For a long time, people have been wondering, “Is the Amex Platinum Worth the Yearly Fee?” Despite the card’s hefty annual fee, you’ll still come out ahead if you take advantage of its features.
Whether or not The Platinum Card® from American Express is worth the new higher annual fee of $695 is a simple math issue that is heavily influenced by your spending, travel, and shopping habits.
Here’s a quick rundown of The Platinum Card® from American Express’s advantages and benefits — as well as their monetary value — to help you decide if The Platinum Card® from American Express’s annual fee is worthwhile.
What is an Amex Platinum Card?
The American Express Platinum® card is a premium credit card with a welcome bonus, luxury benefits, and other value-added services.
Cardholders receive Uber credits, travel savings, bonus points, cashback, and other benefits. Unlike most credit cards, this one permits you to carry a debt for certain but not all charges.
The Amex Platinum® comes with a $695 annual charge, which is exorbitant when compared to other options.
Is the Amex Platinum Worth it?
The Platinum Card® from American Express has long been one of the most popular travel rewards cards available, owing to the value of the Membership Rewards points it accumulates as well as a slew of other benefits.
The card now offers more statement credits than ever before, with opportunities to earn credits for transactions such as airline incidental fees, hotel reservations, and even digital entertainment service subscriptions.
However, those credits and benefits come at a cost. The Platinum Card has an annual cost of $695. Here’s all you need to know to evaluate if this card is worthwhile for you.
Factors to Consider Beyond the Fee for Amex Platinum
If you’re thinking about getting the Amex Platinum, consider it for the first year and then reassess when the second annual charge arrives. After all, you can always switch from Amex Platinum to a lower-fee card later.
Aside from the perks, be sure to assess your own spending before enrolling. If you have upcoming travel purchases such as flights and hotels, you can earn 5X points for every dollar spent on travel booked via American Express.
The credit value calculated does not include other American Express benefits such as purchase protection, travel insurance, and concierge service, among others. Many people find that the customer service they receive as Platinum Card members is worth the annual premium.
In addition, consider whether you’ll be able to use the credits. If you already have an Equinox or New York Times subscription, for example, those are great benefits.
However, if you are disinterested in or unable to use the benefits, you should explore another credit card.
Most importantly, don’t put yourself in a bad financial situation only to get a credit card. If the annual cost is too high, don’t worry; there are various other credit cards to choose from that do not have such a high annual fee.
Unfortunately, unless you’re on active service in the military, there’s no way to waive the Amex Platinum’s yearly cost.
However, American Express is known to provide retention bonuses to cardholders who are considering canceling their accounts – this can include a statement credit worth hundreds of dollars or a huge patch of points.
Alternatives to the Amex Platinum
Whether you already have an Amex Platinum card or are thinking about getting one, it’s a good idea to look into all of your alternatives.
It’s possible that another American Express card, a business card if you operate a business, or a comparable travel credit card would be a better fit for you.
Below are some of the alternatives to Amex Platinum Cards
Chase Sapphire Reserve®
The Chase Sapphire Reserve®, like the American Express Platinum Card®, provides complimentary airport lounge access (but exclusively through the Priority Pass network) and an annual travel credit.
The Sapphire Reserve’s travel credit is larger, making it easier to spend it up every year. The Sapphire Reserve, unlike the Amex Platinum, does not provide a wide selection of additional statement credits.
The Sapphire Reserve, in addition to Global Entry and TSA PreCheck, offers an application fee credit to NEXUS, which may make it a better choice for customers who frequently travel to Canada.
In terms of rewards, the Sapphire Reserve outperforms the Amex Platinum. You’ll earn bonus points on dining expenditures in addition to bonus rewards on flights, hotels, and rental cars.
Capital One Venture X Rewards Credit Card
The Capital One Venture X Rewards Credit Card, one of the cheapest premium rewards cards, has a $395 annual fee and requires less effort to make up for it each year.
The card comes with a $300 annual statement credit for Capital One Travel bookings and a 10,000-mile incentive (worth $100 toward travel) per year.
The card also provides enhanced benefits, with cardholders earning 2 miles for every dollar spent on eligible purchases, 5 miles for every dollar spent on flights booked through Capital One Travel, and 10 miles for every dollar spent on hotels and rental vehicles booked through Capital One Travel.
While your miles may not necessarily be more valuable, you will have additional options for redeeming them for travel.
The Venture X also gives cardholders access to Priority Pass Select lounges, Plaza Premium lounges, and Capital One lounges, offering them more alternatives than many other premium credit cards.
However, this pales in comparison to what the Platinum Card has to offer.
And, once again, in terms of statement credits, elite status, and lifestyle benefits, The Platinum Card® from American Express reigns supreme.
Amex Platinum Benefits
Now that we know what an Amex Platinum card is and what alternatives exist, it is critical that we understand the benefits:
The American Express Platinum Card comes with a slew of extra value-added benefits, both travel-related and not. They are as follows:
- $300 Equinox Credit: Enroll and receive up to $25 in monthly credits toward the cost of eligible Equinox memberships.
- $300 SoulCycle Credit: Receive up to a $300 credit toward the purchase of a SoulCycle at-home bike in a single transaction.
- $240 Digital Entertainment Credit: Get up to $20 off the cost of select digital entertainment subscriptions, including The New York Times, Hulu, and others. Registration is needed.
- $200 Annual Airline Fee Credit: Get up to $200 in airline fee statement credits for things like checked luggage and seat selection. This benefit is for a qualified airline that you choose at the start of each year (enrollment is necessary).
- $200 Hotel Statement Credit: Earn up to a $200 hotel statement credit when you book Fine Hotels + Resorts® or The Hotel Collection via American Express Travel. The Hotel Collection demands a two-night minimum stay.
- $200 Annual Uber Cash: Link your card to your Uber account to receive up to $15 in Uber Cash every month (up to $35 in December) toward US Uber rides and US Uber Eats transactions.
- $189 CLEAR® Plus Credit: Earn up to $189 in CLEAR® Plus annual membership fee refunds.
- $155 Walmart+ Credit: When you charge the cost of your monthly Walmart+ subscription to your Platinum card, you will receive a statement credit equivalent to the amount.
- $100 in Saks Fifth Avenue credits: With enrollment, you can receive up to $50 in statement credits twice a year—once between January and June and again between July and December.
- Global Entry or TSA PreCheck Fee Credit: Get an up-to-$85 bill credit for TSA PreCheck or a $100 credit for Global Entry.
- Access to Airport Lounges: Cardholders receive a Priority Pass Select membership (enrollment required), as well as access to Centurion and Centurion Studio lounges, as well as Delta Sky Clubs while flying Delta, and Lufthansa lounges when traveling Lufthansa.
- Hotel Elite Status: Enroll in the Hilton Honors and Marriott Bonvoy programs to receive automatic Gold Elite status.
- Car Rental Privileges: Enroll in Hertz Gold Plus Rewards, Avis Preferred Club, and the National Emerald Club to gain elite status.
- International Airline Program: With over 20 partner airlines, you may take advantage of special rates on premium economy, business, and first-class tickets.
- Consumer Protections: Purchase protection against damage or theft on new items, as well as extended warranties on qualified items covered by a manufacturer’s warranty, are available. Terms and conditions apply.
- Travel Insurance Perks: Benefits such as travel cancellation and interruption insurance, luggage insurance, and automobile rental loss and damage insurance are available.
- Platinum Card Concierge Service: Get assistance with dining and travel arrangements, as well as shopping and other activities.
- Access to “By Invitation Only®” Events: Cardmembers have exclusive access to one-of-a-kind experiences, such as exclusive dinners with world-renowned chefs.
Pros and Cons of the Amex Platinum
Before applying for The Platinum Card® from American Express, examine both the card’s perks and potential drawbacks. Here are some things to keep in mind.
Pros
- Perk laundry list: The benefits of the Amex Platinum Card can be overwhelming but in a good way. Even if you aren’t a regular traveler, there are numerous methods to maximize the card’s value.
- Comprehensive airport lounge access: While the Platinum Card® from American Express isn’t the only premium travel credit card that gives complimentary airport lounge access, it does have access to more lounge networks than its competitors.
- High-value redemptions are possible: With a variety of airline and hotel transfer partners, American Express cardholders can maximize the value of their Membership Rewards points.
Cons
- Even if you maximize the value of the card’s benefits, you’ll still have to pay the annual fee out of pocket every year. Depending on your budget, this could be difficult.
- Opportunities to obtain awards are limited: The card provides fantastic rewards on approved airfare and hotel bookings, but all other expenditures earn only 1 point per dollar. When compared to other premium travel credit cards, the Platinum Card offers less reward-earning value.
- Some benefits can be difficult to maximize: Amex places many restrictions on its numerous statement credits, which may make it difficult—if not impossible—for some consumers to make use of the card’s benefits.
Users’ Experiences Report with Amex Platinum Card
There are numerous viewpoints on American Express’s Platinum Card®. Some consider it to be the best travel rewards card ever made.
Others believe it’s a “coupon book” disguised as a rewards card. Others believe it is pricey crap that isn’t worth the application.
No, The Platinum Card® from American Express, with its $695 annual charge (rates and fees), is a high-maintenance item.
However, if you’re prepared to put in the effort and your spending habits coincide with the card’s incentives, it can bring a significant amount of value.
Bottom line
The American Express Platinum Card has an annual fee of $695, but the benefits outweigh that cost for many travelers.
If you can maximize all of its annual statement credits, you might save about $1,600. Furthermore, the card’s additional features may be worth considerably more to most regular travelers.
If you don’t think the annual cost is worth it, consider the American Express® Gold Card if you eat out and cook at home, or the American Express® Green Card if you travel frequently.
Frequently Asked Questions
Is it worth it to get an Amex Platinum card?
With incredible advantages including best-in-class airline lounge access, hotel elite status, and significant value in annual statement credits, it may easily become one of the most valuable cards in your wallet year after year.
Is it hard to get Amex Platinum?
Yes, getting the American Express Platinum card is difficult because candidates must have a 700+ credit score and a significant salary to be approved.
Is Amex Platinum high-end?
The Platinum Card® from American Express is the gold standard of luxury rewards travel cards, ideal for discerning travelers who value benefits such as lounge access and complimentary elite status.
What’s so special about an American Express Platinum card?
The American Express Platinum Card® earns 5 Membership Rewards points for every dollar spent on flights booked directly with airlines or through American Express Travel.
Why is Amex Platinum so expensive?
The American Express Platinum Card is a popular rewards card noted for its array of luxury advantages, including concierge service, travel protections, and access to several lounge networks.
