Posted byon May 10, 2016
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I specifically held off on an American Express card during my last $4,420 Credit Card Application Spree. I was waiting for a huge Platinum sign up bonus.
It’s here! The American Express Platinum sign up bonus is up to 100,000 points. The standard offer on the Platinum card is 40,000 points.
However, if you are interested, don’t wait; last year when the bonus went over 100k it disappeared within the day. Since this one probably won’t be around by the end of the week to feature it for Free Money Friday, we are celebrating today!
I used to shy away from the cards with a $450 annual fee, however, after realizing I could net around $1,000 after paying it, I started paying more attention to them. I successfully got the Citi Prestige Sign Up Bonus Worth Over $1,000 and I found the math on this one works too!
Earning Points. You earn 1 point per dollar on each purchase and 2 points for each dollar of eligible purchases made when you book on the American Express Travel website.
Redeeming Points. See the Best Way to Maximize American Express Points to get the most out of your points.
Airline Credits. The card comes with a $200 airline credit per calendar year for incidentals; you could use the $200 credits both in 2016 and 2017 to offset the steep annual fee. Incidentals exclude tickets and gift cards in the terms, however, this thread at Flyertalk has a lot of data points on gift cards actually being credited.
More Benefits. The card also includes lounge access, access to the fine hotels and resorts program, Boingo wi-fi, and a global entry or TSA precheck statement credit.
Do the Math. Redeeming the 103,000 points (100,000 bonus points plus 3,000 points on spending) for 1:1 conversion on points would yield $1,030 in gift cards. Less the annual fee of $450, we stand to make $580 right away. Add in $400 in airline statement credits, and this sign up bonus could be worth $980 or more. If you opt for transfers to airlines, the points could be worth much more!