The Amex Platinum card is now very borderline for me. This year I have used the $450 travel credit, and saved about $550 through Amex offers. I haven't managed to use the Accor free night yet. So as things stand I'm paying an effective $400 fee for moderately better points earning than with other cards, flexibility with transfer partners (nice to have), Priority Pass (which I barely use), hotel status (which is generally not high enough to really matter) and the free Australian subscription (which I could take or leave).
I have saved money on some airfares, but they are reimbursed by my employer, so that benefit has gone to my employer rather than me personally. Also, booking flights through Amex travel has downsides - much more hassle to cancel/change, as you usually have to phone them, sometimes less flexibility, and no QBR earning.
It's still not a bad deal overall, but the Amex offers are obviously highly uncertain, and without capitalising on them, it really wouldn't make sense. I am also thinking that the same fee put to one or more other cards could generate a lot more value in the short term through bonus points. For example Qantas Titanium currently offers 150k bonus points plus a better ongoing earn rate than Amex. The downside is putting all eggs in the QF basket obviously.
although probably only 5% of my spend is work related / reimbursed.
