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The Platinum Card from American Express comes with a not-insignificant $550 annual fee but for the first six months of 2021, American Express is offering cardholders an easy-to-use PayPal credit to help them recoup some of that annual fee. This is your monthly reminder to make sure you use up that monthly credit before it’s too late.
The Platinum Card’s Monthly PayPal Credit
Here are the key things that you need to know:
- The monthly credit is worth up to $30 per primary card account. Additional cards do not get their own separate credit but their spending will trigger the primary card’s credit if it qualifies.
- The credit is available 1x/month between January and June 2021 (6 months)
- This credit is only available to holders of the US consumer Platinum Card only
- No registration is required
- Platinum Card holders should add their card to their PayPal accounts and then use it when paying via PayPal to trigger the credit.
- In order to trigger the credit, all transactions must be:
- Made in US Dollars
- Made with US merchants
- Made via a US PayPal account
- Eligible purchases do not include fees or interest charges, purchases or reloading of prepaid cards, purchases of gift cards, person-to-person payments including those for goods and services, or purchases of other cash equivalents.
You can get more details on this statement credit from this FAQ page on which you’ll also find the full terms and conditions.
How easily and effectively you used last year’s wireless and streaming credits will probably dictate how you feel about this year’s PayPal credit as although this credit is worth $10 less per month than the credits we saw in 2020, I actually prefer it.
While I made good use of last year’s streaming credit (courtesy of Apple loads) I didn’t manage to make great (economical) use of the wireless credit and that wasn’t ideal. With the $30 PayPal credit, I’m having a lot less trouble using it effectively – enough retailers and online sites now accept PayPal that it really isn’t a challenge to use the credit up.
Last month I used my credit to part pay a bill for a subscription and this month I used the credit to partly offset an order of Illy Coffee capsules for my coffee machine. Once I’m back home in LA, I’ll probably pay Uber via PayPal and use up my new credit that way or I may go back to topping up my Coffee Bean account.
Overall this is new PayPal credit is good news. The Platinum Card currently offers up to $200/year in Uber credits, up to $120 in PayPal credits (from March onwards), $100/year in Saks 5th Avenue credits, and a $200/year Airline Fee credit so even if you can’t max out all of the Uber credit or all of the Airline Fee credit, there’s still scope to get a large portion of the annual fee back in the form of rebates. If that’s not enough to keep cardholders happy, there are also all the great Platinum Card Amex Offers that we saw loaded in the first week of January.
Having now used a couple of the great offers we saw introduce at the beginning of the year, 2021 continues to look set to be a year in which it should be relatively easy to make the Platinum Card pay for itself.
If you have a US-issued consumer Platinum Card you should make sure that you associate it with your PayPal account (if you haven’t done so already) as the card is still offering a $30/month PayPal fee credit (through June). More importantly, right now you have under two days left to use up this month’s credit so make sure you don’t miss out!