In a NutshellThe Platinum Card® from American Express features nearly $2,000 in statement credits along with many other exclusive perks. While that number is eye-popping, you might find some of the card’s benefits difficult to use. Let’s take a closer look to see which ones could help you offset the $695 annual fee.
- You could take home nearly $2,000 in statement credits each year
- You’ll also have access to exclusive perks
- Is the Platinum Card® from American Express worth the annual fee?
You could take home nearly $2,000 in statement credits each year
The Platinum Card® from American Express features a number of popular travel and lifestyle statement credits that could help you offset the annual fee.
Take a look to see which credits match your spending habits.
|$200 airline fee credit||$300 Equinox credit|
|$200 hotel credit||$300 SoulCycle credit|
|$189 Clear® credit||$240 digital entertainment credit|
|Up to $100 credit for Global Entry or TSA PreCheck®||$200 Uber Cash|
|$155 Walmart+ credit|
|$100 Saks credit|
What you’ll get: The Platinum Card® from American Express comes with two fitness credits. You’ll be eligible for an annual $300 Equinox credit to help pay for your gym membership, as well as a $300 SoulCycle credit when you purchase an at-home bike (you’re eligible for the credit for up to 15 bikes).
Our take: Unless you were already planning to join Equinox or SoulCycle, these fitness credits will probably cost you more than they save you. Even after the American Express discounts, you’re still looking at a minimum of $1,600 for a bike, plus $15 per month for a digital membership.
Digital entertainment credit
What you’ll get: The Platinum Card® from American Express offers a $240 digital entertainment credit (up to $20 per month).
Our take: The digital entertainment credit can be used for subscriptions to The New York Times, Audible, Peacock, SiriusXM and The Disney Bundle, which includes Disney+, ESPN+ and Hulu. But you won’t be able to apply it to other popular streaming services, like Netflix, Amazon Prime Video, HBO Max or Apple TV. So the overall value really depends on your entertainment preferences.
Frequent flyer credits
What you’ll get: The Platinum Card® from American Express offers three credits for frequent flyers. You’ll be eligible for a $200 airline fee credit, a $189 Clear® credit and a credit for up to $100 for Global Entry or TSA PreCheck®.
Our take: Unfortunately, the airline fee credit can’t be used to book your ticket or upgrade your seat. So some people might have a hard time using it. But, if you fly with your pet, it can come in handy to cover the fee. And combining Clear® with Global Entry or TSA PreCheck® could help you breeze through airport security.
What you’ll get: The Platinum Card® from American Express features a $200 hotel credit each year when you book a prepaid stay through American Express Travel at a Fine Hotels + Resorts® or The Hotel Collection property. You also might qualify for perks like complimentary breakfast or late checkout.
Our take: Try looking at the Fine Hotels + Resorts® first, because it doesn’t require a two-night minimum stay like The Hotel Collection. Unfortunately, it may not be easy to score one of these luxury hotels for under $200 per night.
What you’ll get: The Platinum Card® from American Express gives you $200 each year in Uber Cash to use toward rides or food deliveries. You’ll get $15 per month, plus an extra $20 in December.
Our take: In some places, you may be hard-pressed to find a ride or order food for less than $15. So you might end up paying more out of pocket than you save. And because your Uber Cash expires at the end of each month, you can’t save up to cover a big purchase.
What you’ll get: Whether you prefer shopping at discount stores like Walmart or high-end retailers like Saks, the Platinum Card® from American Express can help you save. You’ll be eligible for a $155 Walmart+ credit to pay for your $12.95 monthly membership, as well as two $50 Saks shopping credits that you can use at different times of year.
Our take: The Saks credit is great if you shop there all the time. But if you’re not a regular customer, it can be a challenge to find something priced under $50 between January and June for the first credit, and then again between July and December for the second (if you don’t purchase within those time frames, you lose the credit). And if you don’t shop at Walmart, that credit might not appeal to you — but for those that do, it’s a decent benefit.
You’ll also have access to exclusive perks
The Platinum Card® from American Express also offers some exclusive perks you can’t put a dollar figure on.
What you’ll get: American Express has more than 1,400 airport lounges around the world that participate in the American Express Global Lounge Collection® that this card gets you access to, including The Centurion® Lounge locations.
Our take: If you travel often, you might want the Platinum Card® from American Express for the lounge access alone. You’ll enjoy free food, drinks and a quiet place to relax before your flight.
What you’ll get: The International Airline Program offers discounts on first-class, business-class and premium-economy seats on international flights that you book through American Express Travel.
Our take: If you’re tired of being squished in the middle seat and want more legroom, the International Airline Program could help you save money on a nicer seat. But even if you find a great deal, it could still cost considerably more than flying in the main cabin.
Fly on private jets
What you’ll get: American Express partners with Wheels Up, a private jet company, to give you discounts on chartered flights.
Our take: That doesn’t mean it’s cheap. You’ll still be charged thousands for your annual membership and initiation fee, along with booking fees and an hourly rate when you fly. So it’s probably not worth it for most cardholders.
What you’ll get: The Platinum Card® from American Express comes with complimentary hotel status, including Hilton Honors Gold status and Marriott Bonvoy Gold Elite status. You’ll also have access to the luxury brands like The Hotel Collection and Fine Hotels + Resorts® Program, which pampers you with experience credits, late checkout and other perks.
Our take: If you’re planning to stay at one of these hotels, the Platinum Card® from American Express could make your visit even more enjoyable, with perks like free upgrades and late checkout. But it can be hard to find an affordable property in the Hotel Collection or Fine Hotels + Resorts® Program.
What you’ll get: The Platinum Card® from American Express gives you access to the Cruise Privileges Program, which entitles you to exclusive perks and ship credits that you can use onboard partner cruise lines.
Our take: If you enjoy cruises, this could make your trip even better. But if cruise travel isn’t your thing, this won’t be a perk you’re likely to use.
Car rental perks
What you’ll get: American Express partners with National Car Rental to give you discounts on rental cars. You’ll also get executive status in the Emerald Club, which entitles you to car rental upgrades. And you could also qualify for complimentary insurance when you book your car rental with your Platinum Card® from American Express.
Our take: You might be able to find better deals at other car rental companies if you shop around. But the insurance you get if you use your card to book the rental can still help you save money. And you don’t necessarily need to book through National to take advantage of the savings.
Mobile phone protection
What you’ll get: The Platinum Card® from American Express comes with cellphone insurance. You’ll be covered for up to $800 per claim (twice a year) with a $50 deductible when you pay your phone bill with your card.
Our take: This is one of those perks you probably won’t spend much time thinking about. But if you drop your phone — or it’s stolen — you’ll sure be glad you have it.
Is the Platinum Card® from American Express worth the annual fee?
The answer really depends on how much you use the card.
The Platinum Card® from American Express offers nearly $2,000 in statement credits each year, along with a handful of other exclusive benefits. If you make good use of these features, they’ll easily outweigh the $695 annual fee.
Of course, it’s worth asking how often you’ll use these perks. Some of the perks we covered above come with strings attached that make them difficult to use. And there are others you may have no interest in using at all, depending on your lifestyle and personal preference when it comes to travel, shopping, etc.
But if you put in the effort to identify a few benefits that interest you and have a plan for using them, the Platinum Card® from American Express could very well be worth the annual fee.
Not sure if this is the card for you? Read more to find out.
Before making such a big investment, it could be a good idea to learn more about the Platinum Card® from American Express.
- For a closer look at everything this card has to offer, check out our review of the Platinum Card® from American Express.
- See how the Platinum Card® from American Express compares to the American Express® Gold Card and other charge cards from American Express.
- Find out what makes the Platinum Card® from American Express so exclusive.
- You might also be interested in learning more about American Express Membership Rewards.