For as long as I have been a cardholder, I have been a staunch defender of The Platinum Card from American Express. For the $450 annual fee, travelers can unlock elite status across travel providers, receive bonuses through Membership Rewards and other programs and have access to a number of extra programs that are often only reserved for the world’s elite.
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The Platinum Card® from American Express
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$450 first year
$450 after first year |
40,000 points After you spend $3,000 on purchases on your new Card in your first 3 months Read Review » |
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The Platinum Card® from American Express |
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Although it may still be considered a status symbol among certain circles, a little luster has been lost from the American Express Platinum Card. While other programs have added cards that have a higher airline fee credit and more points redemption options, Membership Rewards has lost transfer partners.
Even with five Membership Rewards points on every dollar spent directly with airlines or through American Express Travel, the recent changes in the points and miles sphere have made be reconsider my relationship with the Platinum centurion. Does the Platinum card still offer the most value for American Express cardholders, or is the Premier Rewards Gold Card from American Express the new standard bearer?
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Premier Rewards Gold Card from American Express
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$0 first year
$195 after first year |
25,000 Membership Rewards® After you spend $2,000 on purchases on your new Card in your first 3 months of Card Membership Read Review » |
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Premier Rewards Gold Card from American Express |
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The Premier Rewards Gold card offers many of the same benefits of the Platinum Card, but in smaller increments. For a $195 annual fee (waived in the first year), travelers can receive a $100 airline fee credit, access to premium roadside assistance and a baggage insurance plan. In addition, travelers can also earn double points at The Hotel Collection, a curated list of luxury properties.
More importantly, the Premier Rewards Gold card offers triple Membership Rewards points on airfare purchased directly from airlines and double points at gas stations, grocery stores and restaurants. The bonus categories offer travelers the opportunity to earn more points than those who hold the Platinum card, which can then be used towards frugal travels around the world.
So where does the value lie for Platinum cardholders? For $450 every year, travelers are paying up front not for their points and miles earning opportunities, but for the benefits they receive through the card. Platinum cardholders get instant status with multiple loyalty programs and access to travel perks not necessarily available to the general public. This includes access to a luxury ground transportation, the Fine Hotels and Resorts list (which often comes with resort credits) and access to airport lounges with The Lounge Collection. The card also comes with high-end travel insurance protections as well, which can help travelers reunite with their luggage if it becomes lost in transit.
Which card ultimately offers the most value? It all depends on what the frugal traveler values at the end of the day. Those who are only in the game for the points and transfer opportunities would be best served by the Premier Rewards Gold card. With opportunities to earn bonus points at some of the most common places we spend, there are a lot of ways to earn lots of points with the Premier Rewards Gold card. However, those who know they will be traveling to luxury destinations and want the most out of every trip, there are ways to maximize the $450 annual fee on the American Express Platinum Card. Those who use all of the benefits offered by their Platinum card may be able to get the most out of their card.
After analyzing all of the pros and cons, I decided to hold onto the Platinum card for one more year, especially in light of my planned adventures in 2017. However, if I wanted to get more points value and not pay for benefits I may never use, there is no shame in downgrading to a more frugal card – and that’s okay.
Are you sticking with the American Express Platinum Card? Or have you already taken the step back? Give me your feedback in the comments below!
[Image via Getty]