The New Amex Plat Math: How I Am Ahead $491

by Robert McGarvey

The target is plain: $695. That is the new annual fee for American Express Platinum. That’s up from $550. Is it worth it?

Sure, Amex Plat comes with lots of perks. But there also are lots of perks I will never use. Such as elite status with Avis, Hertz and National. I do not recall the last time I rented a car and have no interest in this. I do have elite status with Marriott Bonvoy and Hilton via the Plat card but, honestly, all I’ve gotten from that is free wifi at a few Hiltons and that was years back. So I count that as zero value too.

Ditto Equinox membership credits – $300 potentially., But there is no Equinox in Phoenix and even if there were I wouldn’t use it.

WalMart+ credit – $12.95 per month. $155 total. But zero value to me since I do not belong and see no reason to since I do pay for Amazon Prime and don’t want to switch to WalMart where I rarely shop.

There are other perks I can scoff at but enough of that. Where are my real benefits of holding Amex Plat?

Here’s a fast list:

$20/monthly digital credit. Reimburses a NYTimes subscription – actual savings $18.07 monthly, $216.84 annually

$200/yr Uber credit. $15/month $35 in December. I use it all, nowadays on Uber Eats.

$100 credit on Saks Fifth Ave purchases

Cellphone damage protection – I value this at $200, covering two phones.

Airline fee credit $200 on Delta this year. I have used $110 so far in 2022, will use the remainder by year end.

Global Entry $100 – a value of $20 yearly over five years.

Total projected savings: $936.84

But wait, there’s more.

Amex pegs a guest pass at $50 for Centurion Lounge access and already I have one visit this year. Priority Pass lounge access also is in this mix and so far I haven’t used it in 2022 but I will. For now I claim no value for it but it will get used, probably in Madrid where it wins entry to a very pleasant lounge. Plat also includes access to Plaza Premium lounges which, again, I have not yet used this year abut may well. I’ll tote up that value when I do.

There’s also a $200 Amex hotel credit I will almost certainly use in Portugal and Madrid later this year.

So add those amounts and the new total perks is $1186.84.

There doubtless will be more Centurion visits. The full value will be well over $1300.

Now add in the cost of a spouse’s card fee: $175. Already covered with a free Clear membership for her ($179 value). Plus she will get multiple Centurion visits. No net cost.

And I may decide to take a free Clear membership myself. Initially I had no interest but, recently at PHX, there was a long line at TSA Pre, no line at Clear and, yeah, I started rethinking, That would tack another $179 on my total savings.

By now you may be pondering – I had pondered same myself – am I putting in a lot of work tracking and cashing in these Amex Plat perks? I had feared it would take lots of time to monitor the ever changing list of Amex Plat deals and discounts – I see around 100 whenever I call up Amex Offers – but this really takes little time. Mainly because I have zero interest in most of the offers such as 6% back on purchases at LookFantastic, 3% back at Maunces, 4% back at Francesca’s, and, well, dozens more meaningless to me offers.

Frankly I don’t much look anymore at the Amex Offers because I know I won’t find much for me. I see that 22 of my offers are expiring soon so I will glance at the new list in a few weeks and that will take just minutes.

I have my roster of set discounts – Uber, cellphone damage protection, digital credit, etc. — which will stay in place until Amex withdraws the offers. As long as most of these offers remain I am in the black with Amex Plat. It actually pays me money to keep it. Sure, I wince at a $695 annually fee – for a freakin’ credit card! – but when it puts money in my pocket, what’s the problem?

Do your own math. You may also find Amex Plat is cashflow positive. And that makes it a no brainer.