4 Reasons You Might Regret Getting the Amex Platinum Card
KEY POINTS
- You only get one shot at the welcome bonus, so make it count.
- "Coupons" pay for the annual fee, but you have to keep track of them.
- Everything else aside, this is a travel card -- so it's best for people who travel.
Like seemingly everyone else, I have The Platinum Card® from American Express. And, personally, I dig it. I enjoy the perks, I get my money back in credits, and, frankly, I think the card looks pretty.
If you spend even five minutes in the credit card social media sphere, however, you'll quickly see that there are a lot of folks who aren't such big fans. In fact, I've seen quite a few posts from people who actually regret getting their Amex Platinum Card.
The reasons are varied, but from what I can tell, these are the most common reasons you might regret getting the card.
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Rewards Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel. Earn 1X Membership Rewards® Points on other purchases. Terms and limitations apply.
1X-5X Membership Rewards® Points
Annual Fee
$695
Welcome Offer Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership.
80,000 Membership Rewards® Points
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This luxury travel card has some of the most prestigious perks you'll find — access to over 1,400 airport lounges, elite status with Hilton and Marriott Bonvoy, and spending credits worth over $1,500 in value every year. Just be ready for the hefty annual fee, which can be offset in the first year with a welcome bonus worth $800 in points. Terms apply.
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- Big welcome offer
- Substantial spending credits
- Airport lounge access
- Hotel benefits
- Flexible travel points
- Annual fee
- Limited bonus categories
- Spending credits can be complicated to manage
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- Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Apply and select your preferred metal Card design: classic Platinum, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu.
- Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
- $200 Hotel Credit: Get up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings with American Express Travel when you pay with your Platinum Card®. The Hotel Collection requires a minimum two-night stay.
- $240 Digital Entertainment Credit: Get up to $20 back in statement credits each month on eligible purchases made with your Platinum Card® on one or more of the following: Disney+, a Disney Bundle, ESPN+, Hulu, The New York Times, Peacock, and The Wall Street Journal. Enrollment required.
- The American Express Global Lounge Collection® can provide an escape at the airport. With complimentary access to more than 1,400 airport lounges across 140 countries and counting, you have more airport lounge options than any other credit card issuer on the market. As of 03/2023.
- $155 Walmart+ Credit: Save on eligible delivery fees, shipping, and more with a Walmart+ membership. Use your Platinum Card® to pay for a monthly Walmart+ membership and get up to $12.95 plus applicable taxes back on one membership (excluding Plus Ups) each month.
- $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to your Platinum Card®.
- $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Uber Cash and Uber VIP status is available to Basic Card Member only. Terms Apply.
- $189 CLEAR® Plus Credit: CLEAR® Plus helps to get you to your gate faster at 50+ airports nationwide and get up to $189 back per calendar year on your Membership (subject to auto-renewal) when you use your Card. CLEARLanes are available at 100+ airports, stadiums, and entertainment venues.
- Receive either a $100 statement credit every 4 years for a Global Entry application fee or a statement credit up to $85 every 4.5 year period for TSA PreCheck® application fee for a 5-year plan only (through a TSA PreCheck® official enrollment provider), when charged to your Platinum Card®. Card Members approved for Global Entry will also receive access to TSA PreCheck at no additional cost.
- Shop Saks with Platinum: Get up to $100 in statement credits annually for purchases in Saks Fifth Avenue stores or at saks.com on your Platinum Card®. That's up to $50 in statement credits semi-annually. Enrollment required.
- Unlock access to exclusive reservations and special dining experiences with Global Dining Access by Resy when you add your Platinum Card® to your Resy profile.
- $695 annual fee.
- Terms Apply.
1. You missed out on the welcome bonus
Before you even start to talk about the perks and credits, you have the Membership Rewards points. If you get a good welcome bonus, the points you earn can be enough to get to Europe -- and back -- in business class. Terms apply.
So it makes sense you might be bummed if you managed to miss out on the welcome bonus. Maybe you weren't eligible for some reason, or maybe you just couldn't meet the spending requirement. Maybe you upgraded a different card without a bonus before realizing you'd be missing out. No matter the why, it definitely stings.
Worse, you may regret your welcome bonus even if you managed to earn it just fine. Why? Because you may not have maximized your welcome bonus.
Amex cards come with a once-per-lifetime rule, meaning you can only earn one welcome bonus per card per lifetime. If you applied for your card with a smaller welcome bonus, then later spotted a much higher one -- well, I'd be a little salty about that one, too.
2. You don't like tracking statement credits
If you've ever heard of someone refer to the The Platinum Card® from American Express as a "coupon book," it's because the card has a whole host of statement credits. These credits are what (most) cardholders use to make up the cost of the absurdly high annual fee (see rates and fees).
The only way those credits actually do that, however, is if you use them. And for most people, that requires keeping track of which credits are available, and which ones you've already used.
For me, this is easy. I like spreadsheets, and I'd be tracking this type of stuff anyway.
Other folks…may not love it so much. And if you aren't tracking your credits, you may not actually be getting your annual fee's worth of value. Which means you're paying for something you aren't using, and most of us regret that.
3. You don't travel, so the perks aren't useful
Even with all the lifestyle-centered credits, the Amex Platinum Card is a travel rewards card. If you don't travel, the majority of the card's perks simply aren't going to be useful to you.
For example, if you don't travel, then you probably won't use up the hotel or airline credits. Similarly, you won't need the elite status with Marriott and Hilton. (Terms apply, enrollment required.) You may even struggle to put your Membership Rewards points to good use.
Even if you do travel, if most of your travel is around the major holidays, you may still find yourself unhappy with your card. Airport lounges -- the access to which is a big selling point for some folks -- tend to be packed when everyone in the country is flying at the same time.
4. You're spoiled by the perks and can't go back
Alright, so this one is a little tongue-in-cheek, but it's also something to consider if you're prone to lifestyle creep.
Once you're used to spending every layover in the lounge, you don't go back to waiting at the gate. I can't go back to the gate, man.
Seriously, I'm spoiled now. I'm getting a little too used to lounges, business class, and Fine Hotels & Resorts upgrades. I even enjoy my biannual splurge on something silly from Saks Fifth Avenue -- just because. (Terms apply. Full disclosure, I get enough from the other credits to make up my fee, so I don't need to maximize that one. It's just for funsies.)
If I had to cancel my Amex Platinum Card tomorrow, I'd start looking for ways to get these same perks elsewhere today. You really don't know what you're missing out on until you've tried it.
But, as I've shown above, the card isn't for everyone. So if you worry you'll regret picking up an Amex Platinum Card, consider all its pros and cons before you apply.
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