Is The Amex Platinum Worth The Yearly Fee?

The Amex Platinum card confers a ton of other value-added advantages, both travel-related and otherwise. They include:

• $300 Equinox credit. Receive credits up to $25 monthly toward the cost of eligible Equinox memberships with enrollment.
• $300 SoulCycle credit. Receive up to a $300 credit applied to a single purchase of a SoulCycle at-home bike.
• $240 digital entertainment credit. Receive up to $20 monthly toward the cost of select digital entertainment subscriptions including The New York Times, Hulu and others. Enrollment required.
• $200 annual airline fee credit. Get up to $200 in airline fee statement credits for travel incidentals such as checked bags and seat selection. This benefit is for an eligible airline you select at the beginning of each year (enrollment required).
• $200 hotel statement credit: Earn up to a $200 hotel statement credit toward Fine Hotels + Resorts® or The Hotel Collection bookings made with American Express Travel. The Hotel Collection requires a minimum stay of two nights.
• $200 annual Uber Cash: Link your card to your Uber account and enjoy up to $15 per month (up to $35 in December) in Uber Cash toward U.S. Uber rides and U.S. Uber Eats orders. Terms Apply.
• $189 CLEAR® Plus credit. Earn up to $189 for reimbursements toward CLEAR® Plus annual membership fees.
• $155 Walmart+ credit. Receive a statement credit equal to the cost of your monthly Walmart+ subscription when you charge the cost to your Platinum card.
• $100 in Saks Fifth Avenue credits. Receive up to $50 in statement credits twice per year with enrollment—once between January and June, and again July through December.
• Global Entry or TSA PreCheck® application fee credit. Receive a statement credit of up to $85 for TSA PreCheck or up to $100 for Global Entry.
• Access to airport lounges. Cardholders can enjoy a Priority Pass Select membership (enrollment required) as well as entry into Centurion and Centurion Studio lounges, Delta Sky Clubs when flying Delta (effective 2/1/25, American Express Platinum card members will receive 10 Delta Sky Club visits per year; unlimited visits can be earned when total purchases exceed $75,000 in 2024 and each calendar year thereafter) or select Lufthansa lounges when flying Lufthansa.
• Hotel elite status. Enroll for automatic Gold elite status with the Hilton Honors and Marriott Bonvoy programs.
• Car rental privileges. Get elite status with Hertz Gold Plus Rewards, Avis Preferred Club and National Emerald Club with enrollment.
• International Airline Program. Enjoy special pricing on premium economy, business and first class tickets with over 20 partner airlines.
• Consumer protections. Purchase protection¹ against damage or theft on new items, as well as extended warranties¹ on eligible items that come with a manufacturer’s warranty. Terms apply.
• Travel insurance perks. Qualify for benefits like trip cancellation and interruption insurance², baggage insurance¹ and car rental loss and damage insurance³.
• Platinum Card Concierge service. Get help with dining and travel arrangements, shopping and more.
• Access to By Invitation Only® events. Exclusive access to one-off cardmember experiences, including private dinners with world-renowned chefs.

With so many premium perks, the Amex Platinum can easily pay for itself every year, even if you can’t take full advantage of all of them. But with such a steep annual fee, the card is best suited for people who travel at least a few times a year and can consistently use enough of the card’s benefits to make the yearly cost worthwhile.

Even if you don’t max out all of the card’s perks, getting VIP treatment at the airport, car rental agency and hotel can make the card a handy travel companion.

Keep in mind that many of the card’s benefits require a little legwork to maximize. To determine if the card is worth it for you, review the terms for each perk to gauge how much effort you’d need to get the promised value, whether you’re willing to make that effort and if the benefit is one you’d use.

Before you apply for The Platinum Card® from American Express, it’s important to consider both the benefits and potential drawbacks of the card.

Pros

• Laundry list of perks. The Amex Platinum Card’s benefits can feel overwhelming, but in a good way. There are so many options to gain value from the card, even if you’re not a frequent traveler.
• Comprehensive airport lounge access. The Platinum Card® from American Express isn’t the only premium travel credit card that offers complimentary airport lounge access. But it provides access to more lounge networks than any of its competitors.
• Potential for high-value redemptions. With several airline and hotel transfer partners, American Express provides cardholders with an opportunity to get a lot of value out of their Membership Rewards points.

Cons

• Steep annual fee. Even if you can maximize the value of the card’s perks, you’ll still need to pay the annual fee every year. Depending on your budget, that could present a challenge.
• Limited rewards-earning opportunities. The card offers incredible rewards on eligible flight and hotel bookings, but all other purchases will net you just 1 point per dollar. Compared to other premium travel credit cards, you’ll have less rewards earning potential with the Platinum Card.
• Maximizing some perks can be challenging. Amex puts a lot of limitations on its various statement credits, which could make it difficult—or even impossible—for some people to make the most of the card’s benefits.

The Platinum Card® from American Express may or may not be the right fit for you. Here are some scenarios where it could make sense.

1. You Want a Huge Welcome Bonus

The card offers an impressive welcome bonus. New cardholders can earn 80,000 Membership Rewards Points after spending $8,000 on purchases on the card in the first 6 months of card membership.

That’s worth hundreds if you redeem your rewards with American Express. You could potentially get even more value, if you transfer and redeem your rewards with one of the card issuer’s travel partners.

2. You’re a Frequent Traveler

Those who travel regularly are likely to unlock the most value because the card’s benefits can touch just about every aspect of your trip—from the airport to the car rental agency and the hotel.

3. You Can Maximize the Lifestyle Benefits

Even if you don’t travel several times a year, you can still get a solid return from the card’s lifestyle benefits, which range from shopping to digital subscriptions and wellness.

4. You Can Afford the Annual Fee

The Amex Platinum Card’s annual fee is one of the highest on the market. While it can be easy for some cardholders to get that value back each year, it’s still important to budget for the yearly $695 charge.

5. You Can Pay Your Bill in Full Every Month

With The Platinum Card® from American Express you’re required to pay your balance in full every month. Although Amex allows cardholders to pay certain purchases over time, paying in full every month can help you avoid interest charges and make the most of the card’s value.

The Amex Platinum requires good to excellent credit for approval. American Express also considers other factors beyond your credit score, such as your debt-to-income ratio and prior history with Amex.

With the card issuer’s Apply With Confidence feature, you can know if you’re approved for the card with no impact on your credit score. However, your credit score may be impacted if you are approved and choose to accept the card.

The new application experience is available for individuals applying for a U.S. personal card via Forbes Advisor, at AmericanExpress.com/us/credit-cards, or by calling American Express and is not available if you apply for a card after you log into an existing account.

Chase Sapphire Reserve®*

Like The Platinum Card® from American Express, the Chase Sapphire Reserve®* offers complimentary airport lounge access—though only through Priority Pass—and an annual travel credit. The Sapphire Reserve’s travel credit is broader, making it easier for you to use it up completely every year. However, unlike the Amex Platinum, the Sapphire Reserve comes with fewer statement credit offers and lifestyle benefits.

In addition to Global Entry and TSA PreCheck, the Sapphire Reserve allows you to apply your application fee credit to NEXUS, which could make it a better fit for people who frequently travel to Canada.

On the rewards front, the Sapphire Reserve offers more earning potential on everyday spending than the Amex Platinum. On top of bonus rewards on flights, hotels and rental cars, you’ll also earn bonus points on dining purchases.

The Sapphire Reserve offers a welcome bonus of 60,000 bonus points after spending $4,000 on purchases in the first 3 months from account opening. Points are worth more when redeemed for travel through Chase Travel℠, which nets you 1.5 cents per point in value. You can also transfer your points to several airline and hotel loyalty programs at a 1:1 ratio.

Capital One Venture X Rewards Credit Card

One of the more affordable premium rewards cards, the Capital One Venture X Rewards Credit Card (rates & fees) charges a $395 annual fee. It doesn’t take much legwork to make up for it because the card offers a $300 annual credit for Capital One Travel bookings and an annual 10,000-mile bonus after renewal (worth $100 toward travel).

The card also offers better rewards, giving cardholders 2 miles per dollar on all eligible purchases, 5 miles per dollar on flights booked through Capital One Travel, 5 miles per dollar on Capital One Entertainment purchases through 12/31/25 and 10 miles per dollar on hotels and rental cars when booking via Capital One Travel. While your miles aren’t necessarily more valuable, you’ll get more flexibility with how you can redeem them for travel.

The Venture X also offers access to Priority Pass Select lounges, Plaza Premium lounges and Capital One lounges, giving cardholders more options than many premium credit cards. However, that still pales in comparison to the lounge access the Platinum Card offers.

And again, in terms of statement credits, elite status and lifestyle perks, The Platinum Card® from American Express comes out the winner.

Chase Sapphire Preferred® Card*

The Chase Sapphire Preferred® Card* isn’t a premium travel credit card, so you won’t get as much in the way of perks. However, if you can’t stomach the steep annual fee of a high-end card, the Sapphire Preferred’s $95 annual fee is much more palatable.

The card does offer an annual $50 statement credit on hotels booked through Chase, solid travel protections and a handful of benefits with partners like Lyft, Instacart and DoorDash. You’ll also get an excellent welcome bonus, solid rewards on travel, dining, online grocery shopping and streaming subscriptions. And if you use your points to book travel through Chase, they’re worth 25% more.

But if you want the gamut of travel benefits a premium credit card can offer, the Sapphire Preferred will fall short of your expectations.

Looking beyond the welcome offer, which is pretty lucrative, you’ll have to map out which of The Platinum Card® from American Express’s perks you’ll be able to utilize and to what extent.

With the card’s many statement credits, you could potentially reap double the annual fee in value before even factoring in benefits like airline lounge access and automatic elite status with travel partners. That’s only if you actually plan to use them though. Someone who won’t take advantage of the majority of these statement credits should skip this card.

On the other hand, if you will utilize its ongoing benefits, such as lounge access, the Fine Hotels + Resorts program, Marriott and Hilton elite status and International Airline Program ticket savings, as well as one or two of the credits, then springing for The Platinum Card® from American Express may be worthwhile.

If you’re on the fence, you might try it out for a year and see how many of its benefits you actually use, all while earning an impressive welcome bonus. When the annual fee comes due again, you’ll be able to make a more educated decision on whether you want to keep it and enjoy the benefits for another year.

To view rates and fees for The Platinum Card® from American Express please visit this page.
¹Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.
²Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.
³Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.