Amex Platinum Card Review After 2 Years (2023)
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- Äas pĆidĂĄn 5. 02. 2023
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In this video we are doing an updated Amex Platinum Card review to answer whether or not this popular American Express credit card is worth it! The Amex Platinum benefits and features are really good for those that travel a lot, but the high $695 annual fee makes it one of the most expensive credit cards out there. So, since Iâve now had the American Express Platinum Card in my own wallet for 2 years, I figured that I would give you all my honest opinion on whether or not this card has been worth the price.
American Express designed the Platinum Card to be very travel focused with its many credits like an Uber credit, an airline fee credit, a hotel credit, and many more. The Platinum Cardâs point multipliers are also focused heavily on travel with 5x points on flights and certain hotel bookings. But to justify such a high annual fee it takes a very specific customer, so thatâs why this credit card needs such a detailed review.
Overall like I talk about in this video, after 2 years with the Amex Platinum Card, Iâve received a lot of value. My total value typically comes close to the annual fee every year from the credits, so when I add in what I get from all of the other benefits, I think the Amex Platinum is worth it for me. But for anyone watching this, youâll have to run the numbers yourself!
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Once you cut these into segments with time stamps, and even produce some shorts this channel will shoot to the moon my friend.
Been watching you since the beginning! Love the quality of your analysis and research. Proud to see this channel continue to grow!! I've recommended it to everyone! And congrats to you and your fiancée!
When your browser refreshes and your sign up bonus goes from 125,000 to 80,000
Yes on card pointers!!!! Love when they get mentioned. Such a great app/extension/service!!
People complain a lot about the âcouponsâ but they really arenât hard to use or keep track of. Itâs Excellent travel card and I love having it in my wallet. If youâre not traveling itâs not for you.. itâs that simple.
100% agree, if you're not traveling then it's not for you! I've been traveling more and more so I've been able to easily justify the cost personally. But not everyone will be the same. Thanks for watching and commenting!
This card definitely isn't for everyone as you said. For someone like myself who is just beginning to travel more, I would have to do way too much work to get value from even half of the monthly credits, so it doesn't make sense for me yet despite how popular this card is. Getting value from credits NATURALLY is key on these high AF cards. Great work on this one as always!
100% agree with that where spending naturally is key to get true value from the credits! And yeah travel is very important to justify the cost here - thanks as always for watching Spencer!
Chase Sapphire Preffered is a good option
@@elip.982 Agreed! I got that one myself.
Saphire Reserve+freedom unlimited is hands down the best combination out there
@@moisesojeda1085 I'm a fan of that duo! While it isn't the best for everyone, it definitely isn't bad.
Good overview!
Thanks so much, appreciate it man!
@@Daniel_Braun Hi, I'm having a problem downloading amex platinum calculator
Great video. Thank you, Dan đđŸ
Thanks so much for saying that and for watching!
Awesome & very informative video again, Dan! I also have the US Amex Plat, but since I'm traveling outside of the US most of the year I almost can't find any use of the credits! Wish they would be more abroad travel oriented :)
240 credits for digital, 200 hotel, 200 airline credit(its worked with southwest), 189 clear, 200 uber. Definitely worth it for me. Also get 150 credit for having a corporate card.
Great video as always!
Thanks so much Brandon! đ
I love this card, even after only having it for a few months. I have an Equinox membership so I got $300 credits for that just in the first two months. I also live in the city without a car so Iâve been fully taking advantage of the Uber credits as well. Iâve never had airport lounge access until now and itâs such a game changer and makes traveling so much more enjoyable. I feel like Iâve already gotten my moneyâs worth and I havenât even gotten my 150,000 points welcome bonus yet! Thanks for the video!
If you can afford a $200/mo equinox membership,then yeah, you could lose the $750 membership fee and still be happy because of the status symbol of having the card.
$200/mo for a gym membership is absurd for most Americans. Obviously someone who can afford an equinox membership isnât going to regret spending $750.
@@1KingFisher Sounds like you need to get your cash flow up.
Lol, Americans owning the American Express Platinum has it easy. Here in Australia, we have to pay a $1450 annual fee, 3% foreign transaction fees, to get only 2.25 points per $ spent. The only thing we get more is the huge bonus amounts, 150,000 to 275,000 points.
It makes you think Amex wants people churning their cards, not long-term customers.
Interesting to hear what versions of this card are like in other countries!
Thanks Danny. This card is definitely polarizing. If you can find the value, it's great, but you have to be in the details to get the most value. Good job.
Thanks Scott! Yeah people seem to feel very strongly in both directions for the Platinum card, so it's always important to run the numbers!
Great video! What would you say is the best travel credit card? Since chase is very difficult because of the 5/24 rule
Thanks for another fair and honest evaluation, Daniel. I agree that the card isnât for everyone. But, I personally still find good value in it, despite the annoying coupon book approach. I live in Minneapolis, where Delta is a hub and has 2 Delta Sky Clubs. I also often travel to cities with Sky Clubs, so I can use the lounge access coming and going. Itâs painful each year to pay the $695, but when I do the math on my way living, I think the card still works. And since I have the Schwab version, itâs nice to have the cash redemption option at a 4.4% rate. Take care!
I think the card totally makes sense for you too Anthony, especially if you're flying Delta a lot like you said. To be honest I wish I could take advantage of Delta more, but it's not usually an option for me on most routes that I've been flying lately. Always good to have that Schwab version too, I'm a big fan of that one and will be adding it later this year. Thanks as always and talk soon!
Great video!
Thanks so much Jasen, appreciate it man!
Was at the Centurion Lounge at KMIA over the weekend and actually talked to the rep at the desk and asked if the changes seemed to put a dent in the overcrowding after someone in front of me payed $200 for their 4 guests. He said he hadn't noticed an impact because people "will just always pay the fee now."
Very interesting to hear that point of view! Yeah I can see that still happening - I'm gonna have to ask the rep at the desk the next time I'm at a Centurion Lounge as well. Thanks for sharing Matthew!
Perhaps we need to wait a bit longer. Probably an entire year for things to cool down. Thereâs probably a lot of folks paying the fees initially in embarrassment after probably waiting in line to get in for 20 minutes with their guests. Then once they get to the front desk they donât want to upset their guests for waiting for nothing.
I just got this card almost a month ago. I was able to get the 150000 bonus offer so I went for it. My husband travels a lot for work and we plan to travel more this year and next with our kids so we thought we would give it a go! I appreciate all the help so I get the most out of it!
I was bummed I had already paid for a year membership to Walmart a few months ago so I canât use that credit đ€š
But will definitely get use out of the others!
Thanks so much for watching Brandon! Great to hear that you'll both be able to get some good value from the card for travel and some of the credits đ
Totally agree about the most important point on the card, the annual fee vs. credits. Peronally, with the $200 Hotel credit, $200 Uber credit, $200 Airline Fee, $100 Saks Fifth Ave, I'm able to at least break even every year, with lounge access, Amex Offers (an often overlooked point!), and other benefits as the cherry on top! Overall I think this card has given me the most value out of all my cards, and even 4-5 years later, don't plan on cancelling any time soon!
Yeah definitely agree with you, when I consider all of my credits along with the offers and other benefits I end up on top - even though last year I conservatively said I was under the annual fee with the value from credits. Always love to hear your input Kevin, thanks man!
Hi Kevin, I utilize the card for the wide-range credits that fully offset the annual fee and then some (Uber, airline incidental credit, hotel credit, digital entertainment, etc., airport lounge access, amex offers, and booking flights. I find it to be a no-brainer how it is currently set up, and it is easy to find positive net value year after year. If you travel multiple times per year, then it is a great card to have. đ
For me I donât count the Saks or Uber credits as value because I donât normally shop at Saks and only order through Uber Eats to use the credits. Therefore those arenât offsets for me since I donât spend that money naturally.
lol have you checked Uber eats pickup food prices vs ordering directly at restaurants? It is at least 25% more. I dont even need to talk about delivery option. So the value in these credits are questionable now.
Philly in the building đđŸđđŸđđŸâŠ
Me, Hubby, and kids are constantly dining out and traveling, with my daughter having dance competitions and traveling to different states.. The Amex card is definitely worth it to me.. used my points to pay the anual fee and also take took full advantage of airline credits, entertainment, connected my Marriot and Hilton accounts, etc
Hello Daniel!
I love your videos, I want to open a business checking account and would like to know which do you think is best.
Just got approved thanks for the info bro
The extra gold card that come with the platinum card is what got me I thought it was like the reg gold card fool me
You are so so rite about that
As a college student this card definitely doesnât align with my natural spending habits so far. I donât travel too much either to justify the cost regardless. I travel 1-2 times a year and donât even have an lounges available at my home airport. Iâve been mostly focusing on finishing off my chase trifecta with the CSP. I have the flex and unlimited thus far and am at 3/24 with 4 cards total. Amex seems like a late game credit card setup as I gain freedom to travel. Awesome video as always Dan!
I have my gold card (got it for other benefits besides the 3x points on flights booked directly with airlines or through Amex Travel) but I honestly think if you pair the gold with a different card you wont even need the platinum besides the centurion lounge access.
If you wanna stay in the amex ecosystem signing up for the blue business plus earns you 2x points on all categories with no annual fee. Or you can get the amex green card which has a $150 annual fee and that'll cover any travel categories that the gold card doesnt cover. So paying the gold and green annual fee is still cheaper than plat ($400) and you just earn 3x points instead of 5 and no centurion lounge access. The green will still get you other lounge access through a 3rd party app and you get $100 statement credits annually. So idk I think the plat really is for a specific type of client
The problem with the platinum is the bonus categories. 5X on hotels booked through the AMEX portal is good however u are forced to used their portal which is more expensive usually than booking directly through the website. No other bonus categories outside of travel. All in all the card overall in my opinion sucks. I have the Gold and Citi premier which are way cheaper and cover a lot of bases in the travel space. It's a good 2 travel card set up.
@JoshSutto hotels is 5X only booked through portal.......flights is 5X through portal or directly with airlines. They make it complicated like that.
Iâve not had the problem of it being more expensive. Iâve often found it less expensive.
@@VictorMartinez-zf6dtyes, in my experience the hotel was the same price through Amex portal or the direct hotel. So I went through the portal for all the FHR credit and perks.
Yeah I really wish that Amex gave us the option to earn 5x on hotels outside of their portal as well - it's always good to have options! It's a card with a lot of potential for the right person, but definitely not a good card for everyone with that annual fee! Thanks for sharing your thoughts John, appreciate it!
Saphire Reserve > Amex Platinum
not too mention the CSR can be used at Costco
Would you recommend trying to get the card and cash in on the sign up points? I was thinking of getting it since the 150k points, saks cash (planning to get a bag from there anyways), and some of the travel perks this Year. If I don't like it I was thinking of later downgrading it after a yr to another Amex card.
Sign up bonus alone more than doubles the annual fee. The card is a no-brainer in year one. After that youâll need to crunch the numbers
Do you have both the platinum and CSR
No mention Walmart+ membership includes Paramount+ Essentials streaming for $12/month - another $144 in value. Also if you get the Schwab branded card you get another $100 or $200 dollar annual statement credit based on how much you have with them.
Does Amex platinum offer minimum payment or does it need to be paid in full ??? Thatâs my question for you
I have this card (in fact, I have 2 personal and 1 biz Plat). Great benefits, but it's a CHORE to keep up with the "coupon book"
Yeah definitely can be a chore at times lol. If I ever get a really high offer for the business plat then I might consider it! Definitely lots of value and I'm glad I have the personal one because it works for me
As a Canadian the multipliers the US version gets is crazy great. Up here we get 3x points on dining and food delivery 2x points on travel and 1x on all other purchases. Thatâs terrible for a mid tier card let alone a premium $695 per year card. You guys are lucky.
Yeah always interesting to hear what other versions of the Platinum card are like in different countries. I like what Amex offers here in the US, but other versions might not be as good like you said!
The dealbreaker for me currently is the annual fee, the gold card is a much better match for me
I have Delta Platinum and its credit limit is really good. If I apply for Amex Platinum, how does limit gets affected? Does it going to share to total limit similar to additional card holder? Or since it would be a totally new card with low credit limit?
It is a completely new card. You would keep your Delta Platinum credit limit. The Platinum is a charge card and does not have a preset credit limit.
My home airport and places I tend to fly to are United hubs. I cannot justify getting this card for lounges because most United terminals do not have priority pass lounges or centurion lounges. This card is great if you fly Delta and American.
Well itâs great that Iâm active duty and American Express waives all fees and for other credit cards!
I keep getting emailed (sometimes in my portal) for a 150K SUB but I finally got under 5/24 for Chase to get the CSP + CIC and once I get CFU (for 5% groceries) + CIU (90K CUR SUB), I'll consider it ONLY for SUB then cancel after first year.
Smart to prioritize the Chase cards first with 5/24 like that! The Platinum SUB will always be a good option for that 1 year if you want to go for it like that too
I personally signed up with the Schwab partnered card to discipline my stock investing. I figure DCA'ing at the time of points redemption may be better than trying to guess/time the market with my larger cash reserves. đ€·
That's a pretty cool strategy to take with your points! I've always thought about what that would look like over a 10 or 20 year period compared to transferring the points for flights
@@Daniel_Braun about to find out lol. I've been extremely lucky the last decade timing the lows and highs, I even managed to leverage in Nov and Dec to catch the January "pump".
I'm afraid I've pushed and stretched my luck to the limit though, I've deleveraged and seeking long term growth with dividend ETFs and the S&P. I think this card will help me achieve that.
The charles schwab plat would be the only plat Id get. If I choose not to travel I can just transfer my points to my CS account and use the money however I feel like it. Eventually I plan on getting an amex trifecta starting with my gold. Blue Business Plus is next
For active duty military, annual fees are waived
As somone who will begin their traveling journey next year, I really want to get try to get it at the end of the year but Iâm hesitant because of the amount that has to be spent to make the $695 worth it.
As you state, the only thing that lets this card compete with others and the thing that will probably make or break it for most people after taking into account everything else, is the lounge access. If you like lounges and can make use of them, then it can be worth it, but otherwise all the other credits/rewards/etc don't add up to beat the annual fee for most
Thanks for watching Josh! Yeah for many people this card might not be worth it - but for those that do get good value then it can be a great option. The lounge access is a big part of it no doubt though, so it's a card that's best for travelers
This has basically been my thought. I want the lounge access, but for the 2-4 times a year that I fly, I'm not sure it's worth the $700/yr fee.
I'm saving my points for future travel. In the meantime, I'm offsetting the cost of the annual fee with the credits it offers.
Want to verify this before applying; if I get my first Platinum as an authorized user, would that affect my ability to get a future sign up bonus from applying for my own Platinum?
A comment above this says that it could affect that, but I was an authorized user and then got my own card/account and did not have any issues and got a 150k sign up bonus
I'm keeping my card cause in my first year I've had positive value of over $940 on the $695....plus the 100.000 pts? And I've visited the centurium lounge about 10 times in the last year not even counting the priority lounges. Lost count.
One was Walmart+ helps me out, is it counts as online shopping, so I get 3% cash back with my blue cash preferred shopping both there and BJ's, which is where I do a large amount of my brick and mortar shopping
I got one for 150,000 bonus with $200 back. It's the greatest offer all time I think.
can you make a video on how to get the Morgan Stanley American Express Platinum card in 2023? I don't care about getting the 695 credit. I just want to know how to get the card itself.
SO if i have no fee then i see no negatives
I love this card... Just got stuck in vegas and got 8 beers and lunch. also used all most of there benefits..... BUT THEY CRUSHED WHEN I WENT TO ROME!!!! The upgrade room was amazing
If you've never had Amex Platinum before and plan to get it some point in the future, DO NOT get yourself as authorized user. It might cause you not qualified for welcome bonus when you apply for Amex platinum as a primary card holder later. Source - Amex customer support.
This is definitely in a weird premium travel card space where you need to be able to use credits while also traveling a decent bit for it to be worth it!
Yeah exactly, there's a certain amount of travel that is needed for the card to be worth it, so it's definitely not for everyone! Thanks as always for watching Manny!
Even without traveling much, you can break even on the credits alone
I stooped the card when the fee doubled and when Costco stoped accepting Amex.unless you use all those benefits to the full, you're losing money.
for such a massive annual fee, this card really should get 1.5-2x on general spending. But guess they don't have to as many probably have this card as a 1-2 card setup and for the prestige of the card not for maximizing benefits.
That would make me get the card
My af is due and i'm leaning towards keeping this and cancel the vx. Main reason is because i'm based in lax, there are no priority or plaza premium lounges. At least i can get into centurion and delta with the plat
I get it for free as active duty military so it's a sick value for me but I don't think I'll keep it if I ever need to pay that fee.
Thatâs how I look at it. Got mine recently and with no fee itâs great. Iâll probably just cancel once Iâm out unless Iâm still getting value out of it.
Can I open this card for 11 months before paying annual fee and cancel before 1 year is up ?
Thats what i would do
I think the Hilton Aspire is better for the trifecta vs the platinum
Gold card, BBP and Aspire?
@@evanloveless3327 Yeah I think thatâs a better trifecta for those conscious about AFs
Hilton Aspire is another solid card! I'm gonna look into that eventually đ
I just got it with a 125,000 SUB and I figure Iâll get $240 streaming, $200 Uber, $200 hotel, & $100 Saks. Weâll see if I decide to keep it after a year though.
That's a great SUB! Sounds like the card can be justified for you with those credits too. Thanks for watching Michael đ
It's a big nope for me. The coupons they offer are of no interest to me, I very rarely travel, am team cash back, and the multipliers on the platinum are poor compared to the card lineup I regularly use. Definitely not worth paying $695 for a card that I would basically sock drawer, since it would be worthless for me to get and no reason to take up space in my wallet with the cards I actually use.
New SFO Centurion Lounge well worth it đźâđš
I'll be checking it out in a few months! Excited to see it đ
1000USD for AMEX platinum card in Australia and AMEX card holders in here have much less benefits compared with AMEX platinum in the U.S., platinum card service in New Zealand is even worse.đ đ đ
Is the annual fee instantly or after the first year ??
Instant lol
I got approved for 150,000 pts once I spendi 8k in 6 months. Here I go.
Definitely not worth it. Most people Iâve seen with this card have it for the status symbol. They do travel some but they also just pull it out at restaurants and bars to look cool lol. They really should be pulling out the Amex gold. Theyâd look cool and be getting the correct amount of points back. I still feel like if you want a travel card thereâs better options for less of an annual fee and better perks. Much less work with a Sapphire or Venture card.
Also other cards have offers like Amex offers. My no annual fee cards have that all the time so itâs not just a magical Amex thing.
Thanks so much for watching and giving your input - yeah the Amex Platinum is definitely not for everyone, I agree. I personally like it, but I also really like what the CSP and Venture X offer as well!
It might vary from person to person but thereâs definitely that âyeah, thatâs right, I got an Amex platinumâ status aspect.
Some people may be using it to hit their sign up bonus or⊠they may have the resy bonus which is 10x for 6 months. Donât judge before not knowing.
I think capitalone venture x is more worth it
I am in the military, i get waived the annual feed, also i referral some friends , so i get 15,000 for each friend
I can get the annual fee waived so imma look into this
How?
It has so much values in USA, but in India, they don't have these credits like uber and all
I feel really lucky for the 150K offer I got. Then I got another 90K for the gold.
Also: how can I get 1.5M points!
Philly Stand Up! Lol itâs a Philly Thing..âŠ
Go Birds!! BIG weekend coming up - if they win you know I'll be mentioning that in a future video lol
Hey Daniel.
Can you talk about the new changes to this card. Itâs really terrible.
Video coming out later today for that! I had another platinum video filmed, but then refilmed new footage about these changes
Daniel - This is EASY, The answer is HELL NO !!
100% CAN be Worth it.
Every year I receiveâŠ
$240 Digital (was already streaming)
$200 Uber eats
$200 Hotel credit
$100 Saks (this year bought $500 worth of sale items with this credit)
$189. Clear
Approx $200 a year in cell phone insurance savings
I also use the Walmart credit (not for Walmart) but to get the paramount plus benefit that comes with Walmart plus. Otherwise that would be zero.
So >$1000 each year
This year specific can addâŠ
$100 global entry
$190 in offers
$450 back from purchase protection that I would have been left with nothing
$? In rental car insurance savings across several rentals
So like Danial said, run the numbers, donât just blindly say itâs not worth it because it can more than pay for itself.
Love to hear that you've been able to run the numbers for yourself to see that it's a good choice for your wallet! Thanks so much for watching Robert
I like the video, but I donât think he has yet to actually live with the card., yet. All of his negatives about this card could have been easily predicted before he even applied for it. Iâve had it for a few years and it does exactly what I wanted it to. I guess thatâs why I got it. Like with anything, choose wisely.
The US card is so much better than the UK one wtf
Itâs way too micromanaging to get your value back
And thatâs coming from a micromanager lol
Lol yeah lots of micromanaging for sure!
đđ»
Youâre the best! Thanks for first comment again! đ„
I make over 6 figures annually so its definitely worth it for me.
Nice, love to hear it Bernardo!
To any military member watching this videoâŠthe 695 bucks is waived each year
How do we get it waived? Do we email them?
@@DanVlogs215 you have to call them and provide your current orders.
Donât need it!
Definitely not a card that will work for everyone, so no need to spend $695! Thanks for watching Corey đ
Hey guys if you're in the military active duty, reservist, or national guard. You could waive the annual fee every year if you provide a copy of orders if they have been longer than 30 days. This is a great to get this credit card
100% not worth it.
Definitely tough to justify the high annual fee for many people!
@@Daniel_Braun I switched to the Sapphire reserve and really like it.
@@mike4088 no you did not
@@rah7207 Yes, my company makes me book through travel through concur so the x3 travel and dining credits cover everything that work reimburses me for. It's free cash. Plus with the $300 travel credit the card is only $250 a year.
@@rah7207 how would you even dumbo
I will keep it because Iâm military đ
The annual fee waiver is huge! Definitely smart to have the card with that đ
I am military too but be careful once you get out of the military you will have to pay the annual fee or if you Retire from the military you still have to pay
Definitely not worth it. Smh I downgraded and got other travel cards with more perks. Most companies have their own corporate Amex cards that they issue so no room for using your own.
Is it just me or should we cast this guy as the next Joker???
Age ten more years and get a job off of CZcamsâŠthen youâll figure out why the Platinum card is one of the absolute best cards on the market.