Amex Platinum Card: New Perks & Higher Price

by Luna Greco 45 views

Meta: Explore the Amex Platinum Card's enhanced benefits, including a new dining credit, alongside its increased annual fee. Is it worth it?

Introduction

The American Express Platinum Card has long been a premium travel rewards card, and it's recently undergone some significant changes. These include both new perks and an increase in the annual fee. Understanding these changes is crucial for anyone considering applying for the card or for current cardholders evaluating whether the benefits still justify the cost. This article will break down the new benefits, the fee increase, and help you decide if the Amex Platinum Card is the right choice for your spending habits and travel goals.

The Amex Platinum Card has always offered a suite of travel and lifestyle benefits, but the recent updates aim to provide even more value to cardholders. This includes new credits and partnerships designed to enhance the cardholder experience. However, this comes at a cost, and it's essential to weigh the value of the new benefits against the higher annual fee to determine if the card still aligns with your needs.

Ultimately, the decision to get or keep the Amex Platinum Card depends on your individual spending patterns and how well the card's benefits match your lifestyle. Let's dive into the details and help you make an informed decision.

Understanding the New Benefits of the Amex Platinum Card

One of the most significant changes to the Amex Platinum Card is the addition of new benefits. These enhanced perks are designed to provide cardholders with more value and justify the increased annual fee. These new benefits span across dining, travel, and lifestyle categories, offering a wider range of options for cardholders to maximize their rewards and savings.

The $400 Dining Credit

The most talked-about new benefit is the $400 dining credit. This credit is split into two parts: $200 for Uber Eats and $200 for Resy, Amex's dining reservation platform. This is a substantial perk for those who frequently dine out or order in, but it's important to understand the specifics of how the credit works. The Uber Eats credit is distributed as $20 per month, while the Resy credit is available as a lump sum annually. If you don't regularly use Uber Eats, you might not fully utilize the monthly credit, and it won't roll over.

For frequent diners, this credit can significantly offset the annual fee. If you already use Uber Eats or Resy, this perk is a no-brainer. However, it's essential to assess your dining habits and determine if you can realistically use the credit each month to maximize its value.

Other Notable Perks

Beyond the dining credit, the Amex Platinum Card continues to offer a range of other valuable benefits. These include:

  • $200 Hotel Credit: This credit can be used for prepaid bookings at hotels in the Fine Hotels + Resorts or The Hotel Collection programs. This is great for luxury travelers.
  • $240 Digital Entertainment Credit: This credit is distributed as $20 per month for select streaming services like Peacock, Audible, SiriusXM and The New York Times. Great for those who subscribe to these services.
  • $155 Walmart+ Credit: This credit covers the cost of a Walmart+ membership, offering benefits like free shipping and discounts.
  • Airline Fee Credit: Up to $200 in statement credits for incidental fees with your selected airline. Good for covering checked baggage fees, etc.
  • Global Lounge Collection Access: Access to a network of airport lounges, including Centurion Lounges, Delta Sky Clubs (when flying Delta), and Priority Pass lounges. A major perk for frequent travelers.

These perks, combined with the new dining credit, make the Amex Platinum Card a compelling option for those who can utilize them. However, it's essential to consider whether these benefits align with your spending habits and lifestyle.

The Price Increase: Is the Amex Platinum Card Still Worth It?

The flip side of the new benefits is a significant increase in the annual fee for the Amex Platinum Card. The annual fee has risen, making it crucial to re-evaluate the card's value proposition based on your individual circumstances. This increase necessitates a thorough examination of the benefits you'll realistically use versus the cost you'll incur.

The Annual Fee Hike

The annual fee increase is substantial and requires careful consideration. It's essential to compare this fee against the value you expect to receive from the card's benefits. Ask yourself: Will you use enough of the credits and perks to offset the higher cost? It's a straightforward cost-benefit analysis.

Evaluating the Value Proposition

To determine if the Amex Platinum Card is still worth it, you need to do some math. Start by listing all the benefits you realistically expect to use in a year. Assign a dollar value to each benefit based on how much you would have spent on those services or products otherwise. For example, if you regularly use Uber Eats, the $200 credit has a clear dollar value to you. Similarly, if you travel frequently and value airport lounge access, the Global Lounge Collection membership is a significant benefit.

Once you've totaled the value of the benefits, compare it to the annual fee. If the value of the benefits significantly exceeds the fee, the card is likely still worth it. However, if the value is close to or lower than the fee, you might want to reconsider. It's also important to consider the opportunity cost – the alternative ways you could spend that money, such as investing or paying down debt.

Factors to Consider

Here are some additional factors to consider when evaluating the Amex Platinum Card:

  • Your Spending Habits: Do you spend enough in the categories that earn bonus rewards to make the card worthwhile? For example, the card offers 5x points on flights booked directly with airlines or through Amex Travel.
  • Your Travel Patterns: Do you travel frequently enough to take advantage of the travel benefits like lounge access and hotel credits?
  • Your Lifestyle: Do the lifestyle credits, such as the dining and entertainment credits, align with your interests and spending habits?

If you can confidently answer yes to these questions, the Amex Platinum Card may still be a valuable addition to your wallet. However, if you find yourself struggling to justify the cost, it might be time to explore other options. This decision is highly personal and depends on your unique financial situation and lifestyle.

Maximizing the Benefits of Your Amex Platinum Card

For those who decide that the Amex Platinum Card is worth the cost, the next step is to maximize its benefits. To get the most out of your Amex Platinum Card, you need a strategy to effectively utilize all the available perks and credits. This requires planning, organization, and a clear understanding of the card's terms and conditions.

Planning and Organization

The first step to maximizing your benefits is to plan ahead. This means understanding the various credits and perks offered by the card and determining how you can best incorporate them into your spending habits. For example, make a list of the monthly credits, such as the Uber Eats and digital entertainment credits, and set reminders to use them each month. Many of these credits do not roll over, so it's important to use them or lose them.

Keep track of your spending and credit usage. Amex provides tools to help you monitor your spending and track your progress towards earning statement credits. Regularly check your account activity to ensure you're on track to utilize all the benefits.

Utilizing the Travel Benefits

The Amex Platinum Card is renowned for its travel benefits, so it's crucial to take full advantage of them. This includes:

  • Booking Flights Strategically: Use the 5x points earning on flights booked directly with airlines or through Amex Travel to accumulate points quickly.
  • Leveraging the Hotel Credits: Plan your trips around hotels in the Fine Hotels + Resorts or The Hotel Collection programs to utilize the $200 hotel credit.
  • Maximizing Lounge Access: Take advantage of the Global Lounge Collection to enjoy complimentary food, drinks, and Wi-Fi at airports worldwide. Remember to activate your Priority Pass membership if you haven't already.

Redeeming Points Wisely

Amex Membership Rewards points are valuable, but their value can vary depending on how you redeem them. Here are some tips for maximizing your points:

  • Transfer Points to Travel Partners: Transferring points to Amex's airline and hotel partners can often provide the best value, especially for premium travel experiences.
  • Use Points for Amex Travel: Booking flights and hotels through Amex Travel can be a good option, but compare prices to ensure you're getting a competitive rate.
  • Avoid Cash Redemptions: Redeeming points for cash or gift cards typically offers a lower value than travel redemptions.

By following these tips, you can ensure you're getting the most out of your Amex Platinum Card and maximizing the value of your benefits.

Conclusion

The Amex Platinum Card's recent changes, including new perks and a higher annual fee, require careful consideration. While the added benefits like the dining credit and increased digital entertainment credit are appealing, it's essential to evaluate whether they align with your spending habits and lifestyle. Ultimately, the decision to get or keep the Amex Platinum Card depends on your ability to maximize its benefits and whether the value outweighs the cost. If you travel frequently, dine out often, and can utilize the various credits, the card can still be a valuable asset. However, if you find yourself struggling to use the benefits, exploring other travel rewards cards might be a better option.

The next step is to carefully assess your spending habits and travel patterns. Calculate the value of the benefits you expect to use in a year and compare it to the annual fee. This will provide a clear picture of whether the Amex Platinum Card is the right choice for you.

FAQ

What is the new annual fee for the Amex Platinum Card?

The annual fee for the Amex Platinum Card has increased. It's important to check the latest fee on the American Express website, as it's subject to change. This increase is a key factor in deciding whether the card is still a good fit for you.

How do I use the $400 dining credit?

The $400 dining credit is split into two parts: $200 for Uber Eats and $200 for Resy. The Uber Eats credit is distributed as $20 per month, while the Resy credit is available annually. Make sure to use your monthly Uber Eats credits, as they do not roll over.

Are the Amex Platinum Card benefits worth the annual fee?

This depends on your spending habits and how well you can utilize the card's benefits. If you frequently travel, dine out, and can take advantage of the various credits and perks, the Amex Platinum Card can be worth the cost. However, if you don't use the benefits regularly, another travel rewards card might be a better option.

What are the key travel benefits of the Amex Platinum Card?

The Amex Platinum Card offers a range of travel benefits, including airport lounge access (Global Lounge Collection), a $200 hotel credit, and 5x points on flights booked directly with airlines or through Amex Travel. These benefits make the card particularly valuable for frequent travelers.