Note: The offer detailed below is no longer available. For the latest information on this card, visit CardRatings.
The past few weeks have been extremely interesting for credit card enthusiasts like me. After a few months of relative quiet (aside from certain travel-minded cards adding temporary benefits), offerings have really ramped up in a major way. Now, American Express has rolled out a new welcome bonus for its perennial favorite Platinum card that really goes above and beyond.
To start things off, the new offer allows new cardholders to earn 75,000 Membership Rewards points after they spend at least $5,000 in their first six months of membership. If you’re keeping score, that’s 15,000 more points than the standard offer and an extended timeline for that minimum spend (six months as opposed to three). That latter point could actually be key given the relatively large sum required.
However, the most eye-catching part of this updated offer is the two temporary multipliers it adds to the card: 10x on eligible purchases made at U.S. gas stations and U.S. supermarkets during your first six months. This perk is capped at a total of $15,000 in spending between the two categories, meaning that — if maximized — it could earn you another 150,000 points (or 135,000 more than you’d typically earn with 1 point per dollar in these categories).
Having recently totaled up the monetary benefit I saw from my American Express Platinum card during my inaugural year card membership, I can tell you first hand that it can be well worth the $550 annual fee. Between the lounge access, complimentary hotel status, Uber credits, and Amex Offers, I was able to save literally hundreds of dollars as a cardholder — and that’s even before you consider the Membership Rewards points. As someone who signed up when the offer was 60,000 points with no 10x multipliers, I’m actually pretty jealous of this current welcome bonus.
I should also note that this Platinum card update comes on the heels of another American Express favorite also getting an increased bonus. Recently, the Amex Gold card increased its public offer from 35,000 MR points to 60,000 MR points after $4,000 in spend during your first six months (yes, this also has that extended timeline). Funny enough, although it was a mere couple of weeks ago that I declared I’d still be forgoing the card, I actually broke down and put in my application. ¯\_(ツ)_/¯
While it may seem like an odd time to apply for a card as associated with travel as the American Express Platinum card is, this offer presents a pretty good opportunity. For one, the limited-time 10x points on gas and groceries can certainly help make up for the lack of travel. Additionally, the extra three months you’ll have to meet your minimum spending requirement could be useful if the regular three-month timeframe is a bit of a stretch for you normally. Plus, once we are able to travel again, you’ll hopefully have a nice collection of MR points to utilize. For all of these reasons, I think it’s worth taking a closer look at the Platinum card at this time.