UMVA has learned that American Express cardholders with top-tier cards, such as the Platinum Card and Business Platinum Card, can maximize their benefits by strategically using built-in statement credits before they expire.
As the end of the quarter approaches, it's essential to ensure that you've used your Q2 statement credits before June 30, along with any monthly statement credits that reset soon. This also applies to biannual statement credits, which often reset at the end of June.
The American Express Platinum Card and Business Platinum Card offer a mix of monthly, quarterly, and biannual statement credits, which can deliver hundreds of dollars in value each year. However, cardholders must stay organized and use these benefits before they expire.
The Platinum Card offers statement credits for up to $75 in purchases at U.S. Lululemon retail stores and online each quarter, as well as up to $100 in statement credits for U.S. Resy-affiliated restaurants each quarter. To maximize these benefits, cardholders should activate their Lululemon and Resy benefits in their Amex account before making purchases.
Cardholders can use their card to spend up to $75 at U.S. Lululemon retail stores and online, and up to $100 at a U.S. Resy restaurant. A useful workaround is to purchase a gift card online to "carry forward" value and combine this quarter's statement credit with a future quarter's statement credit.
Business Platinum Card members can also get up to $140 in value from statement credits before the end of the quarter, including up to a $90 quarterly Indeed statement credit and up to a $50 quarterly statement credit on eligible purchases with Hilton.
Both the Platinum Card and Business Platinum Card provide an up to $300 biannual hotel statement credit, which can be used for prepaid American Express Fine Hotels + Resorts or The Hotel Collection bookings made through American Express Travel. June 30 is also the deadline to use the first half of the annual up to $600 hotel statement credit.
New cardmembers can apply online and get an instant card number for online purchases, which can be added to a digital wallet while waiting for the physical card to arrive. This allows cardholders to immediately enroll in statement credits and maximize their benefits before the end of the quarter.
When using statement credits, cardholders should be aware that transactions may not be eligible if the merchant uses a third-party to process or submit the transaction to American Express. Therefore, it's essential to keep an eye on your account and follow up if any statement credits don't post within several weeks.
By being strategic about timing and taking advantage of statement credits, American Express Platinum and Business Platinum cardholders can maximize their benefits and get the most out of their cards.
