AVOID The American Express Platinum (UNLESS You Can Handle 5 Things!)

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Why The Amex Platinum Is NOT For You!!

The Amex Platinum probably gives you the largest amount of different travel credits & benefits out of any Credit Card that is out there on the market. However, despite that, the Amex Platinum does have some pretty significant downsides.

So, if you are considering whether your Amex Platinum is actually worth it for you, or you are about to apply for the Amex Platinum for the first time, then make sure you watch this video, because in this video I’m going to go over 5 Reasons that the Amex Platinum is NOT for you, which are things that you must consider.

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-Matt

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TIMESTAMPS:
0:00-0:27 Why The Amex Platinum Is NOT For You
0:27-5:18 Statement Credits
5:18-7:28 Increasing Annual Fee
7:28-9:04 Maximizing Rewards on Premium Credit Cards
9:04-10:26 Point Multipliers Suck
10:26-13:05 No Value From Elevated Statuses & Airport Lounge Access
13:05-15:42 You Travel With Family

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Any offer that is presented in this video, is subject to change, and is simply the offer I found when recording this video. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

Please keep in mind that this video is for entertainment purposes only & is not to be used for financial advice. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

[MattWelterOfficial]

What are your thoughts on the Amex Platinum? ⬇
Use code “MATT” to earn $20.00 after your first eligible purchase!

[TheCreditFrog]

Lots of great points to consider here Matt! Ultimately, it’s going to depend on how much you travel IMO, but if you’re unsure, just snag a 150k-200k offer and sample it for a year. At the end - you’ll know if you were good with statement credits and benefits or not!

[SledgeIncTeam]

I have 3 AU's on my Platinum. That $600 is going to hurt hahahaha. Good stuff Matt

[jwng]

Info you have provided shows that im not rdy for the amex plat, thanks for the video

[elliottnixon-wqsp]

This card is for perks and buying flights. That’s it. It’s the ultimate backup card. You use it for purchases that are statement credit covered or when you’re trying to cover your anatomy with purchase protection.

[ryanccc]

Great point on the Centurion lounge, people speak of them vs. Chase and Capital One (I get that with the Platinum you also have Escape, Delta etc.) but there are only 13 Centurion lounges in the U.S., 3 Sapphire lounges in the U.S. which includes the Austin Terrace with 4 more under construction and 3 Capital One lounges. It more depends where you live (home airport) and where you travel to.

[funnythag]

I used the hotel credit in 2022 and it actually made it cheaper than a Hampton Inn nearby. That was very useful but could not find a use for the credit in 2023.

[headlibrarian]

It isn’t just that the credits are hard to use, they also force low return in spending. Why would I pay for streaming at 1x MR on the Platinum when I could get 6% cash back with a BCP? Why spend on dining at the same 1x MR when I get 4x MR with the Gold?

I also think it’s only a matter of time before Amex ceases MR earning for spending covered by a credit, just as the credits on the Sapphire Reserve and Venture X do.

[MontyTheCardNerd]

I hope the trend of "increased annual fees + more monthly/quarter statement credits to justify it" slows down on the Amex Platinum, but I'm not too optimistic. Also I'm starting to get less fond of the hotel credit ... at least where I've traveled lately, the FHR properties are pretty steep. Awesome breakdown Matt!

[bstoker]

Thanks for always being reasonable and fair in your videos, the games needed for this card are just too much for me. Would only get it if I was making over 250k and traveling more than five times a year at some point and didn't mind missing out on just some credits lol

[woodzy]

With a fam, this is a very hard card to justify. I see myself getting it at least for a year for the sub or shortly before I start flying the fam internationally. But that is years down the road once they are old enough to sit on a plane for several hours at a time. Another case is I'm just not finding value with my over 200k points just pooling right now. So getting the CS plat to bolster my Charles Schwab investments would also be a good use case and with long term investment strategy I would definitely get way more than 2cpp value. Over 20 years it could be in magnitudes of 200 cpp value. It's long term is definitely the highest return on spend you can have.

[leprechaungold]

In the heart of the emerald isle, a debate was heard, neath the rainbow's end, spoke a Leprechaun's word. "Which Amex to choose, on this fine Patrick's Day? Gold or Platinum, which leads to fortune's way?" "The Gold, " he declared, "is where true value lies, with dining rewards that could reach the skies. More points on groceries, a feast to behold, a pot o' rewards more precious than gold." The Platinum's grand, with travel perks wide, but for a wee Leprechaun, it's not the right ride. No need for lounges or elite status so bold, when the heart yearns for warmth, not the allure of cold. On St. Patrick's Day, let's all be merry and bold, for the Amex of choice is the one made of Gold.

[AnthonyVenture]

Very fair breakdown Matt! Great highlighting just how many credits most people can/can’t use, good to see, would have helped me when I mistakenly got my Platinum card early years ago 😂

Ps. I still can’t get over that Panama Hotel upgrade room view of the water!

[ItsMeCJ]

Honestly, the Amex Platinum really isn’t for anyone who doesn’t travel at least 5x per month, which is why it’s a bit inconvenient to try to maximize value from those statement credits. Other than that, flexing the card a gas station is laughable 😂. Who’s going to see it at the gas pump? And the store attendant probably has no clue what an Amex Platinum card is. Good breakdown here Matt 🙌🏾.

[TheZombaslaya]

Well, I guess jump on the Amex Platinum now if you want it to get the SUB.

[newagain]

AMEX is for ppl bad at math or just don’t care about spending money.

[ItsMeCJ]

I’m the 1000th viewer, so that makes me 1st 🥇 😃