I like to dabble in the credit card game. Especially when there are enticing welcome bonuses and/or we have some big expenditures coming up that would easily hit some of the bigger spending requirements.
While AmEx has the once per lifetime rules, I had never had the Platinum card until now. One nice thing about American Express is the ability to see the offer you are approved for before signing up. They were offering “up to 200,000 points,” but for years AmEx had consistently given me a low offer like 75,000 points. My wife received 150,000 points a few years back. Fortunately, I saw a Charles Schwab version of the AmEx Platinum that was a guaranteed 125,000 points, so I took it.
Annual fee: $895.
Using the Sign up Bonus
I mean for me the 125,000 points is worth at least the $895 fee, so it is really a no brainer. I’m just prepaying for a future flight I’m going to book, which we did end up booking already.
For our Greece trip, roundtrip flights would have been at least $700 (currently over $800) per person with no flexibility in booking one way flights to be able to return from a different city.
Instead of paying $1400+ we spent $518.67 and 111,000 of those points to fly 1-stop to Athens and be able to return on a non-stop flight from Rome after a few nights there. So using the low end price of a roundtrip back from Athens, we nearly used $881 worth and gained valuable flexibility. The price goes way up if trying to book one way with cash. A story for another time, but Qatar Airlines are snakes when booking reward flights and don’t show the total cost until the final screen after I already transferred my points. Otherwise, we would not have had that large cash payment when using points.
Now we still have the 14,000 points plus points earned meeting the $8000 spend over 6 months. At the not recommended, bare minimum, I could turn 10,000 points into a $60 statement credit and have come out ahead with just the sign on bonus.
However, the real ‘fun’ math starts when utilizing all the coupon credits they offer. First, I will list the max value followed by expected use then what we would spend if coupon not offered.
AmEx Platinum Value Outside of the Sign-up Bonus
Benefit – Max Value/Will Use/Estimated Would Spend Without
1. Resy – $400/400/200
$400 per year. Broken up to $100 per quarter. This is an easy $400. While Charlotte does not have a lot of great options for us to eat, we enjoy traveling and have been able to hit several vegan restaurants. This gives us the opportunity to treat ourselves a bit when we eat at these restaurants. See this article for places we’ve been.
2. Uber – $200/180/120
You get $15/month and $20 in December. While I typically use Lyft since it is a little cheaper, it is easy to use the Uber credit in one way or another. A ride to the airport or to/from a bar if my sober driver isn’t joining. Can spend it on Uber Eats. Scooter rides home from Uptown. Almost forgot in December, so I ordered an expensive 4-pack of beer and had it delivered. We would spend at least $100 in ordering food delivery or rides.
3. Uber One Credit – $120/120/0
This is not something I would pay for without the credit, but it is included so I’ll take the little perks and discounts that it might give.
4. Airline Fee Credit – $200/$200/0
After selecting your airline of choice, this gives you up to $200/year on incidental airline fees including checked bags, in-flight purchases, and seat selection. Since I couldn’t find a good points deal on our overseas flights, we upgraded our seats to have the slightly larger economy seats and be closer to the front to depart quicker. Not necessary, but nice to have.
5. Hotel Credit – $600/$600/$300
This credit gives you $300 twice a year toward a fancier set of hotels. It’s a balance of finding the cheapest, fancy option and comparing it to what you could pay at a cheaper hotel or Airbnb. We have been able to utilize it not to save money, but to upgrade our hotel experience. It also gives $100 credit toward food/spa which gives us some freedom to enjoy the hotel bar/restaurant/coffee shop. Some even give a $60 breakfast credit each day.
6. Digital Entertainment Credit – $300/252/252
This credit is good for up to $25/month on select providers. We are currently only subscribed to one, so only utilizing about $22/month, but we would likely be paying for one digital service at all times. “Only valid on eligible purchases charged directly with the following partners: Disney+, ESPN+, Hulu, The New York Times, Paramount+, Peacock, The Wall Street Journal, YouTube.”
7. Walmart + Membership – $166/166/0
Another thing we wouldn’t pay for if it wasn’t offered, but it’s nice to have. We use it probably once a month to get a few items that Walmart sells without having to go in to Walmart. Also, includes Peacock or Paramount streaming.
8. Saks Credit – $100/50/0
This one has gotten harder to use, so not going to worry about it too much. If nothing else, could possibly get points through Rakuten and a random sale item to try. In the past, we found a bathing suit and a dress that worked pretty well.
9. Lululemon Credit – $300/300/300
We spend about $300 per year at Lulu anyway, so this is an easily used with little addition to the ordinary spend. Megan practically lives in her Lulu pants and I’ve been using my Last Chance shorts from 2012, so could probably use a fresh pair or two once I find the perfect pants.
10. Oura Ring Credit – $200/200/0
This was a purchase we would not likely have made without this credit. Megan had been interested in the Oura ring, but we didn’t want to spend $400 for one. I think it was around Black Friday last year that the price dropped to like $249, so we decided to pull the trigger and get one. I figured for $50 out of pocket if nothing else we could resell it for more than that. But Megan seems to be enjoying it. If the price drops again, maybe I’ll pick one up for myself or to resell.
11. Elevated Statuses
Premium status for Hertz, Hilton, and Marriot just in case. I don’t mind the status upgrades for the occasional minimum perks, but they are a little bit whatever. Although, we have used Hertz a few times and it does automatically add the spouse as an additional driver.
12. Priority Pass/Centurion Lounge –
Somehow we always have some card that offers Priority Pass access, which is fine. The Centurion Lounge only allows the cardholder entry unless you have spent over $75,000 in one year.
In Conclusion…
Overall Value: Used value: $2468/ Would have spent value: $872
I’m content with the overall value we receive with all the perks even without the sign up bonus. We essentially break even on the expected spend that would occurred even without the card (Lululemon, dining out, hotel stays, digital entertainment, Uber). Add this to the benefit of the bonus and it is obviously a worthwhile value for our spending and enjoyment of additional perks.
Having said all of that, there are a few reasons I will not likely keep this card when the time comes. I don’t love the transfer partners, Centurion Lounge access for just one is ridiculous, earning points through regular spending is weak. We can make it worthwhile, but it takes a little bit of focus and intentional actions to ensure you are getting the value to justify the annual expense. I don’t mind doing it for a year, but why bother when other cards can offer decent perks or nice sign up bonuses for a smaller annual fee.