Amex Platinum Card Value
Friendly reminder – Chase knows how to grab attention. And they can do so multiple times with the exact same news. Several months ago, the bank flooded the zone with its updated Chase Sapphire Reserve announcement. And a few days ago on 26 October, the changes for existing cardholders became effective. Not coincidentally, a bunch of people who do stuff on the internet for money activated their respective content machines with CSR “do this stuff now” drivel. So I’m counterprogramming today. I’ve had almost two months to play around with the newest version of the Amex Platinum card, what I consider to be the superior premium card product right now. Today, I’m calculating Amex Platinum card value in my situation, and I encourage you to come up with your own assessments with this and other cards.
New Benefits
I’ll start with how I value the new benefits added to the Platinum card as part of its most recent refresh.
Resy Dining Credit
I’ve enjoyed using the Resy credit on the Amex Gold and considered it my favorite newly-introduced card benefit in recent memory. And now, the Amex Platinum version has unseated the Gold’s benefit.
While Gold cardholders receive $50 biannually, Platinum cardholders now obtain $100 quarterly to use at Resy-participating restaurants. The benefit is surprisingly easy to trigger – simply find a restaurant on the Resy site and pay with your enrolled Platinum card when you dine. Resy offers an astounding number and variety of restaurants; the Chase Sapphire Reserve’s Exclusive Tables benefit can’t even compete, in my opinion.
In fact, our ease of using the Resy credit has reached a level where it has replaced costs for many of our dining endeavors. I fully value this benefit.
Annual Benefit Value: $400
Lululemon Credit
As I expected, my family has had no problem using this new, quarterly $75 credit. What’s surprising is I’m using it, too. Still, we wouldn’t normally pay the upcharge for Lululemon items. I value this benefit at 50%.
Annual Benefit Value: $150
Uber One Membership Credit
I applauded Amex for adding a new benefit that is compatible with an existing one in the form of the monthly Uber Cash. In a way, this benefit makes the Uber Cash even more valuable, since Uber One members are often targeted for exclusive promos. Any individual can buy an annual Uber One membership for $96, but I don’t necessarily value it that highly. That’s because I was targeted for and purchased a $72 annual membership last year. I don’t necessarily expect a promo rate this year, but I’ll still conservatively value this benefit at the promo rate.
Annual Benefit Value: $72
Preexisting Benefits
Digital Entertainment Credit
The Digital Entertainment Credit continues to reliably deliver. Even better, I can stack the savings by enrolling in service promos in the November/Black Friday timeframe. I, and many of you, are effectively receiving “more than sticker” value of this benefit. Of course, I don’t want to overvalue this perk, either. But just valuing it 1:1 seems conservative enough given what I’m getting in return. Plus, Amex gave us an additional $5 monthly kiss as part of the Platinum refresh.
Annual Benefit Value: $300
Hotel Credit
This increased benefit is the standout for many Platinum cardholders, and I’m right there with them. Instead of $200 annually, I get $300 twice each year. I fully considered this benefit in my previous valuations and stated I’d probably splurge on at least one other FHR stay annually without the credit. Amex is now covering an additional $100 of that first trip and $300 of the second trip. Again, FHR offers elite status a la carte – a premium list of benefits that I can simply buy into for a fulfilling one-night stay. I still fully value this benefit, up a huge $400 from before.
Annual Benefit Value: $600
Airline Fee Credit
While more airline fee credit would’ve been nice, I can also understand the if-it-ain’t-broke approach Amex takes here. No news is good news in terms of my redemption strategy. But my annual cash outlay still wouldn’t normally reach the full value; it would be about half that.
Annual Benefit Value: $100
Lounge Access
First, let me be clear that I no longer value Centurion Lounges at all. I’ll visit now and then but have absolutely no expectations. I wouldn’t pay for a visit at all. However, I still value airline lounge access, including Delta Sky Clubs. In fact, I end up there much more than I have in prior years. I value this at double what I previously did.
Annual Benefit Value: $100
Uber Credit
We continue to find reliably value on Uber Eats pickups stacked with promos. And speaking of offers, we get even more of them thanks our Uber One membership. Still, the upcharges are real, and it doesn’t replace better deals we can get elsewhere. I keep this benefit value right at 50%.
Annual Benefit Value: $100
Saks Fifth Avenue Credit
While I still use this biannual $50 credit to cover Christmas and birthday gifts, I’ve also used other methods to buy more substantial items. But despite an infrequent hiccup here or there, I must begrudgingly admit things are going smoother overall. Lately, I can completely cover my preferred items, which are consistently in stock. Because of this, I value this benefit at 75% versus the previous 50%.
Annual Benefit Value: $75
Invest with Rewards*
I’m closing my Amex Schwab Platinum card in a few days, but I still value this benefit when I hold it. Indeed, it will be the primary reason I go after it again in the not-too-distant future. The Invest with Rewards feature enables cardholders to redeem Membership Rewards points at 1.1 cents per point for deposit into their Schwab accounts. While this valuation has been substantially capped at 1 million points per calendar year, I would hold the Schwab Platinum solely for this benefit. But that’s gone from “always” to “sometimes.”
Annual Benefit Value: $895
The Big Doughnut Everywhere Else
And I won’t forget the Platinum comes with many other benefits. New ones from Oura and Leading Hotels of the World have arrived. Marriott and Hilton Gold status remain, but I hold those or better from other cards. I still have no interest in CLEAR, TSA PreCheck, Global Entry, Equinox, or SoulCycle. Walmart+ is occasionally helpful, but it’s still not something I’d pay for. Bravo to everyone doing big things with all of these, but I’ll sit ’em out.
Annual Benefit Value: $0
Amex Platinum Card Value – Conclusion
My Amex Platinum benefit value is now $1,897, easily a whopping 2.5x more than my previous $740 valuation. (Like last time, I’m not including the Invest with Rewards benefit in this calculation.) The benefit value of my Amex Platinum has exponentially increased in return for me paying just $200 more of annual fee. I’m okay with that deal, and I’m confident many of you are when taking into account your own valuations. On the flip side, I can totally understand others may opt out of the Amex Platinum in their given situations. Regardless, we should periodically reevaluate to determine what works best in a given situation and timeframe. Crunch the numbers, and do big things!
How do you assess your Amex Platinum card value right now?
