Is the American Express Platinum Card Worth It?

In the last couple of weeks, several people have asked me if they should apply for the American Express Platinum Card.  I think the answer depends on your travel patterns and goals but here are my thoughts.

First, it's important to note that there are three versions of the card:

• American Express Platinum
• American Express Mercedes-Benz Platinum
• American Express OPEN (Small Business) Platinum

The annual fee for the card (not waived for the first year) is $450 or 475 thus the debate over whether the card is "worth it."  I have actually had all three versions of the card over the last few years (rotating through sign-up bonuses) but don't currently have one.  Emily does have one open as we can justify one $450 annual fee but not two.  The cards offer a ton of value but here are the features that we get the most value from:

$200 annual (calendar year) airline incidental credit.  You pick an airline and American Express will reimburse $200 of your annual expenses.  We pick United and purchase low dollar amount (i.e. $50) gift cards which have always been reimbursed with no issues.  If you apply for the card right now, you'll actually get your credits now and in January of 2015.  So you're essentially getting $400 worth of airline certs for free.  That almost offsets the annual fee.

$100 Global Entry or TSA Pre-Check reimbursement.  Both Emily and I have Global Entry which has saved us a number of times returning to the US.  It is possibly the greatest international travel tool out there.

American Express Fine Hotels & Resorts Access.  Something we use probably once a year.  We stayed on a FHR rate in Bali recently and received several hundred dollars worth of value (free breakfast, an upgraded room, and massages) for booking the rate that was identical to the lowest rate on the Four Seasons website.

Complimentary Priority Pass.  We use our Priority Pass a few times a year (most recently in Toronto and Cancun) where there isn't another lounge we get access to.  There are hundreds of lounges around the world in their network.

Centurion Club Access.  The only way to get into these lounges for free (otherwise they are $50) is to hold an Amex Black or Platinum Card.  We have spent time in the Las Vegas and DFW lounges and are very much looking forward to the opening of the La Guardia and San Francisco locations.

There are dozens of other benefits to the card but these are the five benefits that I think provide the most value.  The sign-up bonuses for these cards are also strong.  The typical bonus is 40,000 - 50,000 points upon reaching a spend threshold but the OPEN card is currently targeting card members with a 150,000 point bonus!  I value those points at ~$3,000 so if you get that offer, jump on it!

In terms of everyday use, I wouldn't recommend actually putting any spend on the card once you've received the initial bonus.  Instead, keep it in your wallet and leverage all of the benefits noted above.  The card certainly isn't for everyone but can be extremely valuable if you travel often.

Is Earning 2 Membership Rewards Points/Dollar on Uber Rides a Good Deal?

Last week, American Express and Uber rolled out a new partnership that essentially gives Amex card members (with a MR earning card product) the ability to earn 2x points on Uber rides.  They also launched the ability to redeem Membership Rewards points for Uber rides which is definitely NOT a good deal.

Earn 2x Amex points for Uber Rides

Membership Rewards points are pretty valuable thanks to great partners (i.e. Singapore Airlines, British Airways, etc...) and easy to rack up thanks to monster (i.e. 100,000) sign-up bonuses and a variety of consumer and business card products.  I value you them on par with Chase Ultimate Rewards points (about 2 cents each).

I personally have my Uber account linked to my Chase Sapphire Preferred Card.  Because Uber is coded as "travel" I will earn 2x points per dollar spent and also earn a 7% annual divided on that spend.  The dividend effectively makes my earnings 2.14x so while the new partnership with Uber is really cool, I will stick to my current setup!

If you don't have the CSP card, definitely link your Uber account to a Membership Rewards earning Amex card.

My Latest Round of Credit Card Applications

As I discussed in this post, I apply for a new round of credit cards every 90 days.  Remember, this is not for you if you are a) working on improving your credit b) planning on applying for a loan such as a mortgage in the near future or c) if you periodically carry a balance on your cards.  The rewards that you'll gain in these cases will be heavily offset by either not being able to qualify for the lowest lending rate (due to recent inquiries on your credit report) or actually paying interest if you carry a balance.  Each application will typically ding your credit 2-5 points (those inquiries fall off over time and your score will go back up) thus the reasoning for applying for cards every 90 days on the same day.  The inquiries fall off roughly at the same time and on the day you apply, the other banks don't see that you applied for a card earlier in the day.

Now that the disclaimer is out of the way...Here's an overview of my most recent card application including what I applied for and why.

1)  American Express Everyday Preferred

This is a new card from Amex that offers 15,000 miles after spending $1,000 in the first 90 days.  The annual fee (not waived for the first year) is $95.  Even though this sign-up bonus kind of sucks, I needed a quick way to rack up some Membership Rewards points to top off my account for an award and wanted to try out the new offering from Amex.  I value MR points at $.02 teach so this bonus is worth $300.

Result:  Instantly approved

2)  Chase United Explorer Business

This card offers 50,000 United miles after spending $2,000 in the first 90 days after approval.  The annual fee is normally $95 but is waived for the first year.  It is essentially the same version as the consumer card which I have had a couple of times in the past.  I wanted to pick up a couple of cards for my business and also need to work on replenishing my United mileage balance.  I value United miles at $.02 each so this bonus is worth $1,000.

Result:  Application pended but was approved without a call after a couple of days

Chase MileagePlus Explorer Business Card Welcome Email

3)  Citi AA Advantage Business

This card offers 50,000 American Airlines miles after spending $3,000 in the first 90 days after approval.  The annual fee is $95 and is not waived for the first year.  I value American miles at $.02 each so this bonus is worth $1,000.

Result:  Approved after a quick 10 minute call to Citi

Summary:

So I went 3/3 on this round.  After spending $6,000 (should be a slam dunk thanks to Amazon Payments) in 90 days and paying $190 in annual fees, I'll earn 115,000 points/miles that I value at $2,300 which will be put to good use towards future airline and hotel awards.

Amex Offers - When Do Credits Post?

Last week, I wrote about two great new Amex offers from Crate & Barrel and Zappos.com.  A few people asked me how long it takes for the credits to post. I've had pretty good success with the credit posting within 2-3 days.  The latest round of purchases took 2 days to credit (see screenshot below).

While not necessarily travel related, this is a great way to leverage your credit cards for some relatively painless "free money."  My gift cards already arrived and are sitting in my gift card box for a rainy day.

New American Express Offers - Zappos and Crate & Barrel

American Express is out with a couple of great new offers.  I've previously posted about this program here and here.  While I wouldn't recommend the strategy outlined below unless you regularly shop at these merchants, if you do, it's a super fast way to get 20-25% a future purchase.  This morning, I logged into my account this morning and noticed two relevant new offers.

• $30 off a $150 Zappos purchase
• $10 off a $50 Crate & Barrel purchase

I saved both the offers to my card and on of Emily's.  Then I went to Crate & Barrel (after checking evRewards first to ensure I also receive the best portal bonus and bought a $50 gift card on each of our cards.  Note that the terms specifically exclude e-gift cards but not physical ones.  I did the same thing at Zappos with $150 gift cards that we will definitely make good use of across the year.

The entire process took me about 10 minutes.  Total cost was $400 and I'll receive $80 in cash back, 200 American Airlines miles, (valued at around $4) and 400 Starwood points (valued at around $12).

Even better, when I redeem the gift cards, I can double dip through a shopping portal to earn even more points/miles.  The Amex Offers program is pretty awesome.  Looking at their website, they display the total amount card members have saved since the launch of the program about 4 years ago.  Currently, over $78,000,000.  That is pretty cool!!

What's in My Wallet - April 2014 Edition

I've been meaning to start a periodic series outlining the cards in my wallet and my rationale for spending on each.  I try to be as purposeful (and organized) as possible about the cards in my wallet and when each one comes out.  The best analogy is really a swiss army knife.  You want to have a handful of tools for different jobs and understand which tool to use for a specific job (purchase).  This will help you maximize your earning on spend.

Here are the four cards (in addition to my debit card) in my wallet for the coming month:

1)  HHonors Surpass Card from American Express 

I upgraded to this card from the standard HHonors American Express card during my January round of applications.  The upgrade will net me 50,000 HHonors points after spending $3,000 which I should complete in April.  The original offer netted me 50,000 points as well so I'm essentially earning 100,000 bonus points from one credit card application within a year.  Pretty good.  Since this card is still short of the minimum spend, I'm not worried about category bonuses.  I will use the points for a free night at the Conrad Centennial Singapore during out trip to Bali in July.

2)  Citi Executive AAdvantage World MasterCard 

I've already completed the minimum spend on my own version of this card.   So I'm actually an authorized user on Emily's version of the card helping her work towards the high ($10K in 90 days) minimum spend threshold.  But thanks to both of us using the card for everyday spend, Amazon Payments, and some taxes due, hitting the threshold should be no problem.  After we complete the minimum spend on this card, we'll have earned 217,500 American Airlines miles from both bonuses.  Good enough for 2 roundtrip business class tickets to Europe! 

3)  Chase Sapphire Preferred Visa Card 

No minimum spend needed on this card.  Just my workhorse everyday card earning 2x (actually 2.14X when you include the annual 7% dividend) on travel and dining. This card is also linked to my United dining program account.

4)  Chase British Airways Visa Signature Card 

I've already met the minimum spend on this card but am working towards the secondary bonuses which will net me an incremental 25,000 points after spending $10,000 and another 25,000 points after spending $20,000 in the first year of cardmembership.  The second bonus tranche is a lot of incremental spend is going to be a bit of a stretch.  So I keep this card in my wallet and will use it on non dining/travel expenses after meeting the minimum spend thresholds for the first two cards.

Have I Hit the Minimum Spend Yet?

In the past couple of days, several people have asked me how I keep track of minimum spend requirements for all the cards in my wallet.  Generally speaking, when I apply for a new card I add the following detail to a simple spreadsheet:

• Name of the Card (i.e. Amex Starwood Personal)
• Date of application
• Bonus (i.e. 25,000 points)
• Spend threshold (i.e. spent $1,000 in 90 days)
• 1st year annual fee
• Annual fee in subsequent years
• Whether or not I want to keep the card when the annual fee comes due (if applicable)

I'll look back at the spreadsheet (example above) every month to make sure I'm on track to hit the minimum spend required for each bonus.  That said, sometimes I want to validate where I stand and there's no real way to do that without contacting the card issuer or adding up multiple statements online.  

Combining Points: Starwood Preferred Guest

On Thursday, I posted about how to combine Chase Ultimate Rewards Points.  Today, similar post but around transferring/combining Starwood Preferred Guest points.  Like Chase UR points, SPG points are incredibly flexible.  You can use them to redeem for hotels, combine with cash for hotel redemptions, or transfer to a variety of airlines at a 1:1 ratio and receive a 25% bonus (5,000 for each 20,000 point transfer) on top of that!

Step 2 as described below

Starwood also allows you to transfer points between accounts but the accounts must have been opened for 30 days and be registered to the same address.  This works great for couples or roommates.

During Emily's latest round of credit card applications, she picked up the Starwood Preferred Guest Amex card.  Part of the sign-up bonus offer was 10,000 points after first purchase.  Those points posted a couple days ago and I logged in to her account to transfer/combine/consolidate them into mine.

Here are the four easy steps for combining SPG points:

1. Log in to your SPG account at www.spg.com
2. Under the "Quick Links" menu, select "Redemption Options"
3. Scroll down to the very bottom of the page and select "Transfer to Another Member"
4. Complete the form and click "Transfer"

Step 3 as described above

The form states that transfers typically take 5 business days but in my experience, it's more like 2-3.  Yet another great option for leveraging Starwood points.  Keeping your points in one account (especially if that account has elite status) will ensure you get the most bang for your buck on your redemptions.

Amex Offers: Free $5 to iTunes

Amex is at it again.  Sync your card (read this post on Amex offers if you haven't already) and receive a $5 statement credit from iTunes afar spending $5.  My iTunes account is already synced with an Amex card so I just added the offer and downloaded a handful of music.  $5 isn't earth shattering but given that iTunes (also good for App Store purchases) is something we all probably use from time to time, I figured I would pass it on.

American Express SPG Referral Bonus - Easiest 5,000 Points Ever

Last week, I wrote about the Starwood Preferred Guest American Express referral bonus of 5,000 Starwood points.  This was one of the cards Emily applied for during her recent set of card applications.  I logged into my account this morning and noticed that the points already posted just four days after the application was approved.  This is a simple way to earn an incremental 5,000 SPG points if you already have this card.  I value SPG points at around 3 cents so the referral bonus is worth about $150.

If you would like a referral for this card, feel free to email me.

If you apply and are approved for the card, you'll earn 25,000 SPG points after spending $5,000 in 6 months.  So in total (with the spend) you'll earn 30,000 SPG points.  If you "keep it in the family" like we just did, you will earn a total of 35,000 SPG points.  Starwood allows you to transfer points between family members with the same address so it's easy to move points between two accounts for consolidation purposes.

Emily's Latest Round of Credit Card Applications

Last weekend, Emily applied for her quarterly round of credit card applications.  If you haven't already, check out these posts for my last round as well as background on the whole process.  Here is the overview and results.

1)  Starwood Preferred Guest American Express Card

One of the best all around cards out there.  The current bonus is 10,000 SPG points after first purchase and an additional 15,000 SPG points after spending $5,000 in 6 months.  I will also receive 5,000 SPG points from the SPG Amex referral offer I posted about last week.  The $65 annual fee is waived for the first year.  30,000 total SPG points is good enough for 2-3 nights in a high-end Westin or W hotel in the US.  Or you could use 28,000 points for 5 nights (fifth night free) at the Le Meridien Bangkok!  I value SPG points at around 3 cents each so the value of this approval is $900.

Result:  Pended and then approved after waiting two days

2)  Citi Executive American Airlines World MasterCard

After getting in on this offer last month, I wanted to make sure Emily got to take advantage before the offer expires in March.  The $450 fee is not waived for the first year but the offer comes with a $200 statement credit and 100,000 AA miles after spending $10,000 in 90 days.  The annual fee and minimum spend are steep but it's well worth it in my book especially given the statement credit takes almost half the "sting" out of the annual fee.  100,000 AA miles is good enough for a free roundtrip business class ticket to Europe!  I value AA miles at 2 cents so the value of this approval is $2,000!

Result:  Pended.  Emily had to call, answer a few questions and was approved over the phone in about five minutes.

3)  Bank of America Alaska Airlines Visa Signature Card

I got in on this offer as well last month.  Emily was able to pick-up 30,000 miles with no spend requirement for a $75 annual fee.  For some reason, the offer is not showing up so the link above drives to an offer that provides 25,000 miles and a $100 statement credit after $1,000 in spend in 3 months.  Both pretty good deals.  We'll use these Alaska miles for a future first class flight on Emirates.  I value Alaska miles at 2 cents so the value of this approval is $600.

Result:  Auto approved.

Not a bad haul (three for three!) for about 30 minutes of work on Saturday.  Total "value" of approximately $3,500.  We'll need to spend $15,000 in 6 months but $6,000 out of that will be taken care of by Amazon Payments.  So $1,500 per month for 6 months is easily done.  And the end result will be well worth it.  Including minimum spend, we'll earn 175,000 miles and points for $325.

A very successful quarterly round of apps!

My 5 Favorite Airport Lounges

One of the best perks of international premium travel are the lounges.  What's better than relaxing in a comfortable chair while drinking champagne and eating great food?

We're Star Alliance flyers (both United Gold for 2014) and several of these lounges allow access for Star Gold members even when traveling in Economy.  But for the most part, the ticket to these lounges is a First Class ticket.  The great news is that you can receive access (hasn't always been the case) to premium first class lounges even on an award ticket!

We've been fortunate to relax in some of the best lounges in the world so it was tough to narrow down the list.

Here are my top five favorite lounges:

1)  Lufthansa First Class Terminal at FRA

The First Class Terminal as a lounge within a dedicated terminal located down the street from the main terminal buildings at Germany's Frankfurt International Airport.  We visited the First Class Terminal after our first class flight on Lufthansa from Dallas to Frankfurt.  The terminal includes private security, a cigar room, a bar with over 100 premium whiskey's, a sit-down restaurant, amazing shower rooms complete with the famous "rubber ducky" and chauffeur service to the plane in a premium German automobile.

Frankfurt Lufthansa FCT

Starwood Preferred Guest Amex Referral Bonus is Back

Earlier in the week, I posted about the Starwood hotel category changes.  Starwood points coupled with the Starwood Preferred Guest Amex can help you achieve elite status as well as earn free hotel stays.  But did you know that the Starwood Amex has a referral program?

They ran this promotion a few years ago but then it seemed to die.  I received the following email earlier in the year about the program being back!  This works for both the personal and business versions of the card (I have both).

Are you in the market for a new SPG Amex card?  Email me and I'd be happy to refer you (you'll get the standard offer, I'll get 5,000 SPG points.  Who knows, you might find something special from me in your inbox as well.  Another great promotion from Starwood & American Express to kick off the new year!

Earn SPG points by referring friends/family

Great New American Express Offers

American Express is at it again with some great new American Express offers.  Make sure you read my post on Amex Offers first.  Here's a quick recap of the latest offers I'm seeing with my Starwood Preferred Guest card:

• $30 off $150 purchase at Amtrak.com expires 2/15/2014
• $50 off $250 purchase at Bloomingdale's expires 3/23/2014
• $200 off $700 purchase at Jason Wu expires 4/30/2014 just in case you need a new dress for a wedding or something
• $50 off $250 purchase at Blue Nile for a last minute Valentine's Day present

Deals We Like has a post about a Virgin America offer (I didn't receive on my card) that seems pretty good and definitely worth checking out if you are looking to book a VA flight.  Remember, you can buy a gift card to trigger the statement credit (probably most useful for Bloomingdale's) and then shop later when you're ready to buy something. 

How to Leverage American Express Offers

One of the best features of being an American Express cardmember is free money.  Do I have your attention?

Last year, Amex launched their offers program where you can add an offer in a variety of ways to your card.  You can add them from your phone, (using their app) via social media (Twitter, Foursquare, Facebook) or the website.  Here's how it works:

• Search for a compelling offer
• Add an offer to your card account
• Meet the required spend on the card
• Receive a statement credit based on the offer

I log in to my Amex account every couple of weeks and check the offers.  Scroll down to the bottom of the page and click on "offers for you."  You can't miss it.

My Latest Round of Credit Card Applications: Results

Over the weekend, I applied for the following cards (read this post first if you haven't already).  This was one of the easiest rounds of applications ever.  I was done in less than 30 minutes all all three cards were auto approved onscreen.  It's not always this easy - sometimes you have to fight for an approval by calling the issuer and explain why you want the card.  In some cases I've had to move credit lines around when I have multiple cards with the same issuer to obtain an approval.  But at the end of the day, the banks want to approve vs. decline and keep you as a customer.  Agents are typically super friendly, knowledgeable and genuinely want to find a way to earn/keep your business.

I managed to grab screen caps of 2 of the 3 but missed on the Amex Surpass upgrade.  I'm always shocked at the credit lines these companies doll out. 

Barclays Arrival Auto Approval

Alaska Airlines BofA Auto Approval

All in, I value the points/cashback earned on these cards at $1,190.  Not my best haul but after a couple years of doing this, there aren't unlimited earning opportunities.  I am looking forward to diversifying my point mix a bit and earning Alaska miles definitely plays into that strategy.  I hope to be riding on the Emirates A380 one day soon!!  Stay tuned for the next round of applications in 90 days or so.

My Latest Round of Credit Card Applications - January 2014

As I discussed in this post, I apply for a new round of credit cards every 90 days.  Remember, this is not for you if you are a) working on improving your credit b) planning on applying for a loan such as a mortgage in the near future or c) if you periodically carry a balance on your cards.  The rewards that you'll gain in these cases will be heavily offset by either not being able to qualify for the lowest lending rate (due to recent inquiries on your credit report) or actually paying interest if you carry a balance.  Each application will typically ding your credit 2-5 points (those inquiries fall off over time and your score will go back up) thus the reasoning for applying for cards every 90 days on the same day.  The inquiries fall off roughly at the same time and on the day you apply, the other banks don't see that you applied for a card earlier in the day.  My FICO score has only approved over two years of doing this every quarter.  Before this round of applications, my score ranged from 765 - 780.

Now that the disclaimer is out of the way...My quarterly "churn" happened to be this past weekend so here's an overview of the cards I applied for and why.  I'll provide an update on the results later in the week.

1)  Bank of America Alaska Airlines Visa Signature(R) Card

This card offers 25,000 miles upon approval.  Meaning no minimum spend required.  The card does offer an annual fee of $75 which is not waived for the first year.  I've been meaning to start stocking up on Alaska Miles since they introduced their partnership and award chart with Emirates.  For 100,000 miles, you can fly (one-way) from the US to the Middle East in First Class on the Emirates A380.  Not a bad way to travel especially when you know you can shower on-board.  I value Alaska miles at $.02 each making the sign-up bonus worth $500.

Starwood Preferred Guest Card Overview

I recently wrote about why the Chase Sapphire Preferred Card is one of my favorite cards for everyday spend.  Another one of my favorite cards is the Starwood Preferred Guest(R) Credit Card from American Express.  Starwood owns many brands that you are likely familiar with including Sheraton, Westin, W, and St. Regis.  Many people believe that SPG points are the most lucrative given their organic value and transferability to a number of airline programs.

I've had this card for 10 years and over the last decade, SPG has become my favorite hotel loyalty program.  I have held top tier Platinum (requiring 25 stays or 50 nights in a calendar year) for 4 of the last 7 years which has provided some outstanding benefits.  While this card offers limited bonuses for category spend, it is an outstanding addition to your wallet.  If I am not putting category spend (like dining or travel) or trying to hit a sign-up bonus, I am putting spend on this card.

Here's why:

1. Current sign-up bonus offers 25,000 total SPG points after spending $5,000 in the first 6 months
2. When redeeming four nights, Starwood offers the fifth night free thus reducing the amount of points required by 25%
3. 2 stays and 5 nights toward elite status which gets you 20% to SPG Gold and 10% to SPG Platinum
4. When transferring 20,000 points to partner airlines, (here is the list) SPG offers a 5,000 point bonus so each transfer of 20,000 nets 25,000 miles
5. $65 annual fee waived for the first year
6. If you spend $30,000 in any calendar year, you will be awarded SPG Gold which is the mid tier status offering free internet, additional bonus points for hotel stays, and free upgrades
7. Earn 1 point per dollar for all spend and 2 points per dollar at Starwood hotel properties including hotel restaurants