American Express Platinum Card — Worth?

I have been contemplating applying for the American Express Platinum Card. Its annual fee is a whopping $699, but my question has been whether it is really worth getting it.

 Here are some of the benefits of the American Express Platinum Card

  •  A sign-up bonus of 50,000, when you make purchases to a minimum of $1,000 within the first three months. You can convert the 50,000 points at a rate of 1×1 to Aeroplan of Air Canada or Avios of British Airways. With Aeroplan, this will be enough to take you anywhere in North and Central America while 50,000 Avios is enough for a trip to England. Taxes are extra for both plans.
  • Points can also be transferred to hotels programs such Hilton’s HHonors and Startwood Preferred Guest.
  • A $200 travel credit annually. This can only be redeemed through the Platinum Travel Card. Because this can be used on a calendar year basis, if you apply the card now, you can  use it now, and then sometime between Jan. 2014 and the expiration of your first year.
  • 1.25 Miles for every $1 charged to the card
  • Access to the Canadian Platinum Lounge for card member, spouse, a guest and a maximum of two children under 21.
  • Access to Airport Club Program
  • Complimentary and discounted companion tickets and  upgrades
  • Lodging benefits at member hotels

 

 Comments

For the first year, this is a worthwhile investment, as the bonus sign-up points alone is worth more than $500. Added to this is the $200 travel credit.

Thereafter, the major benefit is the $200 even if its advantages are somewhat restricted by the fact one has to use it through American Express.

But unless I travel frequently, and need to use the lounge often, this card does not work for me.

If you want to sign up or to get more information, visit the American Express The Platinum Card Site.

 

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