Do I still need my Amex Platinum?

[Anonymous]

Member since 1990- since I was in college.

Getting the Platinum card was great a few years ago, but it kinda has lost its luster. Getting too expensive to keep with the high membership fees and the $275 fee for each additional card.

We used the Amex card for everything- then when Costco didn't take it anymore, it really messed up our tracking!
I'm finding more and more places not taking Amex- especially on my most recent international trip.
Using only some of the perks.

We're thinking of just switching everything to Visa, perhaps getting a Chase Sapphire Reserve.
Do I even need Amex for anything anymore?

TIA for your input!

[Anonymous]

It's not a great card as a keeper unless you can pretty easily monetize the "coupon book" credits, and use and value the perks a good amount. The points earnings suck- the only thing you should charge on the card is airfare, which earns 5 points/dollar. Everything else is one point per dollar.

The question of what to replace it depends on what perks you value the most/will use the most, and how you use points. What's funny is that Amex actually has a great option for everyday spending in the blue business Plus, which has no annual fee but earns 2 points on every dollar. Open that up, it pools all your Amex points from the platinum card, and then close the Platinum card. Or if you don't want to get a business card, get the Amex Everyday card and it still has pretty good points earning for no annual fee.

The other question is what you use your points for, that will determine the best card to get as a replacement. The Sapphire Reserve just took a big hit because Chase took away the restaurant option in Priority Pass- that was a key differentiator from other PP cards like the CapOne Venture X and the Amex Platinum.

So it depends on what airports you use, if you use/value the lounges a lot. Personally they aren't worth THAT much because we cut our timing pretty close and get to the gate area just before boarding. We also rarely take connecting flights - lucky to have nonstops to so many places because of our nice array of options in the DC area. I think if you want to go with Chase, get the Sapphire Preferred unless you really get a lot of value out of the priority Pass lounges. Add in the freedom unlimited and then you have a nice combo to maximize your points on all your spending. Use the CSP for travel, dining streaming and grocery
Ies for 2x or 3x points, and the freedom unlimited on everything else for 1.5x points. You can pool the points into your CSP every month. Chase points are great for the DC area because they transfer to United, Southwest,Hyatt, British Airways, Air France, and others. Lots of really good ways to use them.

But yeah it definitely depends on what perks you value the most, and how you use your points.

[Anonymous]

It is a good travel card IMO. Good for lounges and a few hundred to offset Hulu and Disney etc. Xfer points to airlines ok, but to hotels not so good. Lounges are packed now, saw a massive waiting line two weeks ago in SLC. Same scene in ATL last week. My Gen Z daughter's peer group all have Platinum cards...

I get the most use out of my Marriott Bonvoy Amex card. Same fee as Platinum but no cost for additional cards. And using points for free hotel stays at Marriott properties has been really easy. We don't waste points with the Marriott card, nothing is left on the table.

[Anonymous]

It gets harder to justify the $695 annual fee. Unless you can easily use their coupon book to offset the fee, it’s not worth it.

[Anonymous]

DP with related question — what’s the best way to use points up before closing/downgrading card?

[Anonymous]

Anonymous wrote:DP with related question — what’s the best way to use points up before closing/downgrading card?

Open up a no fee card like the Blue Business Plus or Everyday card, give it a week or so. Then your points will stay with that new card when you close the Platinum one. That way you aren't forced into making a poor value transfer because of the time pressure.

[Anonymous]

Anonymous wrote:

Anonymous wrote:DP with related question — what’s the best way to use points up before closing/downgrading card?

Open up a no fee card like the Blue Business Plus or Everyday card, give it a week or so. Then your points will stay with that new card when you close the Platinum one. That way you aren't forced into making a poor value transfer because of the time pressure.

If you decide to downgrade to Gold or Green (only options from Plat), your points will stay intact so no need to use them up first.

[Anonymous]

I also had an Amex card with an annual fee. I called Amex and told them I wanted to close the card because of the fee. The downgraded the card to one that has no fee.
I keep Amex because you can use any of their cards to get car rental insurance. It's $20 per rental versus the $20-30 per day that some car rental companies charge.

[Anonymous]

Anonymous wrote:I also had an Amex card with an annual fee. I called Amex and told them I wanted to close the card because of the fee. The downgraded the card to one that has no fee.
I keep Amex because you can use any of their cards to get car rental insurance. It's $20 per rental versus the $20-30 per day that some car rental companies charge.

Not sure about the CSP but the CSR covers insurance for rentals for free. Not sure if it is both kinds since my USAA covers some as well.

I personally am a CSR booster, but I am also bemoaning the PP changes.

[Anonymous]

Anonymous wrote:Member since 1990- since I was in college.

Getting the Platinum card was great a few years ago, but it kinda has lost its luster. Getting too expensive to keep with the high membership fees and the $275 fee for each additional card.

We used the Amex card for everything- then when Costco didn't take it anymore, it really messed up our tracking!
I'm finding more and more places not taking Amex- especially on my most recent international trip.
Using only some of the perks.

We're thinking of just switching everything to Visa, perhaps getting a Chase Sapphire Reserve.
Do I even need Amex for anything anymore?

TIA for your input!

Best perks (IMO) for Amex Platinum:

1) Centurion Lounge access (and if you spend $75K+ in a year, for a guest as well)
2) Travel---Great rates on luxury hotels, with guaranteed 4pm checkout, possible early checkin, room upgrade if available, a $100-150 credit per stay and FREE breakfast ($75-90 credit typically).

Spouse has AmexPlatinum, I have Sapphire reserve. I think AmexPlatinum is a better deal.
You get enough perks (Airline credit of $200 I think, $15 off Uber monthly, TSAPre free every 5 years) that the cost is not that much

[Anonymous]

Anonymous wrote:DP with related question — what’s the best way to use points up before closing/downgrading card?

Downgrade to an amex everyday no fee. Retains access to your membership rewards points without an annual card fee.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I also had an Amex card with an annual fee. I called Amex and told them I wanted to close the card because of the fee. The downgraded the card to one that has no fee.
I keep Amex because you can use any of their cards to get car rental insurance. It's $20 per rental versus the $20-30 per day that some car rental companies charge.

Not sure about the CSP but the CSR covers insurance for rentals for free. Not sure if it is both kinds since my USAA covers some as well.

I personally am a CSR booster, but I am also bemoaning the PP changes.

CSP has the same car rental coverage as the CSR.

[Anonymous]

Anonymous wrote:

Anonymous wrote:DP with related question — what’s the best way to use points up before closing/downgrading card?

Downgrade to an amex everyday no fee. Retains access to your membership rewards points without an annual card fee.

You can't downgrade from a Plat to the Everyday. You have to apply for the Everyday as a new card. The only downgrade options for the Plat are Gold or Green.

[Anonymous]

I dropped mine five years ago or so after the card no longer got me into the AA club at airports. There were decent other benefits but that one was the big one for me.

[Anonymous]

I am considering one of the new member offers which gives you 150,000 AmEx miles/points after you spend like $9000.

Just curious, does Amex provide any avenues such that these 150,000 points are worth more than $.01/point?

I get that worst case, the 150,000 can be used a $1,500 statement credit (so, you come out ahead $805 for the first year)...but just wondering if that 150,000 points has a higher value, and the way you get that higher value.

It seems like the $1,500, plus the $200 in online subscription credits, plus the $200 in Uber credits, etc. definitely makes it worth it if anything for the first year.