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Hey credit Warriors welcome to the show And it is a new year so it is time to Look back at 2023 and assess whether Certain credit cards are worth keeping From a saving money and collecting Points or cash back point of view and That is especially important with cards That have high annual fees like the AMX Platinum which is a whopping $695 you're basically paying $695 a year Just for the privilege of being able to Owe American Express money well it's a Little more complicated than that and I Do pay it off every month anyway and the Card does have some great benefits that Offset the annual fee but with the Annual fee is that high I think you Really need to assess it and make sure That you're actually getting value out Of it so in this video I want to go Through all the benefits of the card and All the points that I earned in 2023 and Ask the question is the MX Platinum Still worth it in 2024 and this video is Brought to you by Mumu but more on that Later hey guys I'm Ben Hedges AK K the Credit shuu I cover topics such as Credit cards and personal finance on This channel most importantly I figure Out ways for you to save money and Leverage credit card benefits for free Or very cheap luxury travel experiences If you like the sound of that do Subscribe we'd love to have you and
Remember if you're a regular viewer and Want to support the channel you can also Join as a member as well with the join Button below either for $199 a month or For $4.99 a month if you want access to Our members only credit building course All right so so we are looking at the AMX Platinum today it is the iconic High Tier travel credit card from American Express it's a metal card so it works Great to scrape ice off your car but That isn't the only thing it's good for The card has a load of benefits like Lounge access Hotel gold status Etc and Also the fine hotels and resorts Collection where you get extra benefits Like free breakfast and room upgrades at Some really awesome hotels so we are Going to add up all of the benefits that You get as some sort of credit it that I In particular used in 2023 plus money I Saved on hotels and also the points I Earned and then we'll subtract the Annual fee and we'll see how much value Or loss could be a loss that I got from The card all right so AMX claims to Offer over $1,500 worth of credits which far Outweighs the annual fee on the card Each year only problem is not every Person can get use out of every single Credit since spending habits are Different so first of all let's look at How much money I got out of the credits
Being refunded for spending that I would Have done anyway that is the crucial Part so first we have the Uber credit Which is $200 for the year I used the Whole $200 of this credit ordering Uber Eats every month I have already checked That I did in fact order Uber Eats at Least once a month if not more in 2023 We showed you the screenshots of that on My MX gold video and I spent more than $25 per order so that's $15 on the Platinum and $10 on on the gold each Month plus a little bit more in December So I can say I used the entire $200 Credit on meaningful spending that I Most probably would have done anyway Next we have the $240 Digital Entertainment credit and I did use the Entire thing I have Sirius XM on both my Cars and that is a little over $20 per Month and you can see the charge here And then it getting immediately refunded I would have done that spending anyway I Had Sirius XM for a long time even Before the AMX plan and brought it in as A benefit on the Digital entertainment Credit for your interest we'll put also On screen all the other Merchants that You can use the credit for and so that Takes us up to $440 so far next we have The $100 Sach credit $50 per half year Now this may be controversial because in The past I used to go and buy some like 50 to $65 socks from Sachs just to use
The credit but more recently I've been Going for $25 socks and they really do Stand the test of time I don't have to Replace them anywhere near as as much as My cheap socks from Walmart so I do now Think that they make Financial sense so At the beginning of 2023 I bought two Pairs of socks and then in the second Half of the year I bought a $300 Nespresso machine for my Airbnb business And I got $50 back for each so I will Count that $100 as a refund on useful Spending so that brings us up to $540 so Far we now have the $200 Airline credit For incidental fees I picked Delta as my Airline this time and since I flew to Hawaii on Delta in economy I had a load Of little charges for things like check Bags food on board and guest fees for The Delta Sky Club which are $50 per Person I use that for my two kids so you Can see here my spending for these Little things with Delta the two $12 Charges were for onboard meals the $100 Was for the two lounge guest passes and Then we have two $30 charges those were For check bags so it's a total of $184 And it was very useful since I would Have paid for those things anyway so That takes us to a total of $724 and you know what that means we've Already offset the annual fee but There's more there's also a $155 Walmart Plus Credit Now I'm not
Going to count the $155 since I would never buy Walmart Plus if I didn't have the card but I did Use Walmart plus to save money so I'm Going to look into how much I actually Saved but first if you guys are into Getting great value out of things which I know you are since you're watching This video you'll love the SP spor of Today's video Mumu now I know the US Stock Market is close to all-time highs Right now so you may not be ready to Invest your money right at this moment But with Mumu you can get a competitive Cash sweep interest rate for your Uninvested cash Mumu lets you invest in The US markets with an Innovative Interface and a ton of features like Technical indicators and research tools For those of you that are a little Cautious of investing right now Mumu Offers new members 5.1% apy on your Uninvested did cash that is one of the Highest interest rates you can get on Cash out there for cash sweep programs This keeps your money ready to deploy When the stock market dips whilst Earning an amazing apy now if you sign Up to Mumu using my link and make a Deposit of $100 you will get five free Stocks worth between $2 and $2,000 but if you deposit $1,000 you'll Get 15 free stocks also valued between $2 and $2,000 so if you do the math the
Minimum value you can get on the 50 free Stocks is around $30 but if the stocks You get are higher values you could Stand to get quite a bit more out of This and of course you'll all be getting That 5.1% apy on your uninvested cash Click the link below if you're Interested okay so where were we the Warmart Plus benefits so I mostly use This for the 10 cents per gallon Discount on fuel at mobile and also Sometimes for discounts and free Shipping on products for example I Bought a massive TV for my Airbnb on Black Friday now the app doesn't make it Easy for you to go through every Transaction for the whole year but it Did give me the savings for the last 3 Months which was $3,154 so in theory I could just Multiply that by four and I'd have my Savings for the whole year well not Really since I saved quite a bit more in Quarter 4 because of buying that big TV And also this ridiculous $400 sync which Yeah it was very hard to find a sync With the exact dimensions I needed so Anyway it seems I saved $18.58 on those Items in quarter 4 thus I'll keep 3154 For quarter 4 and then deduct $1 1858 From the figure for the other three Quarters so that's 1296 now for three Quarters and then 3154 for the final Quarter so that's
$742 for the year and that takes us to a Total of $792 we'll just ignore the cents but Then there is even more because the MX Platinum also has a $200 Hotel credit For the fine hotels and resorts Collection and I did stay at an fhr Property for two nights booked with the Card in 2023 the Fairmont Orchid on the Big island of Hawaii so I got refunded The full $200 you can see that here I Prepaid $1,400 or so you do have to Prepay to get the five points per dollar On fhr bookings so that takes us to $992 but there is even more on top of This because remember you get a load of Benefits from fhr including some credits At the hotel so for that particular Hotel the Fon Orchid on the big island Of Hawaii you get a daily breakfast for Two plus a $100 food and beverage credit For use during your stay you do get Things like room upgrades too but those Are the only two things that I actually Apply monetary value for it's hard to Really know what a room upgrade is Valued at since if I was offered a room Upgrade for money I probably wouldn't Pay to upgrade nice to have but I don't Really assign monetary value to it so Let's look at how much breakfast costs At the fairmon Orchid it is $50 per Adult for the breakfast buffet and $25 Per kakei that is the Hawaiian word for
Kids now one of my two kakei was only 5 Years old so she ate for free and the Other arm was $25 per day for the Breakfast now even though I only booked Two nights with this card I booked one More night with my wife's card so we Stayed fre nights now the $100 credit is Per stay not per night and not even per Booking so if you do two separate Bookings with two different cards but You want to keep the same room that's One stay okay so you get one $100 one Time so my older daughter eating Breakfast each morning for three Mornings she would have triggered it Three times which is $75 then the free breakfast benefit Covered me and my wife that would be $100 each for two days so the total Saving is $275 and that brings us up to $1,267 on our total savings right now Then there are also some credits that I Did not get value out of like the $300 $ Equinox credit I didn't use that at all The $189 clear credit I did use it I bought Clear but I still have not actually Found a convenient time to go to the Airport and sign up so I've never Actually used clear so I assign 0 to Those all right so that was how much I Got back through the credits which are Basically refunds on your spending now
Let's look at the actual points I earned And their value so I spent a total of $1,747 on the card in 2023 now out of That $ 11,7 147 only 5,045 was in Categories that earn five points per Dollar that is flights booked directly With Airlines and prepaid AMX travel Hotels which includes fhr bookings thus I earned 2,225 points on my 5x categories and Then 6,702 points on the spending that was Left over for a total of 31,900 points for 1.1 cents a piece in My Charles Schwab account so that is About $350 in value if I redeem for cash Back or at 2 cents per point which is What people often value AMX points at When you consider transferring to Airlines and booking travel and all that That's going to be $638 in value so I Will add that to the credit totals now And you can see what we get it would be $1,617 in value if the points are at 1.1 Cents a piece and then $ 1,95 of value If the points are 2 cents a piece and Then if we deduct the $695 annual fee From both we get $922 if the points are worth 1.1 cents a Piece and $1,210 if the points are worth 2 cents Each now of course there are other Things that are hard to put a monetary Value on like priority pass lounge
Access Centurion lounges marot and Hilton gold status National Car Rental Status I did use my national status for Several days this year and got car Upgrades when I rented cars but I leave Those out of the calculation because I'm Not really sure how much value to assign To them but out of the things I do count Even after accounting for the annual fee I'm still getting around $1,000 in value Per year for having the card in my Wallet so I'll be keeping it for another Year all right guys that is the video For today I hope you found it helpful in Working out the value of this card you Can easily do the same calculation just Replace my numbers with yours and don't Forget to get up to 153 stocks and 5.1% Apy on your uninvested cash when you Open an account with Mumu using my link Below also if you want to know more About or apply for the MX Platinum it is Featured in my credit card guide which Is down in the description as well Please subscribe to the channel if you Are new we'll see you next time bye-bye