The Amex Platinum Review | Should I Renew the $695 Annual Fee?

Рет қаралды 31,950

Күн бұрын

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Last year I added the single most expensive credit card that is widely available to my wallet… the American Express Platinum Card. So, with the renewal of its $695 annual fee looming… let’s take a look back to see if I actually came out ahead of that hefty annual fee and walk you through exactly how to know if this is a card worth adding to your wallet.
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0:00-Intro
0:20-Credits and Benefits
3:59-Is it Worth $695?
5:47-Sign-Up Bonus
6:56-The BEST Benefit
8:13-Should YOU Get it?

Пікірлер: 108

@DailyDrop 3 ай бұрын

💳 American Express Platinum: www.dailydrop.com/credit-cards/the-platinum-card-from-american-express

@Frexuz 3 ай бұрын

Finally, been waiting for this review!

@DailyDrop 3 ай бұрын

Hope you enjoyed:)

@bubblie130 3 ай бұрын

I just want to thank you for the transparency you provided in reviewing the "Amex Platinum" card. This video is incredibly helpful and thorough.

@DailyDrop 3 ай бұрын

Of course! So glad to hear you enjoyed the video!

@RebeccaLMorgan 3 ай бұрын

Two thoughts: I'm going to Quito in a few months so used my FHR credit for 2 nights at a nice hotel costing me $2 out of pocket, plus it comes with a $100 credit for F&B and spa. This was even better than using my Bonvoy points for some 20K room nights. My point -- use those FHR for nice, but inexpensive hotels that cost you essentially nothing, not even certificates or points. Second point: use those Saks credits for skin lotion (they have great brands), or sunscreen. I got some great moisturizer on sale that made my last $50 credit go far. It includes free shipping. If you or your wife aren't going to use it, offer it to your mom, sister, etc. -- don't let it go to waste!

@chellipurcell5153 3 ай бұрын

Another benefit of the Platinum card free Walmart + membership is that Walmart + includes a free Paramount+ membership. Not a huge benefit but $5.99 a month is a $72 a year benefit associated with the Platinum card. I also think the lounge access should be figured in somehow. If we didn’t have that we would be spending $ for food at the airport which isn’t cheap! I spent the Saks credit on socks I was going to buy somewhere else.

@ericaconnor7353 3 ай бұрын

I came here to comment on the Paramount+ perk. Not something we were paying for before, but we ended up getting rid of Netflix because now we feel we have enough streaming content, so that’s been a savings.

@Thecreditcardconnection 3 ай бұрын

This was 🔥🔥🔥🔥🔥 ! Thank you ❤

@DailyDrop 3 ай бұрын

You’re so welcome! Glad you liked it!

@mehdiabderrahmane2439 3 ай бұрын

Thanks for this new video! I really love your channel! 👍🏼 Do you know how Kara and Nate get the upgrade for the presidential villa at the Bora Bora Conrad Hotel? (The sure that the Hilton Diamond status is totally not enough for that and i try to contact them but they didn’t get back to me). Thanks by advance for your answer!

@BoywithLoveeee 3 ай бұрын

I heard you can use the hotel credit if you buy an annual lounge pass (directly from Amex representative). Also I got 100k bonus but instead of spending 8k I only had to spend 6k. Booked Hawaiian airline business class to asia which cost more than 3k with 65k points +$39 (though Hawaiian business class is not the best or not good) which brings my annual fee an easy peasy one. I don’t use Disney plus nor Walmart and Hawaii doesn’t have any CLEAR yet so I would say I can only get a benefit from the Uber,airline and hotel credit plus lounge access and global entry.

@FirstHandLLC 3 ай бұрын

I got my card in January with 150k points bonus and just on amex offers alone I’ve saved over $1000 already (hotel deals, watch, clothing, wine orders).The more you spend on it the more it makes sense.

@DailyDrop 3 ай бұрын

Dang...jealous of that bonus!

@N1ftyNick 3 ай бұрын

I've had the Platinumb before and left when they got rid of their Delta benefits. I have Cap One Venture X that has benefits I use and get more value.

@Njs32 3 ай бұрын

I just got a pre approval offer in the mail for 150k points but there's no way I can justify the annual fee. I already pay for the venture x, amex blue cash preferred, and southwest priority.

@duanes2000 3 ай бұрын

The Walmart benefit with their app also gives you 10 cents off per gallon at Exxon, and allows you to get gas at Sams Club without a membership. I get $1700+ in benefits. $155.40 WalMart+ $300 Equinox $200 Airline incidentals $200 Uber $100 Saks $189 Clear $240 NY Times $329 Priority Pass $1713 in benefits

@DailyDrop 3 ай бұрын

That is a great tip I didn't even know about. Sounds like you are coming out way ahead. Thanks for the comment!

@FirstHandLLC 3 ай бұрын

Yes, I fill up on average 33 gallons per week, with $0.10 discount per gallon for say 50 weeks I’ll save about $165 per year, not a bad bonus!

@j.p.obregon1415 3 ай бұрын

Walmart+ also includes Paramount+, so it's like getting another digital entertainment credit, too.

@jmmelvin73 3 ай бұрын

Re: airline fee credit. You can always switch your airline (not just once a year). Just hop on a chat with Amex and they'll be happy to switch out as needed. I've done it... more than once in a year as I was unsure what airline I'd buy tix with.

@funny2thag 3 ай бұрын

The $17.95 premium rental car insurance (primary) fee is actually an underrated perk. Yes, primary is included at no charge with many Chase cards but those cards lack many offerings of this card. What I like about the fee is that it covers 45 days. I had to do two work trips in 30 days and that one fee covered both trips.

@TheZombaslaya 3 ай бұрын

But if you're doing a shorter trip somewhere it sounds like other cards might be worth it for car rental insurance. For example, I booked a 5 day car rental in Montreal in December, got 10x points from the portal and free primary coverage.

@funny2thag 3 ай бұрын

@@TheZombaslaya yeah, that 10x multiplier is nice. The platinum card is only 1x.

@funny2thag Ай бұрын

@@TheZombaslaya Rakuten is a great tool that can often times supercharge Amex cards as you can earn MR rewards instead of cash back. Hertz last week had an offer on there for 15x back plus I was able to also use $40 off from Amex offers as well. I’m not blind that Chase has some great offerings, I’ve have yet to add another AF card until this year bc I needed to make sure I got the most value out of this card and decide if it’s worth it to me and it has been so far.

@papishampoo5235 Ай бұрын

I booked 2 separate car rental reservations within the 30 days and they charged me twice. When I called to ask, they told me they charge that fee per car rental reservation regardless if it falls within 30 days.

@oSnapMillerTime 24 күн бұрын

You can't even use it on eBay 😂 no thanks

@user-xl6vb3yx7t 2 ай бұрын

Great review, thanks! I think a major consideration is to compare and contrast with similar cards. Year One is basically a no-brainer, but, can a card user get the same benefits, or close to the same, with other cards.

@DailyDrop 2 ай бұрын

Absolutely! 👍 We will consider that for future review videos.

@philbertshevitz3113 2 ай бұрын

The platinum card has secondary rental car insurance coverage, not primary....unless they upgraded it

@getsugatenshoFTW 3 ай бұрын

The Amex FHR benefit is actually amazing! You can find cheap hotels and get elite status overseas

@DailyDrop 3 ай бұрын

Awesome to hear! We haven’t taken advantage of this benefit yet since we book most of our hotels using miles & points, but we hope to soon 👍

@a.Janine.pretty 3 ай бұрын

YES I just booked my trip and basically it’s like I got 2nights for 1 with 100 each day for whatever food spa golf or whatever I want AND breakfast each day like are u kidding!!! It’s great!!!!

@OurMidlifeVan 3 ай бұрын

After finally getting value out of the airline credit and hotel credit we had a value of $1200 in benefits over the last 10 months. Keeping it another year for sure.

@DailyDrop 3 ай бұрын

That is awesome! 👏

@squiggy8110 2 ай бұрын

I have used the airline fee credit to get into the delta lounge. I get in for free with the card, but no free guest, so I use it to pay for my wife.

@melissagamarra7611 3 ай бұрын

Maybe it’s because I have the business version of this card, but when I tried to add my husband as an authorized user the fee was $695 per year. The same as the main user’s annual fee.

@chrissan6015 3 ай бұрын

I don’t have the platinum yet just the gold, but I usually combine the gold Uber credit with the capital one saver, one Uber one credit

@DailyDrop 3 ай бұрын

Definitely some great benefits!

@VincentPascual 3 ай бұрын

One of the benefits of the Business Platinum is having far fewer credits to manage than the personal version.

@DailyDrop 3 ай бұрын

Great point!

@412foto 3 ай бұрын

Just renewed mine for the first year. $1400 in value on the card in first year without too much effort so a keeper for me for now even though it doesn't get a lot of spend on it

@DailyDrop 3 ай бұрын

Thanks for sharing! Awesome to hear that you have gotten lots of benefits out of it.

@sacara21 3 ай бұрын

9:40 Just a heads up, I'm pretty sure the Platinum doesn't provide Primary rental car insurance, only secondary. Both of the Sapphire cards and a variety of other cards issued by Chase provide Primary coverage, and Amex cards usually cover secondary. Is there another way to get primary coverage through the Platinum?

@josephmgomez3921 3 ай бұрын

I prefer Chase at a cheaper annual cost.

@strauskp 3 ай бұрын

Yes, primary coverage is not included unless you sign up for the additional premium car rental protection benefit. This can be done in the app.

@rachaeljdunn662 3 ай бұрын

Didn’t you say you didn’t use the hotel credit? Then why include it in the total?

@fernandojaurrieta6159 3 ай бұрын

Can you do a video on the gold card, like what stores to use it, how to use the travel partners, to get the most value from the card

@DailyDrop 3 ай бұрын

We will add it to our video ideas list 👍

@fernandojaurrieta6159 3 ай бұрын

@@DailyDrop awesome would really appreciate it 😁

@Frexuz 3 ай бұрын

Unfortunately the Centurion Lounge in Hong Kong is tiny, always 95% full, and exactly the same and small choice of food 😢 But hey, a lounge is a lounge 😆

@DailyDrop 3 ай бұрын

Haha very true! A lounge is a lounge 😂 Some are better than others for sure.

@JazzyMarineVet 3 ай бұрын

What Plat should do is add a warehouse club: BJs, or Sams Club- Costco does not accept Amex

@DailyDrop 3 ай бұрын

That would be incredible! Walmart+ is nice but a true warehouse club would be even better!

@deliverydoctor Ай бұрын

Costco accepts Amex for online purchases, no?

@MilesAndMayhem 3 ай бұрын

As a southwest chooser for the incidentals credit, maybe you should book a speculative cheap (

@metalheadami123 Ай бұрын

I just got the 125,000 sign up bonus and I got a notification on my app that said there is a 150K offer 😬😬

@DailyDrop Ай бұрын

Could be worth it to reach out and see if they will honor the 150k offer!

@JJ-vy2rh 3 ай бұрын

That's cheap in America Australia is $1500

@natejohnson3016 Ай бұрын

You didn’t mention the concierge, which can do some pretty unique things for you.

@DailyDrop Ай бұрын

Great point! The concierge is certainly another amazing perk with this card.

@erinstewart5593 3 ай бұрын

Just open one, best decision

@DailyDrop 3 ай бұрын

Awesome 👏

@danlouiedemi 3 ай бұрын

Me and my husband have the platinum card. How are you able to select an airline to get the 200$ credit. Also i am in canada

@DailyDrop 3 ай бұрын

The Canadian version might be different but for me, I just went into the app and under the benefits section was able to select my preferred airline. Hope this helps!

@tmcowling23 3 ай бұрын

You use the every dollar app too! Have you used it for a long time?

@DailyDrop 3 ай бұрын

Yes! We have used it for just over a year now to budget.

@TheStallion234 3 ай бұрын

Wait, Amex gives 5x on flights booked directly with airlines as well?? I thought it was only through their portal. Can someone confirm

@NGOS8 3 ай бұрын

Amex platinum gives 5 times points on flights booked through the Amex portal and directly with the airline. The business platinum only gives 5 times points when booked through the Amex portal

@Frexuz 3 ай бұрын

The Platinum card in Hong Kong seems totally different. $1200 annual fee, but 600k points welcome offer 🤔 Hilton/Marriot/Hertz status, priority pass, $300 travel credit, $300 food credit. Something like that 😊 The points are probably "converted" to make sense in our currency. I haven't calculated what that would be in cents per point. Just some info for you non-US ppl :)

@mattball2700 3 ай бұрын

You would have gotten points on that spend, so prob not count that. SUB, yes. Nice review

@DailyDrop 3 ай бұрын

Glad you enjoyed this video! Thanks for the feedback 👍

@johnwick860 3 ай бұрын

Answer: if there is a worthy retention offer, YES.... lame retention offer? NO

@DailyDrop 3 ай бұрын

This is such a great point that I should have mentioned...doesn't hurt to call and ask!

@dyhppyx 3 ай бұрын

Amex platinum does NOT have primary car insurance

@fogrunr5075 2 ай бұрын

The best thing this card did for me was to get me to book directly with an International airline. And now that I know I can do it successfully, I know I don't need to float AMX a $695 cash advance 😂😂😂

@jamesyu613 3 ай бұрын

I think the plat is very expensive

@stephaniehwang3090 3 ай бұрын

The authorized user is a one time fee, not per year

@DailyDrop 3 ай бұрын

Out of curiosity, which version of the Platinum do you have? Below is what my app says for adding a user but maybe my card is different? Thanks for the comment! "The annual fee is $195 for each Additional Platinum Card. Additional Card Members must be 13 years of age or older."

@raymondturro9853 3 ай бұрын

It’s an annual fee. It used to be $175 for up to 3 additional users, that changed in the past year.

@shawn.credit 3 ай бұрын

It’s a yearly AF of $195 per authorized user card per year.

@barrettbritt 3 ай бұрын

I really don’t see the point in this card unless you care about centurion lounges above everything else. The points multipliers aren’t too special. The fee is exorbitant. Then, you have to keep up with all of the bonuses/credits you get to make up for the cost. I would feel differently if there were a larger and simpler credit, like a $600 travel credit or something, but as it currently stands it’s a ton of hoops to jump through. I look at a card like the venture X and it seems so much simpler to make up for the annual fee. $300 travel credit, 10k points at each annual renewal, boom. Annual fee is already gone. Then, there are more benefits on top of that. I think some people get lulled into thinking of this card as a representation of status or prestige when in reality it’s not overly hard to get approved for. It makes sense for some people, no doubt, but I feel it’s a lot of effort without a unique value proposition compared to other options.

@DailyDrop 3 ай бұрын

Definitely some valid points for sure! While for some this card may be worth it, for others, something like the Venture X could work very well. Thanks for sharing your thoughts!

@cassinewman4124 3 ай бұрын

Why would you need clear and precheck? I have precheck so I wouldn’t pay for both.

@drchrisheidelberg 3 ай бұрын

Clear is also great for sporting events and entertainment events like concerts and it's yearly while the other benefit is a 4 year renewal. I have both because I have Clear at my airport and both sports stadiums

@ericaconnor7353 3 ай бұрын

One time the pre check line was actually pretty long, but I went through clear and it cut me to the front of the pre check line.

@oSnapMillerTime 24 күн бұрын

AMEX is not accepted throughout Asia and many places in the US including eBay. Also the lounges are always full. Why would anyone want this card?

@iswish_41 3 ай бұрын

This credit card is basically a coupon card.

@DailyDrop 3 ай бұрын

I do love a good coupon...

@DemetrioXavier69 Ай бұрын

I'm active duty so I get the fee waived..

@DailyDrop Ай бұрын

Even better! Thank you for your service!

@scottstempmail9045 3 ай бұрын

It's not the "singlemost expensive" credit card. If you must perform a cost/benefit analysis, it's not for you.

@LouThaEnergy 3 ай бұрын

It’s not worth it. Just go for Amex Gold.

@DailyDrop 3 ай бұрын

Also a solid product! Thanks for the comment!

@412foto 3 ай бұрын

would if they hadn't blocked me getting the welcome offer just because I got the platinum first. dumb

@LWT633 3 ай бұрын

I’m getting tired of the centurion .. they been having the same menu forever now .. after a few years of having the card I’m begging to see its downfall

@fogrunr5075 2 ай бұрын

Raise the camera so it's level with your eyes.

@loopba Ай бұрын

Made up value

@Peteliao 3 ай бұрын

The Saks Fith Ave can be easily redeemed. I get FREE underwear and Socks from Saks every year!

@DailyDrop 3 ай бұрын

I have not taken advantage of that perk yet, but that is a great suggestion on how to use that credit to get even more value out of the card. Thanks for sharing!