Jasmin Baron’s daughter is getting a Staub baking dish set for Christmas, thanks to American Express. Another one of her children got the same gift last year, courtesy of Amex. Baron has held The Platinum Card® from American Express for the last four years, and the card’s semi-annual $50 Saks Fifth Avenue credit has pitched in for plenty of holiday gifts, not to mention helped take the sting out of the card’s $695 annual fee.
Baron would know: She’s a journalist and credit cards expert. She also knows that Amex’s marketing promises over $1,500 in annual value from the card. The trouble is that the company makes you earn it by doling out credits incrementally, meaning that most customers see far less.
“You have to be organized to get the most out of the Amex Platinum card,” said Baron. “Some perks, such as the airline incidental fee and FHR credits, reset at the beginning of the calendar year, so I make sure to use them as soon as possible to avoid missing out.”
Four big Amex Platinum credits worth approximately $649 in total expire at the end of the year, which means cardholders need to get to work or risk losing over a third of the card’s advertised annual value. Here’s what you need to do today to make sure that you get what’s coming to you.
Book a Fine Hotels and Resorts or Hotel Collection Stay
The marquis benefit of the Platinum Amex card is a $200 annual credit to Amex Travel, provided you book a prepaid hotel through the Fine Hotels and Resorts or Hotel Collection. The good news is that you don’t need to use your hotel stay by the end of the year, you just need to have it booked.
“The annual $200 FHR credit that comes with the card can be utilized on stays as short as one night,” said credit cards expert Jon Nickel-D’Andrea. “Think of using your credit for a staycation or weekend getaway, and take advantage of the free breakfast, late check out, and an on-property credit.”
To find which hotels qualify and about the terms and conditions, visit AmexTravel.com.
Shop at Saks Fifth Avenue or Saks.com
Whether it’s Staub cookware or a stocking stuffer, be sure to spend the $50 credit Amex Platinum offers from July to December each year. You might also want to make a note in your calendar to do it again in January, since the credit resets every six months.
Register for CLEAR Plus
Airport lounge access is a well-known benefit of the Amex Platinum, but the CLEAR Plus $199 annual credit can be just as important when it comes to avoiding travel chaos. The credit is doled out based on the calendar year, so if you haven’t yet registered for the service, be sure to do so soon.
You don’t need to register for this benefit, just sign up with CLEAR and use your Amex Platinum as the payment method. Even better, this perk is set-and-forget as your renewals will qualify for the credit in years to come.
Select your preferred airline and charge $200 in incidentals
One of the trickier credits on the Amex Platinum is the $200 annual airline fee credit. It’s tricky for two reasons: 1) You have to select your airline in advance from a specified list and 2) the credit doesn’t work toward airfare. The easiest way to use this credit, once you have registered and chosen an airline, is to prepay for bags or seating assignments on an upcoming flight.
The takeaway
The four benefits above are the tip of the Amex Platinum iceberg, but the other credits are doled out in increments that allow you to sign up anytime. It’s definitely worth digging into your Amex Platinum account and registering for the other credits, which include Uber, Walmart+ and select digital subscriptions.
“For those that expire more frequently, I set calendar reminders—because if they aren't used before they expire, you lose them,” said Baron.
Just don’t forget that purchases must be posted to your account by Dec 31, 2024 to qualify for this year’s credit. Give yourself at least a week’s buffer and get $649 in credits on your to-do list today.
