Is it justified to pay the yearly charge for an American Express Platinum Card?
The American Express Platinum Card is a premium travel credit card that offers a variety of benefits to frequent travelers. Here's a breakdown of some of its key features.
Statement Credits and Discount Offers
AmEx Offers provides statement credits and discount offers through a rotating program, offering potential savings on various purchases.
Membership Prices and Locations of Equinox Gyms
Equinox gyms, a popular choice among fitness enthusiasts, can have membership prices exceeding $200 per month. These gyms are primarily located in Southern California, San Francisco, New York, Miami, Dallas, and other large cities.
Travel Insurance and Purchase Protections
The AmEx Platinum Card offers travel insurance and purchase protections. These include Trip Cancellation and Interruption Insurance, with a maximum benefit amount of $10,000 per Covered Trip and $20,000 per Eligible Card per 12 consecutive month period. Purchase Protection can help protect Covered Purchases made on your Eligible Card when they're accidentally damaged, stolen, or lost, for up to 90 days from the Covered Purchase date.
Cell Phone Protection
AmEx offers cell phone protection when you charge your wireless bill to the card, typically costing around $10-$20 per month with other providers. This coverage includes protection for a stolen or damaged Eligible Cellular Wireless Telephone, with a maximum liability of $800 per claim, per Eligible Card Account, subject to a $50 deductible.
Car Rental Loss & Damage Insurance
Car Rental Loss & Damage Insurance provides coverage up to $75,000 for theft of or damage to most rental vehicles when you use your eligible Card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the Commercial Car Rental Company.
Annual Fee and Welcome Offer
The new annual fee for the AmEx Platinum Card is $895. However, the current welcome offer for the card is up to 175,000 Membership Rewards® Points after spending $8,000 in eligible purchases within the first 6 months of Card Membership.
Value for Frequent Travelers
If focusing on benefits for frequent travelers, the easy-to-use value of the card is approximately $1,339 per year. However, it's important to note that the $3,500 annual value claimed in the marketing materials may not be achievable for everyone.
American Express relies on airlines to submit correct information on airline transactions to identify incidental fee purchases. This means that some benefits, such as incidental airline fee credits, may depend on the airlines' cooperation.
In summary, the American Express Platinum Card offers a range of benefits for frequent travelers, including travel credits, insurance coverage, and purchase protections. However, the high annual fee should be carefully considered before applying for the card.
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