“Disclaimer: The content of this article is based solely on my personal experiences and opinions. It is provided for informational purposes only and should not be construed as professional financial advice. Please consult a financial advisor for advice specific to your financial situation. Additionally, this article is not sponsored by or affiliated with any company, and the views expressed are entirely my own.”
The Amex Platinum is one of the most expensive credit cards around ($695/year), but its benefits do make it worth the fee for some consumers, myself included.
I recently got the Amex Platinum, choosing to accept an upgrade offer from the Amex Gold for 100,000 bonus points. While you can receive a higher targeted offer (125k or 150k in some cases) to get the Platinum outright, I chose to accept the 100k upgrade offer for several reasons; 1) I am trying to get back under the 5/24 rule so that I can apply for Chase credit cards, and upgrading from the Gold to the Platinum doesn’t count as getting a new card, 2) I also have the Hilton Aspire from Amex, so I felt like I would be unlikely to get the 125k or 150k offer, and 3) I am worried about the Credit Card Competition Act potentially impacting the value of points, and/or making it harder to earn points with large signup bonuses. These 3 factors, along with the fact that I value the credits/benefits of the Amex Platinum as equal or more than $695, made it the right decision for me to upgrade from the Gold to the Platinum.
After having had the card for a couple of months now, here is my honest review of the Amex Platinum, as well as how much I think the benefits are worth to me.
Benefit-by-Benefit Breakdown (with descriptions provided by The Points Guy):
Up to $200 in statement credits annually for incidental fees charged by one airline you select*
- Potential Value: $200
- My Breakdown: I fly Southwest a lot, and although the credits are supposed to be only for incidentals (checked baggage, seat upgrades, food, etc.), I have found that charges under $100 on Southwest typically get coded as incidentals. This means that for any flight under $100 (or that becomes less than $100 when using gift cards/credit), using my Amex Platinum to pay should trigger the incidentals credit. While I would still prefer to use a gift card from Costco ($450 for a $500 gift card), this means that I get pretty close to $200 from this incidental credit.
- Actual Value For Me: $180 (discounting by 10% since that is what I could get buying gift cards from Costco)
Up to a $200 annual hotel credit, in the form of a statement credit, on prepaid Amex Fine Hotels + Resorts or The Hotel Collection bookings with Amex Travel when you pay with your Amex Platinum (Hotel Collection stays require a two-night minimum)*
- Potential Value: $200
- My Breakdown: Although I stay at Airbnb’s more often than I do hotels, there are some times per year when staying at a hotel is either more convenient or the same price (in which case I prefer to stay at hotels over Airbnb’s); this makes it pretty easy for me to use the full $200 credit on some hotel stay
- Actual Value For Me: $200
Up to $200 annually in Uber Cash, valid on Uber rides and Uber Eats orders in the U.S. (split into monthly $15 credits plus a $20 bonus in December)*
- Potential Value: $200
- My Breakdown: I don’t take Uber often, but there are some months where I do use the $15 credit on an Uber ride. If I’m not going to use the Uber credit on a ride, then I will use Uber Eats (pickup rather than delivery) to get a takeout meal. I don’t consider using the credit on Uber Eats to be full value (since I probably wouldn’t have ordered takeout from a restaurant otherwise), but it is reasonably close.
- Actual Value For Me: $175 ($25 discount for times when I use it on Uber Eats pickup)
Up to $189 in statement credits to cover your Clear Plus annual membership*
- Potential Value: $189
- My Breakdown: Clear is a service that makes it easier when you are using certain airports or are at certain events. Rather than having to take out your ID, you can use your fingerprint/eye scan to prove your identity instead. It is not a huge value add (and I definitely wouldn’t pay $189 for it without the credit), but it is nice to have if the airports/stadiums by you are partnered with Clear.
- Actual Value For Me: $10 (the actual amount I would consider paying for Clear)
Up to $240 in annual digital entertainment credit, disbursed as up to $20 monthly statement credits when you pay for eligible purchases with the Amex Platinum at eligible partners*
- Potential Value: $240
- My Breakdown: Digital entertainment credit seems like it would be an easy one to use, but it all depends on your situation (and which streaming services you are already subscribed to). You can only use the credit for select services (Disney/Hulu/ESPN, Peacock, Sirius XM, The New York Times, and The Wall Street Journal). Also, you can only use the streaming credits monthly, which means you can’t use it to pay for reduced fee annual plans. As a huge sports fan though, Peacock has been a necessity for me to have with NFL games, tennis events, the Olympics, etc.; so, it is worth a bit for me to pay the $11.99 Peacock Plus fee. It is feasible that this credit could be worth anywhere from $0-$240 for different consumers.
- Actual Value For Me: $120 (I get some value from Peacock, but using it on anything else would be a nice to have and not a must-have)
Up to $300 in annual Equinox credit on Equinox gym and Equinox+ app memberships (subject to auto-renewal)*
- Potential Value: $300
- My Breakdown: I am not an Equinox member, and not a fitness class fan, so I get no value from this credit. If you are an existing member though, or use the Equinox+ app, it could provide the full $300 value.
- Actual Value For Me: $0
Up to a $155 statement credit that covers the cost of a monthly Walmart+ membership when paying with the Amex Platinum (subject to auto-renewal). Plus Ups are excluded.
- Potential Value: $155
- My Breakdown: I was not a Walmart+ member before getting the Amex Platinum, but I did sign up after getting the card. Having a Walmart+ membership gives you benefits like free shipping on select orders, member-exclusive deals, etc; it is similar to having an Amazon Prime membership, and the credit value really depends on how much you shop at Walmart.
- Actual Value For Me: $0 (I don’t think I would pay for Walmart+ without the Amex Platinum, as I don’t shop their enough)
A $100 statement credit for Global Entry every four years or an up to $85 fee credit for TSA PreCheck every 4½ years (depending on which application fee is charged to your card first)
- Potential Value: $100 (every 4 years)
- My Breakdown: I already had Global Entry before the Amex Platinum, so my fee won’t be charged until it renews. However, Global Entry is a game-changer if you travel internationally enough, and it is 100% worth getting in my opinion if you don’t already have it. The convenience it provides (particularly getting TSA Precheck every time I fly) means I will be renewing it every period.
- Actual Value For Me: $25 ($100 every 4 years)
Up to a $100 annual Saks Fifth Avenue credit, split into two up to $50 statement credits between January and June, then July through December*
- Potential Value: $100
- My Breakdown: Saks Fifth Avenue is known for being a luxury store. However, they do have some items for under $50 that you may find useful (certain brands of socks, underwear, tech gadgets, etc.); I wouldn’t shop at Saks without the $50 credit, but I do find there are some things I buy elsewhere for similar prices.
- Actual Value For Me: $30 (I wouldn’t shop at Saks otherwise, but using the $50 credit doesn’t feel like buying something just for the sake of utilizing the credit).
Access to the American Express Global Lounge Collection, including Centurion Lounges, Priority Pass lounges, Airspace lounges, Escape lounges, Plaza Premium lounges and Delta Sky Clubs (when traveling on same-day Delta flights; limited to six annual visits from Feb. 1, 2025)*
- Potential Value: ???
- My Breakdown: I’m someone who likes to get to the airport at the absolute last minute; however, there are times when I am traveling with others (or have a lack of precisely timed transportation options) means that I need to get to the airport early. Having access to the American Express Centurion lounges (and some affiliated lounges) makes it much more palatable for me to get to the airport early. The food at the Centurion lounges is quite good (not restaurant quality, but probably better than what you have at home); it is a nice option to have rather than rushing to eat a meal before going to the airport. There are probably some travelers who receive an enormous benefit from the Centurion lounges because of the alcohol; however, as a non-drinker myself I only really value the food/nice place to stay at the airport.
- Actual Value For Me: $200? (without the Amex Platinum, I would be willing to pay $10 to visit the lounge, and I go to the airport early ~20 times/year, which is how I estimated this $200); however, it is hard to put an exact number on it, and the value of the Centurion lounges varies immensely based on your travel preferences and how often you are flying.
Benefit Value for Me: $740 without the Centurion Lounges, $940 with the Centurion lounges
Final Verdict: There are more benefits to the Amex Platinum than what I listed; however, these are very hard to quantify benefits such as Gold status with Hilton/Marriott, status with Hertz/Avis/National, trip cancellation/delay, extended warranty/purchase protection. This is how I came up with the list of benefits that I could easily quantify (apart from the Centurion lounges). As you can see, I value the benefits as somewhere between $740-$940, which is more than the $695 annual fee of the card. Alongside the signup bonus, this made it a relatively straightforward decision for me to get the card. Everyone’s financial situation is different and the true value of the card also depends on other factors (whether you pay off the balance every month, how much you value Amex points at, how you plan to use the card, etc.). The point of this article was not to say whether or not you should get the Amex Platinum, but instead explain my rationale for getting the card and why I felt it was worth it for my situation.
If you have any questions, feel free to email me at [email protected] or follow me on Twitter @mymoneylessons. I would love to hear your feedback on this article and whether or not you found it helpful, as well as any ideas for future articles you would like to see!
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