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With the new year rolling in, all of the temporary American Express monthly statement credit perks have expired. So, we have all been left wondering what kind of concessions will pop up to replace the monthly $20 streaming and $20 cell phone statement credits.
American Express announced yesterday, January 1, 2021, that it's now offering a $30 monthly PayPal credit for The Platinum Card® from American Express cardmembers. Here's what you need to know about this offer.
Key Terms of the Amex Platinum PayPal Credit
- A $30 PayPal credit is available each calendar month from January 1, 2021 to June 30, 2021.
- If maximized, that's a savings of $180 over the next six months!
- No enrollment is necessary. Amex will automatically apply the statement credit to your account.
- You will still earn Membership Rewards points on the purchase.
- Purchases made by the primary cardmember and authorized users qualify. However, authorized user cards don't get a separate credit.
- Note that the terms specifically state gift cards and person-to-person payments are excluded.
You can read all of the fine print for this offer here.
Business cards are not eligible for this statement credit. It's also unclear if the American Express Platinum Card® by Charles Schwab and other co-branded Platinum cards are eligible. Since these cards received the last round of credits, it would make sense for these cards to also be eligible. Comment below if you have one of these cards and can confirm the PayPal credit is available.
Online Stores that Accept Paypal
PayPal is accepted at thousands of online stores. Here's the entire list of merchants that accept PayPal. That makes this offer pretty awesome and easy to use. Some of the more enticing merchant options include:
- The Home Depot
For ease, we recommend adding your Amex Platinum to your PayPal wallet and select it as the form of payment. Then, at checkout, be sure to select the PayPal checkout option.
The $30 PayPal credit is a nice concession to help make up for the lack of ability to use travel credits. However, it is somewhat of a downgrade from the two $20 monthly statement credits offered from May to December 2020.
That being said, the ability to redeem this via PayPal adds more flexibility and is more convenient for many people, especially compared with the prior credits. Hopefully, we will see more credits pop up for some of Amex's other charge cards — like the American Express® Gold Card and American Express® Green Card cards.
If you don't have an American Express consumer Amex Platinum, now is a fantastic time to sign up for one. The welcome offer for new accounts is 75,000 bonus Membership Rewards after you spend $5,000 on purchases on your new Card in your first 6 months of Card Membership..
The annual fee is $550 - Rates & Fees. However, after a $200 annual Airline Fee Credit, up to $200 in Uber credits each year, up to $100 Saks credit each year, a $100 Global Entry credit, the ability to save using Amex Offers, and now this new up-to-$180 PayPal credit, the fee becomes much less daunting. Here is a review of the Amex Platinum card and all of its perks.
What do you think about this offer? In true New Year's fashion, I used my credits to buy some protein bars. Is it even New Year's if you don't set some kind of fitness goal?
For rates and fees of the cards mentioned in this post, please visit the following links: The Platinum Card® from American Express (Rates & Fees)
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