Free American Airlines Platinum Status Challenge From FoundersCard

For certain kinds of frequent travelers and entrepreneurs, FoundersCard is a no-brainer. The card isn't a credit card per se, but rather a membership-based service that offers value through perks like complimentary hotel status and discounts with airlines and other services.

If you're not yet a FoundersCard member, you can jump on a fantastic offer through TPG. TPG readers can sign up for a FoundersCard membership annual fee of $495 and waived initiation fee when you apply using this link or the promo code FCTPG17. This is the best FoundersCard out there right now, the standard rate is $595.

Today, FoundersCard launched its free American Airlines status challenge, adding another perk to its long list of benefits. Here's how the status challenge will work:

• Enroll in the status challenge on the FoundersCard member page by 11:59pm CT on March 30, 2017.
• From April 14 -July 14, 2017, you'll get automatic, complimentary AA Platinum status.
• To keep that Platinum status through January 31, 2018, you must enroll in the AA Business Extra Program and earn $2,000 Elite Qualifying Dollars (EQDs) AND 12,500 Elite Qualifying Miles (EQMs) or 16 Elite Qualifying Segments (EQSs).

If you successfully complete the status challenge by July 14, 2017, you'll have the Platinum status for about six months — at no cost to you (besides airfare). Note that this year's challenge (as opposed to last year's) includes AA's new EQD requirement with the updated AAdvantage program.

These are the same earning levels as the public AA status challenge offer. However, a status challenge through FoundersCard has no additional cost. If you sign up for the public status challenge through AA, it'll cost you $200 plus an additional $300 if you want Platinum status while you're completing the challenge — for a total of $500. The benefit of this FoundersCard challenge is that there's no fee to sign up and you get complimentary Platinum status while you're completing the challenge — easily covering your first year FoundersCard fee of $495.

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Note that American only allows members to receive elite status through a challenge once every five years. But, if you're eligible for the challenge and do meet the requirements, you could be getting tremendous value. We value AA Platinum status at $2,460, so depending on how often you fly American Airlines or other OneWorld airlines, there could be a lot of value for you here.

Other FoundersCard Benefits

There are a ton of other great benefits offered by FoundersCard, depending on your travel patterns:

• Hotel benefits like fast-track status challenge for Marriott Rewards Gold Elite status, complimentary Hilton Honors Gold status, as well as complimentary Diamond Total Rewards status at Caesars.
• Amazing discounts at hotels around the globe in dozens of cities ranging from Tokyo (Park Hyatt, Mandarin Oriental, Andaz) and New York (nine hotels including the Park Hyatt, Ace, and Standard East Village) to New Orleans (Ace Hotel) and Austin (W Austin). TPG saved hundreds of dollars a night at the Park Hyatt Tokyo just last year.
• Discounted airfare on Virgin Atlantic, Cathay Pacific, Virgin America, British Airways, JetBlue, Emirates, Singapore Airlines, and Qantas
• Rental Car discounts or special offers from Hertz, Avis, and Silvercar
• Trial memberships of services like CLEAR and TripIt Pro
• Other discounts at companies like Equinox, Crunch Fitness, and SoulCycle

Bottom Line

This is a pretty favorable offer from FoundersCard and American Airlines. The complimentary three months of Platinum status while you're completing the challenge (normally $300) really sets this promotion apart. And, if you're able to successfully complete the challenge, you should get more than enough value out of the status to offset the cost of membership, and that's not taking into consideration all of the other FoundersCard benefits.

Keep in mind you only have until tomorrow night (11:59pm ET) to sign up for a FoundersCard membership at this favorable rate.