Amex Chief Says AI Could Let Customers Optimize Rewards. 5 Ways to Judge Whether Your Card Earns Its Keep

Premium cards can advertise thousands of dollars in perks, but the real value depends on whether you actually use credits that often expire monthly or quarterly.

During American Express’ earnings call, analysts pressed CEO Stephen Squeri with a familiar question: What happens if cardholders begin routing every purchase to the card that offers the best rewards?

Squeri said artificial intelligence could make it easier for customers to optimize rewards, but he argued it should also help Amex respond to that behavior. He noted that reward gaming already exists, especially around spending thresholds that stand between cardholders and certain perks.

Issuers pay close attention to this because benefits are costly, and so are the fees that help fund them. Amex’s net card fees increased 17% in the quarter on a currency-adjusted basis, aided by its refreshed U.S. Platinum Card.

Whether a card like that truly pays off in your wallet depends on a few simple checks you can make using last year’s statements.

1. Count the credits you actually used, not the ones advertised

The Platinum Card’s credits add up to nearly $3,000 a year if every benefit is fully used, including $600 for prepaid hotel stays booked through Amex Travel, $400 at Resy restaurants, $300 for digital entertainment and $300 at Lululemon.

But several perks only matter if you first pay for something else. The Uber One, CLEAR+ and Walmart+ credits require an auto-renewing membership charged to the card. If those memberships are not purchases you would have made anyway, the credits do not really save you money.

A straightforward test is to total only the credits you used for expenses you would have had regardless. Then compare that amount with the annual fee. If the fee is higher, the card costs you money before you earn a single point.

2. Look at how the credits are divided up

Large annual totals are often delivered in small installments. On the Platinum Card, Uber Cash arrives as $15 a month, plus $20 in December. The digital entertainment credit can be up to $25 a month, the Resy credit up to $100 a quarter, and the Lululemon credit up to $75 a quarter. The hotel credit is split into two $300 halves.

Each portion has its own limit, so a month you miss cannot simply be made up later.

Some credits also require enrollment before they become active. A cardholder who forgets to enroll, or who is away for a quarter and misses a restaurant window, can leave hundreds of dollars unused without realizing it.

If you keep a premium card, mark the reset dates on a calendar. That is exactly the sort of optimization Squeri said AI could make easier, though a phone reminder can do the same job.

3. Compare your interest costs before chasing points

Rewards math falls apart if you carry a balance. The average interest rate on credit card accounts that were charged interest was 22.36% in the third quarter of 2026, according to Federal Reserve data.

At that rate, carrying a $5,000 balance for a full year costs about $1,100 in interest. By contrast, earning 2% back on $20,000 in spending produces only $400.

The Consumer Financial Protection Bureau made a similar point in a 2024 report on rewards programs, noting that people who revolve balances often pay far more in interest and fees than they get back.

For anyone already in debt, a lower rate may matter more than any perk. A 0% introductory offer can provide time to pay down the balance.

This no-annual-fee card offers a 0% intro APR on purchases and balance transfers into 2028, and cardholders can earn a $200 welcome bonus after meeting spending requirements, along with up to 5% cash back on everyday purchases.

Older borrowers may also consider larger ways to eliminate credit card debt, such as cashing out an IRA or borrowing against home equity, though each carries tax or risk trade-offs.

4. Understand which terms can change

Points are not cash, and issuers can change their value. The CFPB’s report identified four recurring complaints: promotional terms consumers did not expect, devaluations that increased the number of points needed for a reward, trouble redeeming points, and points being taken away when accounts were closed.

Spending thresholds, the kind Squeri mentioned, work in reverse. If a benefit requires a certain level of annual spending to unlock, it only has value if you would have spent that money anyway.

Redeeming points regularly, rather than letting a large balance sit untouched, also limits how much damage a future rule change can do.

5. Consider a downgrade before canceling

If the numbers show the fee is not worthwhile, closing the card is not the only choice, and it is not always the best one. The CFPB says closing an account can raise your credit utilization ratio and lower your score, while keeping an older account with a strong payment history may help.

Before canceling, ask the issuer whether it will move you to a no-annual-fee card. If so, you may be able to keep the account open and preserve the credit line. Reward rules vary, so redeem or transfer any points first.

Deciding how many cards to keep becomes easier once each one has clearly earned its place.

AI can help on both sides of the equation

Squeri expects AI to help Amex better understand how members use their perks.

Cardholders can make a similar calculation without software: credits used for purchases they would have made anyway, minus the annual fee, minus any interest paid. If the result is negative, the card is working harder for the issuer than for the customer.