Serena Williams surpasses Steffi Graf and Margaret Court as the greatest player of all time for three reasons, according to American coach Rick Macci.
KEY POINTS
- The Platinum Card® from American Express doesn’t have many bonus categories, so it’s not exactly a big earner.
- If you want a card with easy-to-use features, this American Express card probably isn’t for you.
- This card is best for frequent travelers, not people who only take one or two trips per year.
The Platinum Card® from American Express has been a popular luxury card for a long time. It has all kinds of perks, including travel and shopping benefits. It also costs quite a bit of money, with an annual fee of $695 (see rates and fees).
Some people get this card and absolutely love it. Others find themselves asking “why am I paying $695 for this?” So you don’t regret your decision, here are the warning signs you could be better off with a different card.
1. You want to earn a lot of points
You might think that because this is one of the most expensive cards, it’s great for earning points. The rewards rate is actually a weak point of this card. It earns:
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- 5X points on flights booked directly with airlines or through American Express Travel, on up to $500,000 in purchases per calendar year
- 5X points on prepaid hotels booked on amextravel.com
- 1X points on other purchases
- Terms apply.
You earn high rates in this card’s bonus categories. But there are only two of them, and they’re both travel categories.
You won’t earn bonus points anywhere you’re likely to spend money on a routine basis, such as groceries and gas. If you’re hoping to maximize rewards on your everyday spending, there are better card options.
2. You’re looking for a card that’s easy to manage
This is a feature-packed card, but many of those features can be tricky to use. There’s a lot to manage if you want to get the most out of this card. And when you’re paying $695 a year for a card, you probably want to get as much value from it as possible.
For example, this card has over $1,500 in annual spending credits. But they aren’t simple credits, such as $300 per year toward travel purchases. Some are monthly credits, including $15 in Uber Cash per month (with a $20 bonus in December) and $20 per month for eligible digital entertainment purchases. There’s also $50 in semiannual statement credits at Saks Fifth Avenue. Select enrollment required, terms apply.
If you don’t mind keeping track of the benefits you need to use, and maybe even creating some spreadsheets to do it, then you could come out ahead with this card. If that’s the last way you want to use your time, this isn’t the card for you.
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