Consider your options: 3 reasons to downgrade from the Amex Platinum to the Amex Gold

28.11.2024 - 22:35 / thepointsguy.com

While The Platinum Card® from American Express offers many travel and lifestyle perks, it is also one of the most expensive cards on the market with an annual fee of $695 per year (see rates and fees).

Meanwhile, slotted below the Amex Platinum is the American Express® Gold Card, a product that carries fewer benefits but a more palatable $325 annual fee (see rates and fees). Both cards offer a variety of statement credits and perks to help offset their yearly fees.

Every cardholder has their own reasons for considering a downgrade, and the Amex Platinum is one card I consider downgrading from often. From Walmart+ memberships to Equinox credits, a laundry list of perks was introduced to lend the card even more potential value (enrollment required for select benefits). While there is no doubt that benefits are great, there is also a point at which quantity trumps quality, especially when considering an annual fee that is nearly $700.

If you're thinking about a downgrade from the Amex Platinum Card, here are three reasons to migrate to the Amex Gold Card and how to do it to maximize your points potential.

Here's how the Amex Platinum and Amex Gold cards stack up.

Enrollment is required for select benefits.

Enrollment is required for select benefits.

Enrollment is required for select benefits.

Enrollment is required for select benefits.

Trip delay: Up to $500 per trip when the delay is six or more hours; up to two claims per 12-month period

Trip delay: Up to $300 per trip when the delay is 12 or more hours; up to two claims per 12-month period

*Your Amex Platinum or Amex Gold must be added to the Uber account and you can redeem with any Amex card; only valid on U.S. purchases.

* *Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

The Amex Platinum has a plethora of annual statement credits that span a variety of categories from shopping (Walmart+ subscription) to travel (up-to-$200 airline fee credit) and much, much more.

Casual Amex Platinum users should, therefore, take a closer look at what these credits are. It's clear from the specific nature of several of these perks that many cardholders will not be able to fully utilize all of them. With an annual fee of $695, you'll want to at least use several without having to go out of your way.

There are at least 10 credits on the Amex Platinum: four are yearly, four are monthly, one is biannual and one is every 4 1/2 years. The annual credits are for Clear Plus, prepaid hotels, Equinox, SoulCycle and airline fees; the monthly credits are for digital entertainment, Walmart+ and Uber