Yes, the American Express Platinum card does offer a 100k bonus, but only if Amex sends you a personalized offer by mail or email. Amex may send you this offer if your credit profile is a good fit for the card. If you receive an offer and are approved for the American Express Platinum card, you must spend $5,000 within 3 months from the date the account is approved in order to earn the 100k bonus.
Even though the American Express Platinum card 100k bonus isn’t available to everyone, the American Express Platinum card’s regular bonus of 75,000 points is still a pretty good deal if you qualify. The points are worth enough to offset the cost of the American Express Platinum card’s hefty $550 annual fee, at least for the first year.
Once you’ve met the spending requirement for the American Express Platinum card’s bonus, which is $5,000 in the first 6 months either way, the points will post to your account within 8-12 weeks.
The American Express Platinum card is worth it if you travel frequently, spend a lot, and can take advantage of the card’s many benefits. American Express Platinum card benefits include Uber and airline fee credits, lounge access and more. But the American Express Platinum card is not worth it if you rarely travel and won’t spend enough ($5,000 in the first 6 months) to qualify for the card’s initial bonus: 75,000 points. That bonus, along with the card’s annual travel credits, goes a long way toward affording the American Express Platinum card’s $550 annual fee.… read full answer
But before you decide, let’s do a little bit of math to see whether the American Express Platinum card is worth the expense, starting the first year.
Here’s more info about the American Express Platinum card:
Annual fee: $550
Initial bonus: 75,000 points for spending $5,000 in the first 6 months
Rewards earned: 1 - 5 points per $1, depending on the type of purchase
Annual Uber credit: Up to $200, annually
Annual airline fee credit: Up to $200, annually
Saks Fifth Avenue Credit: Up to $100, annually
Lounge access: $429
TSA pre-screening or Global Entry application waiver: $85 or $100, respectively
So, for your first year alone, you could wind up with hundreds of dollars in net value. And that doesn’t even factor in the card’s normal, purchase-based rewards. Normal spending could add even more, too, if your purchases qualify for the American Express Platinum card’s ongoing bonus rewards rates: 5 points / $1 spent on airfare and prepaid hotel stays booked through American Express. Similarly, there are other benefits that you could take advantage of, including Gold status in the Marriott Bonvoy and Hilton Honors loyalty programs and complimentary amenities worth with an average of $550 per stay at participating Fine Hotels and Resorts.
Now let’s look at the card’s second year. You’re still paying the $550 annual fee, but you no longer have an initial bonus to help make up for it. Also gone in year two is the value of the pre-screening application waiver, if you use it year one. As a result, if you spend the same amount as the first year, the total value of your benefits wouldn’t be much more than the annual fee. So, you’d be putting in and getting out about the same amount of value. To really make money with this card after the first year, you’d have to spend a lot more.
So, the American Express Platinum card is a good card for big spenders who travel all the time and can wring every drop of value out of its benefits. But it’s too expensive for light spenders and occasional travelers.
The American Express Platinum card credit score requirement is 700 or higher. This means applicants need a good credit score or better to be approved for the American Express Platinum card in most cases.
American Express Platinum card’s credit score requirement isn’t the only thing that determines whether you’ll be approved, though. Your credit history, income and any debt you’re carrying will also play a role in your approval odds. In fact, reports around the internet suggest you can get approved with a 640 credit score if you have high enough income.… read full answer
If you don’t meet the American Express Platinum card credit score requirement, there are plenty of other credit cards you can get. They likely won’t be from American Express, though, since Amex cards require good or excellent credit. Once you get a credit card, be sure to make all of your payments on time, and only use a portion of your credit limit. This will help raise your credit score so you can get approved for a card like American Express Platinum card in the future.
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