This week, I again received one of the questions I’m asked most frequently, via a tweet from TPG reader Stephen:
In short, the answer is absolutely. Even if you don’t know how to really maximize Amex points, those 100,000 points are worth at least $1,000 in travel, which more than makes up for the $450 annual fee.The American Express Platinum card is one of the most expensive credit cards out there, with a $450 annual fee. There have been some pretty significant changes to the card over the last couple of years, most notably in April, when it stopped providing access to US Airways and American Airlines lounges. However, the card does still give you access to Delta lounges and Priority Pass Select, and American Express occasionally adds new features, like unlimited Boingo Wifi and a statement credit for TSA Pre-Check, in addition to the existing $100 free Global Entry credit and $200 in airline rebates. To receive the airline credit, you need to select a qualifying airline.
One key factor makes getting this card a no-brainer: American Express is currently sending targeted offers to some individuals for 100,000-point sign-up bonuses for both the Personal and Business Platinum cards. In this case, I’m always going to advocate that you get one of these cards, because you’re then paying $450 for all of those perks plus 100,000 Membership Rewards points. In particular, the Business Platinum card offers a 25% bonus for redeeming through American Express Travel, so those 100,000 points are worth $1,250 in flights, hotels and more.
If you decide after a year (or even down the line) that the card isn’t for you, Amex will pro-rate the annual fee, or allow you to switch to their new EveryDay card, which has no annual fee and still allows you to keep your Membership Rewards points active.
Last year Amex launched a couple of 100,000-point Platinum offers – you never know when one will pop up. You can always be proactive and check out the CreditCards.com Card Match tool, which allows you to see if you’ve been targeted for any special offers.
If you do get one of these 100,000-point offers and you want to travel, I’d say hop on it. (And I have to admit, I’m a little bit jealous that I’ve never been targeted for one!)
Also, see this related post:
Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.