The Platinum Card® from American Express is a popular rewards card known for its suite of luxury perks, such as concierge service, travel protections and access to various lounge networks.
However, these top-tier benefits come at a cost: a $695 annual fee, which can be steep for some travelers. Although the card’s list of benefits sounds enticing, you might question whether the AmEx Platinum’s annual fee is worth it. Here’s what to consider. (See Rates & Fees)
[Read: Best Credit Cards.]
Valuable Benefits That Offset the AmEx Platinum Annual Fee
Deciding whether The Platinum Card from American Express is worth it for you depends on whether you’ll maximize the card’s perks.
“I recommend cardholders look at the ongoing annual value of the card, not counting the (welcome offer), as that only happens once,” says Matthew Goldman, a consultant who helps early stage companies design credit and debit card programs through his company, Tovati LLC.
The Platinum Card from American Express earns five Membership Rewards points per dollar on certain flight and hotel purchases, and it offers a host of perks beyond that. Consider how much you’re able to use them when calculating the card’s value for you.
[Read: Best Cash Back Credit Cards.]
AmEx Platinum Card Benefits: Our Top 7 Picks
1. 80,000-Point Welcome Bonus
— Earn 80,000 Membership Rewards points after you spend at least $6,000 on your card within the first six months.
— This bonus alone is worth $800 when redeemed for flights and $560 when redeemed for prepaid hotels, car rentals or cruise reservations through American Express Travel.
2. $200 Uber Cash
— Receive up to $200 in Uber Cash each year, which you can use for rides with Uber and orders from Uber Eats.
— You’ll receive $15 Uber Cash every month, plus a $20 bonus in December.
— Upgrade to an Uber VIP where available, without meeting minimum ride requirements, and be matched with top-rated drivers.
3. TSA PreCheck or Global Entry Credit
— Receive either a statement credit every four years after applying for Global Entry ($100) or every 4.5 years after applying for a five-year TSA PreCheck membership (up to $85).
— If you’re approved for Global Entry, you will receive access to TSA PreCheck at no additional charge.
4. $199 Clear Plus Credit
— The AmEx Platinum Card gives you up to $199, excluding any applicable taxes, in statement credits yearly after you pay for an annual Clear Plus membership with your card.
— Clear Plus makes verifying your identity at selected U.S. airports quicker and easier by using unique facial features.
5. Airport Lounge Access
— Enjoy complimentary access to more than 1,400 airport lounges across 140 countries, including The Centurion Lounge and Escape Lounge, Delta Sky Club and Lufthansa Lounge.
— These lounges often have self-service bars and amenities like spa services and high-speed Wi-Fi at no additional cost.
6. $200 Airline Fee Credit
— Receive up to $200 in yearly statement credits for incidental charges such as checked bags and in-flight refreshments that were made using your Platinum Card with a qualifying airline.
7. $200 Hotel Credit
— Receive an annual statement credit of up to $200 on prepaid Fine Hotels + Rewards or The Hotel Collection bookings with American Express Travel.
— Each prepaid stay comes with a $100 experience credit to use toward eligible charges, like spas or food and beverages, plus a room upgrade — when available — at over 2,600 hotels worldwide.
[Read: Best Travel Rewards Credit Cards.]
Lifestyle and Entertainment Benefits
$240 Digital Entertainment Credit
— Get up to $20 per month in statement credits when you use your Platinum Card to pay for eligible subscriptions, such as Disney+, a Disney bundle, Peacock, ESPN+, Hulu, The New York Times and The Wall Street Journal.
$300 Equinox and SoulCycle Credits
— Receive up to $300 in yearly statement credits on a digital subscription or club membership at Equinox fitness.
— You can receive another $300 statement credit if you use your card to purchase a SoulCycle at-home bike.
Shopping Benefits
$100 Saks Fifth Avenue Credit
— You’ll receive a $100 annual Saks Fifth Avenue credit when you use your card to make purchases at Saks Fifth Avenue, either in-store or online — and no minimum purchase is required.
— Get a credit of up to $50 for transactions made between January and June, plus another $50 credit between July and December.
$155 Walmart+ Credit
— Use your Platinum Card to pay for a monthly Walmart+ membership and receive one statement credit for up to $12.95, plus applicable taxes, each month.
— Through your membership, you’ll get free shipping with no order minimum on eligible items shipped by Walmart, a Paramount+ Essential subscription and same-day grocery delivery — which requires an order minimum and is only available at select locations.
Enrollment required for select benefits.
[Read: No-Annual-Fee Credit Cards.]
Is the Platinum Card from AmEx Right for You?
There’s no doubt that the most significant perks of the AmEx Platinum Card are travel-focused and at the upper end of the quality scale. That’s why Beverly Harzog, former credit card expert and consumer finance analyst at U.S. News, says this card could make sense if you travel a lot and “like a little luxury” in the process.
However, some consumers may want to explore different rewards cards — especially if they barely break even between relevant perks and the steep annual fee. “For me, it’s not about breaking even,” Harzog says. “I think you need to make a good profit on any card’s annual fee.”
If you feel that your spending patterns and the card perks can’t add up to help you come out ahead on The Platinum Card’s annual fee each year, Harzog says you’re not stuck. There are plenty of rewards cards with lower annual fees that might better sync with how you spend.
If you don’t feel that you’ll take advantage of a large proportion of card benefits, you might be better off exploring another card with a lower annual fee or one with no annual fee at all.
More from U.S. News
Is the Capital One Venture X Rewards Credit Card Worth Its $395 Annual Fee?
Is the Chime Credit Builder Card Worth It?
Is the Chase Sapphire Reserve Credit Card Worth its $550 Annual Fee?
Is the AmEx Platinum Card Annual Fee Worth It? originally appeared on usnews.com
Update 10/08/24: This story was previously published at an earlier date and has been updated with new information.
