Amex Platinum temporarily adding $30 monthly PayPal credit

As 2020 ended, we left behind some challenging times – and some valuable credit card perks, like $20 streaming and mobile statement credits the on The Platinum Card® from American Express. (Both expired on Dec. 31, 2020.)

Fortunately, Amex hasn’t left Platinum cardmembers with nothing in the place of the expired perk. On the contrary, the issuer has added yet another exciting benefit.

See related: Amex adds Uber Eats Pass for Green, Gold and Platinum, Uber Cash credit on Gold

For a limited time, Amex Platinum cardholders will be able to enjoy a $30 monthly PayPal credit. While it’s less than the cumulative $40 in monthly streaming and mobile credits the issuer offered late last year, the perk still offers a great value and can be very versatile.

How the new PayPal credit works

Amex Platinum cardmembers will be able to use the new perk through June 30, 2021. No registration is required, and the credit will be applied automatically.

To use the perk, link your American Express Platinum card to your PayPal account and set it as the default payment method. Now, when you shop at eligible online merchants, you can select to check out via PayPal and get up to $30 credited back to you in your monthly statement. You’ll earn Membership Rewards points on this type of transactions as well.

Note, however, that peer-to-peer payments aren’t eligible for this offer, and you also can’t use it on gift card purchases or prepaid card reloads.

Receive up to $880 in credits with Amex Platinum in 2021

This perk is far from the first valuable credit offered on the Platinum card.

The credits on the Amex Platinum include annual Uber credits of up to $200 ($15 per month plus an extra $20 in December), an up to $200 airline-fee credit, up to $100 Saks Fifth Avenue credits per year, a $100 Global Entry or $85 TSA Precheck application fee credit every four years and a $100 hotel credit every time you book with The Hotel Collection.

The $30 monthly PayPal credit will be available through June – for up to $180 in PayPal credits in total.

The newly added limited-time perk brings the total credits you can receive from the Amex Platinum up to $880 in 2021 (if you only use the hotel credit once).

Considering the card’s annual fee is $550, you can get a lot of value from your Amex, especially if we get to see travel finally coming back this year.

Bottom line

The new $30 monthly PayPal credit on Amex Platinum may be less valuable than the discontinued $20 streaming and mobile statement credits, but it’s versatile and easy to use – PayPal checkout is available at thousands of online retailers, including major ones, such as Walmart, Target, Home Depot and others.

Coupled with other credits and perks the Amex Platinum offers, the new benefit drives up the value of the card, making it a travel credit card that’s worth it to have even in the times when travel is limited.

Source: creditcards.com

More college students using credit cards responsibly, despite COVID

This year’s college students entered their fall semesters in a much different world from last year’s, and some effects – positive ones – are showing up in students’ credit card behaviors and plans.

College students' financial habits in the pandemic

In a new poll by AIG and EVERFI, more than four in 10 U.S. 2020-2021 college students (41%) reported feeling more anxious about the current school year due to the coronavirus pandemic, with almost a third (32%) specifically indicating it has placed extra financial stress on their family.

Either despite this or as a result of it, a larger share of this year’s students are exhibiting positive credit card behaviors and plans, and other constructive financial habits, than reported by last year’s 2019-2020 students.

For instance, while 42% of students a year ago said they were paying more than the required minimum on their credit cards every month, 57% report they are doing so this year.

See related: How to save money for college in the pandemic

Plans for the coming year are also in their focus, with 71% of this year’s students saying they plan to make every card payment on time in the next year, and 61% indicating they plan to pay off their full balance every month. Last year, only 60% and 52%, respectively, reported the same.

Beyond card management, three-quarters of this year’s students (75%) said they currently stop spending when their cash is running low. That’s compared to 64% indicating this last year. And a similar share (72%) said they are checking their bank balances regularly, while only 65% of the previous year’s students reported this.

AIG and EVERFI’s survey was fielded from late August through late September 2020, among a nationally representative sample of almost 7,100 U.S. college students. Results were released Nov. 11.

Source: creditcards.com