No. It effectively allows you to buy Platinum Elite status for ~$500. You get it for 90 days, and then get to keep it for the rest of the membership year if you meet the required spending and mileage goals.

Platinum status gets you free MCE seats, free checked bags, priority boarding with group 3, and lounge access when flying internationally.

https://onemileatatime.com/how-to-do...tus-challenge/