American Express Platinum: Why and When Is It Worth The Fee
Before the Amex Platinum added the Priority Pass Select to its repertoire, the value of the American Express Platinum Card was a bit elusive, given its tremendous $450 annual fee. However through 2011 Amex has raised the bar significantly to the point that we can now recommend it to anyone who travels moderately or extensively throughout the year.
Why the Amex Platinum is a Good Traveling Companion
Free International Business Class or First Class Tickets
When you purchase a Business or First Class ticket for international travel with one of 23 partner airlines you are eligible for a complimentary companion pass for the trip. You’ll still have to pay taxes and fuel surcharges for the additional ticket, but this is a huge perk if the flight you book through Platinum Travel Services has availability.
Priority Pass Select:
The Priority Pass Select airport lounges are at your disposal. 600 lounges in 100 countries. Additional cardholders on your account also get a pass, and for only $27 a guest can come along too. Airports can be stressful. The first time I stepped foot into an airport lounge was in Europe. I felt a little bit like James Bond. Following directions I went down a side corridor and then down an elevator that was somewhat hidden, and it opened up into a peaceful oasis of tranquility, cool drinks, fresh fruit and comfortable chairs to lounge in. The pass includes American Airlines, Delta, US Airways lounges and a vast list of international lounges. (Here is a list of lounges accessible with the Priority Pass) Considering that a Priority Pass costs $400, it’s probably the most valuable benefit of the Amex Platinum card.
$200 in Travel Rebates:
Amex will automatically reimburse any charges that are coded by an airline as a baggage fee, on-board food and beverages, and other fees (including possibly change fees or taxes associated with flights purchased with miles.) When airlines started charging for checked baggage it felt like a sucker punch, but Amex Platinum will erase a bit of that pain with their travel fee rebate program.
No Foreign Transaction Fees:
Returning from a trip can be a shock when you have to go back to work and face reality. Looking at my Wells Fargo bank statement and seeing row after row of ‘foreign transaction fee’ in the past has felt like salt in my wounds. However, the Amex Platinum has no foreign transaction fee tacked on to your purchases (usually 3% or more). Assuming you go on 2 vacations a year and you spend at least $3000 each trip, by avoiding these fees you’ll end up saving at least $180 by using the platinum card.
20% Bonus on Booking Travel
Other Amex Cards offer the standard Membership Rewards program, but with the Platinum card you are upgraded to the Membership Rewards First program which gives you a 20% bonus when you book travel through Amex Travel. (You also have the ability to use 20% fewer points when redeeming for gift cards.)
Platinum Card Concierge
Don’t know what to buy your wife for Christmas? Need to find a good caterer for a business meeting in another city? The Amex Platinum comes with access to a concierge service that will fulfill both personal and business requests.
Global Entry and Expedited TSA Security Screening
Global Entry access comes free (Amex will reimburse the $100 application fee when it hits your statement) so you can pass through immigration when re-entering the US and avoid long lines. As of October 2011 the Global Entry pass will also give you access to the new TSA Pre Check program which gives you expedited security screening at a rapidly expanding number of airports in the US
Hotel Benefits
The card also features complimentary Starwood Gold status (as does the Starwood , which gives you a 50% bonus on Starwood points, earned, as well as eligibility for room upgrades. You’ll also be eligible for free upgrades, free meals and other benefits for other hotels when you book with the Platinum Travel service.
Other Travel Benefits Include:
· Complimentary baggage loss or damage insurance
· Rental car loss and damage insurance, upgrades, automatic status, and 4 hour return grace periods
· $100 statement credit when you book tours costing $3000 or more
· Roadside assistance in the US and Canada
While the $450 fee may sound daunting to most, if you’re a frequent traveler the card is still a very good value. As with all cards we review at CreditSense, only apply if you are confident you’ll be taking advantage of the many features of the Amex Platinum Card and you think this card makes sense to you.