Why December is the Best Time to Get the AmEx Platinum

If you’ve been eyeing The Platinum Card® from American Express, December may be the best time to take the plunge. Sure, the luxury card — which has an annual fee of $695 (see rates and fees) — might seem like a bougie coupon book given its long list of statement credits. But because those credits renew every calendar year, those coupons can carry serious value if you receive your new card in December. Here’s why.

1. Statement credits that reset in January

Many of the most valuable credits on The Platinum Card® from American Express refresh on Jan. 1. By signing up in December, you’ll have access to one round of credits before they reset. That means you can use December 2024’s credits now and start fresh with 2025 credits just weeks later.

• $200 a year for certain hotel bookings. This AmEx hotel credit applies to prepaid bookings through American Express Travel at the more than 2,600 hotels that are part of The Hotel Collection (two-night minimum stay required) or Fine Hotels + Resorts properties. With this perk, eligible bookings must be processed before Dec. 31 at 11:59 p.m. CT each calendar year to be eligible for statement credits within that year.

• $200 a year for airline incidental fees. This credit, also offered each calendar year, reimburses you for things like checked-bag fees or in-flight refreshments on a single airline you choose when you enroll (though you can change airlines once a year). You’d have to fly before the end of the year to use this credit (and from there, you’d have to incur some eligible expenses like checking bags).

Terms apply. Enrollment required.

The statement credits cited above alone could be worth about $600 in value if used fully. Considering that 49% of Americans plan to spend money on flights and hotel stays during the 2024 holiday season, according to the 2024 Holiday Spending Report from NerdWallet, it might be the easiest time of year to put these travel-related annual credits to use.

2. Potential for three years of credits in one annual fee

Receiving your card in December theoretically lets you unlock three years’ worth of the annual credits listed above within your first cardholder year. Here’s how that could work:

• Use your 2024 credits in December.

• Use 2025 credits starting Jan. 1, 2025.

• Use January 2026 credits before your annual fee comes due. Although your annual fee will be billed in December (if that’s the month you applied), the payment for that bill might not be due until January or February, based on when the charge hits.

To be sure, those aren’t the only credits available to cardholders. The card offers other statement credits at brands like Uber, Equinox and Saks Fifth Avenue which combined are worth $1,500 annually, but many of those credits reset on a monthly, rather than yearly, basis. Check out NerdWallet’s list of the dozens of credits available on The Platinum Card® from American Express.

3. Credits for holiday gifts

You might be able to use some of the card’s credits to purchase a gift for someone else.

There’s a $50 Saks Fifth Avenue available twice a year (cardholders receive up to a $50 statement credit from January through June and up to a $50 statement credit from July through December for a total of $100 per calendar year). Even if Saks isn’t your style, it could be the style of another person on your gift list. Terms apply.

Additionally, cardholders receive a statement credit for a monthly Walmart+ membership fee, which is worth up to $12.95, plus applicable taxes). Benefits include free shipping on items shipped by Walmart with no order minimum. Even if you wouldn’t pay the Walmart+ membership fee, its benefits could help out in a pinch when doing last-minute holiday shopping. Terms apply.

4. Lounge access for holiday travel

The Platinum Card® from American Express thrives during peak airport travel times like the holidays. Perks like access to Centurion Lounges and other lounges in the Global Lounge Collection — plus Global Entry/TSA PreCheck credits — make the airport experience a little bit calmer.

With this card, you’ll likely spend less time in lines than everyone else. And if you’re stuck in the airport longer than anticipated — either because you arrived extra early, or you’re waiting out a flight delay — then sticking it out in a lounge can turn long waits into a welcome pause.

5. A welcome offer to start your rewards stash strong

The Platinum Card® from American Express is offering the following welcome bonus right now: Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Terms Apply.

By signing up in December, you can leverage holiday spending (like gifts and travel bookings) to meet that threshold more easily than you might otherwise during other times of the year.