Platinum Card® from American Express benefits: Worth an estimated $4,293

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The Platinum Card® from American Express is worth an estimated $4,293 per year as of May 2022, based on Credit Karma’s Total Benefit Value

This makes it the second-most valuable premium rewards card in our rankings.

The Platinum Card® from American Express stands out for its exclusive airport lounge access, but it comes with plenty spending credits and memberships that can help you get value from the card.



The 5 most exciting Platinum Card® from American Express benefits

American Express Global Lounge Collection memberships: $1,365

The Platinum Card® from American Express is perhaps best known for its world-class airport lounges. If you want to maximize the lounges available to you at any airport you may visit, this card is well worth a look.

You’ll have access to more than 1,400 airport lounges around the world through the American Express Global Lounge Collection network, including …

  • The Centurion Lounge
  • The International American Express Lounges
  • Priority Pass™ lounges
  • Lufthansa airport lounges
  • Escape Lounges
  • Plaza Premium lounges

You can use these airport lounges to relax and recharge before your flight with complimentary food and drinks. They may also offer phone booths and work spaces, and some lounges even provide showers if you want to freshen up.

The Platinum Card® from American Express has built much of its reputation on the quality and variety of its airport lounges — it’s what differentiates the card from the competition for many people. The card comes with many other credits and benefits that can help you get value for the annual fee, but this benefit is the one that carries the most excitement on its own.

Airport and airline credits: $404

The Platinum Card® from American Express features three credits for frequent flyers.

You’ll be eligible for a $200 airline incidental fee credit, a $189 Clear® credit, and a credit for up to $100 for a Global Entry or TSA PreCheck® application fee every four years (or 4.5 years if you opt for TSA PreCheck).

Unfortunately, you must choose one qualifying airline for the incidental fee credit, and it can’t be used to book your ticket or upgrade your seat. Some people might have a hard time using all $200 of the credit on purchases like baggage fees and in-flight drinks, but the value is straightforward for those who take full advantage.

On the other hand, combining Clear with Global Entry or TSA PreCheck could help you breeze through airport security. The $189 Clear credit covers the annual membership cost, and the service will help you skip through the document-check portion of the TSA security line. Meanwhile, a Global Entry or TSA PreCheck membership can speed up the physical security portion of the process.

Uber Cash: $200

With the Platinum Card® from American Express, you’ll get a total of $200 each year in Uber Cash.

Unfortunately, you can’t use your Uber Cash all at once. It’s split up into $15 monthly increments (plus an extra $20 in December), and a leftover balance won’t carry over to the next month if you don’t use it.

Still, we appreciate how practical this monthly Uber Cash credit is — you can use it to pay for everyday purchases like rideshares and food deliveries. Given the common cost of a ride or food delivery, you might use up the full credit by using Uber just once a month.

But if you end up using Uber only because of this credit, you might end up spending more than the credit covers.

Digital entertainment credit: $240

The Platinum Card® from American Express also offers a $240 digital entertainment credit.

The digital entertainment credit is once again split up into $20 monthly increments that don’t carry over from month to month. But the credit can apply to multiple subscriptions, so it’s a great value for people who subscribe to services like The New York Times, Hulu, Disney+, ESPN+ and SiriusXM.

Unfortunately, you won’t be able to apply it to all popular streaming services, so it’s worth checking the official list to see if your favorite apps are covered.

Hotel credits and perks: $850

The Platinum Card® from American Express could also take your hotel experience up a notch with several perks at participating hotels.

You’ll receive a $200 hotel credit each year when you book a prepaid stay through American Express Travel at a property owned by Fine Hotels + Resorts® or The Hotel Collection. It might not be easy finding one of these luxury hotels for less than $200 per night, and earning the credit via The Hotel Collection requires a two-night minimum stay. But the savings can help make one of these hotel stays more affordable.

On top of the hotel credit, you’ll be eligible for room upgrades, early check in, late checkout, complimentary breakfast and other bonuses with Fine Hotels + Resorts properties. But keep in mind that the value you get from all these benefits will vary by location.

When you stay at properties owned by The Hotel Collection, you’ll get an additional experience credit worth $100, which can be used on spa treatments and similar amenities.

On top of these credits, the card makes you eligible for complimentary Marriott Bonvoy™ Gold Elite status and Hilton Honors Gold status.

More Platinum Card® from American Express benefits

The benefits above might be the headliners for the Platinum Card® from American Express, but there are plenty of other ways to get value from the card (to the tune of $1,294), depending on your preferences and habits. Here are a few.

Fitness credits

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 a digital Equinox+ or physical club membership, plus a $300 SoulCycle credit each time you purchase an at-home bike (which is only eligible to people with an Equinox+ membership).

These benefits can be great for fitness enthusiasts who already use Equinox and SoulCycle, but the cost of membership with these brands dwarf the value of the credits. So the value you’d get from this benefit is tied to your interest in exercising with these specific brands.

Shopping perks

The Platinum Card® from American Express gives you a handful of shopping perks at specific stores.

You’ll get a monthly statement credit for the full $12.95 cost of Walmart+, which offers free shipping and deliveries on eligible orders and a subscription to Paramount+, among other perks.

You’ll also get $50 in Saks statement credits semiannually (for a total potential value of $100 per year) and complimentary membership (with enrollment) with ShopRunner, which offers free two-day shipping at participating online stores.

As with many other benefits offered by the card, the value of these benefits comes down to how often you shop with these particular brands.

Cruise discounts

The Platinum Card® from American Express doesn’t only offer travel discounts with airlines and hotels.

Thanks to the Cruise Privileges Program, you’ll receive up to $300 per cruise in shipboard credits that you can use on partner cruise lines like Royal Caribbean, Princess Cruises, Celebrity Cruises, Norwegian Cruise Line and Holland America Line.

If you enjoy cruises, this credit could make your trip even better.

Car rental discounts

The Platinum Card® from American Express entitles you to discounts on rental cars.

Cardholders can obtain elite status with Avis, Hertz, and National Car Rental, via enrollment through American Express. This status might make you eligible for discounts, upgrades to a nicer car, and shorter wait times at the rental agencies.

Cellphone protection

The Platinum Card® from American Express also provides cellphone insurance.

When you pay your monthly phone bill with your card, you’ll be covered for up to $800 per claim (with a $50 deductible) if your phone is stolen or broken.

International airfare discounts

The Platinum Card® from American Express could help you save money on a nicer seat.

Through the International Airline Program, you’ll receive discounts on first-class, business-class and premium-economy seats on select international flights that you book through American Express Travel.

Private jet discounts

Not every premium travel card offers a true luxury experience, but there’s nothing more elite than a private jet. To that end, the Platinum Card® from American Express gives you discounts on flights with Wheels Up, a charter jet company.

Of course, discounts don’t make a private jet 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.

Consider this perk a sign of just how deep the benefits of the Platinum Card® from American Express go, rather than a must-use benefit for all cardholders.

Is the Platinum Card® from American Express worth the annual fee?

The Platinum Card® from American Express charges a $695 annual fee, which is on the high side, even for a premium rewards card. But it’s hard to beat for the sheer scope of benefits offered.

With a $4,293 Total Benefit Value, the Platinum Card® from American Express could easily pay for itself. There are plenty of different ways to get value, from its best-in-class airport lounge memberships to lucrative shopping and entertainment credits.

But unlike some other cards, the Platinum Card® from American Express gets much of its value from specific, branded credits that won’t appeal to everyone. For instance, even the most committed fitness enthusiasts might not be able to use the Equinox credit, and not everyone uses Uber often enough to take advantage of the monthly credits.

More than with most cards, it’s important to approach the Platinum Card® from American Express with a plan for which benefits you want to use and how you intend to use them. If you do, you could end up earning enough value to justify the big annual fee — and then some.

Alternatives to the Platinum Card® from American Express

We understand the Platinum Card® from American Express isn’t for everyone. If you’re still interested in getting a premium rewards card, here are a few more that might be a better fit.


About the author: Tim Devaney is a personal finance writer and credit card expert at Credit Karma. He’s a longtime journalist who prides himself on being a good storyteller who can explain complex information in an easily digestible wa… Read more.