How to earn up to 225,000 bonus points with the new Amex Platinum offer
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There is no doubt U.S. consumers are spending differently this year. Traveling in 2020 has taken on new meaning and many credit cards have adjusted to our new normal.
The latest welcome bonus on The Platinum Card® from American Express caters exactly to this consumer behavior change. The Platinum Card is a travel card — and a premium one at that with a $550 annual fee (see rates and fees).
But over the last several months, the card has taken a lower priority. The only category bonus is travel-centric — 5x points on airfare purchased directly with airlines (up to $500,000 on these purchases per calendar year starting on Jan. 1, 2021) or airfare and prepaid hotels through the Amex Travel portal.
In a normal environment, that might suffice. Thankfully, for new Platinum cardholders, that is all changing for the first six months you have the card with the opportunity to earn up to a staggering 225,000 points.
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The new welcome bonus(es)
The new Amex Platinum bonus actually is a two-pronged affair.
First, you get a generous welcome bonus: a sizable 75,000 Membership Rewards points after spending $5,000 in your first 6 months of card membership. But the truly unique element of the offer is a bonus multiplier on non-travel items.
New cardholders will now be able to earn 10x points on up to $15,000 in combined purchases at U.S. gas stations and U.S. supermarkets during the same first 6 months of card membership. That’s an additional 9 points on top of the 1 point you earn for these purchases.
A nine-point bonus earning rather is worth a whopping 18 cents, according to TPG valuations.
Why this makes sense
When it comes to staying at or close to home during the pandemic, grocery and gas purchases are some of the most popular spending categories. Amex is responding to consumer feedback. An appetite for travel isn’t back yet for many people, and to consider applying for a premium travel card, there have to be other benefits too.
Doing the math: 225,000 bonus Membership Rewards points
If you’re keeping track at home, between the welcome bonus points and elevated earnings at supermarkets and gas stations in the U.S., there is the potential to earn up to 225,000 Membership Rewards points within the first six months.
Here is how that breaks down.
|SPENDING BREAKDOWN||Amex Platinum earnings||TPG Valuation|
|$5,000 spent on Amex Platinum within the first 6 months||75,000 points (welcome bonus)||$1,500|
|$15,000 spent specifically at U.S. supermarkets and U.S. gas stations within the first 6 months||150,000 points (10x earnings, up to $15,000)||$3,000|
TOTAL: 225,000 Membership Rewards points
225,000 points is a staggering number for a welcome bonus. However, this assumes that you can spend $15,000 at U.S. supermarkets and U.S. gas stations within six months of account opening. While those categories have seen more spending during the pandemic, that may still be a tough ask to maximize the bonus fully. Even if you couldn’t max out the full $15,000, this is still a lucrative offer from Amex.
Your best strategy? Put every cent of your grocery and gas purchases on this card for the first six months.
Limited-time pandemic perks
Don’t forget that Amex Platinum cardholders also get some limited-time perks as a result of the pandemic. That includes up to $20 in statement credits on select streaming services and up to $20 in statement credits on select wireless telephone services purchased directly from U.S. service providers through December 2020. New cardholders will also qualify.
The Amex Platinum already has a ton of useful, premium travel perks and provides up to $500 in various annual credits.
While those benefits may not be of use to you right now, Amex has come out swinging to entice new cardholders through a 10x earning at gas stations and supermarkets in the U.S. for six the first six months (up to $15,000) and a generous welcome offer of 75,000 points — together, they’re enough to earn you up to 225,000 Membership Rewards points.
For rates and fees of the Amex Platinum card, click here.
Welcome to The Points Guy!
WELCOME OFFER: 75,000 Points Terms Apply.
TPG'S BONUS VALUATION*: $1,500
CARD HIGHLIGHTS: Delta Sky Club and Centurion lounge access, up to $200 annual airline fee credit and up to $200 in Uber credits annually
*Bonus value is an estimated value calculated by TPG and not the card issuer. View our latest valuations here.
- Earn 75,000 Membership Rewards® Points after you spend $5,000 on purchases on your new Card in your first 6 months of Card Membership.
- Earn 10x points on eligible purchases on your new Card at U.S. Gas Stations and U.S. Supermarkets, on up to $15,000 in combined purchases, during your first 6 months of Card Membership. That’s an additional 9 points on top of the 1 point you earn for these purchases.
- Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Uber Cash and Uber VIP status is available to Basic Card Member and Additional Centurion Cards only.
- Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel. Starting January 1, 2021, earn 5X points on up to $500,000 on these purchases per calendar year.
- 5X Membership Rewards® Points on prepaid hotels booked on amextravel.com.
- Enjoy complimentary access to the Global Lounge Collection, the only credit card airport lounge access program that includes proprietary lounge locations around the world.
- Receive complimentary benefits through American Express Travel with an average total value of $550 with Fine Hotels & Resorts® program at over 1,100 properties. Learn More.
- Get up to $100 in statement credits annually for purchases at Saks Fifth Avenue on your Platinum Card®. That’s up to $50 in statement credits semi-annually. Enrollment required.
- $550 annual fee.
- Terms Apply.
- See Rates & Fees