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The American Express Platinum card one of the most premium travel credit cards on the market. It has a lot of benefits, but while the Platinum card sounds great and plenty of people talk it up. But in reality, the Amex Platinum is not worth its high annual fee.
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38 comments
Nope not worth it
$550 basically a lounge card….no thank you. Centurion lounge overrated and overcrowded. Food selection not that great.
Yeah Platinum card is just useless. I got 1 personal plat and 2 biz but I’m gonna downgrade to second gold card since I love the gold card and then next year will cancel both biz plat
You a fitness channel? I can see those biceps! Fitness & credit any ideas?
The Apple Credit Card is more useful LoL than this card to me!!!
I have the Platinum Card. First of all to each his/her own. It works for me. I use Uber sometimes but if I don't I'll use uber Eats to get value. I loved the roadside protection before they removed it. Not good. I use the travel credits because I basically fly Delta 80% of the time. But the 2 things I cant put a price on is one the Delta sky lounge and the Centurion Lounge. The Sky lounge which doesn't accept day passes anymore as of the new year. You have to be a member or have Centurion or Platinum Cards is an incredible experience. The Centurion Lounge is probably the best. I fly out of LGA and JFK(that lounge should be open next year). I've sampled the one in Miami. Just fabulous. I fly about 2-4 times a year. Just those lounges alone eats up about 3/4 of my annual fee. I DRINK and some of my guests I bring drink!! And I love to eat. The second is The Centurion Suite at the Barclays Center in Brooklyn NY. I live in NYC. I pay nose bleed tickets and go into the Suite for free. It's an incredible Suite. I love it.You're allowed to bring upto 3 people in free. I go to Nets games alot. I've gone there for big ticket boxing also. They have one other in LA at the Staples Center. I plan on doing some LA travel that includes a Laker or Clippers game in the future. These are the stuff I value the most from the card that I feel you cant put a price on. Again it's what you value the most.
Lost a pair of sunglasses I purchased a month ago, Amex reimbursed me for full amount within a week (I actually made money from this "loss" due to an Amex offer). This alone is good reason for me to keep the card for at least a few years. It's not always about maximizing points or getting monetary value out of the card, but also the purchase protection and peace of mind that come with it. Amex's in-house insurance is absolutely the best in industry. For other CC issuers you'll be dealing with third party insurances which will likely give you more hassle to file claims.
I agree and disagree. I think this card is geared more towards people to fly A LOT and spend A LOT of time in airports, Hiltons and Marriots. I probably will not be getting this card until I feel we fly enough. The bonus categories are awful on this card unless you spend a lot of money on plane tickets. And the credits are annoying, I would definitely agree. That's why I feel the Gold Card is perfect for my family's travel and spending habits. Gotta hand it to you though, I would agree mostly with the title to this video, Dustin. $550 is steep. If they modify the bonus categories then we might have something. Take care and happy travels!
💯 agreed with you , I initially got it via Ameriprise so 1 year for free and I got the $550, this year I just paid for it so you can say that 550/2 equals $225.00. And Centurion lounges are nice but, won’t justify it and the hassle that you have to go to use the 200.00 travel credit, and Uber…. yes it’s a nice ride to the airport but only twice or 3 times at year. (On a Goodyear of traveling ) Yes You can use it on Uber eats but at least in Miami. The delivery fee it’s getting higher up to 7.99 which is. A little bit more than 50% of the credit, we chat before about this hassle Amex credit that’s why so happy 😃 to watch this video, Honestly if Amex feels to give you your $550 back You should have the option to choose whether if you want to spend it as travel ( like Chase ). Or Saks if you are into it. Or Uber if you use Uber. If I don’t see any changes into how to use the credit I will be downgrading platinum, I do have the gold premier and makes way more sense than the platinum.
You the only one saying the reality and facts of different cards without caring about the referrals on those cards that you may loose, well done!
Schwab Platinum also throws in the $100 statement credit for those with combined brokerage balance of $250K. Also the best way to redeem Uber credit is via Uber eats.
yup it doesn't take a genius to figure out after you get the card. I just tried to use my $200 air before end of the year. it was difficult to find a useful way to use it. also the SAKS not much for $50 or less you always end up paying a little out of pocket just to find something you actually can use or need. UBER forget it it went to watse. I work out of the country half of the time.
Wow… Spitting hot truth!
It's alot of the side benefits that make the card worth it for me. Lounge access, concierge, Hertz status, etc that make it worth it to me. But you're right, they make the credits un-user friendly on purpose. It really makes it difficult to make the numbers work. Hopefully, if enough people start speaking the truth like you just did, AMEX will need to make some improvements.
I 100% agree, 550 is too much. I have my investments with Schwab so once my assets hit 1mil, the Schwab annual fee is $350. Even then, that's a hard sell. I'm going for a BPP/Gold and + USB Altitude Reserve setup in the long run. Much easier travel credit to use.
The Platinum Card is not for everyone.
You can’t disrespect the greatest card of all time like this
5x on hotels too
Pretty great when booking independent hotels
Great video Walter! People end up getting carried away with all the "travel credits" when they ending up buying things they wouldn't of gotten in the first place! Sticking to my Altitude reserve for now!
The lounge alone is worth the $550 to me and the family
Glad somebody finally said it! Great honest Video.
I have it and currently finding value in 3 areas:
1) domestic lounge access: I travel domestically frequently enough to airports where AmEx-only lounges exist that considering even a very modest $20 I would spend each way on random food/drinks on these trips would rack me $200 in value (over 5 trips) by, instead, visiting these lounges and getting items there at no charge.
2) airline credit: for 2019, at least, I have been able to use the airline credit entirely, albeit via the gift card method so I will see how 2020 looks with the supposed remaining methods (e.g. flights <$100). There are other ways to tap the credits like ordering food on the flights but I normally would not do that so wouldnt count as part of the value. As much as these tactics should not be the case on this premium card as you have pointed out and which I also do agree 100%, I am "tolerating" this aspect of the airline credit for now since booking 2 one ways is not much more effort to me.
3) uber credit: I have been able almost fully use this credit in conjunction with the flying I mentioned above, though did have to tap into uber eats last month after finding out the credits dont work in Europe. This was not a deal breaker but certainly annoying and against the intent/purpose of having these premium cards that are supposed to elevate the travel experience.
The 5x earning on flights is really only a "2x" for me as I also have the CSR and I have to ask constantly if an additional 2x is really worth the AF… Considering everything else above.
I generally like to come close to breaking even with the AF for a given card using just the value from credits and other quantifiable perks (lounge access, global entry credit, uber/airline/saks credits) and not the points because there is so much overlap with other cards where break-even calculations using that marginal difference starts making this "hobby" start feeling like "work." Just my personal approach🤘 since the above could always tip in the opposite direction in 2020 and if so I will not keep it long -term.
It's a churn card. Wait for the 100k offer then blow and throw. Unless you travel a ton. Then it might be worth it…
I agree. The benefits of this card do not give positive value past the first year. I think AmEx knows this and just wants to hook people in for the first year, then count on a person's vanity not letting them give up a "luxury" experience in subsequent years in which they are hemorrhaging value.
To be honest, most of us in the game will mostly agree with you. That's why I never recommend this card to people in the early game. It takes work to "work" this card. I was able to get the A.F fee waived for 2yrs due to being deploy for the Navy, yeah AMEX gives the military an awesome deal when you're on Active Duty.
Comes January I am getting raid of my vanilla Platnium and keeping C.S Platinum version, for the lounge accesses mostly.
The Platinum card unexpectedly came in handy in Germany for my thrifty car rental, it seems like certain budget car rental companies only take AMEX premium cards, not the CSR.
Overall, I agree with you, AMEX needs to be more genuine with its perks, only you and "ask Sebby" have pointed out the somewhat shady perks of the AMEX Platinum card. You actually went a bit farther, but it had to be said, it's not worth $550 unless you travel a lot and it's your only card.
If you access certain lounges and fly loyal to an airline regularly, this card is of great value. Using the benefits from the Platinum card is easy and well worth the annual fee. For me, I also travel on a regular basis and use the Platinum benefits. But I can understand those that find it hard to use benefits from this card. This card is not for everyone and that is fine.
100% use Uber credit to prevent a DUI, use Saks to buy cologne, use the lounge on my flights and love it…. but now Amex made it harder to use the Airline credits. Starting to feel like it's value has lowered for that reason.
The problem with uber credit is alot of times lyft is half the price unless you do the pool with walking 2 blocks in either direction. So I have to spend more to use credits
Even if you don't break even you still get:
1. The best lounge collection of any card
2. Marriott and Hilton status
3. Fine Hotels and Resorts (benefits/earnings are stackable w/hotel loyalty programs)
4. International Airline Program (discounts on Prem Econ tix, or Biz Class if you have the cash)
5. Rental car status (skip the line FTW!)
I was prepared to be angry at this video but you make a lot of good points. The difficulty in using the travel credit is what really kills it for me. I was thinking about getting a Platinum for my wife but maybe I should really be thinking about moving in the opposite direction (let AmEx rather than more).
Is that a Mova globe on the table?
Another informative video 🔥
I think you’re missing the point of this card. This card is about benefits. It has the best purchase protection of any card. Offers the best lounge access of any card and earns the most on flights. I and many other people come out wayyy ahead.
I really liked tour content but I feel I was kinda getting yelled at.
I benefit more from the Business Platinum, personally. It literally cost me less as a tax write off, and I would rather get a credit towards Dell than Uber/Saks. The 35% point redemption is a big one. I would only get Charles Shwab temporarily, if I wind up with way more points than I'm using.
Heres how to think of the card. Its the most premium card given to the common Middle Class person. Its for STATUSES not for credits. The credits are just there to make you feel good. The annual fee card is for a comfortable luxury travel experience:
Global Entry Credit
Priority Pass Select
Centurion Lounge Access
Marriott Gold Status
Hilton Gold Status
Uber VIP Status
Fine Hotels and Resorts
Hotel Collection
Global Dining Collection
Platinum Concierge
Departures Magazine
If you like to travel and enjoy hotel statuses AND book with Amex you get 5x points back. The credits are there for you checked bags or so your kids can get Uber eats or yes a new belt from Saks lol.
Thanks for calling Amex out. Shame on them. Same goes for the Amex gold card
The Platinum card has its place. While it’s not the CSR it’s still worth it for the benefits. I have both and don’t use either card that often and still get positive expected value from both. I don’t expect to get rich from credit cards. However I will take essential free money from anyone lol.
I have the schwab platinum, gold, and blue business plus. I only have these cards because I can cash out to Schwab and invest it. I did the math and compared to the value of earning/cashing out with Chase and this combo came out on top. I have no desire to transfer miles around and play that game. I am getting around 3x overall with the combo on all spend, and am covering the annual fees with credits and offers. I then turn around that 3x into 3.75% cash back to invest with.
I've even done the math to see what the opportunity cost is over time vs. transferring and burning at 2cpp (6% cash back effective). Investing my rewards will break even in 8 years, and from there grow in value exponentially.
4 months later the CSR raised the fee and added arguably even worse me-too perks and still doesn't come with the lounge and hotel status and offers the Platinum card has.