With an annual fee of $695 (see rates and fees), the Platinum Card® from American Express is one of the most expensive cards you can apply for without an invitation. Many people would never dream of paying that much to have a particular card in their wallet, but that’s the wrong way to look at it.
Instead, with the Platinum Card® from American Express, you’re effectively paying $695 not for the card itself, but for a special package of benefits that come with it. While the card isn’t right for everyone, it might offer enough value for you.
Rewards are not the highlight
If you want to earn the maximum rewards points on your spending, you should probably use a different card. As we’ll see in a moment, the Platinum Card® from American Express has a lot of good points, but its rewards program isn’t one of them. Aside from earning 5x points per $1 on most flights and some hotel bookings, all other categories have a base rewards rate of 1x points per $1.
To be completely honest, I currently have the Platinum Card® from American Express in my wallet, but I still use other cards for gas, groceries and restaurants simply because I want a rewards rate higher than 1%.
Lots of discounts
The Platinum Card® from American Express shines with its benefits. There is a long List of benefits and statement credits that come with the card, so it can be difficult to keep track of everything. To be fair, though, Amex does provide a tracker of all individual spending credits on its portal.
You can read our full Amex Platinum Card review (link above) for a more detailed list of benefits, but here are just a few of the most valuable:
- Premium access to airport lounges, including Amex Centurion Lounges, Delta Sky Club Lounges and Priority Pass Select membership (registration required).
- Automatic Gold Elite status at Marriott and Hilton (registration required).
- $200 Uber Cash annually ($15 per month with an additional $20 in December).
- $200 annual hotel credit for certain prepaid hotel bookings made through Amex Travel.
- $240 digital entertainment credit ($20 per month for Disney+, The Disney Bundle, New York TimesPeacock or others).
- $155 annual credit toward a Walmart+ membership.
- $200 for incidental expenses on an airline of your choice (registration required).
- $300 annually for an Equinox membership (in person or digital).
- $189 for a CLEAR® Plus membership per year.
- Conditions apply; registration may be required
Most Amex Platinum Card members don’t use every single benefit every year. I’m no exception—there’s no Equinox store near me, for example, and I don’t have much interest in a digital subscription, so that $300 benefit goes unused. But even if you use most of the benefits, the card can pay for itself twice over.
The Amex Platinum Card could be worth it for you if…
The bottom line is that the Platinum Card® from American Express can be well worth it if you can take advantage of its benefits. Frequent travelers are one group that can benefit tremendously from the card. There’s a good argument that the lounge benefit alone is worth more than the card’s annual fee, and then there are the airline incidentals, hotel credits, and Uber Cash.
Whatever your specific travel or spending preferences, it’s best to take a look at the list above and consider all the benefits you could realistically reap without changing your normal spending habits.
In other words, if you wouldn’t normally have a Walmart+ membership but would get one if it were free with the card, don’t count that. On the other hand, if you already pay for that membership and use it, it’s a valuable benefit. If the value of the benefits you would use significantly exceeds the cost of the card, the Platinum Card® from American Express could be a good choice for you.
