Thanks to the €300 to spend in restaurants American Express Platinum now pays for itself
Here's how to zero out the cost of American Express Platinum and get it free every year
In recent weeks we have been talking about the new offer reserved for American Express Platinum holders: must be activated and that it is Valid for all owners, new and old, of Amex's most exclusive card. This promo provides that each year you can get a cashback of 300 euros when eating at Global Dining restaurants: €150 in Italy and €150 abroad.
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The offer is simple: once activated, it allows you to have up to €300 credited back to your card account each year. The only constraint is the division: 150€ is valid for Italian restaurants and as much for those around the world.
We have repeatedly recounted in detail the benefit of this card, with this article I want to value all the benefits you get with Platinum and compare them with the monthly fee of 60€.. Very often we receive messages where we are asked the question, "does it make sense to pay so much for a credit card?" Here is my shopping list.
What are the main benefits of American Express Platinum
This is a paper that includes. lots of benefits designed primarily for travelers. Not only for compulsive travelers like me, but also for those who more simply take one major trip a year and maybe a few weekends away. Contrary to what you might think, it is not a card for the exclusive use of those with large budgets; on the contrary, as we often explain in our articles, it is a fundamental assett in the portfolio of an average Italian family.
Today I will make a list of the benefits I use most frequently and also put an economic value on the savings I get. Of course, I'm not going to talk about points Membership Rewards, for the simple reason that you accumulate 1 point for every euro spent just like when you use the green card (the basic card of American Express), which allows all cardholders to turn points into airline tickets, hotel reservations, and much more.
Welcome bonus to new owners
At this time at all new holders of American Express Platinum is recognized a cashback of 400€ If, in the first 90 days from when you become an owner, you spend at least 4,000.
Alone this re-credit is worth more than half of the annual fee, but it is good to remember that being a one-time is a benefit that applies only to the first year and not to subsequent years. The monthly fee is 60€ and is charged directly to the credit card each month.
Applying for the card is super easy and you can do everything from your cell phone in less than 10 minutes, no need to go to the bank or print documents.
This is how I amortize, every year since 2003, my Platinum
Not all cardholders have the same habits, not all use the same benefits, each person according to his or her habits may try to use this card at 100%, or keep it in the wallet without ever using it and pay for it as a simple insurance against daily contingencies.
Travel insurance
Travel insurance included in the annual fee is, without a doubt, the best product available on the market. First, because it covers not only the owner, but the whole household, even when not traveling together. This means that daughter on vacation in Ibiza will be protected even if parents are on vacation in Gallipoli. Second because the insurance is all-around and covers everything that can happen: from a delayed flight, to the missing luggage or late, from illness on vacation to the unfortunate possibility of tragedy. It is not only a matter of financial support, but also and especially help in dealing with paperwork, such as finding a doctor.
How much is this benefit worth to me? I travel a lot, alone and with my family, so I could say that, for me, by this alone is worth the annual fee of €720. I give a small example: a two-week vacation in the United States for a family costs about 500€, but even a vacation in London or Sharm can be very expensive if something unpleasant happens. Money you save by having this card in your wallet.
Elimination of deductibles on rentals
One of the aspects of the insurance included in the Platinum card is that it includes coverage for ancillary insurance in car rentals. The classic jumpoff that we get every time we rent a car, domestically or abroad, to eliminate deductibles in case of damage, theft, and minor mishaps.
How much is this benefit worth to me? I rent at least two/three cars per year, since the cost is per day and varies by car, I would say that this benefit for me worth about 100€/year.
In addition to money, there is also the value of peace of mind that allows us to sleep peacefully that whatever happens you are covered by adequate limits to cope with any accident or unforeseen event. Impossible to put a value on peace of mind, but it is certainly worth a lot.
150€ travel voucher
Each year, all cardholders receive a voucher to use on the American Express travel site. You can use it to book a car, flight or hotel stay. Using it is simple: you enter the site, make a reservation, and when you pay, you choose to use the voucher to discount some or all of your spending.
How much is this benefit worth to me? This is the simplest account 150€
Fast track at Italian airports
Fast track is an advantage especially if you travel economy or low-cost. In my case, having elite status in all alliances brings me no benefit over my daily routine.
How much is this benefit worth to me? Nothing because, as mentioned, having the status I already have fast track.
Priority Pass Prestige
I have status on many airlines, but my wife and I both travel often with low-cost as well. Priority pass grants access to thousands of lounges worldwide, free for the holder and one guest, a benefit that doubles since it also extends to the additional cardholder. Having the status also does not automatically guarantee that you can access the lounge, because not all carriers have arrangements and lounges at all airports, the priority pass is a pass. Also going back to the U.S.-bound family, again. can be a nice savings and especially a convenience at this time of airport chaos.
How much is this benefit worth to me? I would say at least 150€ since an admission normally costs between 25 and 30 euros per person.
Access to Centurion Lounges and many more
There is not only Priority Pass, but also access to American Express' directly owned Centurion lounges and to many other lounges around the world. Even in some shopping malls and outlets there are advantages as reserved parking spaces and pampering for owners.
How much is this benefit worth to me? I would say no less than 100€ per year
Status in hotel chains
This card gives holders status in four chains-Hilton, Marriott, Radisson and Melia. We have repeatedly talked about the various benefits that these cards offer, the best is definitely that of Hilton that with Gold status. gives breakfast to all room guests, upgrades and other perks such as accumulating bonus points.
Sure, you have to choose to be loyal to a chain, but in return you save tens of euros each stay.
How much is this benefit worth to me? It depends a lot on how many nights I spend in the hotel, let's say as a miminum 200€ per year
Benefits Fine Hotels + Resorts
By booking from American Express' travel portal, not only do you earn many bonus points, but you also have access to the Fine Hotels + Resort program, which allows certain facilities to have benefits such as free breakfast, free upgrade to a higher category, late check-out at 4 p.m., and 100$ to spend per stay.
How much is this benefit worth to me? In a nutshell, it saves me at least €150 each stay, I would say. every year for me is worth at least 1,000
10€/month credit on FreeNow
Using the FreeNow app, Platinum cardholders have a 120€ per year credit divided by 10€ per month to use in cab or scooter reservations, electric scooters and car sharing.
How much is this benefit worth to me? I rarely use cabs in Italy, so I am not a big user of this service.
American Express Experience
I admit, when appointments dedicated to Platinum clients come out I don't even open the email, however, I know plenty of owners who manage to find free and interesting experiences often and frequently.
How much is this benefit worth to me? Nothing
American Express Offers
We often talk about these offerings, which sometimes give away discounts or cashback. Impossible to predict their value and especially impossible to estimate which ones will be reserved for Platinum customers and not for those on other cards.
How much is this benefit worth to me? Between points and extra savings, I save at least 200€ per year.
Introduce a friend
This program applies to everyone and all holders have the same limits, but those with Platinum have the most generous bonuses. This means that with fewer friends submitted you accumulate more points, every year.
How much is this benefit worth to me? Making 300 thousand points every year is worth a minimum of €1,200, but of course using points can result in better conversions.
In conclusion
On balance, and leaving out many variables, my annual fee of 720€ is easily amortized. I would say. the real value I bring home is close to 4,000 euros. As I said, however, I left out several benefits that I do not use or that are common to all the cards. Of course, I do not represent the average user., but as we have been told in many articles it is a matter of habit and routine.
However, if you are not still an American Express Platinum holder what you have to exploit now is the possibility of having it for free at least the first year. The bill is soon done:
- 400€ cashback if you spend 4k in the first 90 days
- 300€ cashback in restaurants
- 150€ travel voucher
- 120€ to spend on Freenow
The total is 970€, As much as 250 euros more than the card fee. This is just the starting point, then-taking advantage of all the benefits and offers-you will soon "earn" a lot, just by being a cardholder.
