Analysts on American Express’ Oct. 23 earnings call pressed CEO Stephen Squeri with a pointed question: What happens if cardholders start steering every purchase to whichever card offers the best rewards?

Squeri said artificial intelligence might let customers game rewards a bit more, but it should also help Amex manage that behavior. He added that plenty of gaming already happens, pointing to spending thresholds that sit between cardholders and some benefits.

Issuers watch this closely because perks are expensive, and so are the fees that pay for them. Amex’s net card fees rose 17% in the quarter on a currency-adjusted basis, helped by its refreshed U.S. Platinum Card.

Whether a card like that pays for itself in your wallet comes down to a handful of checks you can run with last year’s statements.

1. Add up the credits you used, not the ones listed

The Platinum Card’s credits total nearly $3,000 a year if you use every one, including $600 for prepaid hotel stays booked through Amex Travel, $400 at Resy restaurants, $300 for digital entertainment and $300 at Lululemon.

Several only count if you pay for something first. The Uber One, CLEAR+ and Walmart+ credits require an auto-renewing membership charged to the card. If you wouldn’t pay for those memberships otherwise, those credits don’t save you anything.

A fair test is simple: List only the credits you redeemed for things you would have paid for regardless. Compare that total with the annual fee. If the fee wins, the card costs you money before you earn a single point.

2. Check how the credits are sliced

Big annual numbers often arrive in small pieces. On the Platinum Card, Uber Cash comes as $15 a month, plus $20 in December. The digital entertainment credit is up to $25 a month, the Resy credit is up to $100 a quarter, and the Lululemon credit is up to $75 a quarter. The hotel credit is split into two $300 halves.

Each slice has its own cap, so a month you skip cannot be made up later.

Several credits also require enrollment before they pay anything. A cardholder who forgets to enroll, or who travels for a quarter and misses a restaurant window, can leave hundreds of dollars on the table without noticing.

If you keep a premium card, put the reset dates on a calendar. That is the optimizing Squeri said AI could make easier, and nothing stops you from doing it with a phone reminder.

3. Price your balance before your points

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

At that rate, a $5,000 balance carried all year costs roughly $1,100 in interest. Earning 2% back on $20,000 of spending brings in $400.

The Consumer Financial Protection Bureau made the same 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 carrying debt, a lower rate may matter more than any perk. A 0% introductory offer can buy time to pay it down.

This no-annual-fee card offers a 0% intro APR on purchases and balance transfers into 2028, and you can earn a $200 welcome bonus when you meet spending requirements, plus up to 5% cash back on everyday purchases.

Older borrowers sometimes weigh bigger moves to clear credit card debt, such as cashing out an IRA or tapping home equity, and each carries its own tax or risk trade-off.

4. Know which terms can change under you

Points are not cash, and issuers can change what they are worth. The CFPB’s report described four recurring complaints: promotional conditions consumers did not expect, devaluation that raised the points needed for a reward, trouble redeeming, and points revoked when accounts were closed.

Spending thresholds, the tool Squeri cited, work the same way in reverse. If a benefit requires a certain amount of annual spending to unlock, it is worth something only if you would have spent that money anyway.

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

5. Downgrade before you cancel

If the math says the fee is not worth it, closing the card is not the only option, and sometimes it is not the best one. Closing an account can raise your credit utilization ratio and lower your score, the CFPB explains, while keeping an older account with a good payment history may help.

Before you cancel, ask the issuer whether it will move you to a no-annual-fee card. If it will, you may keep the account open and the credit line intact. Points rules vary, so redeem or transfer anything you have earned first.

Deciding how many cards to keep is easier once each one has earned its spot.

AI can run the numbers for both sides

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

Cardholders can do their own version without any software: credits you used for things you would have bought anyway, minus the annual fee, minus any interest paid. If that number is negative, the card is working harder for the issuer than for you.