I got my first American Express card, in 1992 and at that age and income level, I had no business having one. For 25 years it’s been my go-to card, they offer solid customer service and some great benefits for their members.
One of the good benefits is no preset credit limits. This allows you to do some crazy things, such as charge the roof replacement on the house you’re trying to sell. A bad benefit of no preset credit limits is that you can charge the roof replacement on the house you’re trying to sell.
I’m not a finance person; I’m a computer nerd prone to making bad decisions so take anything you read below with a grain of salt. Even if you don’t spend much of your time traveling there are a few great benefits.
Right off, the bat the annual fee has increased from $450.00 to $550.00. Not cheap, but there is some value in that $550.00
If this is your first time signing up for a Platinum Card, you get 60,000 points if you spend $5000.00 in the first 3 months. American Express points are worth anywhere from 0.5 cents to 1 cent depending on what you’re buying. I stay away from using my points to buy American Express gift cards 5000 points for a $25.00 card, not a great deal. However, for 2500 points I can get a $25.00 Home Depot gift card a better deal. Do some math before you buy anything with points, normally the best value is airline tickets and hotels.
The high-points for me are:
- NEW $200.00 in Uber credit per year. You get $15.00 each month and then an extra $20.00 in December. If you use Uber this is a great value
- $200.00 Airline fee – Select a qualifying airline and then receive up to $200 a year in statement credits when incidental fees are charged by the airline to your Platinum Card account. This is each calendar year so if you apply now you can use it in 2017 and then again in 2018. That’s $400.00 before you pay American Express for your 2018 membership.
- $100.00 Fee credit for TSA PreCheck when purchased using your Platinum Card. Perfect motivation to apply for TSA PreCheck.
- 5X Membership Rewards points on flights booked directly with airlines or with American Express Travel and 5X points on eligible hotels booked on amextravel.com. If you’re going to travel you might as well snag some points along the way.
- Global Lounge Collection – Access to the Centurion Lounge and The International American Express lounges. In addition, partner lounges, including Delta Sky Club when flying Delta or a Priority Pass Select lounge once enrolled. If you get to the airport early why not enjoy that time in comfort.
If you’re a Road Warrior a fair trade for $550.00.
A few more benefits, including a Platinum Concierge, extended warranty on purchases, gold status with both Hilton and Marriott.
But wait there’s more! A FREE Gold Card for a family member.
There’s still more, the new Platinum Card is made of metal.
I don’t spend the bulk of my time chasing points, but I’ve done my part by clogging the blogosphere with more Platinum Card information. For some strange reason Road Warriors eat this stuff up.
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