Platinum Card® from American Express benefits: Loads of perks and benefits

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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.

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.

It’s important to approach this card 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.

The most exciting Platinum Card® from American Express benefits

American Express Global Lounge Collection memberships

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 and Priority Pass™ lounges.

Airport and airline credits

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.

On the other hand, combining Clear® with Global Entry or TSA PreCheck® could help you breeze through airport security.

Uber Cash

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.

Digital entertainment credit

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.

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

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.

On top of the hotel credit, you’ll be eligible for room upgrades, early check in and other bonuses with Fine Hotels + Resorts properties.

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

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.

Shopping perks

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).

Cellphone protection

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.

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.