Newsweek - WordupNews, Newsbeat, Analysis, Business, Politics, Technology, Entertainment, Fashion, Sports

Confession: I work at The Points Guy and know almost nothing about points and miles. Sure, I’ve flown with just about every well-known airline and stayed with nearly every mainstream hotel chain you can think of, but for the most part, I was a bargain traveler hunting for the lowest price, brand loyalty be darned.

When it came to credit cards, I had a Visa Platinum affiliated with my small credit union, but I rarely used it because it didn’t earn me any points. Instead, I relied on my trusty Capital One VentureOne Rewards Credit Card for everyday purchases for one simple reason: I hate fees, and it doesn’t have any.

I especially could have never imagined opening The Platinum Card® from American Express, which has a high annual fee of $695 (see rates and fees).

Surrounded by some of the most brilliant minds of points and miles at TPG, I took the opportunity to learn what I could, which led me to rethink what it means for something to have value.

Let me tell you why I now have a Platinum Amex in my wallet and how I’ve made it work to suit my needs.

Buying a new car

I earned the bulk of my 160,000 points by purchasing my car. After reading about how another TPG writer bought a minivan using his Amex, the wheels started turning.

I decided to buy out my car lease at the end of its term. Given that I was in the market for a premium card anyway, I figured I could capitalize on a welcome bonus with a purchase that large. I was drawn to the Amex Platinum because I travel a lot, and it offers other incentives that appeal to me (more on that below).

Unfortunately, the dealer I was working with wasn’t an Amex Auto Purchasing Program partner, but I convinced them to allow me to put a $5,000 down payment on my Amex Platinum. By doing this, I reached nearly 64% of the minimum spend requirement — $8,000 in the first six months of card membership — toward earning the 80,000-point welcome bonus.

Plus, I earned 5,000 Amex Membership Rewards points which are worth 2 cents each according to TPG’s December 2024 valuations. The purchase was like getting a $100 return on my $5,000 down payment.

Daily Newsletter

Reward your inbox with the TPG Daily newsletter

Join over 700,000 readers for breaking news, in-depth guides and exclusive deals from TPG’s experts

It’s worth noting that I could have purchased the car directly through the bank that held my lease. If I had done that, it would have cost me about $1,000 less, but I also wouldn’t have been able to add an extended warranty, nor would I have been able to use a card for the payment to earn points.

After meeting the spending requirement, the 100,000 points I racked up were worth about $2,000. So even though I spent an extra $1,000 by going through the dealership instead of the bank, I still came out $1,000 ahead. That alone was more than enough to offset the $695 annual fee.

Perk total: $1,100

Clear

Being cautious with my money, I did not spend extra money on additional travel services, but working for TPG and seeing how often I’m on the road, I decided to bite the bullet and pay for Clear Plus.

I couldn’t previously justify the $199 annual cost, especially when the service isn’t available at all airports. But one of the perks of the Amex Platinum is reimbursement via an up to $199 annual statement credit for the Clear Plus subscription fee, which finally gave me the nudge I needed to reactivate my account. I got my reimbursement four days after the charge was posted to my account. Enrollment required.

Perk total: up to $199

Global Entry

Although Global Entry is only $120, lasts for five years and includes TSA PreCheck (making it a better value than Clear), I put off applying, mainly because I just never got around to filling out the form. Since Amex Platinum cardholders receive up to $120 as a statement credit for the Global Entry application fee every four and a half years, I decided it was time to apply. I received my reimbursement within two days of the charge posting to my account. Enrollment required.

Perk total: up to $120

Centurion Lounge access and Priority Pass

I’ll be honest: I don’t enjoy flying or anything that comes immediately before or after it, so the thought of arriving early at the airport just to visit a lounge has never appealed to me. But, if I ever have a significant delay or a long layover, I will definitely take advantage of the lounge access provided by my Amex Platinum card.

Amex Platinum cardholders get access to American Express Centurion Lounges, Priority Pass lounges, Delta Sky Clubs on same-day Delta flights* and various other types of lounges. Enrollment required.

I don’t expect to use Centurion lounges frequently. Still, estimating two significant layovers or delays per year, I could easily come out with a $200 value since the lounge has extensive food and drink offerings that are complimentary to Amex Platinum cardholders.

Additionally, I signed up for Priority Pass to activate my complimentary membership, which is also provided as a card benefit. The least expensive Priority Pass membership is $99 a year.

*Effective February 1, 2025: Eligible Platinum Card Members will receive 10 Visits per Eligible Platinum Card per year to the Delta Sky Club or to Grab and Go when traveling on a same-day Delta-operated flight.

Perk total: $299

Hotel status

It frustrates me to think how many times I’ve booked hotels based on price instead of staying with one or two brands consistently enough to see a return on my investment. With the Amex Platinum, cardholders can register for mid-tier hotel elite status with Marriott Bonvoy and Hilton Honors (enrollment required).

While it’s difficult to attach a value to hotel elite status, Marriott Gold Elite and Hilton Gold statuses are quite useful for semi-frequent travelers. Perks include extra points earned on bookings, room discounts and upgrades, free Wi-Fi, and complimentary meals and snacks, all of which can really add up.

Realistically, I’ll probably move some of my hotel stays to these two hotel goliaths moving forward and stay enough nights to justify half the value of what TPG values each respective hotel elite status at.

Perk total: $1,000

Entertainment credit

The Amex Platinum offers a digital entertainment statement credit of up to $20 per month ($240 per calendar year) in reimbursements for Disney+, Hulu, and ESPN+ — or a Disney Bundle (which includes up to all three services), Peacock, The New York Times and The Wall Street Journal. Although none of these especially appeal to me, I can sign up for a Disney Bundle for my family and maximize the credit that way. Enrollment is required.

Perk total: up to $240

Uber credit

Cardholders of the Amex Platinum earn up to $200 annual Uber Cash (for use in the U.S.). The credit is split into monthly increments of up to $15, except for December, when you receive up to $35 in Uber Cash.

It also applies to Puerto Rico, as I discovered when I used my first month’s credit for a ride through San Juan for piña coladas after a torrential downpour ruined our outdoor plans. The credit also works for Uber Eats — between those two services, I fully utilize this credit. Enrollment is required.

Perk total: up to $200

Ongoing earnings

With the Amex Platinum, I earn 5 points per dollar spent on airfare purchased directly with the airlines or through the Amex Travel portal (on up to $500,000 on these purchases per calendar year). Plus, I can earn 5 points per dollar spent on prepaid hotels booked with Amex Travel.

This is a solid way to earn lots of Membership Rewards points.

Perk total: $1,200+

Bottom line

So, is the Amex Platinum worth having? For me, yes. So far, the initial investment of $695 has given me much more in return. There are other offers and perks I can tap into — an up to $200 annual airline fee statement credit, concierge services, a Saks Fifth Avenue twice-a-year credit and elevated car rental status — that I haven’t used yet but will in the future; enrollment required for select benefits.

The card is a total no-brainer for someone who’s in the market for a large purchase, who travels a lot or who is looking to make up for lost time in the points, miles and loyalty game, like me.

Apply here: The Platinum Card from American Express or check the CardMatch tool to see if you’re targeted for a 125,000 or 150,000-point Platinum card offer (after meeting minimum spending requirements). These offers are subject to change at any time.

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

Source link