Here’s a comprehensive review of the American Express Platinum Reserve Credit Card in India, focusing on its features, benefits, and how it stands in the Amex lineup:
Overview:
The American Express Platinum Reserve Credit Card is positioned as a premium offering, below the top-tier Platinum Charge Card, aimed at those who desire luxury travel and lifestyle benefits. It’s known for its exclusive perks like hotel memberships and enhanced reward rates for certain spending categories.
Key Features:
- Rewards Program:
- Base Rewards: Earn 1 Membership Rewards (MR) point for every ₹50 spent, excluding fuel, insurance, utilities, cash transactions, and EMI conversions at POS.
- Welcome Bonus: 11,000 MR points on spending ₹30,000 within 90 days of card issuance.
- Milestone Rewards:
- ₹12,000 worth of vouchers (₹1,000 per month) on spending ₹50,000 monthly (enrollment required).
- The annual fee is waived if you spend ₹10 lakh in the previous year.
- Annual Fee:
- Joining Fee: ₹10,000 + GST.
- Renewal Fee: ₹10,000 + GST, waived on spending ₹10 lakh in the previous membership year.
- Travel Benefits:
- Airport Lounge Access:
- 12 complimentary domestic lounge visits per year (3 per quarter).
- 2 complimentary international lounge visits per year via Priority Pass.
- Accor Plus Membership: 12-month complimentary membership, offering dining and hotel benefits across Asia Pacific.
- Taj Epicure Plus: Complimentary membership for exclusive benefits at Taj hotels.
- Airport Lounge Access:
- Other Benefits:
- Golf: Complimentary golf games at select courses, subject to spending criteria.
- No Foreign Transaction Fee: Beneficial for international spends.
- Insurance: Includes air accident cover and zero lost card liability.
- Dining: Up to 50% off at select EazyDiner restaurants.
Pros:
- Luxury Hotel Memberships: The Accor Plus and Taj Epicure Plus memberships are significant perks for those who travel or dine at these establishments.
- High Value Milestone Rewards: Monthly vouchers can add considerable value to frequent spenders.
- No Expiry on Points: Points remain valid with an active card, offering redemption flexibility.
Cons:
- High Annual Fee: Justified only if you leverage the memberships and travel benefits; otherwise, it might not be cost-effective.
- Limited Lounge Access: Compared to some premium cards, the number of complimentary visits is relatively limited.
- Acceptance: American Express cards might not be as widely accepted as Visa or MasterCard in some locations.
User Feedback:
- Positive: Users often praise the card for its hotel memberships and the tangible benefits like vouchers for monthly spends. The reward points for regular spending are also well-regarded.
- Negative: Some have expressed that the annual fee is high for the benefits offered, especially if one doesn’t travel much or use the hotel memberships. There’s also feedback on the limited acceptance of Amex.
Eligibility:
- Age: Between 18 to 70 years old.
- Income:
- Salaried: A minimum monthly income of around ₹1 lakh might be necessary.
- Self-Employed: An ITR showing an annual income of over ₹12 lakh is generally expected.
- Credit Score: A very good to excellent credit score, ideally above 750, due to the card’s premium nature and to ensure approval with a substantial credit limit.
Application Process:
- Online Application:
- American Express Website: Go to the credit cards section, select the Platinum Reserve Credit Card, and fill out the application form with your personal and financial details.
- Documents Required:
- Proof of identity (Aadhaar, PAN card)
- Address proof (utility bill, passport)
- Income proof (latest salary slips for salaried, ITR for self-employed)
- Offline Application:
- Though American Express primarily encourages online applications, you might occasionally find assistance or promotional offers through customer service or at select partner locations.
- Post Application:
- After submitting your application, Amex will conduct a thorough credit check and review your financial profile. Approval might take a few days to a couple of weeks.
- Upon approval, you’ll receive your card, which you’ll need to activate, often by calling customer service or using online banking.
How It Might Fit Into Your Spending or Travel Habits:
- Travel and Luxury Stays: If you frequently travel or stay at Accor or Taj properties, the complimentary memberships can offer substantial value, from room upgrades to dining discounts.
- Spending Milestones:
- To maximize benefits like the monthly vouchers, ensure you can spend ₹50,000 monthly.
- For the annual fee waiver, you need to spend ₹10 lakh annually, which is a high threshold but beneficial if met.
- Airport Lounge Access: If you travel often, the complimentary visits can save on lounge fees, though they are limited compared to some other premium cards.
- International Transactions: The absence of a foreign transaction fee is a significant perk for international travel or shopping.
- Rewards Utilization: Plan how you’ll use your Membership Rewards points. Travel redemptions or transfers to airline partners might offer the best value, but vouchers from monthly spends can also be practical.
- Lifestyle: The card’s golf and dining benefits cater to those who enjoy such luxuries or use them for business networking.
Considerations:
- Annual Fee: At ₹10,000 + GST, you need to ensure the benefits like luxury memberships and vouchers justify this cost. If not, the card might not be cost-effective.
- Spending Strategy: You’d need to manage your spending to meet the thresholds for fee waivers and additional benefits.
- Acceptance: Check the acceptance of Amex in your usual shopping and travel locations. Limited acceptance could be a drawback.
If you’re considering this card, assess your travel frequency, especially at Accor and Taj properties, your ability to meet spending thresholds, and how you’ll leverage the exclusive benefits provided. Also, ensure your financial habits align with the need for a high annual spend to waive the fee.
Conclusion:
The American Express Platinum Reserve Credit Card is tailored for those who can utilize its luxury travel and dining perks. If you’re someone who frequently stays at or dines at Accor or Taj properties, this card can offer substantial value. However, its worth is contingent on your ability to hit the spending milestones for fee waivers and take advantage of the exclusive memberships provided.
Before opting for this card, consider if your lifestyle and spending habits align with its benefits. If you’re not a frequent traveler or don’t spend at the required levels, you might want to consider other Amex cards with lower fees or different reward structures.