The Platinum Card® from American Express underwent a major refresh earlier this year. The annual fee jumped from $550 to $695 — but several statement credit opportunities were also added. (See rates and fees)
The card was already fairly expensive — but nearly $700? Yikes. (See rates and fees)
But many of us can leverage statement credits opportunities to actually zero out the annual fee — and also come out on top. (Frequent Miler quipped that the Platinum Card is more or less a “coupon book.” And that’s a valid point.)
So is The Platinum Card® from American Express a product that really lets you earn back the annual fee? Here’s how I’m using my Amex Platinum statement credits. And I’m eager to hear your thoughts about the card.
$200 Airline Incidental Statement Credit ($200/$200)
“How can I use the Amex Platinum Card’s airline incidental credit?!” is a question we receive fairly often. (Enrollment is required to use this benefit.)
Ever since Amex actually stopped allowing Delta Air Lines gift cards to count toward the card’s $200 airline incidental credit, getting all $200 in value has become a little more difficult.
But it’s certainly not impossible — especially for Delta flyers.
I’m holding on to my $200 credit until the very last minute. I’ll likely blow through my Delta Sky Club guest passes get every year with my Delta SkyMiles® Reserve Business American Express Card. I’ll do a Pay with Miles ticket and use the rest there.
$200 Fine Hotels & Resorts Credit ($200/$200)
I used my $200 FHR credit for a stay at Bellagio in Las Vegas. Had I not, I would’ve applied it to a recent New York trip. I generally find affordable and convenient Amex FHR properties in cities I regularly visit. So I’ll easily use all $200 each year.
CLEAR is a biometric identification service used at many major airports (and stadia). Plus, it’s now in the “vaccine passport” business. (And don’t forget there are several ways you can save money on a membership.
We added a close friend (who’s basically family to us) to our family plan. But here’s what’s weird. Our membership is $129. But CLEAR charged my card a full $179 — all of which was credited back. (Hey, I’ll take the extra 50 Membership Rewards points!)
Nonetheless, this is a credit I appreciate — and use.
Entertainment Credit ($119.88/$240 — $20 a month)
The Platinum Card® from American Express members receive up to $20 a month in statement credits on purchases made for Peacock, Audible, Sirius XM, and The New York Times.
Guilty pleasure alert: I love Bravo’s Below Deck franchise. The luxury yacht reality show is available on Peacock. (And Peacock members get early access to new Below Deck episodes!) So I use $9.99 a month to purchase the commercial-free subscription to Peacock. That leaves $10.01 to spend through either Sirius, Audible or The New York Times. I haven’t quite gotten around to that yet.
But it’s not like I really wanted Peacock and wanted to find a way to pay for it. I mean, I’m happy to have it. However, I wish the credit were available to use with other services like Apple One or Apple Music or Apple TV, Netflix, Hulu, etc.
Saks Fifth Avenue ($100/$100)
Here’s a benefit people complain about. All the time.
Cardmembers can take advantage of $100 in statement credits each year through Saks Fifth Avenue. (Enrollment required.) However, they’re available in installments: $50 from January through June, then $50 from July to December. The credits are if-used and do not rollover.
But it’s not that hard to use. I needed more Gucci cologne — and saved $50 using my Amex statement credit when I purchased it from Saks. I’ll probably buy a t-shirt or something pretty soon. Still at a loss for ideas? Here are four easy ways to enjoy your Saks Amex credit.
Equinox Credit ($0/$300)
I’m more of a “walk-with-my-dog-around-the-neighborhood” kind of guy. So the Equinox credit does absolutely nothing for me.
Global Entry Application Fee ($20/$20)
The Platinum Card® from American Express members may receive $100 in Global Entry application fee statement credit every 4.5 years. (Alternatively, they may opt for up to $85 in TSA Pre√ application credit every four years.)
I use Global Entry (which also comes with TSA Pre√). So I equate the value to $25 a year — which is well worth it.
But so many travel cards offer this perk. It’s not unique to the Amex Platinum.
$200 Uber Cash for Uber Rides or Uber Eats ($200/$200 Year)
Now that I’m traveling again, The Platinum Card® from American Express’s monthly Uber Cash deposits have come in quite helpful for rides to and from airports. (Enrollment required for this perk).
But even when I wasn’t traveling, there were days when I was stuck at my desk or didn’t feel like making dinner. So the Uber Cash deposits were much appreciated for Uber Eats orders. (Make sure to start your Uber Eats purchase through DO$H and earn cash back!)
Based on the above numbers, I’m getting $1018.88 in value for a card that will cost me $695 in annual fees next year. (See rates and fees) I’ll analyze my budget when the fee hits. But I’ll likely keep the card for another year.
If you hold the Platinum Card, what do you think about the statement credits? Are they easy for you to use? Please share your thoughts in the below Comments section!
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