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Charge cards are accounts and can, over time, help credit as they age, but they are calculated differently from revolving accounts. Most would say they don't help as much as revolvers. In the short term, like any new account, it would probably hurt.
Aside from that, the factors to consider IMO are:
1 - The annual fee
2 - The statement credits that you would be able to recoup without distorting your spending patterns too much
3 - The sign-up bonus (including whether you think you can manage the spend in the number of months)
4 - Rewards
5 - The perks (Platinum, in particular, has a long list)
The sign-up bonuses are generally pretty valuable, considering that a lot of people consider the points to be worth two cents each, though the value varies based on how you use them. With Platinum, the perks are pretty major, but the statement credits would be difficult for me to take full advantage of.
It's horses for courses ... if either fits your spend and lifestyle, and you can take the hit for opening a new account, go for it ... if not, don't. Good luck!
I think of Platinum as a lounge/perk membership program that comes with various purchase protections and statement credits.
The fact that it's a credit product is borderline irrelevant.
@kshurika wrote:
Convince me. I'm an attentive student.
Thanks.
I can’t, go with your initial instincts.
@wasCB14 wrote:I think of Platinum as a lounge/perk membership program that comes with various purchase protections and statement credits.
The fact that it's a credit product is borderline irrelevant.
@wasCB14 +1. Your reply is exactly how I explain the Platinum card to those who ask. I put heavy emphasis on the lounge access because in my opinion, outside of that, you can do equally or better elsewhere. I'll inform a person to run the numbers. If you're not flying a lot or your departures and/or arrivals don't match up to the lounge benefit of this card then you're better off finding yourself a decent airport restaurant and plopping down there for a $25 meal.
I know folks put a lot of emphasis on the lounge access but in my experience, and more times than not, I've been at an airport that has a Centurion Lounge but it's in an opposite terminal and within security and navigating to said lounge is no easy feat. I have a friend who actually decided that it was worth his time to try and access a Centurion Lounge in a terminal other than the one he was departing only for TSA to send him back from which he came because his boarding pass was not of the terminal he was trying to access.
TLDR - Make sure that you can take advantage of the benefits of the card. Don't become a Saks customer if you never were one just to justify having it. If you have never used Uber/Uber Eats, I wouldn't start now. Can you use the airline credit shy of the the recently deceased gift card route? Run the numbers. Make sure it makes cents and then make a decision!