We just received a package (literally--a "fancy" box in the mail with this offer). We don't currently have an AMEX card of any kind.

If we send in the application, AMEX is offering:

the Platinum card
$50 AMEX gift card
100,000 member rewards points if we spend $1,000 on the card in the first 2 months (easy to do)

From what I can see, 100,000 points = $1,000 in gift cards to various merchants we use. So we'd spend $450 on the annual fee and get $1,050 out of it, for a net "profit" of $600

Are there other AMEX cards with lower annual fees? Is the Platinum worth getting?

Whoa, that's a helluva of a deal if you ask me. Obviously, AMEX's site shows nothing of this. I'm wondering what you signed up for to get something like this.

Could also cancel before the first year is over, to try to get some of the annual fee refunded!

I'm buying an international ticket and this would be an awesome offer...unfortunately I did not receive it. IF anyone figures out a backdoor method to get this for the general public let me know.

I didn't spend much time looking over travel--will do that now as well! I was just triaging to see what 100,000 points roughly equals.

So it sounds like a good offer. I have no idea what we did to trigger it, other than FICO in the 790-810 range.

So if we take it, pay the annual fee, wait 6 months, cash out the rewards points--we could get a pro-rated refund of the $450? Or would AMEX convert it down to a Gold or some other product for a lower annual fee?

I got a couple of offers to upgrade to Plat. and they would give me 50k points......you got a much better deal.

mbzoltan said:So if we take it, pay the annual fee, wait 6 months, cash out the rewards points--we could get a pro-rated refund of the $450 ?Might take more than one call to ensure it occurs, but Yes.

swandown said:$1000 in gift cards <> $1000 in valueWith eBay and MS Live, $1000 of gift cards > $1000 of value

OP--I am amazed since you do not have AMEX--any idea why they choose you?

If this list on the internet is correct, just the "One complementary business/first class international ticket a year" is worth a lot more than $450.

Access to the following airport lounges: American Airlines Admiral Club, Continental Airlines Presidents Club, Delta Crown Room Club, and Northwest Airlines WorldClubs
Up to 4 complementary companion airfare tickets a year
One complementary business/first class international ticket a year
Access to book cruises, private jets, yachts, and villas
Hotel Upgrades
Access to Platinum card concierge
Access to invitation only events
Roadside Assistance program
Starwood Preferred Guest Gold status
Car Rental insurance
Membership rewards program
Car upgrades and special status with Hertz, Avis, & National
No pre-set spending limit
Apply online and receive 25,000 free bonus points

Edit: link