The Platinum Card from American Express: Do the Perks Justify the Fee?

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On the surface, a card with a $695 annual fee (See Rates & Fees) doesn't just seem extravagant, it might also seem wasteful. However, there's a reason The Platinum Card® from American Express is popular and used by savvy travelers. Let's take a look at what a premium card offers.

Why We Like This Card

• Welcome Offer: 80,000 points after $6,000 spend in your first 6 months. Terms Apply.
• Complimentary access to the Global Lounge Collection which includes 1400+ lounges at 500+ airports and 140 countries.
• Over $1000 worth of credits for various expenses and fees.

How This Card Works

Cardholders earn 5X points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year, 5X points on prepaid hotels booked on American Express Travel, and one point for every dollar spent on eligible purchases. These points can be applied toward travel reservations, gift cards, or other products and services. Cardmembers can also transfer their points to miles with over a dozen different airlines.

(See also: 5 Best Premium Credit Cards)

Welcome offer: Earn 80,000 Membership Rewards® Points after you spend $6,000 on purchases on the Card in your first 6 months of Card Membership. Terms apply.

Over $1000 in Credits

These credits would more than cover the annual fee.

$200 Hotel Credit: Get $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings with American Express Travel when you pay with your Platinum Card®.

$240 Digital Entertainment Credit: Get up to $20 in statement credits each month when you pay for eligible purchases with the Platinum Card® at your choice of one or more of the following providers: Peacock, Audible, SiriusXM, The New York Times, and other participating providers. Enrollment required.

$155 Walmart+ Credit: Cover the cost of a $12.95 monthly Walmart+ membership with a statement credit after you pay for Walmart+ each month with your Platinum Card. Cost includes $12.95 plus applicable local sales tax. 

$200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to your Card.

$200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Uber Cash and Uber VIP status available to Basic Card Member only.

$300 Equinox Credit: Get up to $300 back each year on an Equinox+ subscription, or any Equinox club memberships when you pay with your Platinum Card. Enrollment required. Learn more.

Fee Credit for Global Entry or TSA PreCheck: Card Members can receive up to $85 for TSA PreCheck (every 4.5 years) or $100 credit for Global Entry every 4 years (but not both programs), depending upon the program the Card Member first applies for, for an application fee charged to an eligible Card.

$189 CLEAR® Credit: Breeze through security with CLEAR® Plus at 45+ airports nationwide and get up to $189 back per year on your membership (subject to auto-renewal) when you use your Card.

Other Benefits

Reviewing this card's benefits is like examining a top-of-the-line Swiss Army knife. Along with the standard benefits that American Express is known for, like various travel insurances and purchase protections, this card offers a number of premium perks that you won't find with most other cards. So let me just touch upon what I find to be the highlights, but be advised that it would take me pages to describe everything.

Hilton Honors™ Gold Status and Marriott Bonvoy™ Gold Elite Status. Having gold status at hotel programs gives you exciting perks like upgrades, late checkout, and more. (See also: Best Credit Cards with Free Hotel Status Upgrades)

VIP treatment. Many cards offer some sort of special treatment, but this is the real deal. Membership includes 24/7 access to a personalized concierge service providing a range of services such as travel arrangements, dinner reservations, event ticket bookings, or directions. 

Airport Lounge Access. Get access to over 1,400 airport lounges around the world. Membership in just one of these airport lounge programs can start at $500. Cardholders get access to the Global Lounge Collection, which includes the Centurion lounge network, Delta Sky Clubs, Priority Pass Select, and more. (See also: Best Credit Cards with Free Airport Lounge Access)

Saks Fifth Avenue Credits. Get up to $100 in statement credits annually for purchases at Saks Fifth Avenue on your card. Enrollment required.

Who This Card Is Best For

An ideal user of this card is someone who travels frequently and can use many of the lounge access and travel rewards features of this card. When you think about it, it doesn't take that much business or leisure travel to rack up $200 in fees especially if you frequently use airport lounges.

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

Click here to learn more and apply for The Platinum Card® from American Express today!

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