American Express Platinum Card

With 2018.7.2 Update, AmEx Platinum get new benefits now. One can get up to $100 in SC- statement credits on your Platinum Card yearly for purchases at saks.com or Saks Fifth Avenue. From January to June, you get up to $50 in statement credits and up to $50 in from July through December. There is no limit on a minimum purchase, the thing which required is Enrollment.

With 2018.3 Update, the card has a unique feature that is one can cash out the Membership Rewards-MR points at a ratio of 1.25cent/point, and the ratio is fixed. Many people who hold this card ask the question that does we receive 1099 forms if we cash out MR points in this way. The answer is no; we don’t.

APPLICATION LINK

Here is the link for AmEx Platinum Card for Schwab if you want to apply for it:

https://apply.uscreditcardguide.com/credit-card/amex-platinum-for-Schwab/apply/

Note that to apply for this card you have to a Charles Schwab Brokerage Account. The account is open for free, and it is ok to open this account only for this card. Additionally, you may get $100 sign-up bonus without ATM/foreign transaction fees. Only downside or disadvantage is that applying will result in a hard inquiry.

WHAT ARE THE BENEFITS OF AMEX PLATINUM CARD?

  1. After spending $5,000 in the first three months, you can earn 60,000 Membership Rewards (MR) Points.
  2. From the estimated value the MR worth about 1.6 cents/point, so one can earn up to the 60k highest sign-up bonus which is worth about $900.
  3. Charge Cards have no pre-set spending limit.
  4. No foreign transaction fee.
  5. For flights booked with American Express Travel or directly with airlines, one can EARN 5X MR points.
  6. As I said at a fixed ratio 1.25 cents/point, you can cash out your MR points into your Schwab brokerage account. It is the only card that gives you a decent rate for money for MR points. For cashing out MR in this way, you will not receive tax forms.
  7. On hotels booking with airlines directly or with American Express Travel earn 5x MR points, on other purchases earn 1 Membership Rewards Point per $1 spent.
  8. Each calendar year get $200 airline fee credit for incidental charges such as airline gift cards and checked bags. These benefits reset each year according to a calendar, so in the first year, you will get these advantage twice. Mark that this advantage not enrolled automatically, you need to enroll and specify an airline by clicking on the link given below: https://rewards.americanexpress.com/olet/splash?campaignId=airline1&offerType=airlinechoice
  9. You will get $200 annual Uber credits: in December $35 and $15 per month. These credits will expire at the end of the month.
  10. With the new update, one will get $100 annual Saks Fifth Avenue credit. That is up to $50 in statement credits from January through June and rest $50 in statement credits from July through December. The online and offline store will eligible. No criteria of purchase but Enrollment must be needed.
  11. Free access to the below-given airport couches:
  • Priority Pass Select: you need to register on your own, and then they will be mailed to you, you get free for up to 2 companions. Click here.
  • Centurion Lounges: free for up to 2 mates; click here.
  • Delta Sky Clubs: on the same day you need a Delta boarding pass, and you will get $29 per companion. Click here.
  1. Airspace Lounges, free for up to 2 attendants. Click here.
  2. Free SPG Gold Status, to activate it Click here.
  3. Free Hilton Gold Status, to use it click here.
  4. Free membership for Hertz, Avis, and National membership, click here to activate.
  5. Free Boingo membership, get free Airport Wi-Fi and click here to use it.
  6. For TSA Pre-application fee or Global Entry, get up to $100 credit.
  7. If you book hotels through Fine Hotels and Resorts-FHR, you will get all benefits of elite members like free breakfast, room upgrades, free Wi-Fi, etc. hotel to hotel the benefits vary.
  8. If you are very busy or lazy, then you can use the Platinum Card Concierge service for reservation at a restaurant, book hotels and so on. This service serves its customers at best.
  9. One can get access to Amex Offers with this card. Often you get good discounts on some stores. In the past customers get offers like Spend $75 or more and get $25 back on Amazon.com or Spend $15 or more and get $5 back at Walmart.
  10. You become authorized users to get access to the airport lounges that mentioned above, and each of them can get free hotel status. A cardholder and authorized users shared the $200 annual air credit.
  11. As it is a Charge Card, not a Credit Card, it is relatively easy to get approved. For charge card, you do not have to pay the minimum payment, but you have to pay your balance completely on the due dates. Mark that Charge Card applications result in a Hard Pull, same as Credit Card applications.

DISADVANTAGES

  1. They charged $550 annual fee but rejected for the first year. Remark: the annual fee doesn’t count towards the minimum spending requirement similar to other credit cards.
  2. The total annual fee is $175 for up to three Additional Platinum Cards.

INTRODUCTION TO MR POINTS

  1. You can earn MR points with AmEx EDP, AmEx ED, AmEx Green, AmEx Business Platinum, AmEx Gold for Ameriprise, AmEx Business Gold, AmEx PRG, AmEx Business Green, AmEx Platinum, AmEx Blue Business Plus, AmEx Platinum for Mercedes-Benz, AmEx Platinum for Ameriprise, AmEx Platinum for Schwab, etc.
  2. All the MR points that you earn on different MR cards will go to the same MR account automatically.
  3. Note that MR points never expire, so there is no worry about losing the MR points on one card in case if you close the account. If you close all cards, then you will lose all of the MR points so if you want to keep your MR points, keep the AmEx ED card as they are not charged an annual fee. All the MR points of any MR cards can transfer to some airline miles. Transfer the MR points in 1:1 ratio to All Nippon Airways (ANA, NH) miles (Star Alliance) is one of the most common and best ways to use MR points. Other good options are Delta Air Lines (DL) (SkyTeam), Air Canada (AC) (Star Alliance), Virgin Atlantic (VS) (Non-alliance), British Airways (BA) (Oneworld), Singapore Airlines (SQ) (Star Alliance), Asia Miles (Oneworld), Flying Blue (SkyTeam), etc. The value of your MR point is about 1.6 cents/point if you use it by this way.
  4. You can redeem your MR points of any of the MR cards at a fixed rate of about 1 cent/point for air tickets on AmEx travel portal.
  5. You can redeem your MR points at a fixed rate of 1.25 cents/point towards cash if you have AmEx Platinum for Schwab. It is a good alternative to airline miles; this is a good way to cash out the MR points. If you do not have AmEx Platinum card then, the only way to redeem your MR points at a fixed rate of 0.6 cents/point towards cash.
  6. In summary, the estimated value of MR points is about 1.6 cents/point.

RECOMMENDED APPLICATION TIME

  • Once in a lifetime you get the sign-up bonus, so from the historical chart find the highest offer period and sign-up to get the maximum bonus.
  • AmEx does not worry about the number of hard pulls.
  • When you have a credit history of 6 months, then only try to apply for it.

SUMMARY

This card is special due to its value of MR points. With this card, you can redeem your MR points to cash at a ratio 1:1.25. To all those who don’t want to convert their points in airline miles can spend points by this way with a good ratio. You will get two airline fee credits ($200*2), 60k MR points that worth about maximum $960 and minimum $750, and $200 uber credit if you keep this card for one year. The annual cost of the card is $550, and the total income is about 1010. To avoid the repeat of perks, do not apply for this card if you have the regular AmEx Platinum Card.

The travel perks are great, I would not call this card a keeper as the earnings rate is not impressive and some of them you need to be enrolled by yourself, so if you forget to enroll, you missed it. However, the travel perks are great.

If you won’t need the card anymore, but on the other hand you don’t want you MR points then apply for the AmEx every day (ED) as the not charge an annual fee. So you can keep the MR points and use them in the future.

TO DO LIST AFTER GETTING THE CARD

  1. Register in Airline Incident Fee Credit benefit and select a carrier. Before making a compensate purchase, you must enroll and choose a carrier.
  2. Add your card to Uber or UberEats.
  3. Enroll in Saks Credit benefit.
  4. Register in Priority Pass Select (PPS).
  5. Enroll in SPG Gold.
  6. Register in Hilton Gold.
  7. Enroll for Avis, Hertz and NationalCar Rental Privileges.
  8. Register in Boingo American Express Preferred Plan (Wi-Fi internet access).
  9. Apply for TSA PreCheck ($85 reimbursement) or Global Entry ($100 refund)

RECOMMENDED DOWNGRADE OPTIONS

You can not demote this card to any card without an annual fee, so it is recommended to close it if you are not using it or don’t want to keep it any longer.

AFTER APPLY FOR THE CARD, FOLLOW THE STEPS GIVEN BELOW:

  1. Click the link given below to check AmEx application status:

https://www262.americanexpress.com/eaol/welcome.do

  1. 877-399-3083 is AmEx reconsideration backdoor number, and it is well protected. The representatives of AmEx reconsideration backdoor number have only the right to help you in submitting requests.

Historical Offers Chart

https://www.creditintro.com/credit-card/amex-platinum-for-Schwab/historical-offers/

APPLICATION LINK

After reading a review, if you want to apply for the card then here is the application link of AmEx Platinum Card for Schwab:

https://apply.uscreditcardguide.com/credit-card/amex-platinum-for-Schwab/apply/

Note that you need a Charles Schwab Brokerage Account to apply for this card.

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