Over $4,000 in worth: Why I made the Amex Platinum my first-ever premium card

Confession: I work at The Factors Man and know nearly nothing about factors and miles. Certain, I’ve flown with nearly each well-known airline and stayed with almost each mainstream lodge chain you possibly can consider, however for probably the most half, I used to be a discount traveler trying to find the bottom worth, model loyalty be darned.

When it got here to bank cards, I had a Visa Platinum affiliated with my small credit score union, however I not often used it as a result of it did not earn me any factors. As an alternative, I relied on my trusty Capital One VentureOne Rewards Credit score Card for on a regular basis purchases for one easy purpose: I hate charges, and it would not have any.

I particularly might have by no means imagined opening The Platinum Card® from American Categorical, which has a excessive annual charge of $695 (see charges and costs).

Surrounded by a few of the most sensible minds of factors and miles at TPG, I took the chance to be taught what I might, which led me to rethink what it means for one thing to have worth.

Let me let you know why I now have a Platinum Amex in my pockets and the way I’ve made it work to go well with my wants.

Shopping for a brand new automotive

I earned the majority of my 160,000 factors by buying my automotive. After studying about how one other TPG author purchased a minivan utilizing his Amex, the wheels began turning.

I made a decision to purchase out my automotive lease on the finish of its time period. Provided that I used to be out there for a premium card anyway, I figured I might capitalize on a welcome bonus with a purchase order that enormous. I used to be drawn to the Amex Platinum as a result of I journey so much, and it presents different incentives that enchantment to me (extra on that under).

Sadly, the seller I used to be working with wasn’t an Amex Auto Buying Program companion, however I satisfied them to permit me to place a $5,000 down fee on my Amex Platinum. By doing this, I reached almost 64% of the minimal spend requirement — $8,000 within the first six months of card membership — towards incomes the 80,000-point welcome bonus.

Plus, I earned 5,000 Amex Membership Rewards factors that are price 2 cents every in accordance with TPG’s December 2024 valuations. The acquisition was like getting a $100 return on my $5,000 down fee.

It is price noting that I might have bought the automotive instantly by way of the financial institution that held my lease. If I had executed that, it could have price me about $1,000 much less, however I additionally would not have been in a position so as to add an prolonged guarantee, nor would I’ve been in a position to make use of a card for the fee to earn factors.

After assembly the spending requirement, the 100,000 factors I racked up have been price about $2,000. So regardless that I spent an additional $1,000 by going by way of the dealership as a substitute of the financial institution, I nonetheless got here out $1,000 forward. That alone was greater than sufficient to offset the $695 annual charge.

Perk whole: $1,100

Associated: The most effective bank cards for buying a automotive

Clear

Being cautious with my cash, I didn’t spend more money on extra journey companies, however working for TPG and seeing how typically I am on the street, I made a decision to chew the bullet and pay for Clear Plus.

I could not beforehand justify the $199 annual price, particularly when the service is not accessible in any respect airports. However one of many perks of the Amex Platinum is reimbursement by way of an as much as $199 annual assertion credit score for the Clear Plus subscription charge, which lastly gave me the nudge I wanted to reactivate my account. I received my reimbursement 4 days after the cost was posted to my account. Enrollment required.

Perk whole: as much as $199

Associated: How to enroll in Clear for expedited safety at airports and stadiums

International Entry

Though International Entry is just $120, lasts for 5 years and consists of TSA PreCheck (making it a greater worth than Clear), I delay making use of, primarily as a result of I simply by no means received round to filling out the shape. Since Amex Platinum cardholders obtain as much as $120 as a press release credit score for the International Entry utility charge each 4 and a half years, I made a decision it was time to use. I obtained my reimbursement inside two days of the cost posting to my account. Enrollment required.

Perk whole: as much as $120

Associated: Full information to licensed customers on the Amex Platinum Card

Centurion Lounge entry and Precedence Go

I will be sincere: I do not get pleasure from flying or something that comes instantly earlier than or after it, so the considered arriving early on the airport simply to go to a lounge has by no means appealed to me. However, if I ever have a big delay or an extended layover, I’ll undoubtedly make the most of the lounge entry offered by my Amex Platinum card.

Amex Platinum cardholders get entry to American Categorical Centurion Lounges, Precedence Go lounges, Delta Sky Golf equipment on same-day Delta flights* and varied different sorts of lounges. Enrollment required.

I do not count on to make use of Centurion lounges often. Nonetheless, estimating two vital layovers or delays per yr, I might simply come out with a $200 worth because the lounge has intensive food and drinks choices which can be complimentary to Amex Platinum cardholders.

Moreover, I signed up for Precedence Go to activate my complimentary membership, which can also be offered as a card profit. The least costly Precedence Go membership is $99 a yr.

*Efficient February 1, 2025: Eligible Platinum Card Members will obtain 10 Visits per Eligible Platinum Card per yr to the Delta Sky Membership or to Seize and Go when touring on a same-day Delta-operated flight.

Perk whole: $299

Associated: The whole lot you might want to know concerning the Precedence Go airport lounge program

Lodge standing

It frustrates me to suppose what number of instances I’ve booked lodges primarily based on worth as a substitute of staying with one or two manufacturers constantly sufficient to see a return on my funding. With the Amex Platinum, cardholders can register for mid-tier lodge elite standing with Marriott Bonvoy and Hilton Honors (enrollment required).

Whereas it is troublesome to connect a price to lodge elite standing, Marriott Gold Elite and Hilton Gold statuses are fairly helpful for semi-frequent vacationers. Perks embrace additional factors earned on bookings, room reductions and upgrades, free Wi-Fi, and complimentary meals and snacks, all of which may actually add up.

Realistically, I will in all probability transfer a few of my lodge stays to those two lodge goliaths transferring ahead and keep sufficient nights to justify half the worth of what TPG values every respective lodge elite standing at.

Perk whole: $1,000

Associated: Information to Marriott and Hilton elite standing with the Amex Platinum and Enterprise Platinum

Leisure credit score

The Amex Platinum presents a digital leisure assertion credit score of as much as $20 per thirty days ($240 per calendar yr) in reimbursements for Disney+, Hulu, and ESPN+ — or a Disney Bundle (which incorporates as much as all three companies), Peacock, The New York Occasions and The Wall Avenue Journal. Though none of those particularly enchantment to me, I can join a Disney Bundle for my household and maximize the credit score that method. Enrollment is required.

Perk whole: as much as $240

Associated: The best way to use the Amex Platinum digital leisure credit score

Uber credit score

Cardholders of the Amex Platinum earn as much as $200 annual Uber Money (to be used within the U.S.). The credit score is break up into month-to-month increments of as much as $15, aside from December, once you obtain as much as $35 in Uber Money.

It additionally applies to Puerto Rico, as I found after I used my first month’s credit score for a experience by way of San Juan for piña coladas after a torrential downpour ruined our out of doors plans. The credit score additionally works for Uber Eats — between these two companies, I absolutely make the most of this credit score. Enrollment is required.

Perk whole: as much as $200

Associated: The best way to use your American Categorical Uber credit for rides and meals

Ongoing earnings

With the Amex Platinum, I earn 5 factors per greenback spent on airfare bought instantly with the airways or by way of the Amex Journey portal (on as much as $500,000 on these purchases per calendar yr). Plus, I can earn 5 factors per greenback spent on pay as you go lodges booked with Amex Journey.

It is a stable technique to earn plenty of Membership Rewards factors.

Perk whole: $1,200+

Associated: Amex Platinum card assessment: Excessive annual charge with a great deal of perks

Backside line

So, is the Amex Platinum price having? For me, sure. To this point, the preliminary funding of $695 has given me way more in return. There are different presents and perks I can faucet into — an as much as $200 annual airline charge assertion credit score, concierge companies, a Saks Fifth Avenue twice-a-year credit score and elevated automotive rental standing — that I have not used but however will sooner or later; enrollment required for choose advantages.

The cardboard is a complete no-brainer for somebody who’s out there for a big buy, who travels so much or who’s trying to make up for misplaced time within the factors, miles and loyalty sport, like me.

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Apply right here: The Platinum Card from American Categorical or test the CardMatch instrument to see if you happen to’re focused for a 125,000 or 150,000-point Platinum card provide (after assembly minimal spending necessities). These presents are topic to alter at any time.

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For charges and costs of the Amex Platinum, please click on right here.