by Daniel | Last Updated July 13th, 2021
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Learn more about the Amex Platinum here.
So today I just wanted to talk about all of the new benefits that have been included to the Amex Platinum Card since they increase the annual fee.
So first up let talk about the new annual fee of $695.
This is up from $550 which was already relatively pricy for the annual fee of a credit card, and this represents a price increase of more than 25%.
But Amex has managed to add more than $900 in extra value to the card, which means it now offers over $1400 value.
So let’s have a look at what is new and all of the other perks it still has and then decide if it’s worth it.
Sign Up Bonus
To begin with, the welcome bonus has increased from 75,000 points up to 100,000 points, although you must now spend $6,000 within the first 6 months which is up from $5,000.
And according to the Amex points calculator, these points can be worth up to $1,000 if you redeem them on the right options.
But it is also not uncommon to be able to redeem even more value from these points when you transfer them to a partner hotel or airline loyalty program.
Points
The Amex Platinum continues to offer all cardholders 5x points on flights that are booked directly with Airlines or Amex travel up to a total of $500,000 per calendar year.
It will also continue with 5x points for all hotels that are booked through Amex Travel.
And all other purchases will continue to receive 1 point per dollar spent.
New Added Extras
So now let’s have a look at the new extra benefits that Amex has added to the card.
To begin with, you will receive a $200 hotel credit each year at either Fine Hotels + Resorts or The Hotel Collection, and these must be booked through Amex Travel.
Next up you will now get a $240 digital credit that can be used at either the NYT, Sirius XM, Peacock, or Audible. And this will be credited at $20 per month.
Another new benefit is a $300 credit that can be used at Equinox Gyms, and it is given out in $25 monthly credits.
Although this is a nice benefit, Equinox gyms are quite expensive and this won’t make much of a dent on the annual fee which can exceed $2,000 per year.
Also, there is a limited amount of clubs across America, so this credit will be pointless for anybody who does not live near one of the clubs.
And finally, you will receive a credit of $179 for a clear Membership.
Clear is a program that is implemented in airports and Stadiums across America, and basically, it allows you to skip the lines at TSA security checkpoints, by utilizing biometric inputs such as fingerprint and iris scans and this can save a lot of time.
At the time of writing this post, there are approximately 38 airports across America that use the service, so it is possible that it may not benefit you if it’s not in use at your regular airport.
So these new benefits have added approximately $919 in value to the card.
So if you were able to take full advantage of all of these benefits it would quite easily cover that annual fee of the card and then some.
Continued Benefits
So those are all of the new benefits, so let’s see what other benefits are still included with the card
You still get the $200 airline fee credit which can be used for incidental airline expenses such as luggage fees, seat selection, or even lounge access.
But it cannot be used towards the actual cost of your ticket, also you can only select one airline per calendar year so it’s important to make sure you select the right airline for you. Now I’m not 100% sure but if you contact Amex customer service they may be able to change your original choice of airline.
You also still get $200 in Uber Credits each year that can be used on both Uber rides or Uber Eats. And this is given to you with a $15 credit each month from January through November and then a $35 credit for December.
And in my opinion, this is a pretty useful benefit to have, it’s relatively easy to use the credit each month whether it be for needing a ride or just ordering some food.
There is still the $100 credit that can be used at Saks of Fifth Avenue which is given to you in two separate $50 credits each 6 months. This works out to be $50 for January through June and then another $50 for July through December.
So this is a nice little extra to have and has no minimum spend limit, so you could just spend say $25, and still receive a statement credit.
American Express has also continued their fine hotels and resorts program, and with this, if you make a booking through Amex’s ‘The Hotel Collection’ you will receive a $100 credit to spend at the hotel on any qualifying dining, spa, or resort activities.
Along with this, you will receive a free room upgrade assuming it is available, midday check-in when available, and 4 pm checkout.
There is also a daily breakfast for 2, and at a few select hotels in the Amex fine Hotels And Resorts program, you can receive a free night on either the 3rd,4th, or 5th night depending on the deal available.
So this is a really nice benefit to have as it provides great value and also gives you the opportunity to earn 5x points on your stay.
Another fantastic benefit that has stayed the same with the card is The American Express Global Lounge Collection.
This is probably one of the best cards to get if you want access to a huge range of different lounges all over the world.
First of all, you will have access to over 40 Centurion Lounges around the world, you will also receive a Priority Pass Select membership that is worth up to $429 and provides access to over 1,300 lounges in over 40 countries.
You will also have access to Delta Sky Clubs on the same day of any travel you do with Delta Airlines.
And according to Amex, they offer more lounge access than any other card on the market.
So I have found this perk to be extremely valuable for all of the travel I do, to be able to get access to a nice lounge that is usually more relaxed and quiet than most other areas in the airport and to have access to free food, drinks and wifi is really nice.
And finally, you still receive a statement credit of up to $100 for either Global Entry or TSA PreCheck.
This is a useful benefit to have assuming you do travel a fair bit as it does save you time at the airport which is always nice.
So these original benefits provide approximately $1129 in value which if used in full will also cover the annual fee of the card.
So if you add this to the new benefits that were just added to the card you are getting approximately $2048 in value each year assuming you take full advantage of all of them.
Other Benefits
Another notable benefit that comes with the card is that you will receive Elite status to both the Hilton and Marriot Hotels.
This means you will get Gold Elite Status with the Marriott Convoy program and then Hilton Honors Gold Elite Status.
And this will give a few benefits such as late checkout, room upgrades, and complimentary breakfast at select hotels.
You will also receive benefits from the following car rental agencies
*Hertz – Gold Plus Rewards
*Avis – Preferred
*National Car Rental – Emerald Club Executive
And depending on the company you will have the potential to receive upgraded cars when available, bypass the counter and go straight to your car or get an extra driver added for free.
There is also the Cruise Privileges Program which can provide anywhere from $100 – $300 Credit per Stateroom shipboard.
And this is available for cruises that are a double occupancy booking and a minimum of 5 nights.
And finally, you will receive a free ShopRunner Membership which is valued at $79 per year, and this gives you free 2-day shipping and free returns from over 100 retailers.
Travel Related Insurance And Coverage
Something new that came into effect on April 1, 2021, is Cell Phone Protection, and this can be used to cover up to $800 if your phone is damaged or stolen and can be claimed 2 times per 12 month period.
Next up you get ‘Trip Delay’ Insurance which offers up to $500 per trip and can be used twice within a 12 month period.
You also get ‘Trip Cancellation’ insurance that covers up to $10,000 per trip and a total of $20,000 per card per 12 month period.
There is an ‘Extended Warranty’ that will basically extend a manufactures warranty by 1 extra year as long as the manufacturer’s original warranty is 5 years or less and purchased from within the United States.
There is also ‘Purchase Protection’ that gives you 90 days to help protect recent purchases if they are lost, stolen, or accidentally damaged.
And it will cover up to $10,000 per item and $50,000 per calendar year.
You also get ‘Return Protection’, and this coverage provides you up to 90 days and up to $300 per item that a merchant won’t take back, and it is limited to $1,000 per calendar year.
And finally, you get secondary car rental insurance that covers up to a total of $75,000. For any damage or theft of a rental vehicle.
So even though the annual fee has increased to $695, Amex has added quite a lot more value to the card, which makes it relatively easy to cover the cost of the annual fee assuming you make the most of all of the benefits available to you.
But seeing that some of these new benefits are a bit random I wouldn’t be surprised if a few platinum members will be downgrading to the Amex Gold card as it is only $250 per year and still has some great benefits.
But Id love to know what you guys think of the new $695 fee?
And if you think the Amex Gold card is now a better option?