The Amex Platinum Offered Me a 175,000-Point Bonus. Is It Worth It?

I don’t get many exciting pieces of mail these days. A few bills, a lot of coupons, and the occasional flyer for something happening in my neighborhood. Every once in a while, I’ll get a promotional offer thrown in as well, which I usually move right along to the recycling bin.

But the other day, I received a mailer for The Platinum Card® from American Express that made me do a double take. See why this travel card has me doing some serious thinking.

A whole bunch of points are within reach

The mailer I received had a big banner stating “150,000 Membership Rewards® Points” splashed across the front. That’s the promotional welcome bonus I could receive if I opened The Platinum Card® from American Express and met the spending requirements of $8,000 within the first 6 months (terms apply). That’s nearly twice the standard 80,000 Membership Rewards® Points advertised for the card.

I was intrigued and did a little more investigating. When I visited the online offer page for this card, I was surprised to find the promotion targeted to me was even bigger: 175,000 Membership Rewards® Points for meeting the spending requirements. As the point total climbed higher, my list of reasons for not applying for the card was shrinking.

A big welcome bonus…

I’m pretty happy with my current line-up of credit cards. They work well with my spending habits, they’re simple to manage, and they earn me a lot of rewards points. I wasn’t planning to add to my wallet anytime soon, but American Express has me writing out a pros and cons list.

The first pro is that huge welcome offer. If I can reach the spending requirements to earn it, 175,000 Membership Rewards® Points can go a long way. Those points can either be redeemed through American Express or transferred to one of the issuer’s travel partners, making it easier to find a spending option that works for me.

This card also includes a lot of credits, valued at over $1,500. From Uber to streaming services to hotels and airline credits; there’s a lot of extra value packed into this card.

…but an annual match fee

I can’t ignore that The Platinum Card® from American Express comes with an annual fee of $695 (see rates and fees). That’s $600 more than I’ve ever paid for a card’s annual fee, and I get a little agita thinking of handing over that much money just to use a card.

I’m also not blown away by the rewards categories for this card. Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel. Earn 1X Membership Rewards® Points on other purchases. Terms and limitations apply.

Yes, earning 5x Membership Rewards® Points is great, but it’s only in two categories, neither of which I spend money on day to day. My current credit cards offer up to 3x rewards on expenses like groceries and dining out, so my average spending is earning me rewards with those cards.

Will she, won’t she?

I’m still waffling on whether I’m going to apply for The Platinum Card® from American Express. Those 175,000 points are awfully tempting; according to American Express, points are worth $0.01 per point on flights booked through American Express travel, so that welcome bonus could be worth $1,750. And even if I account for the annual fee, I’d still come out more than $1,000 ahead by signing up for this card.

But $695 is a big price to pay, especially for a card I wasn’t planning on getting it. And I already have rewards credit cards that match up with my spending habits, and even overlap with some of this card’s offerings, so I’m just not sure whether the card is for me.

I believe The Platinum Card® from American Express can be worthwhile for someone who can comfortably afford the annual fee, can take advantage of many of the extra credits, and can easily meet the spending requirements to earn the bonus.

If you’re in the market for a new card, check out the offer page for The Platinum Card® from American Express. Even at the standard welcome bonus, this card can provide a lot of value for certain people. But with the extra promotional value, it might be an easy call for you.