Double Your Points, Double Your Perks: Why NOW is the Time for a Platinum Card!
Hey friends, what's up? Phillip here with Points With Phillip, and I'm here because there's no time like the present to pick up a Platinum card. Let's get into it! But before we do, I want to ask you guys to like and subscribe – it really helps the channel!
Alright, so we're going to talk about a recent experience of mine that I think might actually help you all, too. I recently activated a second signup bonus for the Business Platinum credit card from American Express.
My Business Platinum Bonanza: 250,000 Points & Double-Dipping Credits!
This card actually came to me via a mailer, offering a whopping 250,000 points after spending $20,000 over the course of 3 months. Now, while some people might see offers as high as 300,000, 250k was more than enough to get me to pull the trigger again. This is a really solid bonus!
Why are Amex points so valuable? If I were to cash that out at 1 cent per point (which you can do with a Business Platinum card and a business checking account), that's $2,500 worth of value. Not bad, right? But the real magic is in the transfers. With current transfer bonuses (like a recent 40,000 point bonus to Virgin Atlantic), these points go even further. I just helped a buddy book a business class ticket from JFK to London Heathrow for just 21,000 American Express points via Virgin, saving them thousands of dollars! That's why we care about Amex points!
The "Double-Dip" Strategy: Timing is Everything! Now, here's the lead – and sorry for burying it a little! I got this card now because it perfectly coincides with some spend I have coming up in January, allowing me to double-dip on those credits!
Since I got my Business Platinum card in December, I can utilize its annual credits before they reset in January. This means I can get:
Fine Hotels & Resorts Credit: I can use the $300 credit now for December, and then another $300 credit again in January! My wife and I are planning a trip to Edinburgh, Scotland, and I'm able to book one night at the Caledonian Hotel (a Fine Hotels & Resorts property) using the December credit, getting $300 off. Then, I can book a second night for January, getting another $300 off. That's $600 in real-world value within a couple of months!
Airfare Credit: Another $200 for the year that I can use now, and then another $200 when it resets.
Dell Credit: The Business Platinum card offers a $150 Dell credit every six months (plus an additional $1,000 after $5,000 in spend annually). I've utilized this strategically:
My first $150 credit covered most of my Adobe Creative Cloud membership for the year.
My second $150 credit completely covered the cost of this microphone I'm using now!
And I just acquired some background lighting for my studio, also covered by a Dell credit. In January, I'll be able to use the next credit to get something functional for recording while traveling.
United Travel Bank: I went ahead and made United my airline choice for the $200 airfare credit. While I've heard some chatter on Reddit about Travel Bank no longer triggering the credit, it worked for me a few months ago on another Business Platinum. I made a $100 purchase to test it, and if it works, I'll use the other $100 before December ends. Then, in January, I can change my chosen airline to, say, Alaska, to cover those pesky reward redemption fees!
In total, that's $300 (FHR) + $200 (airfare) + $150 (Dell) = $650 in actual, real-world value that I would not have gotten had I waited until January to apply! That's huge!
What About the Personal Platinum Card?
Many of these double-dip strategies also apply to the Personal Platinum Card. While it has a similar $695 annual fee, the standard offer is typically 80,000 points, but it can go much higher, even up to 175,000 points! You can check your offer using the link in the description below! (And if you get a good one and pull the trigger, it really helps out the channel – thank you!)
Here are some of the double-dip opportunities for the Personal Platinum:
Fine Hotels & Resorts Credit: Just like the Business Platinum, you can double-dip this $200 credit by pre-paying bookings.
Airline Fee Credit: Again, $200 that can be double-dipped with the same strategy.
Uber One Credit: While having multiple Platinum cards means you only functionally get one Uber credit unless you share with a significant other, it's still a solid perk.
Resy Credit: This one is fantastic for double-dipping! You get $100 in Resy credit per quarter. So, you can use the $100 for this quarter (perfect for holiday meals!), and then another $100 for next quarter. My wife and I are celebrating our anniversary on December 28th, so I'm definitely using this credit for our dinner out!
Lululemon Credit: You also get $75 per quarter for Lululemon.
So, getting the Personal Platinum this December means you unlock a lot more value than if you waited until next year. The $695 annual fee is steep, yes, but if you can get a good signup bonus and strategically double-dip those credits, the value proposition becomes much more manageable!
A Quick Note on the Hilton Credit
One credit on the Business Platinum I'm not overly concerned with is the $50 quarterly Hilton credit. We recently found out it doesn't work for Hilton gift cards, which was a common workaround. If you have a specific stay planned, you could pay cash for a hotel, get the $50 off, and potentially even cancel later to see if the credit sticks. But for me, I don't have immediate travel, so I won't be maximizing this one right now.
Signup Bonus Considerations
Comparing the signup bonuses, the Personal Platinum card often has a more accessible spend requirement for its bonus, typically around $8,000 over six months. While still a significant amount, it's more spread out than the Business Platinum's $20,000 over three months, making it more feasible for some.
So, there you have it! There are a lot of compelling reasons and use cases for either of these incredible cards right now.
Let me know in the comments section below what you guys think about these Platinum cards. Is this something you'd like to jump on, or are you waiting to see what happens in the new year?