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Should I Get The Platinum AMEX?

WorkInProgress

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Please tell me the pros/cons of the Platinum AMEX card. Thank you.

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Mariahs Chariot

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I think I prefer the Sapphire Reserve (check the current sign up bonuses), but the plat AMEX is a good card. Even better if you frequent Delta or Marriott Bonvoy hotels.
 

WorkInProgress

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I think I prefer the Sapphire Reserve (check the current sign up bonuses), but the plat AMEX is a good card. Even better if you frequent Delta or Marriott Bonvoy hotels.
Thank you. I'll check into the Chase Sapphire Reserve also. This will be my first "big girl" card lol.
 

girl6_nyc

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My honest opinion - Join a credit union and get your credit cards from them. They have lower interest rates and give bigger credit limits. They also have better interest rates on car and home loans.
 

Mariahs Chariot

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Thank you. I'll check into the Chase Sapphire Reserve also. This will be my first "big girl" card lol.

@mossshearted mentioned there annual fee which is $550 for both cards unless you’re active military and eligible for the fee waiver.

With the Sapphire Reserve you get a $300 travel credit so the fee effectively becomes $250 plus you get free Lyft Pynk membership, free Door Dash/Caviar DashPass membership and free Priority Pass airport lounge access so the card effectively pays for itself if you actually use or plan to use these services. With the platinum Amex You get a $200 Uber credit, $100 Saks credit, and access to Centurion lounges. There may also be an airline credit but I don’t recall.


My honest opinion - Join a credit union and get your credit cards from them. They have lower interest rates and give bigger credit limits. They also have better interest rates on car and home loans.

This is great advice for someone just starting out with credit, but if she’s getting offers for or is eligible for these particular cards then a credit union won’t be able to meet her needs in this credit department.
 

boomboom12

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Please tell me the pros/cons of the Platinum AMEX card. Thank you.

View attachment 2553132

Is $550 a year something you want to pay?
To me it’s worth the perks only if you actually use them. If not, go with a more affordable card.

also, keep in mind the annual fee is subjected to increase. I think when I first got mine it was $475
 

boomboom12

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@mossshearted mentioned there annual fee which is $550 for both cards unless you’re active military and eligible for the fee waiver.

With the Sapphire Reserve you get a $300 travel credit so the fee effectively becomes $250 plus you get free Lyft Pynk membership, free Door Dash/Caviar DashPass membership and free Priority Pass airport lounge access so the card as affective yes paid for itself if you actually use or plan to use these services. With the platinum Amex You get a $200 Uber credit, $100 Saks credit, and access to Centurion lounges. There may also be an airline credit but I don’t recall.

Yes, Platinum has $300 airline cred as well.
 

ClosedCase

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I think I prefer the Sapphire Reserve (check the current sign up bonuses), but the plat AMEX is a good card. Even better if you frequent Delta or Marriott Bonvoy hotels.
This is true. I have both and honestly the Chase Sapphire is much better as far as points. They allow you to convert the points to actually cash. Meanwhile, the Amex points system only allows you to spend it on trips and merchants they are affiliated with. The Amex is cool to use when out and about because people know it's a hard card to get and therefore they give you better customer service. Also, Chase has a great investment sector. I signed up for the automated investment feature and started with 1k and now its at $1,068 without me having to do anything.
 

hocakesNC

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Is $550 a year something you want to pay?
To me it’s worth the perks only if you actually use them. If not, go with a more affordable card.

also, keep in mind the annual fee is subjected to increase. I think when I first got mine it was $475
It was $375 when I became an Amex employee way back when
 

Mariahs Chariot

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This is true. I have both and honestly the Chase Sapphire is much better as far as points. They allow you to convert the points to actually cash. Meanwhile, the Amex points system only allows you to spend it on trips and merchants they are affiliated with. The Amex is cool to use when out and about because people know it's a hard card to get and therefore they give you better customer service. Also, Chase has a great investment sector. I signed up for the automated investment feature and started with 1k and now its at $1,068 without me having to do anything.
I love that I can convert my points 1 to 1 with chase. I also agree about that reaction from service staff. I call it the AMEX effect.

I have the Delta branded plat AMEX because pre-pandemic I had been doing a sh!t ton of corporate travel on Delta for years... so it made sense. Now, not so much so at this point I’ve been entertaining the idea of switching to an unbranded AMEX Gold simply because the Sapphire Reserve is my main card, etc. etc. etc.
 
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LexC

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Please tell me the pros/cons of the Platinum AMEX card. Thank you.

View attachment 2553132

I have it, love Amex but the annual fee is hefty. I got it solely because I travel and wanted access to the airport lounges which was worth it to me. Everyone being grounded the last year made me doubt keeping it but I just paid the fee again. I’ll re-evaluate again in another year. It has a bunch of other perks that if you use each month makes the card pay for itself but I don’t really use them.
 

hocakesNC

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I have it, love Amex but the annual fee is hefty. I got it solely because I travel and wanted access to the airport lounges which was worth it to me. Everyone being grounded the last year made me doubt keeping it but I just paid the fee again. I’ll re-evaluate again in another year. It has a bunch of other perks that if you use each month makes the card pay for itself but I don’t really use them.
Do you hate running errands? Birthday/mother’s day gifts/flowers/etc? They can purchase the gift (on the card of course) and have it sent on your behalf. Need new tires? Let them call around and find the lower price for you. There are so many things you can do as a platinum member the few most definitely takes care of itself even without travel
 

papertigerH

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Best perk to me is the fine hotel program and the 4pm check out. It really depends on how much you travel and how you travel IMO. Whatever card you get, make sure you sign up when they are offering a ton of miles, like at least 75G
 

swiftfox

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Pros
Airport lounge access if you fly often is really useful
points system is pretty good

Cons
Where I like in the UK not many places take amex
Expensive
Didn't find that I was using many of the offers due to the pandemic so it was a waste of money
 

LexC

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Do you hate running errands? Birthday/mother’s day gifts/flowers/etc? They can purchase the gift (on the card of course) and have it sent on your behalf. Need new tires? Let them call around and find the lower price for you. There are so many things you can do as a platinum member the few most definitely takes care of itself even without travel

Thanks for the tip. I should start using those features more!
 

Mariahs Chariot

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Pros
Airport lounge access if you fly often is really useful
points system is pretty good

Cons
Where I like in the UK not many places take amex
Expensive
Didn't find that I was using many of the offers due to the pandemic so it was a waste of money

Would you happen to know how the UK version compares to the US version in terms of benefits? Just curious to see if they’re all that different, if at all.
 

beigesheep

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I feel like most of the time they end up making money off of you since you are paying every year. People say "Oh, well I use all the benefits anyways" but is it something you would have spent money on before getting the card? Also are you comfortable closing the card and losing all that credit history if at some point you decide the annual fee isn't worth it?
 

Mariahs Chariot

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I feel like most of the time they end up making money off of you since you are paying every year. People say "Oh, well I use all the benefits anyways" but is it something you would have spent money on before getting the card? Also are you comfortable closing the card and losing all that credit history if at some point you decide the annual fee isn't worth it?

So two things;

1. If you were already going to spend the amount required to get the sign up bonuses without the card then yes the first year was worth it because you’ve basically gotten a free $1,000 out of the first year. With the Chase Sapphire Reserve or the Platinum AMEX you get a $200-$300/yr travel credit. If you travel, whether you’re buying plane tickets or buying gas for your car that’s a free $300 and that fee is now knocked down to $250. They also come with roughly a $100 in Lyft/Uber credit. Now you’re down to $150. Since these are travel cards and are marketed toward people who travel and eat out a lot the expectation is that you were going to spend at least $500 on this stuff in a year anyway. If you’re not a traveler you should be looking at a cash back card or one that focuses solely on a benefit that you utilize.

2. You don’t close the account. You call the bank and tell them you want to downgrade to the no-fee version of the card. Most of these cards (Chase Sapphire, Capital One Venture, etc.) have secret vanilla versions that come without the fees and with downgraded perks. With AMEX they’d just knock you down to green.
 
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beigesheep

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So two things;

1. If you were already going to spend the amount required to get the sign up bonuses without the card then yes the first year was worth it because you’ve basically gotten a free $1,000 out of the first year. With the Chase Sapphire Reserve or the Platinum AMEX you get a $200-$300/yr travel credit. If you travel, whether you’re buying plane tickets or buying gas for your car that’s a free $300 and that fee is now knocked down to $250. They also come with roughly a $100 in Lyft/Uber credit. Now you’re down to $150. Since these are travel cards and are marketed toward people who travel and eat out a lot the expectation is that you were going to spend at least $500 on this stuff in a year anyway. If you’re not a traveler you should be looking at a cash back card or one that focuses solely on a benefit that you utilize.

2. You don’t close the account. You call the bank and tell them you want to downgrade to the no-fee version of the card. Most of these cards (Chase Sapphire, Capital One Venture, etc.) have secret vanilla versions that come without the fees and with downgraded perks. With AMEX they’d just knock you down to green.
Amex green card has a fee though. That's what I'm saying. Now if you wanna talk about the Delta card that is different. I have that card right now and it has a fee but best believe i am downgrading it next year to the fee free version after i get my free miles outta them lol.
 

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I have a long relationship with Amex. The platinum is my main card and I also have a Marriot Bonvy and Delt Plat account. For me, it makes sense because I traveled a ton pre-pandemic. I debated if I should keep them during COVID but I'm glad I did.

Yes, the fee is $550 annually. Benefits include automatic Gold status at both Marriott and Hilton hotels. I love this benefit because when I travel these are my top chains and I always get upgrades, etc. You receive lounge access which is very beneficial for heavy travel, especially if you travel internationally. If I'm not mistaken I get a $200 airline credit annually but you can use it for whichever airline you choose.

$15 a month in Uber credits. Since many aren't traveling due to the pandemic you can use these dollars for Uber Eats. You earn 5X points on flights and 5X the points on hotels. As another font mentioned $100 credit with Saks. You also get a credit for the TSA Pre Check application fee and Global Entry.

With the pandemic, it's hard to take advantage of the full suite of benefits but if you plan to travel extensively when things truly open up, it's a good card to have. The downside is that not everyone takes Amex, that is why I would recommend what some other fonts have said which is to carry both Amex and Chase if you can.
 

Mariahs Chariot

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Amex green card has a fee though. That's what I'm saying. Now if you wanna talk about the Delta card that is different. I have that card right now and it has a fee but best believe i am downgrading it next year to the fee free version after i get my free miles outta them lol.
I understand what you’re staying but if you find yourself stuck with a green AMEX you can simply apply for a no fee card and then transfer the limit and then close the annual fee card. That way you retain the balance and only thing that takes a hit is your average credit age (but at this point the fee card would be relatively new so that shouldn’t really make a difference). Still though, with an AMEX green once you hit $7,000 of spend the card has paid for itself. If someone can’t spend that much in a year they never needed a premium credit card to begin with.
 

hocakesNC

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If you don’t mind me asking what position did you have and why did you leave
I was fortunate enough to “move up” quickly. Started out in customer service. I’ve done everything from coaching to supervising and was even an analyst for a period of time. I’m in NC and they closed the office there. We were given the option to relocate or work virtually. I declined both, took my severance package and moved on.
 

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I ended up going with the Amex Platinum. Both the Platinum and Sapphire are for frequent travelers and people that spend a decent amount every year. I really think it's just a personal preference at this point. You really can't go wrong with either one if that is your lifestyle. If you have a Sapphire you most likely travel so the cash you get back will most likely go to traveling anyways. The Amex Gold and Chase Freedom are more so for everyday spending but even with those is just a personal choice. I say if you can get both, get both and use the one that makes the most sense depending on you purchases. The benefits will cancel out most if not all the annual fee if you know how to use both cards correctly. Now I will say the prestige of an Amex Platinum is on another level if that kind of stuff matters to you. Amex customer service is A1
 

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I ended up going with the Amex Platinum. Both the Platinum and Sapphire are for frequent travelers and people that spend a decent amount every year. I really think it's just a personal preference at this point. You really can't go wrong with either one if that is your lifestyle. If you have a Sapphire you most likely travel so the cash you get back will most likely go to traveling anyways. The Amex Gold and Chase Freedom are more so for everyday spending but even with those is just a personal choice. I say if you can get both, get both and use the one that makes the most sense depending on you purchases. The benefits will cancel out most if not all the annual fee if you know how to use both cards correctly. Now I will say the prestige of an Amex Platinum is on another level if that kind of stuff matters to you. Amex customer service is A1
I agree.
If you don’t travel or spend alot then the card isn’t for you imo
 

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So two things;

1. If you were already going to spend the amount required to get the sign up bonuses without the card then yes the first year was worth it because you’ve basically gotten a free $1,000 out of the first year. With the Chase Sapphire Reserve or the Platinum AMEX you get a $200-$300/yr travel credit. If you travel, whether you’re buying plane tickets or buying gas for your car that’s a free $300 and that fee is now knocked down to $250. They also come with roughly a $100 in Lyft/Uber credit. Now you’re down to $150. Since these are travel cards and are marketed toward people who travel and eat out a lot the expectation is that you were going to spend at least $500 on this stuff in a year anyway. If you’re not a traveler you should be looking at a cash back card or one that focuses solely on a benefit that you utilize.

2. You don’t close the account. You call the bank and tell them you want to downgrade to the no-fee version of the card. Most of these cards (Chase Sapphire, Capital One Venture, etc.) have secret vanilla versions that come without the fees and with downgraded perks. With AMEX they’d just knock you down to green.
I just did this with my Amex Delta Platinum. I definitely didn’t want to lose my credit history/limit they dropped me down to the Amex Delta blue (no fee) I had no idea this card was available, I thought gold was the lowest. I dont fly delta much, so it was no point. Everytime I tried to book with delta, United ended having a better deal, cheaper flight, no layovers or shorter flight.
 
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DoubleDub

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It's worth it. Just having the card along makes Amex customer service treat you better. Not to mention the room upgrades with Hilton + Marriot hotels as soon as you whip that thing out. That alone is worth it to me. You don't have to pay extra for breakfast. The Fine Hotel benefits are great too..

Another thing I thought was great is I got my phone with my card and I don't have to pay for insurance if anything happens to it. Nothing usually happens to my phone but knowing I don't have to get Apple Care for my cracked screen helps. Someone I know lost her phone and they covered it 100% no issues.

I originally got it for lounge access which I love but it ended up being so much more. I travel 3-4 times a year and plan on traveling more.

Before the card I didn't have TSA pre-check so that paid for that which wasn't THAT expensive but whatever.

Uber credit is decent too because I Uber to and from Airport most of the time. I don't care about the Saks credit but I'm gon use it though. I'm due for some new boots anyway.
 

CherriGarcia

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Amex lost its prestige a while ago. Anyone with good credit history can be offered the gold or platinum card. I was offered both an turned them down. I’m over paying annual fees to use a credit card. Some of the perks are worth it but saved ur money an stick with their revolvers instead of the charge card. My bf has the platinum card he puts most of the purchases on it
 

Mariahs Chariot

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Amex lost its prestige a while ago. Anyone with good credit history can be offered the gold or platinum card. I was offered both an turned them down. I’m over paying annual fees to use a credit card. Some of the perks are worth it but saved ur money an stick with their revolvers instead of the charge card. My bf has the platinum card he puts most of the purchases on it
I definitely agree for the most part. While the charge cards are definitely the easiest cards in their portfolio.... and anyone with a FICO in the high 600s with a decent amount of spend should be able to get one, the general public doesn’t seem to have caught on so when you whip out a Plat, the level of service you receive can change almost instantly. I can’t even count the amount of times that someone goes from yes/no ti yes/no ma’am or honey/sweetheart to Miss Chariot after the card comes out. Now, that really means nothing in the grand scheme of themes, especially for me, but for some people that makes or breaks the experience.

Also, I’m with you on the fee depending on your lifestyle. YMMV. I now have both of the cards mentioned and even though the fee was $550 and I got at least $1,400 worth of benefits/credits back. Granted, that’s because I was buying things that I would have normally paid for anyway. In any other situation it would not have been worth it at all. If you have to start making new purchases and signing up for sh!t just to get the credits you’re just pissing away money.

On that note, the Centurion Lounge puts the Sky Club and the United Lounge to shame. Even the flagship/hub locations can’t compare.
 

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I agree and disagree too! You can get approved with good credit but not everyone wants to pay the fees especially if they know they won’t use the benefits (let’s say they don’t travel much) it’s the annual fee and knowing most people aren’t willing to pay it that gives it the litttttle bit of exclusivity it has.
 

Juny.B.Jones

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I agree and disagree too! You can get approved with good credit but not everyone wants to pay the fees especially if they know they won’t use the benefits (let’s say they don’t travel much) it’s the annual fee and knowing most people aren’t willing to pay it that gives it the litttttle bit of exclusivity it has.
True
 

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I feel like most of the time they end up making money off of you since you are paying every year. People say "Oh, well I use all the benefits anyways" but is it something you would have spent money on before getting the card? Also are you comfortable closing the card and losing all that credit history if at some point you decide the annual fee isn't worth it?

Sooo true! It’s funny because a few weeks after this post, AMEX platinum sent an email saying their were increasing the annual fee to $700. I’m going to keep my card for now, but it definitely gave me pause. A lot of my “subscriptions” I really wouldn’t have used without my Amex card.
 

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