4 Reasons You Might Regret Getting the Amex Platinum Card

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.

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.