Many cards with annual fees don’t have much value after the first year. For example, I never keep an airline card with a fee unless I get a retention offer that makes it worth keeping. That’s because typically an airline card gets the holder a free checked bag (I always just have a carryon) and priority boarding (not the most exciting perk as I’d rather not be on the plane longer than necessary). If no retention offer is made, I’ll downgrade, product change, or cancel. That was my intention when I got the American Express Platinum (referral link) card, but I’ve now kept it since February 2021.
During my first year holding the card, American Express made substantial changes that turned it into a keeper for me. They added a $200 hotel credit (select properties like The Langham Huntington in the picture), a monthly $20 entertainment credit (I use it for Hulu and Peacock), and a few other credits I don’t use like a Walmart+ membership. The other benefits of a $200 airline credit, $50 at Saks every six months, and a monthly Uber credit ($15 except for December when it’s $35) remained as did access to the Centurian Lounge which opened in 2020 at my current home airport of Sky Harbor. The card also grants Gold status for Marriott and Hilton hotels which can add some nice perks when staying at those chains. Although I don’t travel every month to use the Uber credit, I’ll order food for pickup in those months. Without the Uber and Walmart credits factored in the $740 credits that I do have regular use for already covers the annual fee. Adding in the food at the lounge when I fly plus the Uber credits makes it worth keeping long-term. I did still ask for a retention offer when the fee was due in April this year; unfortunately I wasn’t offered one though.
