendly increments. I might spend $100 on Uber for one trip and then none the next 2 months. It is intentionally structured to make the $700 fee seem justified but most people are not going to get anywhere near that in benefits.

The rewards earning is nothing special, you can get that on several other lower fee cards. So why am I working so hard to pay off the fee by using all the credits?

[McDougal]

If OP is a Schwab client they have a nice perk, $200/year appreciation bonus.

[Swmi8675309]

Keep in mind all the Amex offers you can get.

I have the Green card with a $150 AF and I am going to get at least $400 back on various Amex offers.

[the_wiki]

Keep in mind all the Amex offers you can get.

I have the Green card with a $150 AF and I am going to get at least $400 back on various Amex offers.

They have offers on the low/no fee cards, too.

[Swmi8675309]

Keep in mind all the Amex offers you can get.

I have the Green card with a $150 AF and I am going to get at least $400 back on various Amex offers.

They have offers on the low/no fee cards, too.

True.


But we have at least one no fee Amex and the offers pale compared to the ones we use for our cards with AFs.


YMMV

[August]

I cancelled mine this year. To me it would be simply math, add up what you'd get benefit wise and see if it's more than the annual fee

[SlowMovingInvestor]

The "coupon book" feels like prepaying for things I would have to force myself to buy and often comes in unfriendly increments. I might spend $100 on Uber for one trip and then none the next 2 months.

I use Uber Eats with pickup to use up the Uber credit.

[yatesd]

I think people did a good job covering everything.

Streaming credit (digital version of WSJ & Peacock for me)
Walmart + (which includes other nice perks)
Gold Hilton, High TIers for rental cars (I’m already Lifetime Plat with Marriott)
$200 off with Schwab
Clear membership
Amex Offers (coupons that go on top of the card and can be combined with coupon codes) save $100’s every year
Purchase protection works well when needed
Membership points
Saks, sale item twice a year.
Lounge access
Global TSA

[yatesd]

I think people did a good job covering everything.

Streaming credit (digital version of WSJ & Peacock for me)
Walmart + (which includes other nice perks)
Gold Hilton, High TIers for rental cars (I’m already Lifetime Plat with Marriott)
$200 off with Schwab
Clear membership
Amex Offers (coupons that go on top of the card and can be combined with coupon codes) save $100’s every year
Purchase protection works well when needed
Membership points
Saks, sale item twice a year.
Lounge access
Global TSA
Uber Eats (Chipotle works for me)

[whodidntante]

In spite of my travels, I don't find the Platinum to be worth holding when including the hassle and opportunity costs. I do have other cards that provide similar benefits though.

If you get a bonus via NLL offers, it's worth it.

Getting a NLL Biz Platinum now and then can be worth it due to the 35% airline bonus, if you have a lot of MR points and plan to spend a lot on airfare.

As an alternative, consider the BoA Premium Rewards Elite combined with Platinum Honors status.

[cowbman]

3 things:

1) If you haven't had a Platinum card consider closing the old one and applying new (sign up bonus is better than 80k, and you can't get a sign up bonus if you take the upgrade). Be sure to do something with the points if you completely cancel and don't apply.

2) If you don't utilize the points effectively, consider the Capital One Venture X. Much easier to get the fee completely covered, has lounge access, and very similar travel protections. I believe it has the cell phone benefit too.

3) See above how to get your coupon book to get the fee covered (Uber, Walmart+, Saks, airline credit, FHR, Disney+, etc). 5x on flights is industry leading though...

[cowbman]

I think people did a good job covering everything.

Streaming credit (digital version of WSJ & Peacock for me)
Walmart + (which includes other nice perks)
Gold Hilton, High TIers for rental cars (I’m already Lifetime Plat with Marriott)
$200 off with Schwab
Clear membership
Amex Offers (coupons that go on top of the card and can be combined with coupon codes) save $100’s every year
Purchase protection works well when needed
Membership points
Saks, sale item twice a year.
Lounge access
Global TSA

The Schwab credit or AU with Morgan Stanley version make the economics even more favorable. If you don't transfer points to travel partners, then Schwab with credit is likely to be the best version

[goos_news]

I think people did a good job covering everything.

Streaming credit (digital version of WSJ & Peacock for me)
Walmart + (which includes other nice perks)
Gold Hilton, High TIers for rental cars (I’m already Lifetime Plat with Marriott)
$200 off with Schwab
Clear membership
Amex Offers (coupons that go on top of the card and can be combined with coupon codes) save $100’s every year
Purchase protection works well when needed
Membership points
Saks, sale item twice a year.
Lounge access
Global TSA

The Schwab credit or AU with Morgan Stanley version make the economics even more favorable. If you don't transfer points to travel partners, then Schwab with credit is likely to be the best version

The Schwab credit helps the pain of the fee(s). The list above is pretty complete for our usage, but we also have really benefited from the IAP fares. Ad hoc offers from the lists also are occasionally good (saved $100 on Alaska Air this spring). Once did a FHR in Vegas and that was well worth it, due to the extra perks, like spa credits. We use Centurion Loungues, but also the Priority Pass ones as well. My annual tally is usually starts from ($200 + $200 + $240 +95 + 75 + 100 +156 = 1066) without much effort.

[NYCaviator]

I think people did a good job covering everything.

Streaming credit (digital version of WSJ & Peacock for me)
Walmart + (which includes other nice perks)
Gold Hilton, High TIers for rental cars (I’m already Lifetime Plat with Marriott)
$200 off with Schwab
Clear membership
Amex Offers (coupons that go on top of the card and can be combined with coupon codes) save $100’s every year
Purchase protection works well when needed
Membership points
Saks, sale item twice a year.
Lounge access
Global TSA

The Schwab credit or AU with Morgan Stanley version make the economics even more favorable. If you don't transfer points to travel partners, then Schwab with credit is likely to be the best version

Don't you have to have an AUM fee account with Morgan Stanley to get their card? I remember you used to be able to open their cash management account, but that's no longer the case. To get that account you have to have some other arrangement with them, so I'd think that would cancel out any perceived fee savings?

[goos_news]

[snip

Don't you have to have an AUM fee account with Morgan Stanley to get their card? I remember you used to be able to open their cash management account, but that's no longer the case. To get that account you have to have some other arrangement with them, so I'd think that would cancel out any perceived fee savings?

Per the Schwab site:

The Platinum Card® from American Express Exclusively for Charles Schwab and the Charles Schwab Investor Credit Card® from American Express are only available to you if you maintain an eligible account at Schwab (an "eligible account"). An eligible account means (1) a Schwab One® or Schwab General Brokerage Account held in your name or in the name of a revocable living trust where you are the grantor and trustee or (2) a Schwab Traditional, Roth or Rollover IRA that is not managed by an independent investment advisor pursuant to a direct contractual relationship between you and such independent advisor. Eligibility is subject to change.

Then, from eligible accounts:
$100 for 250K to 1M, $200 for 1M to 10M, $1000 for 10M+ or Private Wealth Clients

[02nz]

Keep in mind all the Amex offers you can get.

I have the Green card with a $150 AF and I am going to get at least $400 back on various Amex offers.

They have offers on the low/no fee cards, too.

True.


But we have at least one no fee Amex and the offers pale compared to the ones we use for our cards with AFs.


YMMV

They don't give inherently better offers on the annual fee cards. They have run some special offers limited to Platinum cards, but that is a rare exception. Most of the offers are the same. Some/many are targeted based on your card usage, that is the likely explanation for what you're seeing.

[HarmlessDrudge]

I see people complaining about Amex Platinum and I don’t understand - if you are a quasi frequent traveler who doesn’t fly coach, it is very easy to get your money back and then some. Great card if you fit their target profile

Thanks. Do you have an additional Platinum card for $195 a year for a spouse? I was just looking at the free companion card. We'd easily surpass the $75k in spend to get a free guest in to the Centurion Lounge, though I rarely have enough time to waste in a lounge.

Yes, the $695 main user and the $195 second user card.

I have two cards as well. There have been times where having the second card has paid off in tangible ways (being able to bring additional travelers into a lounge as our guests, for example), but it's really to keep the peace and avoid the "you're not worth it" conversation.

[cowbman]

I think people did a good job covering everything.

Streaming credit (digital version of WSJ & Peacock for me)
Walmart + (which includes other nice perks)
Gold Hilton, High TIers for rental cars (I’m already Lifetime Plat with Marriott)
$200 off with Schwab
Clear membership
Amex Offers (coupons that go on top of the card and can be combined with coupon codes) save $100’s every year
Purchase protection works well when needed
Membership points
Saks, sale item twice a year.
Lounge access
Global TSA

The Schwab credit or AU with Morgan Stanley version make the economics even more favorable. If you don't transfer points to travel partners, then Schwab with credit is likely to be the best version

Don't you have to have an AUM fee account with Morgan Stanley to get their card? I remember you used to be able to open their cash management account, but that's no longer the case. To get that account you have to have some other arrangement with them, so I'd think that would cancel out any perceived fee savings?

I'm not sure on the current requirements, I'm grandfathered in on the old Robo account that charged 0.35% and had a minimum of $5,000. You had to have the Cash Management account too, which had a fee unless you had $25,000 in it collecting almost no interest. So, many would just pay the fee for the Cash Management account, which was a little less than the fee on the card $550 per year vs $595 per year. I think both went up by $100/year now. However, the MS Platinum gives a free AU which normally costs $175/year.

[bd7]

I'm not sure on the current requirements, I'm grandfathered in on the old Robo account that charged 0.35% and had a minimum of $5,000. You had to have the Cash Management account too, which had a fee unless you had $25,000 in it collecting almost no interest. So, many would just pay the fee for the Cash Management account, which was a little less than the fee on the card $550 per year vs $595 per year. I think both went up by $100/year now. However, the MS Platinum gives a free AU which normally costs $175/year.

I have the same NLA robo-advised Access and the Platinum Cash Plus to get the free AMEX Plat. However, a friend recently wanted his own "free" MS AMEX Plat and was able to get one by opening an IRA, putting in some money and then opening the required cash account. AUM wasn't a requirement. The fees are now $55/mo for the account if you don't meet the balance requirement and $695/yr for the AMEX.

I used to just keep the $25k in cash when interest rates were zero, but now I instead I keep $20k in their 5% HYSA and that covers my monthly fee and then some. The tax issues all come out in the wash since the engagement bonus ($695 AMEX fee) is taxable income to the extent that it exceeds fees paid to MS. I probably wouldn't jump through all the hoops again, but since I'm already in I'll probably stay awhile.

[lemonPepper]

We are planning to close our card. Yes, we do get enough value from it, but it's a lot of work. They had audible and they changed it. The uber credits for some reason stopped showing up (mabye we added card to another uber account, but we can't find that account now).

Our preference is not have to spend the time and energy for the few hundred dollars of of net value we get after paying the fee. We used to do all that in the past, but not anymore.

[afan]

If you qualify for the Schwab $1,000 bonus, then the card is essentially free. No reason not to have it.
At that point, you do not need to get much of anything out of it to be ahead.
On the other hand, with a $200 bonus, you would still have to ask
whether you rack up $200/year of incidentals with a single airline
whether you ever buy anything at Sacks
whether you would bother to have CLEAR
whether you pay for a streaming service
whether you use at least $15/ month on Uber and $35 in December
and so forth.

If you routinely fly on a single airline, buy expensive tickets, stay at the hotels in the program, shop at Sacks, etc. then it would not be difficult to come out ahead at a $200 bonus.
Of course, you have to be willing to put up with the complicated rewards structure.

[Artsdoctor]

We've had AMEX platinum cards for many years and they've always paid for themselves. The ways that they pay for themselves have changed, though. You use the Centurion lounges, and sometimes the airline lounges, the Uber credits, various offers, but nowadays, the points themselves accumulate fast enough that their credits using points on our bills exceed the annual fees. Spouse has the accompanying platinum and airport lounges come in handy periodically.

If you take a look at The Points Guy's website, they do a variety of articles discussing which premium card might be best for a particular consumer.

[Swmi8675309]

Keep in mind all the Amex offers you can get.

I have the Green card with a $150 AF and I am going to get at least $400 back on various Amex offers.

They have offers on the low/no fee cards, too.

True.


But we have at least one no fee Amex and the offers pale compared to the ones we use for our cards with AFs.


YMMV

They don't give inherently better offers on the annual fee cards. They have run some special offers limited to Platinum cards, but that is a rare exception. Most of the offers are the same. Some/many are targeted based on your card usage, that is the likely explanation for what you're seeing.

Do you have documentation for this, please?

Thanks.