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.