When it comes to premium travel rewards cards, consumers have several options. Although many of these premium cards charge high annual fees, the benefits, statement credits and earning potential they provide can make paying for them worthwhile.
The Platinum Card® from American Express is one of the top premium cards currently on the market and it has a premium annual fee of $695 to boot (see rates and fees).
This guide considers the advantages of having an Amex Platinum card in your wallet, from the card's reward-earning structure to its money-saving features so you can decide whether the hefty annual fee is worth it.
Welcome offer
The Amex Platinum Card comes with a lucrative welcome offer of 80,000 Membership Rewards points after spending $8,000 within the first 6 months of card membership. TPG values this welcome offer at $1,600.
You can also check the CardMatch tool to see if you're targeted for a better offer.
Related: How to check if you're targeted for 150k Amex Platinum offer or the 90k Amex Gold offer via CardMatch
Amex Platinum statement credits
The Platinum card offers eight main statement credits that can reduce the effective cost of the annual fee. If used fully, these credits amount to nearly $1,600 in value per year, more than double the card's annual fee.
Let's look at these credits individually and how you can take full advantage of each one. Note that enrollment is required for select benefits.
Airline fee credit
Potential annual value: $200
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This is one of the most basic, yet still confusing (to some), benefits of the Platinum card. Each calendar (not account anniversary) year, cardmembers can get up to $200 back in statement credits toward incidental fees on a single U.S. airline of their choice that they designate.
Technically, this credit is meant to be used toward charges such as checked baggage fees, seat assignment fees, airline lounge passes and similar expenses.
Depending on how airlines code certain purchases, however, it is also sometimes possible to purchase airline gift cards to use toward tickets and be reimbursed via airline fee credit (although it's worth noting that this can change unexpectedly).
Uber credits
Potential annual value: $200
Cardmembers receive up to $200 in Uber Cash per calendar year toward U.S. rides and Uber Eats orders. They can also register for complimentary Uber VIP status, which gives access to better cars and better-rated drivers in select locations.
You must link your Platinum Card to your Uber account to take advantage of this benefit. Once that's done, you'll automatically receive $15 in Uber credit each month, except for December, when the credit increases to $35. Not that this credit does not roll over if you don't use it.
Related: How to make sure you're getting your Amex Platinum Uber credits
Saks Fifth Avenue credit
Potential annual value: $100
The card's Saks Fifth Avenue credit is available in the form of two up to $50 statement credits per year. Each year you can get one up to $50 statement credit for Saks purchases between Jan. 1 and June 30 and another up to $50 statement credit for purchases between July 1 and Dec. 31.
You'll need to enroll your Amex Platinum Card for this benefit to take effect, but there's no minimum purchase required.
If you don't shop at Saks yourself, you can still buy gifts for others. Enrollment required.
Related: Your guide to the Amex Platinum Saks Fifth Avenue credit
Global Entry or TSA PreCheck credit
Potential annual value: $25
This is another great benefit targeted toward frequent travelers. When you pay for the $100 Global Entry application fee or the up to $85 TSA PreCheck fee using your card, it will be refunded to you as a statement credit, up to $100.
Cardholders are eligible for this statement credit every four years (4.5 for PreCheck) since you must renew your Global Entry or TSA PreCheck membership every five years.
Related: Key things to know before getting Global Entry
Hotel credit
Potential annual value: $200
Cardmembers receive up to $200 in statement credits each calendar year when booking a prepaid stay via Amex Fine Hotels + Resorts or The Hotel Collection on Amex Travel. Note that if you're booking through The Hotel Collection, there's a minimum stay requirement of two nights.
Related: How the Amex Platinum card easily saved me $200 on a one-night hotel stay
Clear Plus membership credit
Potential annual value: $189
One of the card's newer benefits that can help you save time and stress at the airport is the annual statement credit for Clear Plus membership of up to $189. Clear Plus lets you use biometric kiosks for identification purposes and can skip showing the TSA agent your travel identification documents. Enrollment required.
Related: Clear expedited airport security program: Is it worth it?
Digital entertainment credit
Potential annual value: $240
In an attempt to make the Platinum Card more lifestyle-focused, Amex added a digital entertainment credit that offers reimbursem*nt for the following services:
- Peaco*ck
- The New York Times
- Disney+, ESPN+ and Hulu
- The Wall Street Journal
You can mix and match how you'd like to take advantage of this, but you'll earn up to $20 in monthly statement credits. Enrollment required.
Related: Best credit cards for streaming services
Walmart+ credit
Potential annual value: $155
Among this card's newer perks is up to $155 in annual statement credits toward the cost of a monthly Walmart+ membership (subject to auto-renewal).
Monthly membership costs $12.95 plus local sales tax, so the statement credits should cover most — if not all — of that. Plus Up Benefits are not eligible.
Equinox credit
Potential annual value: $300
When you pay for your eligible Equinox membership or the Equinox+ fitness app, you'll receive up to $300 in statement credits each year.
The app costs $40 per month and may be useful to those who don't live near an Equinox physical location.
Related: At home or at the gym: The best credit cards to maximize your next workout
Other Amex Platinum card benefits
The statement credits described in the previous section can easily help bring your effective annual fee down from the published $695 to $0 per year.
However, even if you can't use all of the credits — perhaps because you can't access the Equinox locations, you don't like shopping at Saks or you can't find anyone to use the Global Entry/TSA PreCheck credit that seemingly comes with every premium credit card these days — it's still possible that the card's other perks and earning potential will provide enough value to justify the annual fee.
Airline and hotel bonus categories
Cardholders earn 5 points per dollar on airfare when booked directly with airlines or with American Express Travel (on up to $500,000 of these purchases per calendar year, then 1 point per dollar).
They are also eligible to earn 5 points per dollar on prepaid hotels booked on AmexTravel.com, including . The Platinum card also has trip cancellation, interruption and delay insurance*. However, it still does not include baggage delay reimbursem*nt.
*Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for details. Policies are underwritten by New Hampshire Insurance Company, an AIG Company.
Lounge access
The Platinum Card has the best lounge access benefits of almost any rewards card, thanks to The American Express Global Lounge Collection.
The Lounge Collection includes Priority Pass Select membership and access to Delta SkyClubs, Escape lounges, Plaza Premium lounges, Air Space lounges, Centurion Lounges and International American Express Lounges.
The card's Priority Pass Select membership gets the cardholder and two guests into more than 1,300 Priority Pass lounges worldwide for free, although you'll need to request your membership card.
Additionally, unlike the Priory Pass privileges on other cards, the Platinum card does not include credits at airport restaurants. Enrollment is required for Priority Pass.
Marriott Bonvoy and Hilton Honors elite status
Some cardholders tend to forget about the hotel elite status that comes with the Platinum Card. You can enroll for Hilton Honors Gold and Marriott Bonvoy Gold Elite status as a cardholder.
TPG values Hilton Honors Gold status at $1,255 and Marriott Bonvoy Gold Elite status at $840 based on certain stay and spending habits.
However, note that these figures are based on earning status the regular way through stays and leveraging those benefits on those stays. So, if you stay fewer nights, you'll likely get less value from the status. Enrollment required.
Amex Fine Hotels + Resorts
Platinum cardholders can book stays through the Amex Fine Hotels + Resorts program. By doing so, you'll get elite-like benefits, including noon check-in (based on availability), room upgrades (when available), daily breakfast for two people, complimentary Wi-Fi, guaranteed 4 p.m. late checkout and a unique property amenity valued at $100 or more.
Plus, you'll earn 5 points per dollar on prepaid stays booked online through FHR. Read more on TPG's full guide on the Fine Hotels + Resorts Program.
Bottom line
The Platinum Card from American Express carries a $695 annual fee, but for many travelers, the card's benefits will more than offset that charge.
If you can maximize all of its annual statement credits, you're looking at nearly $1,600 in value. Plus, the various other benefits of the card can be worth even more for most frequent travelers.
If the annual fee isn't worth it for you but you're still interested in a reward credit card, consider the American Express® Gold Card. It's great for foodies who eat out or order delivery often.
Apply here: The Platinum Card® from American Express with 80,000 Membership Rewards Points after you spend $8,000 on purchases within the first six months of card membership. Remember to also check our CardMatch Tool to see if you are eligible for a better offer.
For rates and fees of the Amex Platinum, click here.
Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
