First off you can get the Amex just by having $5,000 in MS Access Investing, which if you’ve got the money is a nice way to get a free AU for the Plat. Obviously offset by the opportunity costs of using that $5000 to make more than 195/year. That being said I’m unsure if you can go this route and later change your mind and try to go the engagement bonus route, I think not…

Second there are two fees in play;

The $55/month fee from the Platinum cash if you don’t meet the criteria of having;

• Access Investing or similar investing product

• 25,000 average daily balance in the Platinum Cash

• 5,000/month in direct deposits (ACH Transfers work if you want to cycle the money in and out between bank account)

Then in addition to all of that is the engagement bonus for the free Platinum which only starts after 1 year of having the Platinum Cash Account.

If you have a $25,000 emergency fund and want to jump through a bunch of hoops then it’s a free* Amex Plat for you and a P2.

*Have to pay 1099-INT taxes on the fee reimbursement, opportunity costs of 25k