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).
In this guide, I'll consider 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 comes with a lucrative welcome offer of 80,000 bonus points after spending $8,000 within the first six months of card membership.
TPG's August 2024 valuations put this welcome offer at $1,600.
You can also check the CardMatch tool to see if you're targeted for a better offer. Offer is subject to change at any time, and not all applicants will be targeted for the same offers.
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 Amex Platinum 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 examine these credits individually and how you can fully take advantage of each one. Note that enrollment is required for select benefits, and terms apply.
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Airline fee credit
Potential annual value: $200
This is one of the most basic, yet still confusing (to some), benefits of the Amex Platinum. 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 the 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. Note 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. Other terms may apply.
If you don't shop at Saks yourself, you can still buy gifts for others.
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 the $100 Global Entry application fee or the up to $85 TSA PreCheck fee using your card, the fee will be refunded to you as a statement credit, up to $100 (this credit will be increased to $120 this October).
Cardmembers are eligible for this statement credit every four years (4½ 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 a minimum stay of two nights is required if you're booking through The Hotel Collection.
Clear Plus membership credit
Potential annual value: $199
A benefit of the Amex Platinum that can help you save time and stress at the airport is the annual statement credit for a Clear Plus membership of up to $199. Clear Plus lets you use biometric kiosks for identification purposes and skip showing the TSA agent your travel identification documents.
Enrollment is required; terms may apply.
Related: Clear expedited airport security program: Is it worth it?
Digital entertainment credit
Potential annual value: $240
In an attempt to make the Amex Platinum 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 or a Disney Bundle
- 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 is required, and terms apply.
Related: Best credit cards for streaming services
Walmart+ credit
Potential annual value: $155
Another Amex Platinum perk to note is up to $155 in annual statement credits toward the cost of a monthly Walmart+ membership (subject to auto-renewal).
One 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.
Enrollment is required, and terms apply.
Equinox credit
Potential annual value: $300
When you pay for your eligible Equinox membership or Equinox+ membership, you'll receive up to $300 in statement credits each year.
Equniox+ costs $40 per month and may be useful to those who don't live near an Equinox physical location. Some Reddit users have reported that this credit was triggered after making purchases at an Equinox spa.
Enrollment is required, and terms apply.
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 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 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
Cardmembers 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).
Cardmembers can also earn 5 points per dollar on prepaid hotels booked on AmexTravel.com, including prepaid Amex Fine Hotels & Resorts bookings made online. The Amex Platinum 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
Thanks to the American Express Global Lounge Collection, the Amex Platinum has the best lounge access benefits of almost any rewards card.
The Lounge Collection includes Priority Pass Select membership and access to Delta SkyClubs (beginning Feb. 1, 2025, access will be limited to 10 visits each year), Escape lounges, Plaza Premium lounges, Centurion Lounges and International American Express Lounges.
The card's Priority Pass Select membership gets the cardmember and two guests into more than 1,300 Priority Pass lounges worldwide for free, although you'll need to request your membership card.
Enrollment is required for Priority Pass.
Marriott Bonvoy and Hilton Honors elite status
Some cardmembers tend to forget about the hotel elite status that comes with the Amex Platinum. As a cardmember, you can enroll for Hilton Honors Gold and Marriott Bonvoy Gold Elite status.
If you frequent either of these hotel brands, receiving elite status through the Amex Platinum can go a long way toward justifying its annual fee.
Amex Fine Hotels + Resorts
Amex Platinum cardmembers can book stays through the Amex Fine Hotels + Resorts program.
By doing so, you'll get elitelike 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 Amex Platinum has an annual fee of $695, 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 an American Express rewards card, consider the American Express® Gold Card. It's great for foodies who eat out or order delivery often.
To learn more, read our full review of the Amex Platinum.
Apply here: The Platinum Card® from American Express
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.
