Received 100,000 bonus pts offer for Platinum American Express; worth signing up?

[Anonymous]

Received 100,000 bonus pts (spend $3,000 in 3 months) offer for Platinum American Express. Currently don't need another credit card, nor would the card be beneficial for me long term considering the $450 annual fee.

But is it worth signing up to get the 100,000 points?  And would it be okay to cancel the card once I get the points?

[Kenny]

Wow! Very nice! Haven't seen this offer in a while. I absolutely would take it if I were you. You would be fine to cancel the card before the annual fee hits in the 2nd year. Is the first year free? If it's not the 100k MR are certainly worth more than 450, so just up to you on that whether you want to pay if the annual fee isn't waived the first year.

Congrats on your preapproval! Do you have any other Amex cards?

[Anonymous]

I couldn't see in the letter whether the annual fee is charged when I get the card, or at the start of year 2. Either way, other than getting the rewards, I wouldn't get much benefit from the card, so cancelling it soon after getting the rewards would probably be best (I would think).

Do not have any Amex cards yet. Only Discover, Sallie Mae MC, Amazon Visa.

[MT936]

the 100,000 pts are certainly well worth the $450 annual fee if you still have to pay it, if not it is ok to cancel before the annual fee hits after the first year if it is waived

[longtimelurker]

The fee isn't waived on the standard Plat Amex, but 100K MR makes it worth it.  In addition, if you travel, you can get $200 of airline credit, and $100 credit for Global Entry, reducing the effective fee to just $150 if Global Entry is of interest.  And then cancel.  

Lots of people want this offer!

And as it is your first Amex, this will set your member since date for any Amex cards you get in the future.

[emptypockets]

I doubt if the first year fee is waived (it usually is not for the Platinum card). But 100k miles is worht it for the $450, because you get a $200 airline fee credit each year that can be used as a statement creditsfor things like checked bags and airport lounge day-passes,  that are charged by the airline to your card. So if you use the card for travel, that will recoup $200 of the annual fee. I prob would cancel after the first year (after making sure I moved the 100k points to another program, or make sure you have another card that earns MR points before you cancel). That is a great deal, because you can use MR points in a variety of ways.

[emptypockets]

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@longtimelurker wrote:

The fee isn't waived on the standard Plat Amex, but 100K MR makes it worth it.  In addition, if you travel, you can get $200 of airline credit, and $100 credit for Global Entry, reducing the effective fee to just $150 if Global Entry is of interest.  And then cancel.  

Lots of people want this offer!

And as it is your first Amex, this will set your member since date for any Amex cards you get in the future.

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LOL, we must have been posting at the same time!

[dilettante]

Is this for a business or personal Amex?  I read that there's a 150K bonus for Plat business floating around. Either way, it's one of the better deals and I would take it for the bonus and perks for a year.

[Anonymous]

How does one move the 100k MR points to another program? Since I only have Discover and Sallie Mae MC, I'm not sure what my options would be. Could I just cash them out into gift cards or something?

And to the other question... it's for the Personal (not business) card.

[longtimelurker]

They are much more valuable when transferred to partners (frequent flier and hotel programs) but I believe you can cash out to gift cards, or use on Amazon at a really bad rate!