Many cardholders question whether the substantial annual fees of both the American Express Platinum Card® and the American Express® Gold Card are justified, especially when they both earn Membership Rewards points. However, for frequent travelers and spenders, the combined benefits can significantly outweigh the costs. Here’s a breakdown of why holding both cards can be a smart financial move.
Accelerating Rewards and Bonuses
One of the most compelling reasons is the potential to earn substantial welcome bonuses. Currently, the Amex Platinum offers up to 175,000 bonus points after spending $8,000 in the first six months, while the Amex Gold can provide up to 100,000 points after $6,000 in spending within the same timeframe. At a valuation of 2 cents per point – a standard estimate – these bonuses alone can be worth over $5,500.
Important Note: Amex enforces a “once per lifetime” rule for welcome offers, so applying for the Gold first before the Platinum is recommended to maximize eligibility.
Beyond the initial bonuses, strategic card usage can yield thousands of additional points annually. The Platinum excels for flights and hotels, earning 5x points on bookings made directly with airlines or through American Express Travel. The Gold, meanwhile, dominates dining and U.S. supermarket purchases, offering 4x points on those categories.
Statement Credit Optimization
Both cards offer substantial statement credits that can offset their annual fees. The Amex Gold’s $325 fee is often covered by up to $424 in credits for dining (including Resy, monthly dining, Uber Cash, and Dunkin’). The Amex Platinum, with its higher $895 fee, provides even more extensive credits:
- Up to $600 for prepaid hotel stays via Amex Fine Hotels + Resorts or The Hotel Collection.
- $209 for Clear Plus membership.
- $200 for airline fee reimbursements.
- $300 for digital entertainment subscriptions (Disney+, Paramount+, etc.).
- $155 for Walmart+ membership.
- $120 for Uber One.
- $400 for U.S. Resy restaurants.
- $300 for Lululemon purchases.
- $100 for Saks purchases.
Maximizing these credits requires planning, but the potential savings are significant.
Enhanced Purchase and Travel Protection
Both cards offer extended warranty and purchase protection. However, the Platinum provides superior coverage for frequent travelers, including cellphone protection, emergency medical transportation, trip cancellation/interruption insurance, and higher car rental loss/damage coverage. These benefits are particularly valuable for those who travel frequently and rely on robust protection.
Is It Right for Everyone?
Holding both cards isn’t universally beneficial. If you rarely use airport lounges, don’t spend heavily on eligible categories, or don’t maximize statement credits, the combined $1,200+ annual fee may not be worthwhile. Assess your spending habits and travel patterns to determine if the rewards justify the costs.
In conclusion: For those who can strategically leverage the benefits, the Amex Platinum and Gold cards represent a powerful combination that maximizes rewards, travel perks, and purchase protection. If you’re a high spender who travels frequently, combining these cards could save you more money than it costs.
