You might have been curious as to why many military members have the fancy metal Amex Platinum card and utilize it as their preferred method of paying. If you look at the annual fee for the card, it is a steep $695 a year! Why would anyone pay an annual fee to use a charge card?
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No annual fees
The MLA (Military Lending Act) paved the way for active duty members who opened personal credit and charge cards while actively serving, the opportunity to obtain premium tier cards without having to pay the elevated price tag. Because of the 36% MAPR (military annual percentage rate) cap, including fees, for a credit card account, found in the MLA, American Express erred on the side of meeting more than the letter of the MLA, going above and beyond waiving all personal credit and charge card product’s annual fees for military personnel. This means that if you are active duty in Title 10 status in any branch and you get approved, you will not pay annual fees until your duration of your contract. That is why we love American Express as they are so generous to our military community!
Benefits highlighted
The Amex Platinum carries a big selection of benefits, but the four benefits below are the ones I use without a fault. For the annual airline fee credit and Saks Fifth Avenue credit, you will have to manually go into the ‘benefits’ tab on the top banner once logged into americanexpress.com to access and enroll in these benefits. If using the Amex app, log in, click ‘membership,’ then ‘explore all card benefits.’ Scroll to find these benefits and explore many others.
Welcome Bonus: This is the ‘why’ behind I open the card. It is in my opinion the best part, as the Return on Investment (ROI) based on one’s effort to obtain maximum points is very minimal. To obtain the welcome bonus, you would have to meet the minimum spend during the parameter of time in the offer. With the American Express Platinum Charge Card, the minimum spend ranges from $5,000 within 3 months or $6,000 within 6 months. The offer landing page will spell out this information. Amex Platinum welcome bonus ranges from 60,000-100,000 points and can be redeemed for flights within the Amex travel portal or transferred to multiple airline and hotel partners, among other options.
Monthly Uber credits: This card offers the holder $15 in monthly Uber credits that can also be used in the Uber Eats app. In the month of December this credit increases to $35. This is a use it or lose it benefit, as the credit does not accrue month to month. Besides utilizing the credit on an Uber ride or Uber Eats order, within these applications, you can use the credit to order groceries, as Uber uses its affiliate Cornershop for shopping and delivery.
Annual Airline Fee Credit: This card allows for an annual $200 airline fee credit. Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees, such as checked bags and in-flight refreshments, are charged by the airline to your Platinum Card. This is super useful for every military member, as this fee can cover the pet fee, excess baggage weight fees, and food for the family and kids when boarding long flights.
Semi-annual $50 SAKS Fifth Avenue credit: Earn up to $100 in statement credits annually for purchases at Saks Fifth Avenue on your Platinum Card. You get $50 from January 1 through June 30, and $50 from July 1 through December 31. This benefit, like Uber is also a use it or lose it benefit and it does not accrue. This is a great way to get a gift for yourself, significant other, or friend for free if the total comes to $50 or less. Now, for example if the item you want to purchase totals $60 and you have enrolled in this benefit and pay with the Platinum card, you will get a statement credit of $50 making your purchase just $10. This is only valid on Saks Fifth Avenue stores or on saksfifthavenue.com. Do not make the mistake and use it on the outlet store, Saks Off 5th or saksoff5th.com as it will not trigger the $50-dollar credit.
To learn more about the American Express Platinum Charge Card and the other available American Express product, please click and follow the link below: Apply for an American Express Card with this link. We can both get rewarded if you’re approved! http://refer.amex.us/IBRAHR2WLG?xl=cp19