topic Amex Platinum - worth it? in Credit Cards

Amex Platinum - worth it?

Anonymous — Tue, 23 Oct 2018 18:17:38 GMT

Hello all, new to fourm.

I was pre approved for Amex Platinum, i’m already an Amex Blue Cash Everyday member, but barely use the card. If I get this card i’ll prolly use a lot more. But have some questions.

Amex only pulls EX, right? Because i’m not looking for any credit inquries right now on my TU or EF. I can’t remember if my first Amex card pulled those or not, but I have been denied in the past for that card’s CLI due to a weak EX multiple times.

Just got pre approval in mail today, if I apply will they pull my EX (which i’m sure they like of mine now) and not TU and EF? And what credit limit is common for this card intro-level.

Huge annual fee of more than $500, i dont travel too much but i’d love to have this card if it won’t mess with credit score at all, it seems like a semi-exclusive card, no?

Thanks for the read

Re: Amex Platinum - worth it?

Anonymous — Tue, 23 Oct 2018 19:06:35 GMT

Welcome to the forum. Since you are already an Amex member, you will more than likely get a softpull on your Experian report. Amex pulls Experian religiously so it won't have any effect on TU or EQ.

The Amex Platinum is a travel perks card, ie lounge access(Delta Sky Club, Centurion, Priority Pass), $250 airline fee credit, $200 Uber credit, Hilton and SPG gold status. This a charge card with no preset spending limit. If you don't travel much, you are better off with another card that would benefit you more without the $550 annual fee. If you don't mind the high annual fee or low non-airfare rewards, go for it. lol

Re: Amex Platinum - worth it?

Anonymous — Tue, 23 Oct 2018 19:15:35 GMT

Thanks for the kind reply, if it’s a soft pull i’ll happily apply right now. I’m getting an apartment in two months, don’t know what they pull but i know EX is an uncommon pull, and i just want to keep my credit looking good as possible, and you said no card limit? Interesting, am i required to make a certain amount on charges per month?

Thanks!

Re: Amex Platinum - worth it?

Anonymous — Tue, 23 Oct 2018 19:23:38 GMT

@Anonymous wrote:
Thanks for the kind reply, if it’s a soft pull i’ll happily apply right now. I’m getting an apartment in two months, don’t know what they pull but i know EX is an uncommon pull, and i just want to keep my credit looking good as possible, and you said no card limit? Interesting, am i required to make a certain amount on charges per month?

Thanks!

If you want the sign up bonus, you have spend at least $5,000 within the first 3 months. After that, you can spend as much or little as you want.

Re: Amex Platinum - worth it?

Anonymous — Tue, 23 Oct 2018 19:24:10 GMT

It is a charge card not a credit card. So you are expected to pay in full every month. If you do not travel often I would not apply for it - although Amex may not do an HP it will show up as a new account and factor in to your AAoA and lower it. That may or may not be an issue for you. But considering the hefty $550 AF and you stating you do not travel alot - not worth it. It earns 5x Amex Points on Airfare purchased on the airlines home websites and through Amex only. Everything else is 1x. It does offer really nice travel perks - but again - you dont travel alot so I dont think this card will benefit you very well.

Re: Amex Platinum - worth it?

Anonymous — Tue, 23 Oct 2018 19:26:38 GMT

Thank you

What is AAoA? And aren’t new account good for any score?

Also, would an account like this show up in TU and EF, right now my current amex does

Re: Amex Platinum - worth it?

Anonymous — Tue, 23 Oct 2018 19:33:32 GMT

@Anonymous wrote:
Thank you

What is AAoA? And aren’t new account good for any score?

Also, would an account like this show up in TU and EF, right now my current amex does

Getting a card won't affect you getting an apartment. If you are buying a house, then you should hold off on applying for credit cards until after your mortgage closes. Plus Amex won't report until after the 2nd statement post. Amex report to all 3 credit bureaus.

Re: Amex Platinum - worth it?

Anonymous — Wed, 24 Oct 2018 02:18:55 GMT

A lot of the focus has been on the rewards for airline travel, but this card comes with pretty good hotel statuses, as well. Plus you can get 5X on hotel stays when booked through Amex travel. As far as point earning, the Amex deals are generally pretty good. I’ve loaded up on points this year through a few purchases I made with through those deals.

Re: Amex Platinum - worth it?

FlaDude — Wed, 24 Oct 2018 02:57:04 GMT

What is AAoA? And aren’t new account good for any score?

Average Age of Accounts

This thread is handy for decoding acronyms you aren't familiar with:

https://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/td-p/88458

I had the plat card for a few years and agree with the other posters. The AF is roughly the cost of an annual airport lounge or Priority Pass membership, so if you are considering one of those, then the card makes sense. I dropped mine when my work travel slowed down to less than one trip per month on average.

As far as getting a card for the cachet of having a semi-exclusive card, it depends who you are trying to impress. I guarantee you the cashier at the supermarket doesn't care.

Re: Amex Platinum - worth it?

UpperNwGuy — Thu, 25 Oct 2018 09:28:46 GMT

@Anonymous wrote:
Huge annual fee of more than $500, i dont travel too much but i’d love to have this card if it won’t mess with credit score at all, it seems like a semi-exclusive card, no?

You should not get this card if you don't travel. This is a travel card. The point earnings, the point redemptions, and the perks (lounge access, etc) are designed to benefit people who travel. If you don't travel, you will have paid $550 for nothing but a shiny looking card.

By the way, it used to be prestigious, but it no longer is. You don't need to have a high score to get it, and it seems like everyone has one these days, so it is definitely not "semi-exlusive."

Re: Amex Platinum - worth it?

AverageJoesCredit — Thu, 25 Oct 2018 11:59:13 GMT

Go for an Amex card that benefits you. Dont get a card just because of its perceived image. As stated above, this card can be gotten by sn 18 yo with limited credit history. That speaks volumes imo.

Re: Amex Platinum - worth it?

arkane — Thu, 25 Oct 2018 15:46:33 GMT

If you want the Amex Plat and don't want to pay the giant AF AF, do what I did and apply for the Ameriprise Platinum. It comes with all the benefits of the platinum (including the Uber and S5A credits, and yes it's also a metal card) but no AF first year. Of course it has no SUB either but I think that's a tiny price to pay.

Re: Amex Platinum - worth it?

cmm89 — Thu, 25 Oct 2018 16:12:48 GMT

@Anonymous wrote:
Hello all, new to fourm.

I was pre approved for Amex Platinum, i’m already an Amex Blue Cash Everyday member, but barely use the card. If I get this card i’ll prolly use a lot more. But have some questions.

Amex only pulls EX, right? Because i’m not looking for any credit inquries right now on my TU or EF. I can’t remember if my first Amex card pulled those or not, but I have been denied in the past for that card’s CLI due to a weak EX multiple times.

Just got pre approval in mail today, if I apply will they pull my EX (which i’m sure they like of mine now) and not TU and EF? And what credit limit is common for this card intro-level.

Huge annual fee of more than $500, i dont travel too much but i’d love to have this card if it won’t mess with credit score at all, it seems like a semi-exclusive card, no?

Thanks for the read

I like mine a lot, but I got it before the PRG was drastically updated/upgraded for folks in my generation (I'm 28, eat out a lot and frequent local bars). When the 2nd year hits, I may downgrade to the PRG assuming it still carries the same benefits and that well-worth-it annual fee of $250.

But yes, the card is very heavy and you get quite a few comments when you whip it out.

Re: Amex Platinum - worth it?

redpat — Thu, 25 Oct 2018 17:58:21 GMT

@AverageJoesCredit wrote:
Go for an Amex card that benefits you. Dont get a card just because of its perceived image. As stated above, this card can be gotten by sn 18 yo with limited credit history. That speaks volumes imo.

+1, one of the easist cards to get and also one of the best travel cards out there.

Not many CCC can say that.

Re: Amex Platinum - worth it?

Anonymous — Thu, 25 Oct 2018 18:04:20 GMT

There are many cards that sorta do 'good' in many categories and can be used almost anywhere. This is NOT one of those cards. This is very heavily weighed towards people who travel alot. That's the only way you'll truly get value out of this $550AF charge card.

Re: Amex Platinum - worth it?

Anonymous — Fri, 26 Oct 2018 03:04:03 GMT

My 2 cents is if you really want a Amex card with what you have said on here you might want to look at the NEW gold card. The platinum is great if you can use the uber credit and fly a little every year (more than 6 times). If you stay at a set of hotels look for that card. Platinum isnt what it was (status) 10 years and more ago.

Happy hunting on a card but consider others aswell.