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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:
- Walgreens
- Ebay
- The Home Depot
- Apple
- Target
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.
Final Thoughts
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)
The comments on this page are not provided, reviewed, or otherwise approved by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
I have been toying with the idea of this card. 2020 pushed the idea off and now I think I’d still wait. The new perk still isn’t enough to send me over and get it. I know that I won’t travel enough this year to justify the annual fee. The higher fee cards I would just have to use all the time to really justify them.
This looks like a great perk….sure makes the annual fee an easier pill to swallow. Wonder what AMEX will come up with next….more dining credits in lieu of the annual airline credit?
AmEx is definitely leading the pack here with these paypal credits. I’m not sure if AmEx is actually going to make money but i suppose in these times retention and loyalty of customer is more important and they are certainly making waves.
It will be interesting to see what Chase and Citi offers.
This is an amazing offer! I love it when offers are pre-enrolled. Hopefully, AMEX Canada will follow suit.
Agreed. Automatic enrollment means they’re truly serious about offering it as a benefit. I’ve always believed the majority of folks miss registration required offers. They’re just not paying attention to their cards to that degree. So here, lots of folks will be rather pleasantly surprised when they see this credit pop up and they investigate it.
I’ve already received a statement credit for my Spotify. I changed my streaming to Paypal on 1/1 and received credit today.
it is still an aid in the domestic budget
Looks like Paypal is trying to make up for all the business they are losing from eBay customers. Just wish they would offer it to Amex Gold holders, even if at a smaller amount.
AMEX Plat in US has more perks than in ony ther place in the world. Other countries in which AMEX issues card should copy some benefits at least, annual pay is basically the same (arround 600USD) in any part of the globe.
Thanks so much for sharing this update! Truly a big perk for PayPal users and Plat users combination 🙂
I also agree that AMEX should make airline credit into a general travel credit, as well.
Happy New Year, all! Be safe!
That’s not a bad substitute benefit! Agree that PayPal credit is much easier to spend.
Easy money here. This + uber + $200 Travel Credit +Saks + streaming/cellphone at end of last year going to end up with over $1000 in credits for the first year $550 fee. Not counting GE as not up for rewewal yet so likely won’t use it. Just opened in Nov for the 100K +10X grocery/gas.
I wonder whether PayPal has pushed really hard for this joint promotion.
This is a very flexible credit for this card and therefore a true perk to offset the fee (rather than one where you have to search for ways to use it.) My only question is: Are there any new benefits for the Business Platinum Card?
Some aspects just rolled out today. Check your Amex Offers. There are a ton of new spending category bonuses. Post coming soon on AwardWallet.
I still would really like to see AMEX make the airline fee credit a general travel credit.
This is only in the US or in another country too? I live in Argentina and own a Platinum card
As far as we can tell, this is just in the US. But we’d love to hear what other countries are doing to keep the Platinum Card relevant.
I wish chase would do this for the sapphire reserve- would think about switching loyalty to Amex
$10 less per month but easy to spend.
A good manicurist would be a great start.
This is a good promo and not the usual promos by credit card companies. Amex is really about giving a different experience to their card holders.
Nice! I love the many ways it can be used.
Sounds really interesting. Although it is still not the suitable time to travel, there are currently several good things about having this credit card. Very positive, indeed.
Now, we know that we will live with the unfortunate outbreak throughout 2021.
Thank you for the tip. The annual fee really looks much less frightening after all your calculations
Appreciate you mentioning stores that allow PayPal payments. I wasn’t aware of any and have been wondering how I would be able to take advantage of these credits. Wish they would just cut the annual fee, but that’s unlikely 😂
It would be kind of cool if they just refunded the $30 of fees but I appreciate they make it almost as easy…
Plus, Paypal was advertising to me a promotion for getting $30 when using PayPal to make three purchases as specific retailers (Walmart was one) over a certain amount. It sounds like you could double dip that with this AMEX offer.
A good temporary measure by Amex. I hope after the pandemic Amex offers some of these non-travel credits as permanent options.
For those uncomfortable with the $550 price tag…I just received the card in November and have used the $200 incidental airline credit (I’ll also get it again in 2021) Uber eats for $50 (can do $15 a month), streaming payback of $60, Saks for $50, global entry for $100. Now with the PayPal perk it I’ll be ahead of the game! I also got the bonus of 125,000 points for spending 5k in 6 months, extremely happy with this card!
And don’t forget the $200 Uber credit as well.
You’re exactly right! Added it to the list.