A little over a year ago, I accepted an offer to upgrade my American Express Gold card to a Platinum AMEX. Once spending $6,000 on the card, I’d get 75,000 Membership Rewards. I’d also earn 5X points on restaurants, gas stations and supermarkets for 6 months.
I wasn’t sure if the card was worth the $695 annual fee but I was sure I would make out for the 1st year with the sign-up bonus.
Now that I’ve had the card for a year, I’m going to keep it, for now. What’s changed since 2018 when I ditched the Platinum Card the 1st time?
Besides earning 5X on airfare, the Platinum card is not great for earning points on spending. I try not to pay for our flights and use points instead, so the card’s value has to come from the perks.
Here are the benefits I took advantage of in the past 12 months:
Streaming Media Credit – $20/month – $240 yearly.
I charge our monthly New York Times digital subscription to the Platinum Card and receive back $20 monthly. For us, this one is easy to use.
CLEAR Membership Credit – Up to $189/year
This credit previously covered Sharon and my CLEAR memberships. However the recent price increase, I’ll use up the benefit and have to pay an extra $20.
$200 Airline Fee Credit
It took some effort, but I eventually used my credit with Delta in 2022.
In 2023 I switched to United and used the credit in January, as it’s much easier to use with UA.
Uber Cash – Up to $200 (I used $140)
I forgot a few months to use our Uber Cash from the Platinum Card. For the months we didn’t need a rideshare, I used it to pay for an Uber Eats order. However, I missed out on 3 months this year.
Saks Fifth Avenue Credit – $100 per year (I used $50)
Due to my stupidity, I missed out on my credit for the beginning of 2022. So I only got a $50 value from this.
Fine Hotels & Resorts Hotel Credit – $200 yearly
I was able to use this credit for our stay at the Park Hyatt Saigon.
Fine Hotels & Resorts Property Credit – $100
For booking with AMEX FH&R, we received a $100 property credit for our stay.
Rental Car Discounts and Upgrades (Saved $71 on 1 rental)
The extended drop-off time with Hertz for Platinum Cardholders saved me on my rental in Philadelphia. I’m sure I saved some money on other rentals, but I don’t know how much.
Centurion Lounge Access
We visited three Centurion Lounges in the last 12 months; Philadelphia, San Francisco and JFK.
Delta Sky Club Access
On Delta flights from Orlando, we’ve switched back to visiting the Delta Sky Club instead of the nearby Club MCO location. We’ve also stopped at the Sky Clubs in Atlanta, Los Angeles & LaGuardia.
I can’t assign a value for the last two items on the list because we might be able to get into a different club with Priority Pass, and I don’t need to visit a club at all. While a lounge is nice, it’s not worth much to us.
Why I renewed my card?
The math shows that I received $1,170 in credits, which could have been more if I had used all of the available Uber and Saks credits. The one credit I didn’t use was for Walmart+, but I will look into that this year.
When I canceled the Platinum AMEX in 2018, the benefits weren’t worth the price. Since then, AMEX has increased the annual fee but added several ways to make back your annual fee and more. It helps if the credits are for things you’d spend money on, like TV/Media services and Uber/Uber Eats.
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