Friday, January 10, 2014

AMEX Platinum Losing Value

AMEX Platinum Losing Value:
Lounge Access (AA & Delta Changes)
S: American express advertises lounge access for card holder. Especially prior to 2011, the card got you into most airline lounges, including AA, Continental, Delta, United, and US airways(even without a ticket for that specific airline). They also advertise rewards, and Travel services.

O: In October 2011, Amex platinum lost Continental President's club. In March 2014, Amex members will lose AAdmirals Club access In May, 2014, member will no longer be able to take guest along with them into the Delta Skyclub lounges. A $29 fee will apply.

You do get the $200 statement credit, but at only 1 airline, the airline can only be changed every January. They now give you access to Centurion clubs, yes all 2 of them. With 2 more on way.

They give you 1 point per dollar spent and then you can redeem them for various rewards, including Amex gift card at about 200 points per dollar. So about 0.5% rewards. Although rewards can be up to 1% depending on how you redeem them.

They add a service charge for all travel related reservation, even if they are made online.

You get other insignificant benefits like $100 statement credit for Global Entry, SPG gold status and few other standard credit card benefits.

All this for $450 annual fee.

Not to mention, a lot of establishments DO NOT accept American Express.

A: For a hefty annual fee this charge card give you very insignificant. The lounge access is cut, and there are many other cards that given better rewards with no annual fee. Such as Discover, Which gives you $50 cash back right off the bat. Up to 5% cash back, up to 10 times what American Express gives you.

P: It's not worth $450 anymore (unless they add additional benefits, which I'm hoping they will), I am cancelling my Amex platinum for now, I will re-apply if it is worth it again. Financial institutions have no loyalty, they want what's best for their bottom line, and I have no loyalty to them, I will do what's best for my bottom line.     

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