Hi and welcome to FT!

Whether or not that is a good deal depends on your usage.

Just want the "elite benefits" like priority boarding, waived baggage fees, elite security line, elite check-in?

Well then, for the same $375 you can a the CO Pres Plus MasterCard and get all that....plus a President's Club Membership, miles for purchases and FlexEQS.

Do you want up-grades? Silver might oyu get you one or two ...maybe more if you fly in non-elite markets....but it ain't gonna be a whole buch.

Looking for bonus miles from flying? The bonus from silver is pretty small....not gonna get you a ton.

For me the big benefit from being elite versus just having " elite access" is the ability to buy-up to first on B-fare.