All information about the American Express Platinum and Platinum American Express for Schwab cards has been collected independently by Miles to Memories.
American Express Platinum
The American Express Platinum may be the most polarizing premium card in our points and travel hobby. The boo birds came out with the significant devaluation three years ago (if they weren’t out already). At the time, I understood some of the criticism but didn’t think the changes were as terrible as they seemed. Meanwhile, others continue sticking with the card for a variety of reasons. I (and many others) do for one benefit – the superior cashout rate of the Amex Schwab Platinum, which more than covers the annual fee for some. But like most anything in our hobby, it’s worth questioning your loyalty every now and then. For many, the Platinum card’s other benefits seem less rewarding with every passing day. I’m sharing a few reasons why and a couple ways to mitigate the devaluation.
Note: This article was submitted prior to the announcement of the Amex Schwab Platinum’s Invest with Rewards benefit devaluation. I’ll share my thoughts on this development in a separate post.
American Express Platinum Devaluation
I primarily see devaluation via several weakening Platinum primary benefits. Here are just a few examples.
Digital Entertainment Credit
This $20 monthly credit remains active with a few official participants, including Peacock, The New York Times, The Wall Street Journal, and Disney+/Hulu/ESPN+. But Amex has done little to bolster the partner lineup, losing SiriusXM and Audible while only adding The Journal. The ever-changing pricing of these services makes using this credit even more challenging (but a few handy options exist).
Saks Fifth Avenue Credit
This $50 biannual credit has become increasingly tougher to use without going out of pocket beyond $50, essentially defeating the purpose of the credit for many. The inventory of sub-$50 items on the Saks site and in brick-and-mortar stores are slim pickens. Plus, Saks has tightened up on free shipping, now requiring a $300 minimum purchase (with coupon code FREESHIP). Understandably, my preferred way around these challenges takes more effort and patience than most Platinum cardholders want to give.
CLEAR Membership Credit
The Amex Platinum offers a free membership to CLEAR, but I understand using the service can be more frustrating than TSA PreCheck/Global Entry. (I’m not a member of any.) I often see CLEAR backups longer than normal TSA lines, and DDG has described how increased random ID checks by TSA can defeat the time-saving purpose of CLEAR.
David Lynch is about as excited as I am to enter a Centurion Lounge these days.Lounge Issues
Long lines getting into Centurion Lounges have been described ad nauseam, so I won’t do that here. While a variety of lounges have crowding issues, I’m confident most think of the long lines at Centurion Lounges first. And they have plenty of other service issues, some I still continue to experience.
Hotel Credit
Like the Saks credit, the annual $200 Hotel Credit redeemable on Fine Hotels & Resorts or two-night Hotel Collection stays is tougher to use without going more substantially out of pocket, particularly domestically. Rates continue to rise, but shocker, Amex hasn’t raised the benefit amount. Tools like MaxFHR assist in the search, but there’s no getting around the decreasing amount of deals.
A Newer Benefit…
….is questionable. Since the last major Platinum refresh and annual fee increase, Amex has added Walmart+ membership – something that they now offer on other cards, such as the Business Gold. Some individuals I’ve talked to even see the Walmart+ addition to the Platinum as a type of devaluation, taking something away from the Platinum’s regal perception (whatever of that still exists). I can see that viewpoint but have gladly enrolled for “free” Walmart+ with my Platinum.
Mitigating American Express Platinum Devaluation
As many late night ads say, “there’s got to be a better way!” Indeed, a few options exist to lessen the blow of these American Express Platinum devaluations. First, an existing cardholder can insist on a retention offer to keep their Platinum account open. I’ve had success with Amex retention offers via chat and phone. Such offers can lower the annual fee, from a substantial decrease to more than covering the cost.
The second option is to essentially pause one’s American Express Platinum membership. Without an acceptable retention offer, an apprehensive Platinum cardholder should close their account. If or when the individual needs a Platinum again for specific benefits, they can apply via a referral offer from a second player, such as a spouse or domestic partner. The referring individual picks up a substantial point bonus to mitigate part of the annual fee. Even better, re-applying leads to a new set of annual benefits which can be double- or even triple-dipped with optimal timing.
It’s probably time for many American Express Platinum cardholders to hit the exits.Conclusion
In my experience, some annual Platinum benefits remain solid, such as the $200 Uber and $200 airline fee credits. But we can’t ignore the ever-decreasing value of many Platinum benefits. Again, my wife and I have no plans to close our Schwab Platinums, but closing our “vanilla” Platinums is an annual consideration. I encourage cardholders to reevaluate their options and take appropriate action before paying any annual fees, particularly on the Platinum these days.
Have you recently closed your Platinum or paid the annual fee for another year? What factored into your decision?
The post The Horror! How The Amex Platinum Just Keeps Getting Worse appeared first on Miles to Memories.
