I need to be honest, I was feeling way to lazy for a flashback photo Friday post today, but I promise to have one next week. Plus, I’m hoping to get around to an extra post on something DC-related this weekend.
I might not spend a lot of time trying to earn every last mile here or there, but I do try to be strategic about the acquisition and de-acquisition of credit cards, both in terms of potential impact to credit as well as miles/points earned. This year, my major points haul was the Amex Platinum Card. I received a targeted offer for 100,000 points, with an incredibly reasonable minimum spend requirement. Despite the $450 annual fee, I couldn’t turn it down.
First off, those 100,000 points are definitely worth more than $450, in and of themselves. Not like I would buy that many points outright, but still. Second, the card comes with a free Priority Pass Select membership. Unfortunately many airport lounges have started to exclude themselves from the “Select” part of Priority Pass, but since we are headed to Asia I’m hoping it will be nice to have in Tokyo and Bangkok. It also provides access to Delta lounges and Centurion lounges domestically, though I’m not sure if I’ll be able to take advantage of the latter. Third, it offers a $200 rebate on airline fees, for things like seats, drinks, change fees, etc., which we promptly used up to buy bulkhead seats on the 14 hour flight from the US to Japan. That’s an expense we would have incurred anyway, so the reimbursement was icing on the cake. Fourth, it offers a reimbursement if you apply for Global Entry or TSA PreCheck.
It also has a ton of fringe benefits, like good car rental insurance, purchase protection, and free Boingo wifi that also make the card worth it–at least for the first year, when I received the 100,000 points.
But what about retaining the card past the first year for another $450? There are lots of arguments online for–and against–if you want to Google. But for us, a “normal” couple who takes about 12 trips a year, here is what plays against renewing the Amex Platinum:
1. I rarely fly Delta domestically, and there aren’t very many Centurion lounges (and none where I frequently fly) so that lounge benefit isn’t worth much to me, particularly as I only take a handful of domestic trips a year. Now if it had United lounges…we’d be talking.
2. The “full” priority pass–I value lounge access when traveling internationally quite highly–is still less than $450.
3. Amex isn’t a “sure thing” to be accepted internationally. In fact, three of the last four establishments I’ve wanted to use it at in Washington DC said “no Amex”. Considering I usually have no cash in my wallet, not a fan of this and it limits its usefulness to me.
4. I have other cards that provide benefits like car rental insurance (though their purchase protection is far inferior). We buy trip insurance–for the big trips–anyway, for things like protection against delays and medical coverage, so while secondary coverage is nice, it’s not a necessity.
5. $450 is a lot of money. That’s a plane ticket (or more likely a vet bill for the dog). A good chunk of that–the airline reimbursement–is definitely a great benefit I will miss, though. Add the priority pass and you’re already up to $300, at least. So it’s really that extra $150 that’s tipping the scale in favor of cancellation…
6. It doesn’t provide early boarding, which many co-branded airline cards do. I HATE boarding late. With a passion.
While I’m enjoying the benefits of the Amex Platinum card this year, I’m pretty sure I’ll be shopping for a new card with a new sign-up bonus in 2015. That said, I will probably hang on to an Amex card so I can keep redeeming my Membership Rewards Points without issue; it just isn’t going to be the Platinum card.
Now, the next decision is how to use those 100,000 miles…
