When the Sapphire Reserve got revamped last year, the Amex Platinum was quickly rumored to follow. I was optimistic that Amex would finally come out with some decent benefits to catch up to their rival.
In the increasingly competitive world of premium credit cards, Amex has long managed to charge an egregiously high annual fee while offering next to zero passive value. Alas, that remains unchanged.
Let's break it down:
For a more in-depth review of these benefits, check out my previous post. This will only focus on net-new changes.
Points
Let's get my greatest disappointment out of the way first: Amex continues to be the worst card to put your daily spend on.
The only spending multiple above 1x for this card is on flights + hotels booked through the Amex portal. That might sound decent until you compare it to the Reserve's 8x points / dollar spent for the same category.
In addition to that, I still have yet to see a flight that did not cost more when booking through the Amex portal as opposed to the Chase portal or paying cash. So your points are effectively worth even less.
This card is effectively a coupon book. Nothing wrong with that if we can still come out ahead.
Static Bennies
Given the complete lack of point value, the static benefits need to be enough to outweigh this card's new annual fee of $895.
$300 Lululemon credit
Amex finally introduces a brand partnership to match the premium feel of this card. Like nearly all credit card benefits at this point, it's spread out across the calendar year, but what can ya do.
Total value: $300.
$400 Resy Credit
Another benefit that's decently easy to take advantage of. This automatically applies to any restaurant that's on Resy, regardless if you made the reservation through them. Check to see if that place is on the app and you should be good in my experience. Again split up amongst quarters, but easy enough to take advantage of. You might even use this unintentionally. Check the Amex app under card benefits to see if you have.
Total value: $700.
$300 Digital Entertainment Credit
This is an increase from the previous $200 / year credit, with some new additions to boot - YouTube Premium, YouTube TV, ESPN, Disney+, Paramount+, etc. There's likely something for you here.
Total value: $1000.
With these new credits alone, we've already surpassed the Annual Fee. This is before we even account for all the of the benefits I outlined in my previous post.
Between Clear, Uber, Walmart+, hotel credits, etc there's certainly value to be had from the Amex Plat - if you're willing to put in some effort. I would imagine most people aren't, and that's okay. Know thyself.
Full benefit highlights: https://www.americanexpress.com/us/credit-cards/card/platinum/
Wrapping Up
My experience with Amex over the years is that they're far less a true valuable membership and more of a status symbol. Does it feel good to plonk down that hefty metal card at dinner? Sure. But true gamers know that Sapphire Reserve is undoubtedly where it's at. It's a far better value no matter how you slice it. Unless you're willing to put in the effort to take advantage of this coupon book, save yourself the trouble. Your dollars earn far more elsewhere.
If you are going to take the plunge, leverage this cheat sheet I keep pinned on phone's Notes app.
(I also set recurring reminders to take advantage of credits before they expire.)
Amex Platinum Perks ($895 annual fee):
- $100 / quarter w/ Resy ($400)
- Jan - Mar: ✅
- Apr - Jun:
- Jul - Sep:
- Oct - Dec:
- $75 Lululemon / quarter ($300)
- Jan - Mar: ✅
- Apr - Jun:
- Jul - Sep:
- Oct - Dec:
- $600 hotel credit (semi-annual - $300):
- Jan - June:
- July - Dec:
- $200 airline fee credit (Southwest):
- Baggage fees
- In-flight purchases, etc
- $240 Digital Entertainment credit: ✅
- $200 Uber: ✅
- Clear ✅
- Walmart+ ✅
- Saks:
- Jan - June:
- July - Dec: