These are my top recommended credit cards for this month. Let me show you how to get the $450-550 annual fees waived exclusively for US military personnel in my five day, 100% free course.

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Below is a guest post from “Derp,” a Naval officer who writes at “The Derp Report.” Derp's blog is a collection of some of the best posts I have seen with regards to credit card bonuses and maximizing your benefits as a military servicemember. Check out his site for funny and interesting observations on the world of credit card rewards.

In the post below Derp explains how he obtained 11 AMEX Personal Platinums and how a savvy servicemember could go about obtaining even more. See his strategy below. I just opened my second AMEX Platinum account (Charles Schwab) and will be working on more in the future! Since I am stationed OCONUS I try to send a free dinner to a friend or family member back home once a month. Can't let those credits go to waste!

One of the greatest perks of being active duty is the generous interpretation of the SCRA from the good folks at American Express. They are not obligated to waive the $550 annual fee on their AmEx Personal Platinum charge card, but they have been doing for many years.

I can only assume they do this because they make money on the backend, on retailers that take AmEx. With more card members spread across thew world, this waiver is the cheapest PR they are going to get when every service-members has one of these in their pockets for no annual fee.

I also like to think that the majority of AmEx Platinum holders do not take advantage of any of their benefits and pay the $550. Where just the savvy few actually maximize these things on an annual basis.

We are also some of the most financially responsible members of the workforce seeing how we would lose our security clearance if our credit score started to dip. This post is to outline the many approaches to getting multiple Personal Platinum and Biz Cards to maximize these benefits.

Each AmEx Personal Platinum card pays dividends in the form of these annual benefits:

    1. $200 in Uber Credits (good for rides and uber eats) paid in the form of $15 each month (with a $20 extra bonus in December) into the Uber account the AmEx card is added to. I added all of my 11 personal cards to my wife's Uber account so she sees a credit of $165 on the first of each month ($385 in December). This credit must be used by midnight Hawaii time at the end of the month or will be lost.
    1. $200 in flight fee reimbursements for an airline of your choosing. This resets every 01 January, which means if you get a new card in November, you can hit the benefit again in January. I use all 11 of mine for $2,200 in AA gift cards, some people use it for Delta or Southwest gift cards. The current airlines and what AmEx pays for are found here: AA Thread, AS Thread, B6 Thread, DL Thread, HA Thread, UA Thread, WN Thread
    1. $100 at Saks 5th Avenue payable in a $50 credit from January to June and another $50 from July to December. This credit expires at the end of each period and does not require any minimum spend.
  1. $100 for global entry which presumably should only be used every 5 years for yourself, but some reports of any charge of $100 for any application will be covered without any limitation (try at your own risk). I would just use one $100 credit per card per 5 years.

Each AmEx Business Platinum card has only the $200 in airline fee reimbursements among other things such as the 35% points back which we have discussed on other posts.

Rules of the game:

    • AmEx has a lifetime (de facto 7 year rule) limitation on bonuses to be paid for a new product. If you ever got the bonus for getting a card at any time in your life they will NEVER pay that bonus again.
    • You can't apply for a product you already have. If you have a Green AmEx, they won't give you another green AmEx or if you have one personal Plat, you can't apply for another.
    • You can only product change after one year of having the card to another card you have
    • Co-Branded cards are considered separate products. the Morgan Stanley Platinum Card is not the same as the Charles Schwab Platinum Card. You can get the sign up benefit for both.
    • Your annual fee will get waived for AD and reservists, but if you are in a state that doesn't have common property rules your non active duty spouse may not get a waiver.
    • Some co-branded Platinum Cards require relationships to keep open (Schwab and Morgan Stanley, but not Ameriprise)
    • There appears to be no limit to how many CHARGE cards you can have, there is a 5 CREDIT card limit.
  • Buying only gift cards and paying with multiple accounts is suspicious for bust out fraud, so don't try it!

Strategy:

    • Always get the highest product first, then the lower compatible product to product change in the future.
    • DO NOT product change to a product you haven't gotten yet
    • Go slow and make sure you hit the minimum spend for the bonuses, it will take many years to get to where I am now
  • Have a plan lined up and stick with it!

Best Practices Sequence:

    1. AmEx Platinum
    1. AmEx Biz Platinum
    1. Open Schwab account with code ‘refer' for $100 free dollars ($1k min) and then apply for AmEx Charles Schwab Platinum
    1. Open Morgan Stanley Account ($5K min) then apply for AmEx Morgan Stanley Platinum Card
    1. Apply for Ameriprise Platinum Card Directly without opening an Ameriprise account (No bonus)
    1. Apply for AmEx Green, then Product Change in one year to AMEX Platinum.
    1. Apply for Biz Gold and Upgrade to Plat in one year
    1. Apply for AmEx Gold, then Product Change in one year
  1. Apply for Ameriprise Gold Card Directly then product change in one year

Theoretical Unproven Sequences:

    1. Apply for Morgan Stanley Credit card and PC to another Plat in one year (Have not tried this yet)
    1. Apply for Charles Schwab Credit card card and PC to another Plat in one year (Have not tried this yet)
  1. Apply for another Green and Gold after Upgrading and PC in one year

Unicorn Cards:

    1. Goldman Sachs AmEx Platinum (Been working on this for years)
  1. Mercedes-Benz Platinum (Discontinued March 2018)

Predicting how much free money you need

I asked my O-6 select friend what he thought the number of cards you need are and he said “infinite”. However I am framing this in the terms of maintenance, as each card requires time investment to maximize the benefit. Otherwise the effort will be for a benefit you have no time to use. Using the below chart you can see how many cards you will need to fit your lifestyle:

# of Plats$ Uber/ Mo$ Uber DecAirlineSaks 6 moTotal Yr
1$15$35$200$50$500
2$30$70$400$100$1,000
3$45$105$600$150$1,500
4$60$140$800$200$2,000
5$75$175$1,000$250$2,500
6$90$210$1,200$300$3,000
7$105$245$1,400$350$3,500
8$120$280$1,600$400$4,000
9$135$315$1,800$450$4,500
10$150$350$2,000$500$5,000
20$300$700$4,000$1,000$10,000

Take your time, it took me 5 years to have 11 Personal and 3 Business between my wife and myself.

-Derp

How many Platinum cards do you have? Click here to read about all the free benefits you can get with an AMEX Platinum card if you're in the military. It would sure be nice to have $150+ of free Uber rides every month!

How This Sailor and His Wife Acquired 11 AMEX Platinum Cards

30 thoughts on “How This Sailor and His Wife Acquired 11 AMEX Platinum Cards

  • August 10, 2019 at 08:02
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    I am in the National Guard. I went for BOLC and was considered active duty to SCRA for my Amex Platinum, Marriot Bonvoy personal, and business. When I went back to my unit, they still have not charged me any Annual Fees for my cards. I applied for the Amex Gold recently and they charged me the annual fee. Im afraid to call them to have it reviewed because I feel like they are giving me a pass with my other credit cards and I do not want mess with my other cards. I was wondering if you or anyone you know that is in the Guard know the rules for Guard/Reserve soldiers.

    Reply
    • August 10, 2019 at 11:57
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      Yeah, I would not press this one. If you are receiving the fee waiver on the AMEX Platinum, Bonvoy Brilliant, and Bonvoy Business, I would just close the AMEX Gold card if you are not comfortable paying the annual fee. However, if you are planning on receiving active duty orders soon, keep the card open and they will refund all annual fees paid once you are eligible for SCRA protections. It can be worth paying the annual fees for a few years if you think you will get active duty orders for greater than 30 days in the next few years.

      Reply
  • June 1, 2019 at 22:10
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    So only 5 of the can be credit card right? The rest must be charged cards

    Reply
    • June 1, 2019 at 22:23
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      Yes, AMEX has a five credit card limit, but unlimited charge cards (like the Platinum card).

      Reply
  • April 26, 2019 at 17:46
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    Anyone know if AMEX will waive the second user fee ($175) on this SCRA deal?

    Reply
    • April 26, 2019 at 19:52
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      Yes, it’s waived for military and military spouses.

      Reply
  • April 18, 2019 at 08:22
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    How do you set up separate log in for multiple platinum cards?

    Reply
    • April 19, 2019 at 01:45
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      You can keep all your AMEX Platinum cards on one login, you don’t need separate ones. If you are talking about keeping AMEX Gold or AMEX Green on a separate login, just create a different login when you get the card and open an online account. If you have already added the card to your main account, you can drop the card from the account by going to Account Services – Card Management on the left menu – “Remove card from Online Management.” Then you can add the card back to a new AMEX account.

      Reply
      • April 26, 2019 at 08:32
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        Simple followup. Say you do this, and you successfully get the 15000 points, will they be kept separate from your main pool of points considering it’s under a different login?

        Reply
        • April 26, 2019 at 08:35
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          If you self refer? All Membership Reward points are aggregated across logins, so it’s all in the same pool of points.

          Reply
  • April 13, 2019 at 10:14
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    Just to update this post my current progress and the issues that I’ve stumbled across so others don’t have to deal with it.

    Current cards without issue:
    AmEx Platinum
    AmEx Charles Schwab Platinum
    AmEx Gold (Might actually keep the card, its got some great perks)

    AmEx Biz Platinum
    AmEx Gold Biz (Will upgrade)
    AmEx Green (Will upgrade)

    The cards I ran into issue with:
    AmEx Morgan Stanley Platinum Card
    -This is less of an issue and more of a warning if you plan on keeping this card and don’t want to keep your CS account. Many individuals would create an account (you have 90 days to fund it) become eligible for the Amex plat and never actually fund their account.

    From the many hours of reading it appears that Amex has been aggressive in closing these cobranded cards when you no longer have a qualifying account with that partner. So be weary of this.

    Ameriprise Platinum Card
    – So there’s been reporting of this and it actually happened to me. If you have the regular Amex plat personal card (vanilla), you are now not eligible for the Ameriprise card. The system would just not let the request go through and would cancel it. I tried to get this overridden by Amex but they had no clue and said I’d likely have to apply through Ameriprise (although I don’t know if that would help).

    Just thought I’d share my experience with you!

    Reply
  • March 11, 2019 at 08:10
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    This was the best guide on the internet. I’m now up to 7 Plats and will be at 11 by the end of the year.

    Reply
  • March 7, 2019 at 07:53
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    Why apply business platinum before co- brands’? The threshold of spending 10k is much higher than others.

    Reply
  • March 1, 2019 at 13:47
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    I just opened a regular account with Charles Schwab. How soon can I apply for an Amex Platinum?

    Reply
    • March 1, 2019 at 18:58
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      You should be good to apply after 48 hours. Let us know if it worked.

      Reply
  • February 13, 2019 at 17:52
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    I heard that MLA/SCRA benefits did not apply to business cards. Are you paying the annual fee?

    Reply
    • February 14, 2019 at 01:40
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      Chase does NOT waive business card annual fees. They do waive personal card annual fees under MLA.

      AMEX DOES waive business card annual fees under SCRA.

      Reply
  • February 13, 2019 at 17:03
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    So just to confirm all of these accounts are active at the same time correct? your not cancelling each one before applying for the next? Or are you?

    Reply
  • December 27, 2018 at 04:45
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    I confirm that the following also works:

    I applied for the AmEx Hilton Aspire and the Ascend cards. I upgraded the Ascend to the Aspire after 9 months.

    Reply
    • January 7, 2019 at 04:12
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      I just did this exact same thing as well.

      Reply
  • September 25, 2018 at 20:00
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    Does Schwab waive annual fee for Schwab Amex Platinum for military?

    Reply
    • September 25, 2018 at 20:05
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      Yes, I can confirm this. The American Express Platinum Card from Charles Schwab waives the annual fee for military. Plus it usually has a welcome bonus of 60000 MR points.

      Reply
  • September 7, 2018 at 08:31
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    I recently read on Reddit r/MilitaryMS that you do not need to wait 1 year to PC business cards to Platinums. Do you have any other DPs on that strategy?

    Reply
    • September 7, 2018 at 08:38
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      I have no DPs but it sounds like a thing based on the Reddit threads. Give it a shot!

      Reply
    • August 16, 2018 at 21:18
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      Thanks for the info. More weakening of military consumer protections by the current administration. Thanks to the SCRA though I think military churners will still do alright and we’ll have plenty of warning if things change.

      Reply
  • July 22, 2018 at 06:01
    Permalink

    Different people probably have different feelings on this. Some will say the company offers the benefit I’ll accept it. Others will say this clearly isn’t the intent of the benefit and is going way to far.

    We’ll see if this gravy train keeps on running costing amex some significant cash.

    Reply

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