Credits and Benefits Breakdown
The Platinum Card® from American Express, with its steep $695 annual fee (Rates & Fees), is no casual addition to any wallet. American Express has over $1,500 in value through card benefits (at least we think so!), but determining actual value depends on how well the perks align with your personal spending habits.
First up, the $240 digital entertainment credit, disbursed in $20 monthly increments, can be used for popular streaming services like Disney+, Hulu, and Peacock (enrollment required). Those who already subscribe can easily recoup the full $240. The $200 hotel credit, applicable only for bookings through Amex’s luxury hotel programs, is valuable for those who pay cash for high-end stays but may not suit points-and-miles enthusiasts. The $155 Walmart+ credit adds convenience but may not hold value for those who wouldn’t typically subscribe.
A standout perk for most people is the $200 Uber Cash credit, given in $15 monthly increments plus an extra $20 in December. It can be spent on Uber rides or Uber Eats, and you can even place pickup orders to skip delivery fees. This benefit alone could translate to $200 in net value each year. Simply download the Uber app and add your Platinum Card® to your Uber account to get started. Available to Basic Card Member only. Effective 11/8/2024, an Amex Card must be selected as the payment method for your Uber or Uber Eats transaction to redeem the Amex Uber Cash benefit.
Airline and Travel Perks
The $200 airline fee credit offers reimbursements for incidental fees on one preselected airline per year, but it’s not universally easy to use. For frequent flyers who use this strategically (like Wi-Fi purchases), it can be beneficial, but partial use may lower the credit's effective value. Additional credits include a $100 Saks Fifth Avenue credit (enrollment required) and a $300 Equinox credit, which may not resonate with everyone’s spending habits.
The $199 Clear credit is a practical perk for those who frequent airports with Clear lanes, and you can receieve either a $120 statement credit every 4 years for a Global Entry application fee or a statement credit up to $85 every 4.5 years for TSA PreCheck, which is nice. Factoring in these credits, the card can offer tangible value—provided these align with current or planned spending.
Reward Multipliers and Earning Potential
The Amex Platinum earns 5 points per dollar (up to $500,000 per calendar year) on flights booked through Amex Travel or directly with airlines, and 5 points on hotels booked through Amex. All other purchases earn 1 point per dollar, which isn’t the highest return compared to other premium cards. However, leveraging Amex’s partnership with Rakuten can amplify point-earning potential through online shopping.
In 2023, an average spender who charged $116,000 on the Amex Platinum might earn about 32,000 additional points through these multipliers, translating into a value of roughly $642 when redeemed for travel at 2 cents per point.
One-Time Perks and Lounge Access
Welcome offers can be game-changers. The Amex Platinum’s welcome offers range from 80,000 to 150,000 points, significantly boosting first-year value. As one example, a bonus worth 125,000 points could net $2,500 when redeemed at a conservative value of 2 cents per point.
Beyond points, the Global Lounge Collection remains unmatched, offering entry to over 1,400 lounges, including Amex Centurion Lounges. While guest access now requires extra spending or fees, solo travelers can enjoy premium lounges at no additional cost—a potential savings of hundreds in airport meals and refreshments annually.
Travel Protections and Insurance
The Amex Platinum is also known for its extensive insurance and protection features, including trip cancellation and delay coverage, baggage insurance, premium car rental protection, and extended warranties. These benefits can save cardholders significant out-of-pocket costs in unexpected situations.
Is It Worth It?
With a mix of statement credits, travel perks, and unique lounge access, the Amex Platinum can deliver exceptional value—well over the steep annual fee—for those who utilize its benefits strategically. The key is assessing personal spending to confirm whether the card’s credits align with typical expenses. The Amex Platinum is more than a status symbol; it’s an investment that’s worth it when used to its fullest potential.
