The advantages offered on the American Express Platinum Card® have just undergone a considerable overhaul. Several additional features were introduced, but American Express increased the annual premium from $550 to $695 to balance the expense (see rates and fees).
While $550 was already a high fee to pay, many people are now questioning whether the card is really worth it. Furthermore, while the travel sector recovers from the Covid-19 outbreak, some consumers are debating whether a travel credit card such as the Amex Platinum is appropriate for them.
The American Express Platinum Card is a card to talk about, thanks to its premium rewards and beautiful design. If you can tolerate the high annual fee, the card is worth considering because of the various travel advantages, respected concierge service, and consumer safeguards.
Some credit card aficionados, however, have compared the additional privileges to a “coupon book,” casting doubt on the genuine value these credits provide Platinum cardholders. Many of the advantages, such as the entertainment and Equinox credits, effectively force some consumers to spend more money than they would otherwise, undermining the objective of the card’s cost-cutting features.
Furthermore, there are compelling arguments that the Amex Platinum card is only worth keeping for a year, after which cardholders should consider canceling when the second annual fee appears on their billing statement, because the value of benefits diminishes significantly after the first year, most notably because you won’t receive a second welcome offer.