Make the leap to AmEx Platinum? Should I?

[credit_guy]

I've been gardening for just a little bit, since CSR in Aug. 2016. Lately I've thought about getting rid of the SPG for the AmEx Platinum.

I live in a big city and tend to do at least one big trip each year so I figured the Uber/airline credits on the AmEx plat are easy enough to use. It would effectively drop the AF down from $550 to $150, making it $55 more than the SPG. I would most likely cancel the SPG if I app'ed for the plat considering it doesn't seem to have any PC options. Any thoughts on whether or not this is a good move?

TU/EQ/EX all hovering around 800

Current cards, open dates, and limits:
CSR (8/16) - $35k
SPG (2/13) - $29.5k
Chase Freedom Sig. (12/12) - $14.5k
Chase Freedom Sig. (5/11) - $5k
Citi Diamond Preferred (6/16) - $8k
HSBC Platinum (12/11) - $5k

[UpperNwGuy]

Why would you want to have both the CSR and the Amex Platinum?  Lots of overlap in benefits and two hefty annual fees.

[K-in-Boston]

I'm not sure once really replaces the other, but if you can use the Uber and airline credits it shouldn't be difficult at all to realize even more value out of the AF on the Platinum.  I know I'm personally ahead on the AF year after year even with the AU fee of $175 tacked on.  If the card makes sense for you, it would be worth going for no matter what else is in your wallet or sock drawer.

I wouldn't rush to close the Starwood card, though.  Everything is still up in the air.  Maybe it'll get moved to Chase, maybe it won't.  Maybe it'll have the same value it does now, maybe more, maybe less.  We don't know the answers at all.  (Hopefully we'll at least have some answers in 85 minutes when the announcement comes).  I've been hearing about a lot of Amex PCs lately that didn't seem possible before, both with cobranded and non-cobranded cards, so that could still be a possibility.

[K-in-Boston]

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@UpperNwGuy wrote:

Why would you want to have both the CSR and the Amex Platinum?  Lots of overlap in benefits and two hefty annual fees.

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I'm actually about to PC my CSP to CSR, and will find value in having both.  Platinum is the one card I would keep if I could only keep one, but there are times when I need a Visa.  After the travel credits, the CSR is essentially only $150/year.  Between the increased dining/travel earning and the ability to get 1.5 cpp on miles-earning/elite-qualifying airline redemptions when redeeming with points (if a direct transfer would result in less value), it's an easy decision.  If my beloved Amerriottwood situation goes downhill, I'm likely all in on MRs and URs going forward.

[credit_guy]

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@UpperNwGuy wrote:

Why would you want to have both the CSR and the Amex Platinum?  Lots of overlap in benefits and two hefty annual fees.

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Good question! I thought about adding some more color after I posted. 

My CSR is my daily driver at the moment, and I use the SPG for anything that's not travel or restaurant related. I don't seem to capitalize on SPG like other SPG cardholders do, meaning I don't exclusively pay to stay at SPG hotels and then turn around to redeem points for flights. I think I can be better served by Amex Platinum benefits, one of which is SPG Gold for those times when I do stay at SPG hotels. The AFs on CSR and Amex Platinum are indeed hefty, but benefits like $200 Uber credits and $200 airline credits keep it pretty reasonable.

[credit_guy]

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@K-in-Boston wrote:

I'm not sure once really replaces the other, but if you can use the Uber and airline credits it shouldn't be difficult at all to realize even more value out of the AF on the Platinum.  I know I'm personally ahead on the AF year after year even with the AU fee of $175 tacked on.  If the card makes sense for you, it would be worth going for no matter what else is in your wallet or sock drawer.

I wouldn't rush to close the Starwood card, though.  Everything is still up in the air.  Maybe it'll get moved to Chase, maybe it won't.  Maybe it'll have the same value it does now, maybe more, maybe less.  We don't know the answers at all.  (Hopefully we'll at least have some answers in 85 minutes when the announcement comes).  I've been hearing about a lot of Amex PCs lately that didn't seem possible before, both with cobranded and non-cobranded cards, so that could still be a possibility.

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What's happening in 85 minutes? It would make sense to find out the future of SPG before I do anything. I don't think I want to support the AFs on both SPG and Platinum, that would be a waste of money.

[UpperNwGuy]

I have a fixed amount of spending that I am able to pump through my portfolio of credit cards in a year.  That means if I add a new credit card, the spending I will put on that new card will reduce the amount of spending I can apply to the cards already in my portfolio.  This is not a problem when there is no annual fee.  However, when the new card has an annual fee, it requires a minimum amount of spending to reach and exceed the break-even point.  If I were to get the Amex Platinum, I would have to take spending away from my CSR, because the CSR is what I use for my airfares and hotels, and those are the only two 5% spending categories on the Platinum.  The bottom line is that to make the Platinum break even, my CSR would no longer break even.  That means I can have one card or the other, but not both.

[K-in-Boston]

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@credit_guy wrote:

What's happening in 85 minutes? It would make sense to find out the future of SPG before I do anything. I don't think I want to support the AFs on both SPG and Platinum, that would be a waste of money.

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56 minutes, now!

[credit_guy]

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@UpperNwGuy wrote:

I have a fixed amount of spending that I am able to pump through my portfolio of credit cards in a year.  That means if I add a new credit card, the spending I will put on that new card will reduce the amount of spending I can apply to the cards already in my portfolio.  This is not a problem when there is no annual fee.  However, when the new card has an annual fee, it requires a minimum amount of spending to reach and exceed the break-even point.  If I were to get the Amex Platinum, I would have to take spending away from my CSR, because the CSR is what I use for my airfares and hotels, and those are the only two 5% spending categories on the Platinum.  The bottom line is that to make the Platinum break even, my CSR would no longer break even.  That means I can have one card or the other, but not both.

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Certainly makes sense! This is also how I look at it as well, however I think my amount and categories of spending will hit the break even points for both cards.

[wasCB14]

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@credit_guy wrote:

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@UpperNwGuy wrote:

I have a fixed amount of spending that I am able to pump through my portfolio of credit cards in a year.  That means if I add a new credit card, the spending I will put on that new card will reduce the amount of spending I can apply to the cards already in my portfolio.  This is not a problem when there is no annual fee.  However, when the new card has an annual fee, it requires a minimum amount of spending to reach and exceed the break-even point.  If I were to get the Amex Platinum, I would have to take spending away from my CSR, because the CSR is what I use for my airfares and hotels, and those are the only two 5% spending categories on the Platinum.  The bottom line is that to make the Platinum break even, my CSR would no longer break even.  That means I can have one card or the other, but not both.

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Certainly makes sense! This is also how I look at it as well, however I think my amount and categories of spending will hit the break even points for both cards.

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I take a different approach. I don't focus on the dollar amount of spending a card will get. I focus more on the annual fee itself and compare it to the perks and benefits the card offers that I reasonably anticipate using. Rewards tend to be a secondary consideration.

From that perspective, CSR and Platinum are fairly different products. I see little overlap.

CSR: Travel protections, rewards

Platinum: Merchandise protections, travel perks

Platinum works for me because I get a lot of credits and use the perks. I rarely spend on it. I don't really think of it as a tool to buy stuff, but more of a travel comfort membership.