The American Express Platinum card points per dollar earnings are as follows: 10 points per $1 spent at U.S. gas stations and U.S. supermarkets (up to $15,000 combined spent) during the first 6 months, 5 points per $1 on flights booked with airlines or with American Express Travel (up to $500,000 spent per year) and on prepaid hotels booked through Amex, and 1 point per $1 on all other purchases. In addition to these ongoing rewards, the American Express Platinum card also offers new cardholders an initial bonus of 75,000 points for spending $5,000 in the first 6 months. Charges for travelers checks, prepaid cards, gift cards, cash equivalents such as lottery tickets, fees and interest do not earn points.
American Express Platinum card points are worth 1 cent each when redeemed for airfare or stays at Fine Hotels & Resorts properties booked through the American Express Travel portal. Points used for most other forms of travel are worth just 0.7 cents each, however. In addition, points are worth 1 cent each toward most gift cards, 0.6 cents toward statement credits or 0.7 cents when using the Pay with Points feature for purchases at major retailers like Amazon or Best Buy. Just remember that American Express Platinum card point values are subject to change. Visit the Membership Rewards Points calculator website for current point values and other redemption options. American Express Platinum card points do not expire as long as your account isn’t closed due to inactivity and you keep your account in good standing. Points are forfeited when losing an account, so make sure to redeem them before that.
The Platinum Card® from American Express gives you 5 Amex Platinum points per $1 spent on flights and hotels, plus 1 point per $1 on everything else. To qualify for this card’s 5 points per $1 bonus rewards rate, flights must be booked through the airline or Amex, and hotels must be booked through Amex. The Platinum Card® from American Express also has an initial bonus of 75,000 points for spending $5,000 in the first 6 months.… read full answer
There are lots of different ways to redeem your card’s points. You can use them to book travel through Amex, get gift cards or cash back, shop online, and even make charitable donations. The Platinum Card® from American Express points are worth 0.7 cents to 1 cent each in most cases.
Here’s how to redeem points:
Book travel through Amex. Just log in to your Amex account via the Amex travel portal, then search for the transportation and accommodations you want to book. When it comes time to check out, there will be an option to pay with points.
Transfer points. You can actually move your points at a 1:1 ratio to 18 airline and 3 hotel loyalty programs. To do so, log in to your Amex account and choose your loyalty program. Just keep in mind that you have to transfer in 1,000-point increments.
Get gift cards. Log in to Amex’s gift card reward page to make your selection. There are dozens to choose from, from restaurants and movie theaters to airlines and bookstores.
Donate. You can make a tax-deductible charitable donation with your rewards points by logging in at Amex’s Members Give page.
Pay for Uber. If you connect your card to your Uber account, you should see a “use points” option in your app.
Amazon Shop with Points. If you connect your Amex card to your Amazon account, you can use their Shop with Points system to spend points on merchandise. But you’ll only get 0.7 cents per point using this method.
Statement credit. You can use your points to pay for charges on your statement, at a rate of 0.6 cents per point, by logging in to your Amex account.
There are a few other ways to spend this card’s points. They’re worth 0.5 cents each toward Ticketmaster purchases and 0.7 cents each toward Rite Aid purchases, Bestbuy.com, Staples.com and a few other sites. Plus, you can use them at a rate of 1 cent each toward NYC Taxi rides.
Most people will probably spend the bulk of their points on travel, because this is a card marketed toward frequent travelers. But it’s nice to know there are lots of options. It’s best to redeem points often to minimize the chances that Amex devalues them by raising the amount you need for certain redemption options.
To get American Express Platinum’s annual fee waived, call the American Express retention department at 1 (800) 452-3945. State that you’re considering cancelling or switching cards because of the high annual fee.
American Express typically does not waive annual fees entirely, but it may offer a side benefit to offset the Platinum card’s $550 annual fee. Retention offers traditionally include statement credits, bonus points or spending bonuses. If there’s no offer, a customer can always cancel the card. Downgrading to an American Express card with a lower annual fee is also an option.… read full answer
If you’re requesting an annual fee waiver because of financial hardship, American Express offers a financial relief program for eligible cardholders. If you qualify, American Express will waive the annual fee, but depending on the program, you may not be able to use your Platinum card while you’re enrolled.
There is still another way you could possibly get American Express Platinum’s annual fee waived. If you’re a military member who meets the requirements for benefits under the Servicemembers Civil Relief Act (SCRA), American Express will waive Amex Platinum’s $550 annual fee every year that you’re on active duty. You’ll still get all of the card’s benefits, which include 5 points per $1 spent on airfare booked through Amex Travel, $200 annual credits for both airline fees and Uber rides, and more.
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.
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