Is the American Express Platinum Card Worth It?
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Written by
Ethan Steinberg
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Edited by
Emily Gadd
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Reviewed by
Jasmin Baron
The Platinum Card® from American Express, an advertising partner, has long been one of the most iconic credit cards on the market, and recently announced changes have further cemented its spot as one of the most valuable travel and lifestyle cards available. The Amex Platinum now carries an $895 annual fee, and offers over $3,500 in annual value, including new statement credit opportunities on eligible purchases with Resy, Lululemon, Oura and more.
Unchanged is the card’s strong 5x Membership Rewards® points on flights booked directly with the airline or through Amex Travel® (up to $500,000 in spending per calendar year, then 1x) and prepaid hotels booked with Amex Travel, the $200 annual airline incidental fee credit (enrollment required) and other credits that have been added to the card over the years such as the $200 annual Uber Cash and $300 Equinox credit (enrollment required).
However, with the annual fee increasing from $695 to $895, it takes a lot of careful deliberation to make sure you can still get a good return from the Amex Platinum Card.
Quick Verdict
There’s been an undeniable trend in recent years of premium credit cards offering more and more statement credits at various partner merchants while simultaneously increasing the annual fee. What started as travel rewards credit cards are often better described as travel and lifestyle cards these days — a notable change in the value proposition.
While $895 is one of the highest annual fees charged by any mainstream credit card, that might be a really good price to pay if you’re actually able to redeem thousands a year in statement credits on your Amex Platinum. This card may not be worth it just for the travel benefits anymore, but it can be a great choice if the various partner merchants line up with your current spending patterns.
Amex Platinum: At a Glance
- Annual fee: $895
- Welcome offer: You may be eligible for as high as 175,000 Membership Rewards® Points after spending $8,000 in eligible purchases on your new Card in your first 6 months of Membership. Welcome offers vary and you may not be eligible for an offer.
- Rewards structure: 5 Membership Rewards points per dollar spent on flights booked directly with airlines or with American Express Travel®, on up to $500,000 spent per year. 5 points per dollar on prepaid hotels booked with American Express Travel®. 1 point per dollar on all other purchases. Terms apply.
- Statement credits: New statement credits include up to $400 annual U.S. Resy dining credit once enrolled (up to $100 per quarter), up to $300 annual U.S. Lululemon credit once enrolled (up to $75 per quarter), up to $200 in annual credit toward the purchase of an Oura Ring (enrollment required), and up to $120 in annual statement credits when purchasing an auto-renewing Uber One membership (terms apply). The hotel credit has been increased to $600 (up to $300 semi-annually) when booking prepaid Fine Hotels + Resorts or The Hotel Collection bookings through Amex Travel. This is all on top of the Amex Platinum’s existing statement credits, including up to $200 a year in Uber cash ($15 a month, plus a $20 bonus in December), a $200 annual airline fee credit for incidental fee purchases (enrollment required), a $100 Saks Fifth Avenue credit once enrolled ($50 semi-annually), $300 Equinox Credit once enrolled, a $155 Walmart+ membership credit ($12.95 a month) and a $209 CLEAR® Plus Credit (enrollment required).
- Other perks: Leaders Club Sterling Status from The Leading Hotels of the World, Marriott Bonvoy and Hilton Honors Gold elite status, global airport lounge access including Amex Centurion Lounges, Priority Pass Select membership, and access to Delta SkyClubs on eligible flights, premium status with Avis, Hertz and National and much more. Enrollment required.
- Estimated value: Over $3,500 in annual value, plus the potential for much more with the card’s other perks.
Who Should Consider the Amex Platinum?
If you don’t already have an Amex Platinum Card and were on the fence about getting it, the best reason to jump now would be if one of the newly added credits is something you’d have an easy time using. If you frequently make dining reservations through Resy, shop at Lululemon or pay for an Uber One membership, the statement credits at these merchants could go a long way towards justifying the increase in the annual fee.
The other thing that makes the Amex Platinum stand out is its focus on luxury experiences, from special ticket access and presales to a complimentary travel concierge who can help you plan that once in a lifetime trip. Along the same lines, if your home airport has an Amex Centurion Lounge, the card can be a great addition, and if you travel frequently the value of free food and drinks in a comfortable space can really add up.
Who Should Skip the Amex Platinum?
The Amex Platinum may not be the best choice for you if you have no use for any of the statement credits the card offers or rarely ever travel through airports with American Express Global Lounge Collection lounges. At that point, there are other premium credit cards with lower annual fees, such as the Capital One Venture X Rewards Credit Card ($395) or our advertising partner, the Citi Strata Elite℠ Card ($595) that might be a better choice for you.
It’s also worth skipping the Amex Platinum if this card would be redundant in your wallet. There are plenty of other premium credit cards that offer a similar suite of benefits, including good rewards on flight bookings, Priority Pass lounge access and a Global Entry or TSA PreCheck application fee credit. If the Amex Platinum isn’t adding any unique benefits that you’d actually be able to use, it’s probably not the right choice for you.
Additionally, if you’re not able to comfortably pay the annual fee you should look elsewhere. While it’s certainly possible to get thousands of dollars in value each year out of the card, there’s no avoiding the fact that you have to pay that $895 upfront before you start utilizing your benefits. If this is going to be a problem for you, or simply more than you’re willing to spend, that’s OK and there are other slightly more affordable options to consider.
How To Maximize the Amex Platinum’s Value
Don’t Forget About Your Credits
This may seem obvious, but if you’re getting a credit card to take advantage of the statement credits it offers, it’s important that you don’t forget to use them. With so many different credits available on the Amex Platinum now and on so many different timelines (i.e. monthly vs. quarterly vs. semi-annually), it may help to build a simple spreadsheet or set calendar reminders to make sure you remember to use everything.
You can also log in to your Amex account online or via the app to see which credits you’ve used and track your progress.
Make Sure To Activate All of Your Benefits
Some of the Amex Platinum’s benefits are automatic, but some require a little bit of setup before you can use them. For example, you’ll need to activate your Priority Pass membership (with a few simple clicks online) to receive your membership card, you’ll need to select which airline you want your $200 incidental fee credit to apply to, and you’ll need to make sure you save your card as the payment method for your Uber One membership and that it’s set to auto-renew.
Pay Attention to Where You Book Your Travel
The Amex Platinum offers a very strong 5 points per dollar on flights booked directly with the airline or through Amex Travel and prepaid hotels booked with Amex Travel, but if you book your flights with another booking company like Expedia or book your hotels directly with the hotel, you’ll only earn 1 point per dollar. That’s a big difference in return so make sure you’re swiping the right card at the right place.
Final Verdict on the Amex Platinum
The Amex Platinum can be an incredibly rewarding addition to your wallet, but it’s also not the best card for everyone. The more perks and benefits get added to a card, the more work you have to do to figure out whether they align with your spending and represent real incremental value to you. Large spenders, frequent travelers and those who are able to utilize all of the different credits available can easily get thousands of dollars a year out of the card.
Frequently Asked Questions About the Amex Platinum
Is getting an Amex Platinum worth it?
The Amex Platinum has the potential to be one of the most rewarding cards on the market with over $3,500 in annual value, but it’s important to look carefully at all the different benefits and make sure you’ll actually be able to use them.
How hard is it to get an Amex Platinum?
The Amex Platinum is one of the most premium credit cards on the market, and as such requires at least a good credit score and consistent income in order to have strong approval odds.
Which Amex Platinum should I get?
The Amex Platinum is available in both a personal and business version (The Business Platinum Card® from American Express). While the two cards have many benefits in common, the statement credits on the business version are more focused on what companies might need (Dell Technologies, Adobe, payment products, etc.) than on consumer spending.
