My WARNING Before Applying For The Amex Platinum Card.
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- เผยแพร่เมื่อ 9 ก.ย. 2024
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The Amex Platinum Card may need a Reality Check…
Even though I’ve been talking up the Platinum
Card a lot lately, and really have been loving it, it wasn’t always that way.
So today we’ll go back in time to my original notes that had my CONSERVATIVE estimate on all the value I thought I was going to get by holding the then $550 Annual Fee American Express Platinum Card, to today with 3-4 years of experience, and realizing just how little value I got out of the card… until the last few months really haha.
Do note however, in 2021 during the $550 Annual Fee days, it didn’t have Equinox credits, Walmart Plus credits, Digital Entertainment Credits etc. So this will just go through my note that included Saks Fifth, Uber Cash, Hotel Credit aka, FHR - Fine Hotels & Resorts or Hotel Collection, Lounge Access and I think I forgot about Clear or it wasn’t a thing in 2021? I’m not sure.
So this video is for those who may make a mistake, and who are thinking of getting the Amex Platinum Card just too early, just like I did.
However as I say in the video, I do not regret my decision, it’s all learning at the end of the day.
Thank you for watching/reading as always!
- Anthony Venture
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Tags: #amexplatinum #americanexpress #creditcards
This video is for those who may be thinking of getting the Amex Platinum Card just way too early, like I did.
That’s right, another day, another rainy Platinum card video 😂
💳 💎🧨The Amex Platinum Card: www.cardonomics.com/i/anthonyventure/the-platinum-card-from-american-express
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The fact you cam look back, admit mistakes made and be willing to learn first hand is what makes you relatable and a great content creator.
+100 on this comment
Wow thanks for that Woodzy!! That means a lot to me really. 🥲😭
I just assume everyone knows more than me haha, so I can learn from everyone, but also can show all my issues and mistakes along the way!
Thank you again man really, and Key as well ❤️
This hurt to watch 😂. Glad you got your research together
Thanks Lani hahaha, it happens to the best of us I guess, hopefully this helps others as well!
The platinum was my first travel card with the 150k SUB. I wish I would have done more research and gotten chase cards first because I’m over chase 5/24 now.
Yeahhh that too, Chase inks and other cards are very valuable for sure, Platinum will always approve you down the line though.
Thanks Jay Ray!
How did you let this happen, being that you are friends with Mr Do Your Research?
You should have stopped me in 2021 Sledge! 😭 imagine I somehow stopped into your grocery store and you fixed me before this happened 😂
@@AnthonyVenture 😂😂
Would love to see a video about why you moved from NY to SC. That sounds like a huge change.
It was, the hardest time of my life actually. Maybe one day, maybe a livestream actually would be easier one day.
Thanks Dubs for that!
I’ve been buying BOSS 3 pack XL underwear for $48.60 every 6 months at Saxs Fifth Ave. I need underwear😂
Oh...good call. Maybe share pix....?
Hahahaha GOOD USE Lawrence!!
And damn Jazzy, that’s for his paying Only Fans people only!
This is a great video. We were all younger when I started typing. I know more now. So do you. :)
When I called on Monday to cancel my Amex Platinum, they told me I got it in 2007. They were very sweet about it and said I was welcome back any time.
But I get EVERY credit on the Platinum with some other card. It was time to say goodbye.
And I know a lot of creators are OBSESSED with credit history, but I will tell you that it some point, you can cancel any card you want. My history is very old.
Thanks Richard! I hope it adds clarity to some folk looking to get it from my first hand experience as well.
And wow!! I mean it makes sense, if everything else is covered, then it makes sense to cancel.
Yes Amex is always very nice, number 1 in customer service.
Oh for sure, it’ll stay on for 10 years if good history so really, you never really take a big hit from it anyway unless it was your biggest limit by far ha.
Thanks again Richard for the insight!
Thanks again; and don’t forget that charge cards NEVER report a limit, just a balance.
@@Richard_Bullwinkle Yep, 100%, really no downsides to cancelling the Charge cards, agreed!
Love the honesty and thought process! I don't see myself pulling the trigger on the personal platinum for a long time especially since I haven't gotten the SUBS from the gold and green. The benefits of the card you outlined just don't outweigh the annual fee in the long run for my current, mostly cash-back lifestyle.
Makes sense! And yes, please don’t forgo the green and gold offers haha, well worth climbing the ladder I think.
And yep, for your style, probably won’t work until that changes I’d imagine.
Thanks man for being here man!!
In a vacuum it’s a pretty great card especially if you use most of the credits and travel at least once or twice a year.
Absolutely, Otto! I’m with you on that!
Oh my lord, I still couldn't believe you didn't fly since Florida to Vegas. At least you have been fully maximizing it as of late.
HA! Finally you acknowledge the up charge; we fought for 8 hours on this issue 🤣
@@CalbyNgCalby out here putting in work helping Anthony see the light.
Right?? Hahaha, I really was the worst Amex Platinum user!
And right Anthony, Calby was teaching me way before I know I needed it 😂
Package vacations (flight & hotels) are outsourced through Expedia causing holders to miss out on Hotel credits. Very disappointing.
Wait you mean if you bundle an FHR hotel with a flight etc, it won’t code for the hotel credit?
Thanks Gordon, good to know if so!
The least believable part of this whole video is Disney Park tickets for only $400. 😂
$109/day as of today
@@Adiscretefirm haha. That’s funny because we were just looking at that and he found out it actually would’ve been cheaper for him to go now. Crazy.
Isn’t that wild! Cheaper today than back then, so wild! $109 a day is not bad ha!
Thanks Ritchie + Adiscrete !
I strongly recommend you take a couple of flights every year to justify a premium travel card😂 Fun video Anthony, keep up the good work!🫵
One round-trip long-haul business class flight (on cash prices) is good enough to justify it. I hit my $4,000 minimum spend requirement for the Chase Sapphire Reserve SUB last year just by using it on my business class flights from Chicago to the Netherlands!
@@chijason6630 was joking with Anthony. I know you can justify most cards on year one with the intro offer.
Right Cesar haha, not 1 flight every 3 years 😂
But thank you Cesar!
And thanks Chijason, good points for sure!
Very good video! The other challenge with getting precheck and/or Global entry is that if you have a spouse or better half that you travel with a lot, you both will have to find time to do it (busy schedules) to actually avoid one having and the other not having it. You would never leave that person behind.😂😂 This keeps me from doing it in a timely manner 😂😂
Right you’re exactly right Manuel 😂 Unless you’re Luke or Chad who leave them behind Hahhaha. If I’m remembering correctly that is.
Thanks Manuel for being here ha!
$160 for a massage at a spa or hotel is a relative bargain, rates can be 250-300 and up
Yeahhhh it’s wild, that same spa did have some $2/300+ ones but that’s too much, $160 is not bad I guess 😂
Thanks What’s The Points!!
Goes to show that you only really know about a credit card once you've personally used it. I also overvalued some of the benefits when I got the Amex Platinum in 2020, so hey we both learned. And man that Paypal credit was sweet, I even recall some other insane Amex offers during COVID like $50 off $50+ spending at Best Buy or something. Appreciate the video Anthony!
Yes absolutely! Plans are good, but nothing compared to experience.
And oh wow so similar timeline ha. PayPal was awesome!
Oh didn’t know that, wow that’s funny, Best Buy credits 😂
Thanks for being here Monty!!
Haha United Travel Bank is definitely the way to go when it comes to the Airline Fee Credit- I'm planning to add the Amex Plat sometime soon, so loved this video and seeing you break-down specific value estimates for each of the benefits, when you were in the same position and first added the Amex Plat. Since I'm so hyped up for the Card I definitely could use a bit of a "reality check" before I 100% move forward haha. Great video Anthony!
Does this still work?
Absolutely!! You fly a lot so I think it makes a lot of sense, plus just good experience.
And thank you Matt! Totally agree it’s needed at times haha.
Yes MSLLP, it still works!
AMEX Platinum. Never fly without it. Thanks for the info + video!
Absolutely!! Thanks Jimmy!!
For Hilton $50 breakfast credits, always book 2 guests. 2nd guest is always free. This is if you are staying alone
Absolutely! If you’re not, you’re leaving so much money on the table!
Thanks Triple!
It is good to compare past thoughts with current thoughts backed up with years of history and real world experiences. Thanks for sharing. The Platinum card is good with a lot of credits, but it forces you to overspend to use those credits. You mentioned staying at various hotels which have gotten even more expensive over time (now Waldorf Astoria). If you didn't have this card, then you would (maybe) staying at a nice hotel (maybe not Waldorf Astoria nice) but saving $$$ in the meantime and still having a good time.
Absolutely Ping! I thought it would be interesting for sure!
Yes and totally can overspend a bit, good to weigh the plus and minuses, and if the enjoyment is worth the added cost.
But we know now, I’ll be trying some boutique hotels occasionally haha, so that may change my mind a bit!
Thanks Ping!!
Thomson in Savannah is great place. The breakfast sucks now though.
I loved it! And noooo, you really thought so? I thought it was pretty good haha. I did a whole video on that stay actually.
Thanks Sheriff for being here!!
I'll say it like this April and May I have 7 flights booked. I hate sitting at the gate so priority pass works for me. So priority pass is a 450 value off the top when 4 of those flights will be my and lady
That makes sense for sure! If it’s value to you, then it’s valuable! Add that in!
Hope those are some good trips DMG, have fun!
This video is so cool. Do you have notes/analysis like this on each of your premium cards?
I’m gearing up for a wallet audit, and loved watching your rationale
Funnily enough, I don’t haha. Just the Platinum because it had so many different credits ha.
Thanks Key!! Can’t wait to see that too!
finally a reviewer speaking facts.... AMEX tricks you into spending more than you should
Thanks John! I think a lot of us keep it in check but sometimes older videos get buried etc.
Totally agreed, it’ll make you overspend if you let it for sure.
Thanks again John Wick!!
Interesting. He replaced the matchbox car with the dragon Zippo. He also chose to film during the rain and angled the cowboy hat upwards towards the heavens. Take note as well that the Stonks pop socket is oriented so that the arrow is pointing downwards. Perhaps a Kubrick-esque statement on the emerging Chinese economy and the decline of U.S. manufacturing?
Stay tuned. More to come. Trust the process. 🧿🪬
Thanks Paul, there will be new additions coming soon 👀
Side note, I absolutely loved everything about what you wrote 😂😂😂
Too many people have the Platinum who shouldn’t have it, especially younger people who might be better off with the Chase Sapphire Preferred at $95. I had the Platinum for several years before they killed the AU fees and lounges were crowded. Moved to the AMEX Hilton ecosystem combos for free nights and points and Hilton status. I don’t value using points for business class as much as free nights and Hilton status. In any case, I may switch back to Platinum and using Hilton Surpass for everyday spending.
Yep absolutely, did a whole video on an article kind of talking about that too actually, very true.
And ahh I see. Interesting you say you may come back to the Platinum though, at least the Gold Status will remain which is great.
Thanks Len, interesting to see what you end up doing!
#First for the Rose Gold, Sorry CJ😂 😂
Please don't tell me Anthony is against the rose gold. If he is I'm going to have to start giving him thumbs down in future videos as payback 💪🏽🤬👊🏾
Jazzy do me a favor, type in “Anthony Venture Rose Gold”
You’ll thank me later.
Thanks Ryan!! 😉🥇
I got it way too late. I looked at AF and said no dice without looking at ROI. I could have easily benefitted from having this 10 years before I got it.
Yep, happens to the best of us on both ends of the spectrum for sure.
But now you’re benefiting so that’s great!
Thanks Chad man!!
Personally, I don't want American express platinum or gold. Maybe hilton honors? Great video ❤
Haha, Hilton has some great value too!! Thanks Vicki!!
The Platinum is a good card, not great, I've had mine for a few years and I'll definitely hold it for a while until the raise the AF...
Ayeeeee Anthony 💥
Let’s go Mike!! Yep, I’m also looking to see what they do when they change it up 😬
I remember I accidentally applied for the platinum card last yr and I was instantly approved butt I just wanted to see if I was pre approved and i didn't click accept. Damn thing made me lose a slot of chases 5 24 rule 🙄🙄🙄
Haha how’d you accidentally do that? Ahhh I see, makes sense. That sucks but did you at least get that welcome offer?
Thanks Ovx!
@AnthonyVenture I canceled it right away as soon as I was approved. So I didn't even swipe it at alll butt I did receive it in the mail. But it still counted as a 5/24 slot 🙄 I could have been right now at 4/24 but the damn card 🙄🙄
Oh damn!! I don’t blame you for sure, but I would have for sure gotten that welcome offer!
It happens though, we all have some things we do over time to learn from.
@@AnthonyVenture I wasn't ready for that annual fee 🤣🤣 also I don't really fly at the moment either
For sure, I should have probably done what you did too haha.
Random, but the amex everyday card design just changed in the app. Wondering if theres going to be better perks? Any ideas?
Yeahh I just saw that too, looks like either just a design refresh or like you’re saying, more haha.
No idea! I can’t even imagine what they’d change on there? Maybe some multipliers?
I’ll be looking out though, thank you for mentioning to me Jordy! I’ll be sure to make a video if anything does change other than the design ha.
🦃🍔 have taken over your life my man! Time for some 🍻🌶🍗
NEVER PHIL NEVER - Been this way since 16 hahaha!
So knowing what you know now, would you have gotten the Platinum when you did?
Probably not, since I could have gotten 150k welcome offer, but then again years of the FHR invaluable for me as well, for the experience.
So hard to say, I’m like 50/50 honestly.
Thanks Matt!
Great Video Anthony, I don’t really fly and usually road trip but do plan on eventually getting the Plat card but the Schwab version, if you use over half the credits and use the Schwab Cash out Points feature,
I run a hybrid setup and use most points for usually a vacation around a week long in late spring or summer
do you think it could be worth it to get the CS Plat in a situation like this?
Hmm it really depends, because that really sounds like the first 3 years of having the card for me where I really could have waited.
It was a fun experience, and don’t regret it, but you could probably wait a little bit until you travel a little more, but hey, never a harm to get the welcome offer on year 1, and then canceling it the year after haha.
And in my experience, Schwab is a good option to have, but rarely people actually cash out unless you get it for sure knowing you will for your hybrid setup.
Thanks Dalton, let me know what you think you’ll do!
@@AnthonyVenture good advice, currently I’m going to work on Chase cards since currently I’m at 3/24 and will drop to 2/24 in about a month and a half,
I just got the CFU and plan on getting the CFF next, after the flex I’m holding out hope that Chase will make the Ritz card pubic again and if they do I’m thinking maybe they’ll do it during the summer travel season, if they do I’d go with that if not then maybe the CSP or Ink Preferred then get the boundless and product change
Currently my only AMEX card is the BBP and before I get the CS plat I plan on getting the gold first for the bonus than go for the plat, it’ll likely be in a year or maybe even two before I get to the plat, and currently I do run a hybrid setup and have a brokerage, IRA and checking account with CS so I could use the points for any of that instead of holding on to them for occasional travel
@@DaIton- Ahh I see. Yes I like your plan for sure, Chase first etc.
Also I’d probably get the Green first honestly, better to hit all the welcome offers I think, even if you have to foot the $150 annual fee first year.
I’d rather you paid $150 annual fee but get 60k MR with the green, since that’s $660 cashing out with the Schwab.
And yes for your hybrid setup, I think that’s makes sense. Especially retirement accounts.
Might as well go for the green card for the points and product change to the gold and then apply for the CS plat
Even with maybe one flight a year and the use of the credits and the ability to cash out to Schwab I think I’d probably get positive value or at least break even
@@DaIton- Yes and then 1 last thing, if you do product change to the gold, you’d want to make sure it’s high enough to care.
So like, maybe they only offer 30k to upgrade, but you can get 90k by applying for a new card.
I would just apply for the new one.
Also since the rules state you can’t upgrade your card until after holding it for 1 year, so back in the day, I just applied for the Green and Gold within like 4 months of eachother.
Got both bonuses, then cancelled the green.
I want the plat to have it someone give me their old one so I can flash it at a restaurant and act fancy and say ohh wrong one then pull my gold out
I can send you my old ones 😂
That’ll get you some phone numbers for sure I think Brian haha!
I "hate the platinum" card but like, I don't have it because I don't think it is worth it, but also since I dont have it, that kind of makes my opinion on it less valuable, and I mean one can only make so many, "Amex Plat bad" videos, meanwhile there are multiple ways a year to milk the "Amex Plat good" videos.
I feel like this is a sort of survivorship bias, making it more difficult for anti-Platinum sentiments to reach as many people as pro-Platinum, thus my theory of why so many people get it before they can realistically use it effectively
You know that’s a very interesting and important perspective. It’s very true, literally like 10x easier to make positive, how I used this credit, type videos vs Amex platinum is bad videos.
Yes I can see that for sure, and true in my case as well.
Thanks for the insights Kura, you know I love your takes ha!
13 out of 19 Hilton Hotels Brands. Any favorite
So far, Tapestries honestly. Hasn’t done me wrong, classy, and $30 a day in dining credits.
Thanks Andrea!
I took 10 flights last year and the flight credit was super hard to use and most of my trips were very short so I didn’t use the hotel credit. If they didn’t have the united bank hack then I wouldn’t have gotten value from the airline credit
Absolutely, and that’s exactly what happened to me and why I lost years of my airline credit 😬
Good point Hunter!!
You don’t own the card. The card owns you. People need to flex. Whatever.
Life is just more fun with them, so they’ll stay until they don’t.
I use my Sachs’s credit for shaving 🪒 and grooming supplies. I would buy this anyway.
Very true, good use for that! Thanks Sean!