American Express Platinum Card Introduces Increased Bonus with Limited-Time 10x Multipliers

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Editor’s Note: The offer detailed below is no longer available. For the latest information on this card, visit CardRatings.

When it comes to top-tier credit card offers, American Express has just thrown down the gauntlet. As of today, the extremely popular (and very premium) American Express Platinum card is offering a new welcome bonus that not only ups the number of points that new cardholders can earn but also entitles them to some limited-time spending multipliers.

First, the latest Platinum card offer increases the number of Membership Reward (MR) points earned from the standard 60,000 to 75,000. Then, instead of having three months to reach the $5,000 minimum spending threshold in order to earn this bonus, new cardholders will have six months to accomplish the task. But perhaps the most interesting addition is the temporary multipliers included in this current welcome bonus. Those who are eligible for this offer will earn 10x points on U.S. gas station and U.S. supermarket purchases (up to $15,000 in combined spending across both categories) for their first six months of card membership. This amounts to a 9x bonus on these categories that typically earn one point per dollar spent.

These special welcome perks come in addition to everything else that the American Express Platinum card has to offer. In terms of points, cardholders can earn 5x MR points on flights booked directly through the airline or via Amex Travel as well on prepaid hotel bookings made through Amex Travel (in addition to 1x points on everything else). On that note, cardholders will also have access to exclusive benefits such as guaranteed late checkout, room upgrades when available, property credits, and more by booking with the American Express Fine Hotels + Resorts program.

Speaking of travel, the Platinum card also includes perks that will come in handy as cardholders begin hitting the road again. Not only will Platinum cardholders have access to more than 1,200 airport lounges with Priority Pass Select but can also enjoy Delta SkyClubs (when flying Delta) as well as access American Express’s own Centurion Lounges. The card also entitles members to complimentary Gold status with both Hilton and Marriott Bonvoy. Additionally, cardholders can earn up to $200 per year in statement credits for eligible airline incidentals they may incur.

While the $550 annual fee for the Platinum card may sound steep, Dyer News contributor Kyle recently reported getting more than $2,000 in value from the card during his first year (even during the pandemic and with the standard welcome bonus). What’s more, the card features various credits that can help to offset the fee. This includes $200 a year ($15 per month plus $35 in December) in Uber Cash that can be used either for rides or for Uber Eats orders. Additionally, just in time for the holidays, cardholders can take advantage of the twice-annual — $50 between January and June, $50 between July and December — Saks Fifth Avenue statement credit. On top of that, various Amex Offers can help cardholders save even more on select purchases from top brands.

This new Platinum Card welcome bonus comes as the American Express Gold Card is already boasting its highest public offer ever. Currently, the latter card allows new Gold card members to earn 60,000 Membership Rewards points after they spend $4,000 in their first six months. Incidentally, the two cards also work well in tandem, as the Gold card’s 4x at restaurants and 4x at U.S. supermarkets (up to $25,000 in spending per year) can help members rack up MR points even faster. Plus, starting early next year, the Gold card will be adding a $10 per month Uber Cash perk that is stackable with the Platinum card’s $15 a month Uber Cash benefit. It should be noted, however, that the Amex Gold card does carry a $250 annual fee.

If you’ve ever considered the American Express Platinum card in the past, now may be the time to put in your application. Between the enhanced bonus points and limited 10x multipliers on U.S. gas station and U.S. supermarket purchases, new cardholders can quickly build up a bank of Membership Rewards points to be used once travel resumes in earnest (or cashed out for statement credits, gift cards, and more in the meantime). Plus, they’ll have six full months to reach the $5,000 spending requirement instead of the typical three. With all of this on top of the regular benefits that the Platinum card holds, making up for the $550 annual fee should be no problem. Meanwhile, keep an eye out for what American Express does next as they continue to pull out all of the stops for new members.

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Also published on Medium.

If your planning on having a credit card, this may be the perfect time to apply for one considering all the bonuses and perks offered.

The $550 annual fee is well worth it if you learn how to maximize your rewards and with this increased bonus, you can even get more.

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Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded in 2015 to focus on personal finance and the emerging FinTech markets.

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