Market Matador
In the ever-evolving credit market, American Express has surprised many by continuing their profitable success with charge cards. These fanciful cards are adorned by many, and questioned by few. In general, American Express cards are an unnecessary luxury. Possibly signaling weakness in applications, the Platinum card is now being heavily incentivized. With 50,000 bonus points, the AMEX is hoping you’ll be hooked (but I’d be remiss not to mention the heavy point devaluation for everything but airfare).
Most likely in an effort to compete, American Express has built in more benefits to the $450 behemoth. Now, consumers can look forward to a $200 Airline Credit (to be used with incidental fees like baggage, ticket changes, etc.), 20 percent travel bonus when using points to purchase travel, and even the Global Entry (globalentry.gov) program that assists your speed through United States borders. (See Platinum benefits package)
For the frequent traveler, this card has just gone through an incredible upgrade. If you’re stuck on a remote island and are severely injured, this card will arrange medical evacuation — up to a helicopter. While impressive, it’s overkill. What are the chances that in that super remote area needing a helicopter to get in that you’ll have cellular signal? Fat chance.
This is one of the most attractive cards on the market right now. The $450 annual fee must be carefully weighed before decisions are made. If you travel more days than not, this card will come handy. Heck, if you travel that much you’ll appreciate the club and lounge access in nearly every major airport. If you don’t fit this bill, than the Platinum card is like lighting your money on fire.
Note: Unlike most financial sites, this post does not feature affiliate links and I do not benefit from decisions made.
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