Phrases apply to American Categorical advantages and gives. Go to americanexpress.com to be taught extra.
Welcome to the Factors Professional, the place I reply your bank cards and journey rewards questions every week. When you’ve got a query you need answered, you may submit it right here.
This week, CNBC Choose reader Brad from Florida asks :
I’ve had the American Categorical Platinum Card® for years, and I’m questioning how precious it’s for me at this level in my life. I used to journey extensively for my profession and cherished the entry to airport lounges. Why would I would like this card now? (This query has been edited for readability and brevity.)
Relying on how lengthy Brad has had his American Categorical Platinum Card®, he could have gone by a number of updates to the cardboard’s advantages and will increase within the annual price, which now sits at a hefty $895 (see charges and costs). There’s loads of worth out there to make the Amex Platinum price it, however it’s a sophisticated endeavor. And for those who’re not touring as a lot, lots of the greatest perks aren’t as helpful.
It is smart that Brad is questioning whether or not to maintain this card. What makes his scenario a bit extra difficult is that he has an American Categorical Membership Rewards® steadiness of round 300,000 factors. If he would not have a plan to make use of these factors, he may lose them if he closes the account. For somebody in a scenario like Brad’s, downgrading an costly bank card has benefits over closing it.
The American Categorical Platinum Card® is a premium card loaded with annual assertion credit, leisure advantages, intensive airport lounge entry, elite standing perks and extra. (Enrollment required for choose advantages talked about)
- Entry to 1,550+ airport lounges, together with Precedence Move™ Choose lounges (enrollment required) and Amex Centurion lounges
- Assertion credit score gives price as much as twice what the annual price prices
- Elite standing perks for motels and rental vehicles (Enrollment required for choose advantages talked about)
- Excessive annual price
- Many assertion credit score gives are difficult and are earned in increments or restricted to particular purchases
Highlights
Highlights proven listed here are supplied by the issuer and haven’t been reviewed by CNBC Choose’s editorial employees.
- You could be eligible for as excessive as 175,000 Membership Rewards® factors after you spend $12,000 in eligible purchases in your new Card in your first 6 months of Card Membership. Welcome gives fluctuate and also you is probably not eligible for a suggestion. Apply to know for those who’re permitted and discover out your actual welcome provide quantity – all with no credit score rating impression. For those who’re permitted and select to just accept the Card, your rating could also be impacted.
- Get extra to your travels with 5X Membership Rewards® factors on all flights and pay as you go lodge bookings by American Categorical Journey®, together with Effective Lodges + Resorts® and The Resort Assortment bookings. You earn 5X factors on flights bought straight from airways or by American Categorical Journey® on as much as $500,000 on these purchases per calendar 12 months.
- With over 1,550 airport lounges – greater than every other bank card firm in the marketplace* – get pleasure from the advantages of the International Lounge Assortment®, over $850 of annual worth, with entry to Centurion Lounges, 10 complimentary Delta Sky Membership® visits when flying on an eligible Delta flight (topic to go to limitations), Precedence Move Choose membership (enrollment required), and different choose accomplice lounges.* As of 07/2025.
- $200 Uber Money + $120 Uber One Credit score: With the Platinum Card® you may obtain $15 in Uber Money every month plus a bonus $20 in December while you add your Platinum Card® to your Uber account to make use of on rides and orders in the united stateswhen you choose an Amex Card to your transaction. Plus, while you use the Platinum Card® to pay for an auto-renewing Uber One membership, you may rise up to $120 in assertion credit every calendar 12 months. Phrases apply.
- $300 Digital Leisure Credit score: Expertise the newest reveals, information and recipes. Stand up to $25 in assertion credit every month while you use your Platinum Card® for eligible purchases on Disney+, a Disney+ bundle, ESPN streaming companies, Hulu, The New York Occasions, Paramount+, Peacock, The Wall Road Journal, YouTube Premium, and YouTube TV while you buy straight from a number of of the suppliers. Enrollment required.
- $600 Resort Credit score: Stand up to $300 in assertion credit semi-annually on pay as you go Effective Lodges + Resorts® or The Resort Assortment* bookings by American Categorical Journey® utilizing the Platinum Card®. *The Resort Assortment requires a minimal two-night keep.
- $400 Resy Credit score + Platinum Nights by Resy: Stand up to $100 in assertion credit every quarter while you use the Platinum Card® to make eligible purchases with Resy, together with eating purchases at U.S. Resy eating places. Enrollment required. Plus, with Platinum Nights by Resy, you may get particular entry to reservations on choose nights at collaborating in demand Resy eating places with the Platinum Card®. Merely add your eligible Card to your Resy profile to ebook and uncover Platinum Nights reservations close to you.
- $209 CLEAR+ Credit score: CLEAR+ helps get you to your gate quicker through the use of your face to confirm you might be you at 55+ airports nationwide. You’ll be able to cowl the price of a CLEAR+ Membership* with as much as $209 in assertion credit per calendar 12 months after you pay for CLEAR+ along with your Platinum Card®. *Excluding any relevant taxes and costs. Topic to auto-renewal.
- $200 Airline Charge Credit score: Choose one qualifying airline after which obtain as much as $200 in assertion credit per calendar 12 months when incidental charges, corresponding to checked luggage and in-flight refreshments, are charged by the airline to the Platinum Card® Account. American Categorical depends on airways to submit the right info on airline transactions to establish incidental price purchases. If you don’t see a credit score for a qualifying incidental buy in your eligible Card after 8 weeks, merely name the quantity on the again of your Card. Qualifying airways are topic to alter. See phrases & situations for extra particulars.
- Begin your trip sooner, and preserve it going longer. If you ebook Effective Lodges + Resorts® by American Categorical Journey®, get pleasure from midday check-in, when out there, and assured 4PM check-out.
- $300 lululemon Credit score: Get pleasure from as much as $75 in assertion credit every quarter while you use the Platinum Card® for eligible purchases at U.S. lululemon retail shops (excluding shops) and lululemon.com. That is as much as $300 in assertion credit every calendar 12 months. Enrollment required.
- $155 Walmart+ Credit score: Obtain an announcement credit score* for one month-to-month Walmart+ membership (topic to auto-renewal) after you pay for Walmart+ every month with the Platinum Card®.* As much as $12.95 plus relevant native gross sales tax. Plus Ups not eligible.
- Everytime you want us, we’re right here. Our Member Providers staff will guarantee you might be taken care of. From misplaced Card substitute to assertion questions, we can be found to assist 24/7.
- $895 annual price.
- Phrases Apply.
- See Charges & Charges
Stability switch price
International transaction price
When downgrading is healthier than canceling your Amex Platinum Card
For those who cancel your Amex Platinum Card and haven’t got one other American Categorical card that earns Membership Rewards® factors, you threat dropping your entire hard-earned rewards. Earlier than canceling, you may redeem your rewards to keep away from dropping them. Nonetheless, you may sidestep that downside altogether by calling the quantity on the again of your card and asking to downgrade your account.
You will must have the account open for a minimum of 12 months to have the ability to downgrade (aka product change), and you may solely product change to pick out Amex playing cards. The excellent news is, you may convert your Amex Platinum to a less expensive card that earns extra rewards on on a regular basis spending.
Cheaper, extra rewarding choices
The Amex Platinum’s Achilles heel is that it isn’t particularly rewarding for on a regular basis spending. You will earn:
- 5X factors for flights booked straight with the airline or by American Categorical Journey®, as much as $500,000 per calendar 12 months
- 5X factors on pay as you go motels booked through American Categorical Journey®
- 2X factors on journey bought by AmexTravel.com or the Amex Journey App and cruises booked and paid by AmexTravel.com.
- 1X factors on different eligible purchases
Evaluate that to 2 downgrade choices: the American Categorical® Gold Card and the American Categorical® Inexperienced Card. The Amex Gold earns:
- 4X factors at eating places worldwide, on as much as $50,000 in purchases per calendar 12 months (then 1X factors)
- 4X factors at U.S. supermarkets, on as much as $25,000 in purchases per calendar 12 months (then 1X factors)
- 5X factors on pay as you go lodge stays booked by AmexTravel.com or the Amex Journey App
- 3X factors on flights booked by AmexTravel.com, the Amex Journey App or bought straight from airways
- 2X factors on pay as you go automotive leases booked by AmexTravel.com or the Amex Journey App and cruises booked and paid by AmexTravel.com
- 1X factors on all different eligible purchases
And the American Categorical® Inexperienced Card earns:
- 3X factors on journey
- 3X factors on transit
- 3X factors on eating at eating places worldwide (together with takeout and supply within the U.S.)
- 1X factors on different purchases
Until you spend a major quantity on particular Amex Journey bookings, the Amex Gold and Amex Inexperienced are prone to earn you extra factors. They’re each extra rewarding for eating, and the Amex Gold is without doubt one of the greatest choices for supermarkets.
The American Categorical Gold Card is nice for incomes precious Membership Rewards® factors at eating places worldwide and U.S. supermarkets.
- You’ll be able to earn $400+ in eating and rideshare credit yearly (Enrollment required for choose advantages talked about)
- Exceptionally rewarding for eligible restaurant and U.S. grocery store purchases
- No international transaction charges
- Bigger annual price
- Credit are extra difficult, you earn them month-to-month or semi-annually
Highlights
Highlights proven listed here are supplied by the issuer and haven’t been reviewed by CNBC Choose’s editorial employees.
- You could be eligible for as excessive as 100,000 Membership Rewards® Factors after you spend $8,000 in eligible purchases in your new Card in your first 6 months of Card Membership. Welcome gives fluctuate and also you is probably not eligible for a suggestion. Apply to know for those who’re permitted and discover out your actual welcome provide quantity – all with no credit score rating impression. For those who’re permitted and select to just accept the Card, your rating could also be impacted.
- Earn 4X Membership Rewards® factors per greenback spent on purchases at eating places worldwide, on as much as $50,000 in purchases per calendar 12 months, then 1X factors for the remainder of the 12 months.
- Earn 4X Membership Rewards® factors per greenback spent at US supermarkets, on as much as $25,000 in purchases per calendar 12 months, then 1X factors for the remainder of the 12 months.
- New! Earn 5X Membership Rewards® factors on pay as you go lodge stays booked by AmexTravel.com or the Amex Journey App.
- Earn 3X Membership Rewards® factors on flights booked by AmexTravel.com, the Amex Journey App, or bought straight from airways.
- Earn 2X Membership Rewards® factors on pay as you go automotive leases booked by AmexTravel.com or the Amex Journey App and cruises booked and paid by AmexTravel.com.
- Earn 1X Membership Rewards® level per greenback spent on all different eligible purchases.
- Pay It® allows you to faucet within the American Categorical® App to shortly pay for small buy quantities all through the month and nonetheless earn rewards the way in which you often do. Plan It® offers you the choice to separate up huge purchases into equal month-to-month funds with a hard and fast price. You will know upfront precisely how a lot you will pay.
- Up to date! $120 Eating Credit score: Earn as much as a complete of $10 in assertion credit month-to-month while you pay with the Gold Card at Grubhub (together with Seamless), Buffalo Wild Wings, 5 Guys, The Cheesecake Manufacturing facility, and Marvel. This may be an annual financial savings of as much as $120. Enrollment required.
- $100 Resy Credit score: Stand up to $100 in assertion credit every calendar 12 months at over 10,000 qualifying U.S. Resy eating places after you pay for eligible purchases with the American Categorical® Gold Card. That is as much as $50 in assertion credit semi-annually. Enrollment required.
- $84 Dunkin’ Credit score: Earn as much as $7 in month-to-month assertion credit after you pay with the American Categorical® Gold Card at U.S. Dunkin’ areas. Enrollment required.
- $120 Uber Money on Gold: Get pleasure from as much as $120 in Uber Money yearly along with your Gold Card. Simply add your Card to your Uber account and you will get $10 in Uber Money every month to make use of on orders and rides within the U.S. when you choose an Amex Card to your transaction.
- New! As an American Categorical® Gold Card Member, you may get pleasure from complimentary Hertz 5 Star® Standing. Get pleasure from advantages like skipping the counter at choose areas, including a further driver at no extra value*, and car upgrades**. Profit enrollment and Hertz Gold+ registration are required. *Further drivers should meet customary rental {qualifications} and should be a partner or home accomplice to qualify as complimentary. Different extra drivers topic to charges. **Advantages are topic to availability and fluctuate by location. Further Hertz program Phrases and Circumstances together with age restrictions apply.
- Reap the benefits of a $100 credit score in the direction of eligible costs* at over 1,300 upscale motels worldwide while you ebook The Resort Assortment by AmexTravel.com or the Amex Journey App **. *Eligible costs fluctuate by property. **The Resort Assortment requires a two-night minimal keep.
- E book your journey by the Amex Journey App with added peace of thoughts – backed by American Categorical® service and help. Just for American Categorical® Card Members.
- Everytime you want us, we’re right here. Our Member Providers staff will guarantee you might be taken care of. From misplaced Card substitute to assertion questions, we can be found to assist 24/7.
- No International Transaction Charges.
- Annual Charge is $325.
- Phrases Apply.
- See Charges & Charges
International transaction price
On prime of the additional rewards, each playing cards have a lot decrease annual charges and nonetheless present sufficient advantages to justify the associated fee. The Amex Gold has a $325 annual price (see charges and costs) and over $400 in yearly worth by credit for Resy, eating, Dunkin’ and extra.
The Amex Inexperienced has a $150 annual price (see charges and costs) however fewer perks, which is smart for somebody who is not touring as a lot. With it, you may obtain an annual $209 CLEAR+ membership price credit score (topic to auto-renewal), which helps you pace by safety at dozens of airports.
The American Categorical® Inexperienced Card is geared towards those that often journey and eat out usually, however do not wish to shell out on a premium card.
- As much as $199 credit score for a CLEAR® Plus membership annually (topic to auto-renewal)
- Earns versatile rewards you may switch to twenty+ airline and lodge loyalty applications
- No international transaction charges
- $150 annual price
- No ongoing non-travel assertion credit score gives
Maintain your factors
Except for the decrease annual price and elevated rewards charges, maybe the largest motive to downgrade is you could nonetheless preserve your factors.
For those who resolve canceling your Amex Platinum makes essentially the most sense, there are numerous methods to simply redeem your rewards. The issue is, the only redemptions are often the least precious. You’ll be able to pay with factors at checkout (with choose retailers), redeem for assertion credit or money them out for reward playing cards — however practically all of these choices internet a return of 0.6 cents to 0.85 cents per level. Utilizing factors to pay for journey by Amex Journey can return a price of 1 cent per level, however just for flights and Effective Lodges & Resorts bookings.
Amex has an unbelievable listing of switch companions, and you may simply transfer your entire Amex factors to an airline or lodge you’re keen on earlier than canceling your card. This is not a foul choice, and it is most likely what I’d do if I wanted to cancel an Amex card.
Nonetheless, a giant a part of the worth of American Categorical factors is the choices and adaptability you could have. If you switch factors to an airline or lodge, you may’t switch them again, and if that program makes adverse modifications, your factors may lose worth or turn into much less helpful. For those who downgrade, you retain your choices open and preserve your flexibility.
Polish your credit score rating
For those who downgrade your Amex Platinum, you may preserve the identical account quantity, and the account stays open in your credit score stories. That makes the transition easy since you will not must replace subscriptions or recurring payments charged to your card.
It additionally has a small additional benefit to your credit score rating. The age of your accounts or size of credit score historical past contains 15% of your FICO Rating, which is without doubt one of the hottest credit score rating fashions. Whereas closing the account will not essentially crush your credit score rating (particularly if in case you have plenty of different accounts or older accounts), conserving it open will assist preserve it.
Why your Amex Platinum could also be price conserving
There is not any arguing that the Amex Platinum is dear and precious; the difficulty with that worth is that it is difficult. You’ll be able to obtain $1,000s in advantages yearly, however a lot of it’s doled out in month-to-month, quarterly or semi-annual increments (a few of which require enrollment).
That stated, even for those who aren’t deliberately maximizing each perk, chances are you’ll be using advantages with out realizing it — and you might also qualify for a beneficiant retention provide. If you name to cancel the cardboard, you will sometimes get transferred to the retention division. Their job is to persuade you to maintain the cardboard, they usually could provide incentives to take action. These gives are extremely focused.
In my expertise, you are extra prone to obtain a retention provide for those who name near when your annual price is due. Amex usually will refund an annual price inside 30 days of it posting to your account, so you could have leeway with this.
On-line stories counsel you may be focused for a number of hundred {dollars} in assertion credit or 15,000 to 50,000+ factors. Your provide could require a minimal quantity of spending to earn, however these offers can simply make it price conserving the cardboard for an additional 12 months. Prior to now, I acquired an Amex Platinum retention provide for 30,000 factors after spending $4,000 inside three months.
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For charges and costs of the American Categorical® Gold Card, click on right here.
For charges and costs of the American Categorical Platinum Card®, click on right here.
For charges and costs of the American Categorical® Inexperienced Card, click on right here.
Editorial Notice: Opinions, analyses, critiques or suggestions expressed on this article are these of the Choose editorial employees’s alone, and haven’t been reviewed, permitted or in any other case endorsed by any third occasion.
