New Amex Platinum welcome bonus offers 75k points, 10x on gas and supermarkets for new cardholders

Editor’s note: This is a recurring post, regularly updated with new information.

The Platinum Card® from American Express is one of the best premium travel rewards credit cards out there, thanks to a long list of benefits, a strong earning rate for flights and a solid welcome bonus. And for eligible new cardholders, the card is about to become a lot more valuable.

Starting Nov. 12, 2020, Amex offers a 75,000-point welcome bonus after you spend $5,000 in the first six months of account opening. Not only that, but you’ll also earn 10x on eligible purchases made at U.S. gas stations and U.S. supermarkets. This bonus applies to up to $15,000 in combined spending during the first six months of card membership.

TPG values Amex Membership Rewards points at 2 cents each — among the most valuable rewards currencies — which makes the bonus points from this welcome offer worth $1,500. You could redeem these points for one cent each toward flights booked through the Amex Travel portal. However, TPG places a higher value on these points if you transfer them to a selection of transfer partners — including Avianca, Hilton, Etihad and Singapore Airlines — and the various redemptions they offer.

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Amex Platinum benefits overview

The Amex Platinum has a $550 annual fee (see rates and fees), leading to some sticker shock. But when you dive into its mile-long list of benefits, it’s easy to see how you can recoup that value:

• 5x points on flights booked directly with the airline or through Amex Travel on up to $500,000 on these purchases per calendar year starting January 1, 2021.
• 5x points on prepaid hotels booked through amextravel.com
• 1x point on everything else
• Up to $200 annual airline fee credit
• Up to $15 in Uber credits each month, with a $20 bonus in December
• Up to $100 in credits at Saks each calendar year (up to $50 for January to June and up to $50 for July to December)
• Airline lounge access — including Centurion Lounge access, Priority Pass Select lounge access (excluding restaurant lounges) and Delta Sky Club access when you’re flying with Delta — through the American Express Global Lounge Collection
• Application fee credit for Global Entry every four years or for TSA PreCheck every 4.5 years
• Gold status with Hilton Honors and Marriott Bonvoy
• Elite-like benefits when you book a stay through Amex’s Fine Hotels & Resorts program or Amex’s Hotel Collection
• Platinum Card Concierge
• Access to the American Express International Airline Program
• Travel protections when you use your card, including trip delay insurance, trip cancellation and interruption insurance, car rental loss and damage insurance and baggage insurance
• Premium Global Assist hotline that may provide many services when you’re away from home, including emergency medical transportation assistance
• Shopping protections when you use your card including extended warranty protection, purchase protection and return protection
• Multiple options for redeeming points, including transferring to hotel and airline partners, booking travel through Amex Travel and Pay With Points
• Complimentary additional Gold Cards, or you can add up to three Platinum Card authorized users for $175 per year (see rates and fees)
• No foreign transaction fees (see rates and fees)

That’s perhaps the most exhaustive list of perks available among premium travel rewards credit cards. So, if you can put many of these to use, the Amex Platinum could be worth a place in your wallet.

Related: Amex Platinum Card review

Is this offer worth it?

Previously, the Amex Platinum’s public offer was 60,000 Membership Rewards points after spending $5,000 in the first three months. So this new welcome offer is certainly an improvement. Not only are you getting an additional 15,000 points, but Amex is giving you an additional three months to hit the same spending threshold. And the ability to earn 10x on eligible gas and supermarket purchases is fantastic (a 20% return according to TPG valuations).

One of the primary drawbacks to the Amex Platinum, especially in a year when travel has been put on hold by most cardholders, is that you only earn bonus points on select travel expenses. The addition of two everyday spending bonus categories is a major draw to the card for those who were hesitant about applying while not traveling, even if those categories are temporary.

Keep in mind that you could be targeted for an even bigger welcome bonus through the CardMatch tool. Right now, some new cardholders are being targeted for either a 100k or 125k-point welcome offer after spending $5,000 in the first three months. Those who apply through CardMatch for those elevated offers will still earn 10x at U.S. gas stations and U.S. supermarkets on up to $15,000 in combined spending within the first six months, so it’s certainly worth checking to see if you are eligible. Just keep in mind that you’re not guaranteed to get the 100k or 125k offers via CardMatch, but it’s certainly worth a try.

Bottom line

The Amex Platinum is one of the best travel credit cards on the market. While you may not be jet setting across the globe right now, applying for the card now could help pay for upgraded experiences on your trips down the road. And since Amex only allows you to earn one welcome bonus per lifetime on each card, it’s imperative to pick when you apply for each Amex card wisely.

Especially if you are targeted for the 125k CardMatch offer, now is an excellent time to apply for the card to rake in a large bonus while earning on some everyday spending categories that normally don’t earn bonus rewards with the card.

Official application link: The Platinum Card® from American Express with a 75,000-point bonus, or check out the CardMatch tool to see if you are targeted for up to 125,000 points. 

Additional reporting by Katie Genter.

Featured image by Wyatt Smith/The Points Guy.

For rates and fees of the Amex Platinum Card, please click here.