With a $695 annual fee, the Amex Platinum Card is not for everyone. I don’t think it was ever really designed to be, anyway.
The status symbol of “making it” has undergone an extensive revamp in recent years to help targeted members unlock new and expansive value, to offset a climbing annual fee — and that’s made things interesting.
If you naturally spend money with the places Amex has partnered, the card is more valuable than ever. If you don’t, it can become an extensive climb to justify the annual fee, unless you’re simply a heavy spender earning a heavy dose of reward points.
Which camp you find yourself in may be changing. A new shakeup with the American Express Platinum Entertainment credit should make one potentially valuable $240 card perk a lot easier to use, with broader acceptance.
It may be a sign that this card is heading in a great direction.
What Is The Amex Platinum Entertainment Credit?
If like me, you have about 1,321 pesky monthly subscriptions hitting your account, you were probably very happy when Amex launched the Entertainment Credit for Platinum Card members.
The Amex Platinum Entertainment Credit provides $240 a year, by way of $20 a month, for streaming services. It sounds great, but for the last year, eligible services were a bit limited. You could only benefit from the credit with subscriptions to: Audible, Peacock, The New York Times or SiriusXM.
Now, Amex has added four more partners, bringing the potential of redeeming the $240 a year credit, against the $695 annual fee, up to eight potentially “easy” uses.
It goes from a feeling of coupon clipping or forcibly changing behavior to extract value, to something very natural to use, which adds value. For families and sports junkies — i’d include myself in both camps — this will get me a lot further.
- The Disney Bundle
Between the $200 annual Uber credit, $200 Hotel credit with Fine Hotels & Resorts, and the $200 airline fee credit, you can pretty much make your annual fee back and then some, without actually using the benefits which make this card so worthwhile.
Amex Platinum Is Looking More Attractive Again
When you factor 5X points earning on airfare purchases, Centurion Lounges when traveling by air and access to preferred tables via Resy, the card really starts to sound lucrative. If this direction continues, fee credits may become incredibly value, rather than minor hassle.
There’s immense competition in the premium rewards card space, with the Capital One Venture X and Chase Sapphire Reserve nipping at the Amex Platinum heels, but broadened credits will mean a broader set of people who feel like they’re winning, while holding an age old status symbol.
Check out the latest Amex Platinum Card offers, with up to 120,000 points.
Two AMEX Platinum household here.
Am I the only one who just noticed that your Centurion lounge access expires unless you spend $75k annually?? Wow. I have never been that impressed with their lounges (crowded, rude front-desk people who refuse to let you in before the 3 hour departure window), but this makes them even less appealing. That’s a major negative for a premium card.
Hey, you don’t lose it, the guest policy just changes.
Great, walking off the ledge.
The 75k annually fixes the crowd issue for bringing guests. That is the entire reason for implementing it.
Not sure how you can call front desk people rude for doing their jobs haha. You are asking them to break the rules that are clearly lined out in your agreement. Maybe you’re the rude one. ¯\_(ツ)_/¯
This post is very useful for us.
At present the Platinum card is a failure.
Amex gutted the value of lounge access by restricting guest access. The $200 Uber credit is useless as it is divided over 12 months( let me use it when I want it), the $200 Hotel credit with Fine Hotels & Resorts is no value at all because you can normally book those hotels at much lower ratesapart from Amex.
Essentially Amex Platinum provides small discounts on a variety of luxury products most people don’t use. The Amex Platinum card has lost it’s way. Either offer superior service to customers seeking a white glove experience or double down on value and earning potential with this card.
I understand that it’s not for everyone, and fundamentally believe that. But, while true at times, saying the $200 hotel credit is useless is too dismissive.
Sure, there are hotels where the rate may be $40 lower elsewhere. Sometimes, it’s not lower at all. And sometimes, the Buy 2 get 1 free deals Amex gets making prices lower than anywhere else. There’s also the breakfast, late checkout etc, to factor because even if Expedia is $40 cheaper, you get nothing with an expedia booking, no breakfast or upgrades.
I guess what I’m trying to say is that not every single person will get $200 value out of the hotel credit, but most people should get somewhere very close. I greatly respect your opinion, but to say that its a discount on luxury products most people don’t use is a big step, which Amex would likely be able to disprove with the abundant data they have on their consumer patterns. If it was terrible, sign ups wouldn’t be up.
Just tried accessing to escape lounge today.. I just arrived on a flight but was turned away because they said I didn’t have departing flight. I read their fine print and it says same day ticket, no restrictions on departing tickets. Delta had the exact wording but you can access their lounges after your flight lands. The centurion lounge specifically says it has to be departing ticket.
Amex is loosing credibility because they are making it difficult and now letting their partners change the terms in Amex customers without their knowledge and no holding them accountable.
I’ve been an Amex customer for 30+ years. They’ve turned the card into a joke by saying they are expanding benefits that are not claimable… While make it impossible to conduct business meeting with theses club restrictions.
For gods sakes a 30 minute wait times to get into centurion clubs. A complete joke – unuseful.
As above and on top of that acceptance of Amex is limited comparing to V/MC. I am staying loyal to CSR and Chase cards for their acceptance and simplicity in use. As much as people bitch about Priority Pass it has a huge value with 1200 lounges all over the world. Sure I miss AMEX redemptions sometimes but Chase created enough overlap now so it’s a less of a problem. Booking through Chase travel matches points values too. I passed Amex bonus sight up offer for 150K points. Long term Amex has marginal added value for CSR users.
I appreciate the update – ESPN+ and Disney+ are a staple in my household. Also, I use the centurion lounge in Miami today and it was a godsend because we had a long wait for our flight after getting off of a cruise. Good hot food, wi-fi, and comfortable chairs were a boon to us. A much better experience than the Turkish Airways lounge.
I’m trying to regenerate a long deserved break in having credit.
I’m afraid I have had it with Amex. They recently farmed out their UK call centres to god knows where and then arbitrarily placed a £4,500 limit on my card despite an exemplary payment history. I no longer feel like a ‘Platinum customer’ and I’m going to be looking elsewhere. Looking at TrustPilot, I’m not alone either. They have messed up their own USPs.
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