Are you canceling your Amex Platinum card today?

Based on the number of annoyed, dismayed comments on the blogosphere and Twitter yesterday, it seems like for many current cardholders, the Amex Platinum card is on the chopping block; people claim that the card no longer holds the allure and promise that it once did. This comes after two recent “hits” to the card’s benefits:

  • the loss of complimentary American Airline’s Admiral’s Club lounge access (starting March 22, 2014)
  • the reduction in Delta lounge access – guests or family members are no longer free. Effective May 1, 2014 cardholders will be able to bring two guests, or their immediate family, for a fee of $29 per person.

Personally, I’m keeping my card. For me, it’s still packed with value and worth the hefty $450 annual fee. In fact, I just wrote a post detailing the reasons why I love my Amex Platinum card. Here’s how it pencils out for me:

  • $200 annual Airline Fee Credit
  • Roadside Assistance (worth $57)
  • At least 3 nights booked using the “Fine Hotels and Resorts” benefit (worth $100+/night)
  • At least 4 visits to the Centurion Lounges (worth $25-$50, depending on the day ;))

This is a total of over $650 worth of benefits – possibly more, depending on how my travel plans shape up for the year. The card could be worth even more to me if I didn’t already have Global Entry ($100, reimbursed by Amex), or if I flew Delta and wanted access to their lounges (without my friends or family, of course).

Most of the perks I enjoy from the card are because I travel frequently and embrace the High/Low lifestyle.

Clearly, this card is not for everyone. In fact, before I got into points and miles collecting, I never would have given this card a second look! $450 is a gasp-worthy annual fee, unless you know how to unlock its true value. In other words, the Amex Platinum is like a…

“Samurai sword!” yells my 8-year-old son.

So I’m just gonna go with that analogy. The Amex Platinum is like a samurai sword, because it’s expensive, rare, and powerful to some – but if used in the wrong way (or not used at all) it can be worthless…or even deadly.

Do you use your Platinum card as a samurai sword? Or are you laying down your arms?