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AmEx Platinum for non-bonus spending?

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Anonymous
Not applicable

Re: AmEx Platinum for non-bonus spending?

How do those of you who have the Plat justify the Af after the first year? I am wondering because I am considering applying for the Amex Gold Pref. I believe I could get a lot for using it, and replacing it for using my Amex ED and Amex Blue (yuke).

 

Also, can you tell me what effect the charge card has been on your Fico scores. Does it just effect the AAOA of the account and not the util %? Thanks.

Message 11 of 19
Open123
Super Contributor

Re: AmEx Platinum for non-bonus spending?


@Anonymous wrote:

Yes indeed.  Going to transfer enough to get 160K Elevate points which is enough for two of those tickets.  Once I add the Chase Hyatt card and transfer some UR points to my Hyatt account, the flights and a week at the Park Hyatt Sydney will all be courtesy of card reward programs.  They're such horrible things Smiley Wink


Sweet trip!  You're gonna have a great time!

 

I just think for those who choose to (not that anyone should or has to), should have the information and advice to do the same.  Everyone can enjoy it and we can all benefit.  It isn't one of those things where only the first 1,000 claim, than it's over.

Message 12 of 19
mongstradamus
Super Contributor

Re: AmEx Platinum for non-bonus spending?


@Open123 wrote:

@Anonymous wrote:

Yes indeed.  Going to transfer enough to get 160K Elevate points which is enough for two of those tickets.  Once I add the Chase Hyatt card and transfer some UR points to my Hyatt account, the flights and a week at the Park Hyatt Sydney will all be courtesy of card reward programs.  They're such horrible things Smiley Wink


Sweet trip!  You're gonna have a great time!

 

I just think for those who choose to (not that anyone should or has to), should have the information and advice to do the same.  Everyone can enjoy it and we can all benefit.  It isn't one of those things where only the first 1,000 claim, than it's over.


talking about hyatt, when i was up in canada last week , i was actually thinking about using my hyatt free night at park hyatt toronto but i passed on that :-) Park hyatt sydney looks pretty nice.



EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16
Message 13 of 19
Open123
Super Contributor

Re: AmEx Platinum for non-bonus spending?


@mongstradamus wrote:

@Open123 wrote:

@Anonymous wrote:

Yes indeed.  Going to transfer enough to get 160K Elevate points which is enough for two of those tickets.  Once I add the Chase Hyatt card and transfer some UR points to my Hyatt account, the flights and a week at the Park Hyatt Sydney will all be courtesy of card reward programs.  They're such horrible things Smiley Wink


Sweet trip!  You're gonna have a great time!

 

I just think for those who choose to (not that anyone should or has to), should have the information and advice to do the same.  Everyone can enjoy it and we can all benefit.  It isn't one of those things where only the first 1,000 claim, than it's over.


talking about hyatt, when i was up in canada last week , i was actually thinking about using my hyatt free night at park hyatt toronto but i passed on that :-) Park hyatt sydney looks pretty nice.


Park Hyatt in Sydney looks really nice!  

 

In this case, Irish really maximized the rewards.  First, he transferred with 25% MR bonus & Gold status.  Secondly, he booked like the most expensive flight, from here to Austraila. And, the nights with the Hyatt hotels.  Assuming one will travel anyway, this is easily 5 - 6 cpp equivalent.

 

Best part, the money he saved, can go on a spending spree in Sydney with the historically high USD!  This is what how I'd like to see people who travel redeem.

Message 14 of 19
Anonymous
Not applicable

Re: AmEx Platinum for non-bonus spending?


@Anonymous wrote:

How do those of you who have the Plat justify the Af after the first year? I am wondering because I am considering applying for the Amex Gold Pref. I believe I could get a lot for using it, and replacing it for using my Amex ED and Amex Blue (yuke).

 

Also, can you tell me what effect the charge card has been on your Fico scores. Does it just effect the AAOA of the account and not the util %? Thanks.


 There are various ways to justify the fee. If you stay at SPG properties often then the SPG gold status can be worth it in itself. 

If you travel often the priority pass membership for lounges may be a significant perk

 

However, these an other benefits generally apply for people who travel a lot and spend more than average on their travels. For the average american who flies only when they need to, usually buys the cheapest plane tickets on Kayak and whatnot and stays at whatever hotels are the cheapest or the best value, you will likely find the $450 AF not worth it. If this is you, just cancel after the first year. 

 

 

Message 15 of 19
Anonymous
Not applicable

Re: AmEx Platinum for non-bonus spending?


@Anonymous wrote:

How do those of you who have the Plat justify the Af after the first year? I am wondering because I am considering applying for the Amex Gold Pref. I believe I could get a lot for using it, and replacing it for using my Amex ED and Amex Blue (yuke).

 

Also, can you tell me what effect the charge card has been on your Fico scores. Does it just effect the AAOA of the account and not the util %? Thanks.


 There are various ways to justify the fee. If you stay at SPG properties often then the SPG gold status can be worth it in itself. 

If you travel often the priority pass membership for lounges may be a significant perk

 

However, these an other benefits generally apply for people who travel a lot and spend more than average on their travels. For the average american who flies only when they need to, usually buys the cheapest plane tickets on Kayak and whatnot and stays at whatever hotels are the cheapest or the best value, you will likely find the $450 AF not worth it. If this is you, just cancel after the first year. 

 

As for effects on FICO scores: FICO doesn't count your charge card balance for utliziation, so the only thing that negatively affects it is the shorter AAoA if you got the card recently.

 

Message 16 of 19
Anonymous
Not applicable

Re: AmEx Platinum for non-bonus spending?


@DrForce wrote:

I'm about to complete my $3k spend on the AmEx Platinum 100K MR offer. I am trying to decide whether to sock drawer the Platinum Card and go back to my previous non-cateogry bonus spending card which was the BofA Travel Rewards card which gets me 2.625% cashback (platinum honors level) or continue to use the AmEx Platinum Card for its excellent purchase protection and 1x MR earning rate. If I sock drawer the Platinum, I would only use it for the $200 airline credit and for lounge access while I travel a few times per year; however, another side of me says it's silly to have a $450 annual fee card and only use it 3-4 times per year. Then again the BofA Travel Rewards Visa has better acceptance and no worries about redemption rates since it's a cashback card.

 

Being new to MRs, I'm not sure how 1x MRs compares to 2.625% cashback, especially given the purchase protection on the Platinum. I know the best redemption rates are transfers to airlines, but is it easy to get more than 2.625 cents per point out of a MR?

 

For reference, I already have Old Blue Cash and Discover IT for 5% cashback in groceries, gas, drugstores, and rotating categories. 

 


The generic answer is, it depends. My personal opinion is that you are probably better taking the cashback for daily spend and using the Platinum for the benefits only. 

It all comes down to whether you travel in premium cabin flights. For example, I just used 70K MR points (transferred to Cathay Pacific Asia Miles) to redeem a one way business class ticket from Bali to Eastern Europe in Qatar Airways. This is a 4.8 cents per mile redemption, if you compare to the cash price. For me I did this because it was my honeymoon. 

If you only usually fly coach and would not be willing to pay much more for premium cabin seats, then it is difficult to get much more than 2 cents per point. The one exception might be 30K RT to Hawaii on Flying Blue with no fees. Even the famed great BA short haul redemptions are usually ~2-3 cents per MR point. However, if you take the cash, you don't have to worry about flight availability, you can fly on whatever carrier you want and you actually accrue miles on your flight

Message 17 of 19
red259
Super Contributor

Re: AmEx Platinum for non-bonus spending?


@Anonymous wrote:

@Anonymous wrote:

How do those of you who have the Plat justify the Af after the first year? I am wondering because I am considering applying for the Amex Gold Pref. I believe I could get a lot for using it, and replacing it for using my Amex ED and Amex Blue (yuke).

 

Also, can you tell me what effect the charge card has been on your Fico scores. Does it just effect the AAOA of the account and not the util %? Thanks.


 There are various ways to justify the fee. If you stay at SPG properties often then the SPG gold status can be worth it in itself. 

If you travel often the priority pass membership for lounges may be a significant perk

 

However, these an other benefits generally apply for people who travel a lot and spend more than average on their travels. For the average american who flies only when they need to, usually buys the cheapest plane tickets on Kayak and whatnot and stays at whatever hotels are the cheapest or the best value, you will likely find the $450 AF not worth it. If this is you, just cancel after the first year. 

 

 


The SPG gold status is an ok touch, but if you are really staying at SPG often then the SPG is probably better for spend there and you get credit for two stays, so eight more and you get SPG gold. If someone wants the PP membership the citi prestige gives a better membership to PP than the amex. Of course, if you frequent an airport with a centurion lounge then the plat may have some value. For earning MRs on non-cat spend I think the amex everyday and everyday preferred are great cards. The everyday is non-AF and is what I use, but if you have more than a certain level of category spend it can be worth it to pay the AF for the preferred. 

;
Starting Score: EQ: 714, TU 684
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Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 18 of 19
DrForce
Valued Member

Re: AmEx Platinum for non-bonus spending?

Thanks all for the responses everyone. It looks like I will sock drawer the platinum then and go back to the BofA travel rewards card. I'll just use the platinum for lounge access, airline credits, small business Saturday, and AmEx Offers. I won't be flying any premium international flights so I'll miss the optimal redepmption rate for these points. From a few of the valuations I have done, it looks like I will get around 1.5 cpp on these MRs with Delta which while not great, is better than redeeming for gift cards or statement credits. I won't be redeeming these for another year so perhaps a new opportunity will come around (or go away?) and I will keep reading more about point redemptions until then.

 

As far as the short haul domestic flights, it looks like I have to be at an AA hub (MIA, DFW, ORD, JFK, or LAX) to make the short haul domestic flights work. Is that correct? If so that's not going to work either, but it's good to know about regardless.

Message 19 of 19
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