$699 American Express Platinum Card: To Keep or To Cancel?
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- เผยแพร่เมื่อ 1 ก.ค. 2024
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Around this time last year, many of us had signed up for the American Express Platinum Card under the lucrative Double Rewards promotion. At the time, the welcome bonus was effectively worth almost $1,000 in your pocket!
In my case, the Platinum Card was such a hot deal that I had gotten a whole bunch of family members to sign up. Now that the second-year annual fees are about to come due, I've been thinking about whether I want to pay another set of the $699 annual fee to keep the Platinum Card open for another year.
In this video, I'll walk through all of the deals and promotions that I've been able to maximize on the Platinum Card over the past year, and show you how I've been able to entirely offset the card's $699 annual fee - in fact, each Platinum Card was effectively paying me to have it!
In the end, I'll share with you my plans on whether to keep or cancel the Platinum Cards in my household and how I arrived at the decision.
0:00 Introduction
2:14 How Much Value Have I Gotten in the First Year?
8:40 Will I Keep or Cancel the Card?
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Great video! Very informative and I love the fact you're Canadian so I can relate to the points program. Thinking of switching to the Platinum now as I'm just rocking the Cobalt card.
I got new work boots and the dog chewed them up and the Amex insurance covered the cost,, I was shocked how painless the process was. I love this card
The insurance factor also cannot be understated!
Is that exactly what you told Amex? If so, that’s a pretty dam good insurance
Great video! Annual fee about to come out but this helped me changed my mind. Never seen the spend credit of 200-250, do they prompt you through email when becoming available or do you just need to track on the app/ site until they show up? Going on year 2 with the card and hopefully see some more double point redemption like back in march 2021!
Great video! My fee comes up this month and I didn’t know about the $200 spend credit. I’ve just registered my card and am going to use it ASAP 😀
That would’ve been a shame if you missed out 😃 Enjoy your free $200!
Amex sent out an email offering to extend the credit due to COVID no need to rush check your email or give them a call, "We will be proactively issuing you a replacement credit(s) if it has expired or is set to expire between October 1, 2020 to September 30, 2021".
@@amplified0ne thank you ! 😀
How does it work with additional cardholders on the same account? Do you get the offers on both cards? Do you get double the travel rebate?
Hey Ricky great video really well explained. Are all these features available for the new platinum if I register before august as in the shop small program? the grocery statement credit? the Marriot and amazon promos? and oxford?
Been watching for a bit and ended up applying for AMEX Cobalt... Welcome to Vancouver!
How come I’m just discovering your channel now? Amazing account fo Canadians. Liked, subscribed, and push notifs.
Awesome - I appreciate that, glad you like the channel!
So full of ideas thank you
The discount with Hertz is pretty nice if you rent vehicles very often... Ive had to twice this year and with rentals so expensive right now post-covid, the discounts alone more than paid for my annual fee. Plus, the complimentary upgrade is nice too.
thoughts on the Business Platinum card?
Superb!!.....I’ll be renewing my Amex anyway💳but this vid is great info...👍🏻✈️
Cheers
Still Deciding if I should apply for the Plat or not :/ The TD Aeroplan Visa Infinite Privilege Card is my other choice cuz you get that Almost 80K AP point sbut only for $1000 spend orno Spend if In Quebec
I have the Travelzoo version of Amex Platinum so I’ll definitely keep it!!
Huhh... thinking about getting the card this year. I was surprised to hear that you got statement credits when buying gift cards. I was under the impression that Amex wouldn't allow that --- or perhaps it's just that Amex doesn't give you 5X points when you buy a gift card but will allow you to claim a statement credit if they offer it. Can you clarify the rules regarding gift card purchases?
I'm keeping my Chase Sapphire Reserve even when I'm not travelling - not getting a whole lot back though. Wonder if I should switch to a Canada AMEX Platinum.
I’m 19 and looking for a 0$ AF travel card. Question is: CIBC Aéroplan Visa or Amex Choice?
I’ve heard that the Amex Choice is for hotel points only and not plane point (like the CIBC).
Really helpful video thanks.
Does the 3x points on dining for the platinum include Skip the dishes food delivery?
Can confirm, it does
I'm 2022 so far six months in, only about $150 of worthwhile offers. Used the lounge a few times which is worth about $200, so will see if at renewal time it pays to renew.
Hmmm...I downgraded to a gold when it became obvious travel was not gonna happen and with the more limited offers on the gold was able to offset that lower $150 fee as well. I like the double points on gas, groceries and travel on the gold and have racked up a good number of points. Might renew the gold and wait till I am really ramping up travel to get the Platinum again as the biggest benefits for me are lounges and Hilton status (breakfasts :)) I also have another card that I get 6 priority pass visits a year so for the very limited travel coming up that may cover me for the first bit of the return to travel.
Just what I needed. Perfect timing!
Glad it was helpful Caleb 👌🏼
Ijust watched all your videos and i just want to say thank you for all your knowlege! Please keep making videos like these to help people like myself make good credit card decisions!!
Good video. Thanks.
Tried but there’s no retention bonus ... even we complained that there’s $250 groceries credit offer. They found out but no idea why ... still no retroactive.
Great video 🙌
Thanks man!
Thx for this info and review of your tips. - from Burnaby
when did annual fee go up from $550? ahh you are in Canada
Welcome to Vancity! Great video, I have always debated upgrading from the Gold to the Plat but the annual fee is a good chunk of change. Your video seems to give me the impression that Amex runs more promotions for their Plat members vs the Gold ones.
The Platinum card has many more benefits than the Gold card.
Welcome to Vancouver!
Thanks, good to be here 🙏🏼
Hi Prince of Travel. Question in regards to the $200 travel credit when you still got the statement credit even though you cancelled - Is this a one off because of the pandemic or is it still validate? I was thinking of booking a flight through amex travel with no intention to go so I can redeem similar to yourself. Anyone know if this is possible?
Did it still work? I’d love to know!
Perfect timing Ricky! 1 year after the amazing offers they had this time last year
Thanks Tylor, I figured lots of people were going through the same question as I was
Can you help us out and tell Aeroplan to fix their website? :(
Why keep it if you aren't going to get the welcome bonus a 2nd time? Don't really see how keeping the card is any better if you've already gotten the points.
Exactly because there’s likely no repeat welcome bonus that I may as well look to squeeze value out of the offers and come out ahead even further (which I expect will be possible).
You consider the value of the American Express platinum on the Amex offers you get, but if you changed to a no annual fee Amex card, you also get the Amex offers but saved on the $699-$200 fee.
You wouldn’t get the same offers though, like the $250 and $200 grocery credits.
I had a business platinum card couple years ago, and canceled it. Now i have a new business would i be entitled to the welcome bonus points if i apply ?
If you're using a different business name, it's definitely safer in terms of getting another welcome bonus.
Thank you
Hey man, if am able to get amex platinum in both US and canada. Which one should i get?
Most definitely the US card
Welcome to Vancouver! Which area u moved to? I'm in English bay, west end area LOL
I’m in Kitsilano / South Granville. Good to be here!
@@PrinceofTravel Indeed! Kit is a great area...good choice!!! We finally have a "Point guy" in the city! Yeah!!
Any sense of how much spend Amex would want to see to offer a retention bonus? $10k+ in 12 months enough?
I spent about 6k during my first year, and was offered a retention bonus
Let us know how it goes! I think you have a fair shot of a handful of MR points
Ricky quick q: My spend last year on Amex plat was posted 1 day later than 6 months even though I made the transaction on the last day. Amex has not given me the sign up bonus yet. How do I approach them?
I’d give them a call to see if they can make an exception, although I think the welcome bonus window was three months, not six months
@@PrinceofTravel They had made it 6 months during the pandemic
Oh yes true. I would call in and ask about an exception
get 20k mr points retention for my Amex P, otherwise close with no doubts
still keeping mine
Welcome to BC 😊
Thanks!! 🙏🏼
Paid 695 got back 1754 back in value
I just cancelled yesterday 😥. Any chance I can churn after 6 months?
Only way to find out is to try, really 🤞🏼
I have the AMEX Business Platinum Card and I have to say I find no value from the card.
I thought this 700 annual fee just kicked in
i have a 750 experian with 30 inquiries but they are mostly car shopping my total income before expences is 40 to 45k i drive uber i really want this card
it is only 550 here in the states
I cancelled all platinum Amex cards . Still have Amex cobalt. 5 x food/ groceries is still the best out there.
I think Amex platinum shot itself in the foot with removing the spouse /guest free into lounges I will definitely be cancelling due to this reason alone as it’s the only real good benefit on the card for 699 it’s too much if you don’t have that and in Canada supp cards are 175 each in USA is 175 for 3 people … another huge downside
How did they remove this? It still applicable..
What's there typical initial credit limit? Like $2k, $5k??
Enjoy your personal or business credit without any reoccurring annual fee, credits for cash, and great rewards that can get you lovely dollar value. All in one package 📦
NFCU credits would get you every reward and many more, applications made easier for you if you're matched with a member. Want to start the application process?
Platinum cards don’t have a set limit
Thanks for sharing
Dull Grey Silver things. LOL
Apartment tour? :)
Maybe one day, but there will just be lots of plants and not much else
Could you do a video on what credit cards to apply for at different credit scores. Like 650-700, 700-750, 750+. I'm a student and I'm interested in the amex cobalt but, I don't know what credit score and income I should have before applying. Thanks!
Good suggestion. There’s not really any hard and fast rules, only rough guidelines, but I’ll try my hand at making this video at some point.
As a practicing Atheist, I still feel the need to revert to a bible passage for this one;
Romans 13:8 Let no debt remain outstanding except the continuing debt to love on another
AMEX, I'll continue to borrow your money if you continue to loooove me and give me stuff.
You truly are a travel hacker
Don’t call me that! 🤣
princeoftravel.com/blog/why-i-hate-travel-hacking/
That’s going through too much
You forgot the FedEX offer.
I haven’t used it yet! When I do (moving expenses), I expect it’ll give me a nice head start towards beating the second year’s annual fee
Good thing you didn't go to the Hyatt Regency Toronto... horrible horrible place. Old, cramped rooms, no upgrades for globalists... The StR was definitely a better choice ;) Congrats on the move to YVR!
Keep
Hopefully we’ll get another year of fully offsetting the fee 🙏🏼
@@PrinceofTravel 3x food pts and Priority Pass keeps me loyal 🥰
$699? I’m reading $549 if I were to go for it today, we’re are you getting $699?
Canadian fee is $699
@@jesuschrist805 thanks ok :)
Good lord
Exhausting
I don’t think Amex offers count towards the benefits you get from paying the annual fee, as you get these rewards with Amex credit cards that don’t charge you anyway.
Platinum cardholders tend to get the best offers though. For example only Platinum cardholders got the $250 and $200 grocery / Uber Eats credits this year.
Seems like Amex paid for this video
Nope, we always disclose when a video has a sponsor 👍🏼
too many stupids in this world
Not into all these credit card videos. Subscribed for travel. Not credit card reviews. Cheers
Thanks for the feedback 🙌🏼 Don’t forget that maximizing credit cards can help you travel like a boss though
You do realize he speaks about TRAVEL credit cards right? Which help you benefit when you TRAVEL.