The TRUTH about the NEW AmEx Platinum! Worth $695 Annual Fee?
Video Summary
The American Express Platinum card has increased its annual fee to $695. This increase may be a concern for existing card holders and new applicants. In this article, we’ll discuss whether the new credits introduced by American Express are worth the annual fee.
The card offers a sign-up bonus of 100,000 membership reward points for spending $6,000 within the first six months. Additionally, cardholders can earn 10x points on restaurants worldwide and at Shop Small in the US, with a cap of $25,000 in spend. This can total 350,000 MR points.
The annual fee increase is $145, and American Express is offering new credits, including a $240 digital entertainment credit, a $170 Clear credit, and a $300 Equinox credit. However, some of these credits may be difficult to use, such as the hotel credits, which are only valid for specific programs like the Fine Hotels & Resorts and Hotel Collection.
For cardholders, it’s essential to evaluate whether these new credits are worth the annual fee. The card is not a daily spend card, and users may not earn points on most purchases. Instead, it’s best for flights and hotels booked directly through American Express’s travel portal. The annual fee is only justified if cardholders can take advantage of the new credits or use the card for flight and hotel bookings.
In conclusion, the American Express Platinum card is not a good value for most people. The new credits may be attractive, but they are limited and may not be worth the annual fee. For cardholders, it’s essential to use the credits effectively and evaluate the value of the card.
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