The Amex Platinum is one of the most expensive cards on the market — is it worth the $695 annual fee? (2024)

Terms apply to American Express benefits and offers. Visitamericanexpress.comto learn more.

The Platinum Card® from American Express is a high-end card that is packed with benefits and a hefty welcome offer. Cardholders can take advantage of numerous annualstatement credits, entertainment benefits, extensive airport lounge access, elite status perks and much more. However, these benefits don't come cheap — the card's annual fee is $695 (see rates and fees).

If you're trying to decide if the Amex Platinum's benefits outweigh the costs for you, CNBC Select has the details on this travel card's rewards, benefits and fees to help you decide.

The American Express Platinum Card, known for its prestigious benefits and sleek appearance, is a card worth bragging about. Between the travel benefits, reputable concierge service and consumer protections, the card is worth considering if you can stomach the steep annual fee.

However, many of the benefits, like the entertainment and Equinox credits, may require you to spend money on something you normally wouldn't purchase — defeating the purpose of the savings. With a high potential value, it's easy to justify having the American Express Platinum Card for one year — even with a nearly $700 annual fee (see rates and fees).

Amex Platinum's best benefits

This card's welcome offer allows new card members to earn 80,000 points after spending $8,000 on purchases on their new card in the first six months of card membership. American Express Membership Rewards® points are some of the most valuable travel rewards you can earn, making this offer a strong selling point for getting the card. Miles and points experts typically value Amex Membership Rewards points at around two cents per point, which makes this welcome bonus worth roughly $1,600.

And unlock even more value by taking advantage of the Membership Rewards transfer partners. You could use this bonus to book a luxury stay with hotels like Marriott, Hilton or Choice or you could book a one-way business class flight to Europe with several of Amex's airline partners.

This card also earns 5X points on flights booked directly with an airline or through Amex Travel, 5X points on prepaid hotels booked through Amex Travel, 2X points on other eligible travel booked through Amex Travel and 1X points on all other purchases.

Statement credits

The Amex Platinum will overwhelm you with the sheer number of statement credit offers it provides. If you can take full advantage of these deals, you can receive over $1,500 back per year, this includes offers for:

• Up to $200 Uber Cash per year ($15 in Uber Cash each month; $35 in Uber Cash in Dec.)
• Up to $200 airline fee credits per year
• Up to $200 hotel credit for prepaid Fine Hotels + Resorts® or The Hotel Collection bookings per year (requires a minimum two-night stay)
• Up to $100 Saks credit per year (up to $50 in statement credits from Jan, through June and up to $50 in statement credits from July through Dec.)
• Up to $240 digital entertainment credits per year (Up to $20 in statement credits each month)
• Up to $300 Equinox credit per calendar year
• Up to $155 Walmart+ credit ($12.95 a month for a Walmart+ membership; subject to auto-renewal)
• Up to $100 for TSA PreCheck or Global Entry application fee (every four years for Global Entry or a statement credit up to $85 every 4.5 years for TSA PreCheck)
• Up to $189 CLEAR® Plus Credit

Other benefits

Once you've navigated all of the Amex Platinum statement credits, you can explore the other travel perks and insurance benefits. These benefits include:

• Rental car privileges with Avis, National and Hertz
• Access to the Amex Global Lounge Collection: Centurion Lounges, Delta Sky Clubs, Plaza Premium Lounges, Lufthansa Lounges, Priority Pass lounges and Escape Lounges
• Hilton Honors Gold status (enrollment required)
• Marriott Bonvoy Gold status (enrollment required)
• Return protection*
• Extended warranty*
• Purchase protection*
• Trip cancellation and interruption insurance*
• Trip delay insurance*
• Baggage insurance*
• No foreign transaction fees (see rates and fees)

If you're considering the Amex Platinum, it could be worth it for the first year, and then reevaluate when the second annual fee posts. After all, you could always downgrade your Amex Platinum to a lower-fee card. But aside from the benefits, be sure to evaluate your spending before applying. If you have travel purchases like flights and hotels coming up, you can take advantage of the 5X points for every dollar spent on travel booked through American Express.

In addition, take the time to figure out if you'll be able to use the credits. For example, if you are already paying for an Equinox or New York Times subscription, then those are valuable benefits. But for those uninterested or unable to access the benefits, you might want to consider another credit card.

But most importantly, don't force yourself into a difficult financial situation just to have a credit card. If the annual fee is too expensive, don't fret — there are several other credit cards you can consider without a steep annual fee. Unfortunately, there generally isn't a way to waive the Amex Platinum's annual fee, unless you're on active duty in the military. Although American Express is known to offer retention bonuses to those who may be considering closing their cards — this could be a statement credit worth hundreds of dollars or a large amount of points.

Whether you're a current Amex Platinum cardholder or are considering applying for it, you should consider all your options to find the right card for you.

The Chase Sapphire Reserve® is another premium travel card loaded with benefits, including a $300 travel credit and a Priority Pass airport lounge membership, plus it earns 3X points on all travel (after the $300 credit) and dining purchases and it has a slightly lower $550 annual fee.

Subscribe to the CNBC Select Newsletter!

Money matters —so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox.Sign up here.

The Platinum Card from American Express is an excellent card for luxury travelers. Between the welcome offer, a laundry list of benefits, consumer protections and excellent concierge service, it is an experience having the card. However, a $695 annual fee (see rates and fees) is an eye-popping figure for many that can lead some to question the value.

Overall, the Amex Platinum is worth it if you can take advantage of the benefits without overextending yourself. At the end of the day, it's not financially savvy to spend more money just to take advantage of the card's benefits.

Catch up on CNBC Select's in-depth coverage ofcredit cards,bankingandmoney, and follow us onTikTok,Facebook,InstagramandTwitterto stay up to date.

Read more

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