The Platinum Card from American Express has a new welcome offer that can score newly approved members an astounding 230,000 Membership Rewards.
And the minimum spend requirement isn’t quite as onerous as you may suspect.
It offers 10X points (yes) on US gas station and supermarket purchases (up to $15,000 in combined spend) during a new cardmember’s first six months of membership. (Those categories likely drop down to 1X after that — though who knows with the ways credit card companies are tinkering with bonuses these days.)
American Express Platinum: New Welcome Offer
New cardmembers receive 75,000 bonus Membership Rewards points when they spend $5,000 on eligible purchases within six months of being approved for the card.
230k Membership Rewards Points?
I admit it: I was skeptical when I heard over 200,000 Membership Rewards are on the table for new American Express Platinum Cardholders.
But these requirements are easier to swallow — and reap a more lucrative reward.
When you spend $5,000 on purchases within six months of approval, you’ll earn 75,000 bonus points. Plus, you’ll earn at least 1X on each of those five thousand bucks. So there’s another 5k. Now we’re up to 80,000 Membership Rewards points. (Keep in mind the card earns 5X on purchases made directly with airlines. So there’s even more potential there.)
Maxing out the 10X on gas and supermarkets nets you 150,000 Membership Rewards points. ($15,000 x 10X). Combine that with your 80,000 total from the welcome bonus and you’re 230,000 Membership Rewards points richer, amigo.
I value American Express Membership Rewards points worth 1.7 cents each in travel. So those 230,000 points are worth about $3,910.
Other Points to Note
The Platinum Card from American Express is a travel benefits-heavy card including:
- Airport lounge access
- Complimentary Delta Sky Club admission when flying Delta Air Lines.
- Complimentary admission Centurion Lounge airport club access for you and up to two guests.
- Complimentary admission to Escape Lounges
- Free Priority Pass Select membership — good for admission at participating airport lounges worldwide. You and up to two guests can enjoy this great perk!
- Uber VIP status and monthly $15 Uber Cash deposits — plus a bonus $20 in December. That’s a potential $200 in annual Uber (and Uber Eats) savings.
- Receive a complimentary 12-month subscription to Uber Eats Pass. (Enrollment required, must activate by December 31, 2021.)
- Earn 5X Membership Rewards points on flights booked directly with airlines or through American Express Travel. (This will be capped at $500,000 in purchases per calendar year, starting January 1, 2021. If you regularly spend five hundred large on airline flights, please let me know if you’re hiring. 🙂 )
- Earn 5X Membership Rewards points on prepaid hotels booked on amextravel.com.
- $100 Global Entry or TSA Pre√ application credit every four years.
- Complimentary gold status with two hotel brands: Marriott and Hilton.
- Receive complimentary benefits such as daily breakfast for two, resort or spa credit, upgrades when available, and more with Fine Hotels & Resorts.
- $100 annual statement credit ($50 semi-annually) for Saks purchases (enrollment required).
- Terms apply.
- See rates and fees
The Platinum Card from American Express carries a $550 annual fee, which is not waived the first year. That’ll hit your first statement and does not count against your $5,000 minimum spend. If you’re fine with that — especially considering all the points you can potentially earn — then I’d jump on this offer right now.
The annual fee is a little steep. But the Membership Rewards offset it several times over. Plus, the myriad statement credits also help chip away at it.
Plus, it’s nice to have six months to knock out the minimum spend instead of the usual three months.
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