Is the Amex Platinum Card Worth the Annual Fee?

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The Platinum Card® from American Express is one of the best premium travel credit cards. Yet, the Amex Platinum card has started to face intense competition from Chase, Citi, and others. Numerous premium credit cards have been launched over the past few years, offering valuable benefits that are popular with travelers. Because of this, many of these cards have added benefits and perks to help keep up popularity and also meet demands.

One is with enhanced welcome bonuses. For instance, new The Platinum Card® from American Express cardmembers can earn 80,000 Membership Rewards® points after spending $8,000 on purchases on their new Card in the first 6 months of Card Membership.

The Platinum Card underwent a makeover about a year ago and still offers some amazing benefits that are worth the $695 annual price tag (See Rates & Fees). Let’s take a look to see what you get.   

80,000 Points: The Platinum Card® from American Express

Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more.

Is the Amex Platinum Card Worth The Annual Fee?

With a $695 annual fee, you probably wonder if the Amex Platinum Card is worth it. The answer is it can be if you can use all of the benefits of this premium card. If you travel often (or want to) but also want to earn rewards on other everyday spending items, keep reading. While this is definitely a travel card, there are other perks that can be a bonus when you aren’t on the road.

This is how hard it is to get the Amex Platinum when applying.

Annual benefits of the Amex Platinum

The welcome bonus is nice, but you’ll only receive it once. What convinces cardholders to renew year in and year out are the benefits that they receive each year.

Plus, The Platinum Card from American Express just went through some upgrades and changes that are worth noting.

Amex Platinum $200 Airline Credit

Also, select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to your Card.

To use the airline credits, you’ll need to designate your preferred airline from among the list of:

• Alaska Airlines
• American Airlines
• Delta Airlines
• Frontier Airlines
• Hawaiian Airlines
• JetBlue Airways
• Spirit Airlines
• Southwest Airlines
• United Airlines

Once you make your selection for the year, you cannot change it. However, you can change your selection once January 1st rolls around.

This can be one of the best miles cards because you can get these credits. Using up all of these bonus credits annually can make the Platinum Card worth it.

Lounge Access

With the American Express Platinum Card, you have access to airport lounges across the globe. There are 7 lounge programs included in the Global Lounge Collection benefit:

• The Centurion Lounge (exclusive to American Express)
• The International American Express lounges
• Delta Sky Club (when flying Delta Airlines)
• Priority Pass Select lounges (enrollment required)
• Airspace Lounges
• Escape Lounges
• Plaza Premium

This perk makes The Platinum Card worth it, as you can save quite a bit of money. Registration is required with Priority Pass before you can access one of their lounges. When you call to activate your American Express Platinum, speak with a customer service representative to enroll in Priority Pass. They’ll also answer questions about any of the other benefits of your Amex Platinum.

Plus, American Express has expanded The Centurion® Network to include 40+ Centurion Lounge and Studio locations worldwide. Now, there are even more places your Platinum Card® can get you complimentary entry and exclusive perks.

Digital Entertainment Credit

There’s also a digital entertainment credit, making this card one of the best for streaming services. Cardholders can get up to $20 in statement credits each month when they pay for eligible purchases with the Platinum Card®. Enrollment required.

Equinox Credit

Another exciting benefit is the ability for cardholders to get up to $300 back each year in the form of statement credits on an Equinox+ subscription or any Equinox club membership when they pay with their Platinum Card. Enrollment required.

Walmart+ Credit

Here’s another reason the Platinum Card is worth it. Get a $155 Walmart+ credit, which covers the cost of a $12.95 monthly Walmart+ membership with a statement credit after you pay for Walmart+ each month with your Platinum Card. The cost includes $12.95 plus applicable local sales tax.

$200 Annual Hotel Credit

Cardholders can get up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings with American Express Travel when they pay with their Platinum Card®. The Hotel Collection requires a minimum two-night stay.

This is one of the underused benefits of the American Express Platinum. But savvy travelers know that the Fine Hotels & Resorts Collection offers tremendous benefits at over 1,000 hotels and resorts worldwide.

The benefits include:

• Room upgrade upon arrival, when available
• Daily breakfast for two people
• Guaranteed 4 pm late checkout
• Noon check-in, when available
• Complimentary hotel WiFi
• Unique amenity valued at $100

The amenity will often be a food & beverage or spa credit.

When comparing hotel prices for your upcoming vacation, don’t forget to take a look to see what Fine Hotels & Resorts is offering. Even if you pay a little more per night, the value of free breakfast and a $100 amenity will often tilt the decision towards Fine Hotels & Resorts.

Related: The Best Hotel Credit Cards

Global Dining Access by Resy

Cardholders can enjoy access to the Global Dining Access program by Resy. Cardholders can access exclusive reservations at some of the world’s top restaurants. They can also enjoy access to premium events and other perks like priority notification and VIP status.

Other benefits of the Amex Platinum

Here are a few other reasons the Platinum Card is worth the annual fee. Earn 5x Membership Rewards® Points for flights booked directly with airlines or with American Express Travel, up to $500,000 on these purchases per calendar year. Cardholders also earn 5x points on prepaid hotel bookings through amextravel.com.

When traveling more than 100 miles from home, rest easy knowing that the Amex Platinum offers Premium Global Assist Hotline. These medical and legal professionals assist with medical, legal, financial, and select other emergency and coordination services. Some examples of these services include replacing a lost or stolen passport, prescription replacements, missing luggage, and cash wires.

There are no foreign transaction fees, but the annual fee is $695 (See Rates & Fees), which can be offset with the perks that are valued at over $1,400. 

Global Entry or TSA PreCheck Reimbursement

Frequent travelers know that waiting in line is not the best use of their time.

In addition to enjoying TSA PreCheck or Global Entry access, cardholders can also enjoy CLEAR perks. Breeze through security with CLEAR Plus at 100+ airports, stadiums, and entertainment venues nationwide and get up to $189 back per calendar year on your Membership (subject to auto-renewal) when you use your Platinum Card®.

Other border security programs, such as NEXUS, SENTRI, and FAST, are not included. Additional cardholders also have access to this reimbursement benefit.

Does the Amex Platinum Card belong in your wallet?

In conclusion, is the Platinum Card worth it? Well, as you can see, the American Express Platinum offers a tremendous value that outweighs the premium annual fee. If you are a frequent traveler and your credit score is good, the Platinum card from American Express is a must-have. Plus, the Platinum card benefits can be extended to additional cardholders for a fraction of the price.

Premium benefits: The Platinum Card® from American Express

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For rates and fees of The Platinum Card® from American Express, please click here.

Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by Amex Assurance Company.