Amex Platinum - no longer worth it?

A

antler

Junior Member
Joined
Sep 15, 2013
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10
I've been a member with Amex (on and off) for the past 20 years. I've seen the customer service slide from great to sub-par to pretty bad. At the same-time, I've been through multiple points devaluations, cutting down to benefits and increase in annual fees.

Been a Amex Platinum member since 2019 and I'm wondering if it's worth keeping the card anymore. I'm gold on QF and Star Alliance, and platinum with VA. The Priority Pass membership that's included with Amex, sucks (only works for lounges and not any of their restaurants). Anyone in the same boat? It looks like platinum members (especially) have been taken for a ride over the past few years.
 
Looking from the US, where the card ($695?) is already pretty low on my "might eventually apply for" list, it's behind Capital One and Chase (where the Sapphire Reserve gets you Priority Pass + PP restaurant credits for $550). Cant imagine stumping up $1.45k AUD for it... whatever the SUB.

Everyone has different circumstances though - If you spend enough on cash F and J tickets then the airfare discouting program could alone make it worthwhile.
 
sqrt() said:
Looking from the US,
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The credits on the US card are much less valuable than the credits on the Australian card for someone based in Australia, though. Australian one also arguably comes with more credits than the US one.

Back on topic, antler you should do a cost-benefit analysis of the card. Assign a dollar value to each of the benefits you get from the card (including points earned - card surcharges incurred). If that dollar amount exceeds the annual fee, keep it. If not, close it.
 
levelnine said:
you should do a cost-benefit analysis of the card. Assign a dollar value to each of the benefits you get from the card (including points earned - card surcharges incurred). If that dollar amount exceeds the annual fee, keep it. If not, close it.
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Exactly.

I'm a teacher so I pay the lower annual fee of "only" $1200/year. On top of that I took out my card before the Platinum Reserve changes, so I still get the annual $400 Platinum Reserve travel credit on top of the card's own $450 credit. Plus I use the Accor Plus membership and perks. And when I'm overseas (not so much in Australia) I tend to find myself in at least one Priority Pass lounge per trip. And every anniversary my wife and I go to a very nice restaurant thanks to the $200 dining credit. Plus the slightly-cheaper airfares, miscellaneous other credits, etc, etc... Not to mention the points-earning capacity which is still, let's be honest, very good compared with just about every other card in Australia.

I've even used the Platinum Concierge service recently to help plan an overseas trip and I found them very helpful.

On top of that, my wife, mother, and adult children have supplementary cards and they love having Virgin lounge access as a result. In fact I think they wouldn't speak to me for weeks if I ever took it away from them!

So for me it's a no-brainer to keep the card. But if your circumstances are different, you have to be hard-nosed and only keep the card if it's worth it for you.
 
Human said:
Exactly.

I'm a teacher so I pay the lower annual fee of "only" $1200/year.
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How do you convince them to give you that rate?

I wish mine had an extra $400 travel credits. That would make it worthwhile.

From the looks of it, they'll soon by charging $99 per supplementary card holder soon as well. They're testing the waters with their surveys.

From my end paying $1450 with $450 travel credit, and $200 in local restaurant credits don't make it worthwhile. Yes, there's another $200 for international restaurants, but the choices in the North America (where I travel most) is limited. Priority Pass lounges in the North Americas are awful as well. I've heard they're decent in Asia.

Looks like I'll have to cancel. Spent over $200k/yr on this card, but the card and additional merchant fees eat up the value of the points.
 
antler said:
How do you convince them to give you that rate?

I wish mine had an extra $400 travel credits. That would make it worthwhile.

From the looks of it, they'll soon by charging $99 per supplementary card holder soon as well. They're testing the waters with their surveys.

From my end paying $1450 with $450 travel credit, and $200 in local restaurant credits don't make it worthwhile. Yes, there's another $200 for international restaurants, but the choices in the North America (where I travel most) is limited. Priority Pass lounges in the North Americas are awful as well. I've heard they're decent in Asia.

Looks like I'll have to cancel. Spent over $200k/yr on this card, but the card and additional merchant fees eat up the value of the points.
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What will you move to
Explorer

I may be wrong but I thought it includes virgin lounge pass (limited to if you fly virgin)
 
antler said:
How do you convince them to give you that rate?
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A number of professional associations and trade unions have the cheaper rate as one of their membership perks. In my case I get it through membership of the teachers' union, but if you're a member of a union or professional association (think AMA, CPA etc etc) then you should check its website to see if you have access to that rate.
 
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My annual fee posts in Nov and I'm having the same thoughts as well. Will do the cancel/reinstatement dance to see how much MR they are willing to stump up for me to keep for another year but unless it's a good solid offer, might cancel.

The only thing that I might actually miss the ability to transfer MR to marriott, especially during the 50%. With that, I was able to get about 1 to 1.2c per MR value and get some real nice Marriott rooms that would have been hard to pay for in cash.
 
airstriker said:
My annual fee posts in Nov and I'm having the same thoughts as well. Will do the cancel/reinstatement dance to see how much MR they are willing to stump up for me to keep for another year but unless it's a good solid offer, might cancel.
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They gave me 50k points at the last renewal. The retentions guy almost seemed good with letting me go.
 
Human said:
I'm a teacher so I pay the lower annual fee of "only" $1200/year.
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I might have access to something similar through my line of work - how did you go about requesting this discount? Can agree with the overall consensus here that $1,400 / year is a significant amount considering the diminishing value for money...
 
Damian W said:
I might have access to something similar through my line of work - how did you go about requesting this discount? Can agree with the overall consensus here that $1,400 / year is a significant amount considering the diminishing value for money...
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I have a similar thing, where I'm on the 'Professionals' Plat Charge Card ($1,200/yr). You have to apply through the Member Advantage portal, if I'm not mistaken (which you'll have access to, if you're a member of an eligible professional association or group). It's a bit annoying though, because they also have discounts on some other cards like Platinum Edge (circa $150/yr annual fee but still with the $200/yr travel credit), but you can't do a product swap to that if you already have another card (even if you already have a 'Professionals' version of another card). You can only get it by applying directly for it, which is their only real way of checking your eligibility. I've tried multiple times to do a product swap from something else, it's always a no - and in the end, I decided I just couldn't be bothered and it wasn't worth the credit file hit for a $50/yr saving, ha.
 
Yes, my Platinum card is a "Professional" card too -- it's exactly the same as the normal Platinum card apart from the lower annual fee. It's not a case of "requesting" it or "persuading" AmEx to give it to you. Either you have access to the Professionals card via your union or organisation, or you don't.

(Though if you're in an organisation that does not have access to it, there's no harm in requesting that they look into getting access!).

I also have the Platinum Edge professionals card -- $150 annual fee, with the $200 travel credit.
 
Years ago some AFFer who was a CPA posted the application link which I clicked, applied and was approved whilst never being a CPA Member - o continued to pay the $1,200 ann fee for years and never questioned.

12mths ago I changed to AMEX PLAT BIZ CARD so I could settle FOREX purchases and receive pts - AMEX closed their FOREX arm end June and I was going to cancel the card just b4 next Ann fee became due UNTIL I fully understood the benefits of the ’Complimentary Travel Insurance’ via Chubb.

Short story Main Cardholder + Spouse + Dependant Children PLUS ALL Additional Cardholders + Spouse + Dependant Children are covered by this Comp Travel Insurance. I have had the policy analyzed but outsiders offering competitive Travel Insurance and advice was it is as good if not better than anything they could offer.

So given I know have 21 additional Cardholders attached to my Primary Account (all family members + 1 business partner) then the $1,700 Ann fee looks like a bargain to me. As family members indicate they intend traveling overseas I will add them also - they also get access to Cent Lounges wherever they come across them.

Indeed I did have a Corporate travel Policy for my different companies in conjunction with the business partner mentioned above - that cost just on $1,000 annually which we split - that has now been cancelled.

I was of mind set that APBC was no longer holding until I fully comprehended Comp Trav Insurance so now will never cancel until it changes.
 
Cruiser Elite said:
Can have up to 100 - and I do know I pale into insignificance to plenty other Biz Card Holders
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Not saying you're doing anything wrong. Just it must be costing Amex a fortune to be providing lounge access & travel insurance to so many people for a single annual fee.
 
levelnine said:
Not saying you're doing anything wrong. Just it must be costing Amex a fortune to be providing lounge access & travel insurance to so many people for a single annual fee.
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Same product has been available for years - just think how profitable these accounts were for 3 years during Covid
 
Cruiser Elite said:
Same product has been available for years - just think how profitable these accounts were for 3 years during Covid
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Australia will almost be certainly following the US' lead very soon: 'Annual fee for authorized user cards has increased to $195 for each card. Previously it was $175 for three additional cards.'
www.doctorofcredit.com

AmEx Platinum Increases AU Fees, Further Restricts Sign Up Bonus, Audible Removed - Doctor Of Credit

American Express has made some negative changes to the Platinum card. Annual fee for authorized user cards has increased to $195 for each card. Previously
www.doctorofcredit.com www.doctorofcredit.com
 

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