Oof, I’ve done it again and gotten myself a new credit card. For long time readers of the blog, it’s no secret that I love reward credit cards and it’s a great passion of mine to always be earning points and miles and all the great perks that come along with the cards. I’ve detailed some of my journey in these posts; How I earn $900 annually or my big credit card problem. 

Where we last left things, I was in the process of downgrading and getting rid of credit cards. At that time I had 5 cards with a total annual fee of $969. Pre-Covid I was traveling a fair amount for work and pleasure and so I easily justified each card for the perks or earning that came with it. Then Covid hit and all travel stopped, and our family grew to BabyMoneyFinance and SegundoMoneyFinance. Surprisingly we did do one family trip this year and brought both kids along for the ride. It wasn’t easy but we made it work! 

I did resolve to downgrade or cancel and although I didn’t make cancelling happen (I got in my head about the effects on my credit score) but I did downgrade a $250 card to a $0 annual fee card and a $69 to a $39 card. However the itch remained strong and I kept a watchful eye out and recently pulled the trigger on one of the most expensive credit card out there – the Amex Platinum. I wanted to share a little bit about why I did it. 

Why I did it 

I went into more detail in a recent post but one of the things I’ve been learning during the Covid pandemic is the importance of enjoying life as best you can. I guess when Covid took away so much during those early quarantine days, I grew a new appreciation for the things that brought me joy in life. I was also more and more focused on quality rather than quantity, as Covid took away the ability to enjoy many things in quantity. 

One thing I still really value is travel and getting quality out of my travel. I’ve long had my eyes on the Amex Platinum for it’s travel perks – lounge access, travel credits, and of course the points, both earning and spending. Amex has a great travel ecosystem with lots of ways to earn and enjoy traveling. 

I think I also just needed a new shiny toy, as silly as that sounds I don’t spend my money in too many other places and so if I can find a place to spend some money in something that will bring me excitement and joy, I’m all for it. 

It’s for these reasons that I went ahead and signed up!

The ins-and-outs of the card

The card definitely advertises itself as being the ideal travel companion, opening up a world of high end luxury travel experiences to the cardholder. Sure I bought in a bit to that, who doesn’t like a little luxury in their lives? 

At the surface the card earns 5x points on airfare and prepaid hotel stays (which I don’t often do prepaid hotels), and then 1x on all other spend. I definitely have better earning cards in my wallet and I foresee myself going back to those cards post me hitting the signup bonus. 

The card also comes with travel perks (lounge access) and lots of credits which we’ll go into detail in the next section. There’s definitely some weighing the pros and cons to justify the $695 annual fee but I think it can be done! 

How I’m getting value 

Then there’s the perks. The card advertises itself as offering $1,400 in annual credits all for a fee of $695. What a bargain! Lol there’s no way I’m using all the credits but here are the ones that stood out to me: 

• $15 monthly Uber credit ($200 annually). Although I’m not taking Uber a lot, Mrs Money and I definitely do Uber Eats at least once per month. 
• $200 annual hotel credit. This credit can only be redeemed through the Amex Fine hotel program but I’ve checked it out and there are plenty of amazing hotels so I’m thinking we could easily do one stay annually. You don’t get elite nights or points through this program but hey just one or two nights isn’t bad. 
• $200 airline credit. You have to pick one airline for this to apply to and then you can get reimbursed for inflight purchases, baggage fees, seat upgrades and also lounge access. I’m not sure I’ll use all $200 of this but it’s nice getting a friend or Mrs Money into the lounge with me. 
• TSA Precheck / Global Entry credit ($85-$100). Global Entry is good for 5 years but hey 5 years from now (I just renewed) I’ll get value out of this. 
• Clear credit ($185). Clear is like Pre-Check on steroids and it just an even faster way to get through security. I signed up and am all for getting through security faster! With the credit I also got Mrs. Money Finance signed up.
• Walmart + Membership ($12.95/mo). This is a new perk that rolled out (I love how new perks are coming out) and Mrs Money and I signed up. It’s similar to Amazon Prime with free 2 days shipping but it also has free grocery delivery. My family has been considering grocery delivery to save time for our busy family of 4, and so getting a free membership for free grocery delivery was pretty sweet!
• Airport Lounge access. I don’t always use lounges when I travel but they are certainly nice if you’ve got the time or a long layover. I previously had a card (Chase Sapphire Reserve) that came with Priority Pass access which is a random assortment of independent lounges but there’s quite a few of them and they’re not bad. The Amex Platinum also opens up the Delta SkyClubs and the Amex Centurion lounge. Being based out of a Delta airline hub and flying Delta quite a bit, this was quite appealing to me. 

There’s also an Equinox gym credit, a New York Times/Audible/SiriusXM radio credit, and automatic Gold with Hilton and Marriott. I’m not sure if I’ll benefit from those but even the ones I’ll actively use add up to $1,000. 

Lastly, and this is a nice perk, I get a $150 annual credit through my employer. I work for a large corporation that has corporate Amex cards for employees and so Amex is kind enough to pass along a little perk for employees. So the $695 is really $545 for me. Definitely helps out! 

How it’s been going so far

I’ve had the card about 3 months now and just hit the minimum spend requirement to get 100,000 Amex Points. I’m getting 10x on restaurants and small businesses for another 3 months, so I do plan to keep using the card in some spending categories. I also referred a friend and am getting 4x bonus points (so a total of 5x/dollar) for a 3 month period, so I’ll probably keep the majority of my spend on this card.

The lounges have been great and I’ve really enjoyed them so far. I’ve been using the Delta SkyClubs, which are so much nicer (in my opinion) compared to Priority Pass lounges which I got access to via the Chase Sapphire Reserve (but still have access to via my Amex card). I even got to go to a Centurion lounge in NYC when I was up there for work.

The other benefits I’ve definitely taken advantage of are the monthly Uber credit (love us some Uber Eats), the $200 airline credit (getting friends into the lounges which cost money), Clear (making airport security even faster) and then the Walmart+ membership. Mrs. Money and I had been on the fence about trying grocery delivery again (time is always in high demand and short supply!) and aside from one mishap with our first order (i.e. it never showing up), it’s been easy!

In summary I think I’m getting enough value and enjoyment out of the card!

Summary

Assuming you’re still hitting your saving and investing goals, it’s more than fair to spend your money how you please. For me I’ve been focusing on spending it in a way to maximize my enjoyment and joy and hey if a fancy new credit card gives me those things, I say why not! 

Finally, a quick shameless referral link plug. This is a crazy expensive card and definitely not for everyone, but if you are in the market for a new credit card and my post helped clarify a few things, I’d love a referral bonus (which you’ll still get a great signup bonus too!)