Edited by: Keri Stooksbury
& Kellie Jez
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The Platinum Card® from American Express is arguably the most premium credit card on the market. It grants you access to over 1,400+ airport lounges worldwide, gives you loads of annual statement credits, and earns a whopping 5 points per dollar spent on flights! But on the flip side, the card has a fee that’s nothing to scoff at.
However, even despite the large annual fee, the popular metal credit card still ranks at the top of our writers’ favorite cards. This is largely because the card’s amazing benefits more than outweigh the card’s fee. The benefits aren’t given an exact value by American Express, so it may be hard to gauge if the card actually gives you more than the annual fee in value.
Fear not! We’ve done the hard work and looked through all of the card’s benefits, researched their respective value, and assigned each benefit a price tag. Then, we added it all up and assigned the entire card a value which we’ll reveal at the end of the article.
We’ve split the article into 2 parts: Amex Platinum card-specific benefits and more general benefits like American Express purchase protection and extended warranty.
So without further ado, let’s dive into the value of the Amex Platinum card’s benefits!
Let’s start with the fun stuff first: Amex Platinum card-specific benefits. These include all of the awesome travel perks that are included with the card and is where the card’s real value is seen. Think of things like lounge access, hotel status, and more.
Here’s a quick summary:
|Amex Platinum Benefit
|Welcome Bonus Offer: Earn 80,000 points after spending $8,000 on purchases in the first 6 months.
|Worldwide Airport Lounge Access
|American Express Fine Hotels and Resorts Access
|Complimentary Hotel Elite Status and Complimentary Rental Car Status
|Insurance & Card Protections
|$695 (rates & fees)
Note: some benefits require enrollment through your American Express account. Terms Apply.
*The bonus value of the welcome offer as well as the value of benefits are an estimated valuation calculated by UP after analyzing redemption options, transfer partners, award availability and how much UP would pay to buy these points.
We value Membership Rewards points at 2.2 cents apiece. This means that your welcome bonus could be worth up to $2,200, covering your annual fee for over 3 years, if you take advantage of the 100,000-point welcome bonus.
See below for the current welcome bonus and our valuation:
The Amex Platinum reigns supreme for luxury travel, offering the best airport lounge access plus generous statement credits, and complimentary elite status.
If you're approved and accept this Card, your credit score may be impacted.
When it comes to cards that offer top-notch benefits, you’d be hard-pressed to find a better card out there than The Platinum Card® from American Express.
Make no mistake — the Amex Platinum card is a premium card with a premium price tag. With amazing benefits like best-in-class airport lounge access, hotel elite status, and tremendous value in annual statement credits, it can easily prove to be one of the most lucrative cards in your wallet year after year.
Hot Tip: Check to see if you’re eligible for a welcome bonus offer of up to 125k (or 150k) points with the Amex Platinum. The current public offer is 80,000 points. (This targeted offer was independently researched and may not be available to all applicants.)
Airport lounge access is one of the main selling points of the Amex Platinum card. Cardholders have access to 8 different types of airport lounges including:
However, each of these lounges has different rules around entry which affects how we value said lounge access. We’ve outlined each of these access rules as well as some general info about each of these lounges below and assigned a value to each type of lounge.
Note that the values we’ve assigned to each lounge network are based on moderate usage. Obviously, you’ll get more value out of Delta Sky Clubs if you fly Delta frequently, but you may get little-to-no value if you only fly the airline once a year. With this in mind, you may want to assign your own subjective value to each lounge network.
Overall, we value the Amex Platinum card’s lounge access at $1,000 given our valuations. Here’s the breakdown:
American Express has added Centurion Lounges to a variety of airports around the world, with a strong focus on the U.S. These lounges are meant to be a step above offerings from domestic airlines, offering chef-curated food, high-end cocktails, and posh furniture and aesthetics. You’ll find locations for these lounges both domestic and abroad.
Each of these lounges curates its food and drink offerings around the city it’s located in. For example, you might find local craft beers at the bar and a dish that the town is known for (think BBQ in Dallas) in the kitchen. This gives each Centurion Lounge a unique feel, so you’ll undoubtedly want to see them all.
You’re required to present your Amex Platinum card, government-issued ID, and valid boarding pass when entering a Centurion Lounge. You can arrive at the lounge up to 3 hours before your flight is scheduled to depart, or whenever you’d like if you’re on a layover.
We value Centurion Lounge access at $250 for anyone with moderate travel habits. Many U.S. hubs already have Centurion Lounges, and more are in the process of being built, so you’ll have many opportunities to check them out during your travels. Plus, if you have a Centurion Lounge at your home airport, you may value this perk even more highly.
Amex Platinum cardholders can access all Delta Sky Club locations when flying on a Delta-operated flight. There are more than 50 Sky Club locations worldwide, with international locations in Santiago (SCL) and Tokyo-Narita (NRT). At this time, cardholders cannot bring guests into the lounge for free; all guests are charged at a rate of $29 per person.
Hot Tip: Often fly with the same guest? Make them an authorized user on your Amex Platinum card — they can use the authorized user card to access the Delta Sky Club for free, too.
Each of these lounges offers complimentary food, beverages, alcohol, and Wi-Fi. Some even have showers, rooftop lounges, and premium drinks for purchase. These are great places to catch up on work before a long flight or grab a snack before you jet off to a meeting or vacation.
The value of this benefit largely depends on how often you fly Delta Air Lines. However, frequent Delta flyers will get lots of value from this perk — especially if flying solo for business. For moderate Delta flyers, though, we value this lounge access at a conservative $200.
Escape Lounges – The Centurion Studio Partner can be found in a variety of airports in the U.S. and U.K.
Amex Platinum cardholders receive unlimited access to all U.S. locations, which are generally found in smaller airports like Oakland (OAK), Columbus (CMH), Ontario (ONT), and Providence (PVD). These lounges are pretty standard and offer free snacks, drinks, and alcoholic beverages.
Hot Tip:Amex Platinum cardholders can bring up to 2 guests with them to Escape Lounges. Consider using the Escape Lounge as an alternative to Delta Sky Clubs at Minneapolis (MSP) when traveling with a companion to avoid the $29 Sky Club companion fee.
We value this benefit at $50, but it can obviously be significantly more valuable if you live near an airport with an Escape Lounge. However, for the majority of travelers, having access to lounges at smaller airports is not of significant value.
Note that you’ll need your Amex Platinum card, boarding pass for any carrier, and a government-issued ID to access Escape Lounges in the U.S.
Plaza Premium Lounges is a Hong Kong-based lounge network with dozens of worldwide locations. These lounges are similar to the Centurion Lounges in that they have upgraded food and drink offerings, but stop short of having chef-curated food. However, these lounges are still an excellent place to stop before a long flight and grab a snack or full meal.
You can access any Plaza Premium Lounge with a boarding pass and your Amex Platinum card. Plus, you can bring up to 1 guest with you, letting you share the pre-departure experience with a friend or family member.
With all of this in mind, we value access at $100 per year — while the lack of U.S. locations makes it hard to use, you’ll undoubtedly find value in the Plaza Premium Lounge when traveling abroad.
Priority Pass is the world’s largest airport lounge network with over 1,400 lounges in operation worldwide. This vast network of lounges has locations in the U.S. and abroad, with lounges in some of America’s busiest airports like Atlanta (ATL), Los Angeles (LAX), and New York (JFK).
Amex Platinum cardholders have unlimited access to all of these lounges and can bring 1 guest with them at any time. Like accessing American Express’ in-house lounges, you don’t need to fly a specific airline to access these lounges, but you do need a same-day boarding pass.
Note that you need to manually enroll in Priority Pass Select before you can access these lounges. You can do this on the Benefits page of your Amex Platinum card’s page on the American Express website. You’ll be mailed a Priority Pass card after enrollment.
We value this Priority Pass Select membership at $250 for moderate use. When traveling abroad, you’ll find Priority Pass lounges at most airports, so you’ll almost always have a nice place to relax before a long flight.
Note: The Amex Platinum card’s Priority Pass memberships no longer include Priority Pass restaurant access (“non-lounge airport experiences”).
Amex Platinum cardholders receive complimentary access to select Lufthansa Business Class lounges. If the cardholder is flying business class, they’ll have access to the more premium Lufthansa Senator Lounges.
Like Sky Club access, you can only access these lounges if you’re flying on a Lufthansa group flight. This includes flights on Austrian Airlines, Lufthansa, and SWISS. Further, since this perk only applies to a limited number of Lufthansa lounges and only “select locations” allow guest entry, we give it a valuation of $50 per year.
JFK’s Clubhouse is only open/accessible to eligible Amex cardholders from 5 a.m. to 8 a.m. daily.
Amex Platinum card includes a $200 airline incidental fee credit towards fees incurred on an airline of your choice. This can be things like seat selection fees, lounge passes, and checked bag fees — but there are some other interesting uses, too.
Just select an airline on your card’s Benefits page and charge the eligible purchase to your Amex Platinum card. Then, the charge will be credited back to your card in 4 weeks.
Because of the wide array of ways that you can use this fee credit, most frequent travelers shouldn’t have an issue spending it down. Because of this, we value the benefit at its face value of $200 for most travelers.
Amex Platinum cardholders will receive up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts or The Hotel Collection bookings, which require a minimum two-night stay, through AmexTravel.com when you pay with your card.
Bookings through The Hotel Collection receive premium benefits on stays of at least 2 nights at select properties across the globe. When booking through Fine Hotels & Resorts, you’ll receive elite benefits and perks at over 1,000 luxury hotels worldwide, but with no minimum stay requirement.
Your reservation must be paid for with an American Express card, and the cardholder must travel on the booked itinerary to receive the stated benefits.
American Express also includes a $100 annual Saks Fifth Avenue credit. $50 of this credit can be used January to June, and the other $50 can be used during the second half of the year.
Once you enroll in the benefit on the Benefits section of your Amex Platinum card’s page on the American Express website, you can simply charge a Saks purchase to your Amex Platinum card and you’ll be credited up to $50 back on your purchase.
Hot Tip: Use an airline or bank shopping portal (even Rakuten!) to earn extra points on your Saks Fifth Avenue purchases.
Like the airline incidental fee credit, we value this benefit at face value ($100). Saks Fifth Avenue sells a range of clothing and home goods, so you’d be hard-pressed to not find something that you’ll already purchase on its online store. It can also be helpful when purchasing holiday and birthday gifts.
Continuing down the line of credits, the Amex Platinum card includes up to $200 of annual Uber credit to all of its cardholders. These credits are dispersed at a rate of up to $15 per month, with up to $35 in credit being issued in December. This is added directly to your Uber account in the form of Uber Cash after you’ve linked your Amex Platinum card to your Uber account as a payment method.
You can use your monthly Uber credit towards any type of Uber ride or towards Uber Eats meal delivery. Because of this, we also value this benefit at its face value of $200. Uber is available in every major U.S. city, so you’ll be able to use it as you travel for a discounted ride to your hotel, the airport, or home from a long trip.
Cardholders will receive an annual statement credit of up to $300 on the Equinox+ digital fitness app, or eligible Equinox club memberships when you pay with your card. Note that you need to enroll through your American Express account to activate the credit.
If you love to watch TV, listen to audiobooks or satellite radio, or read online, your purchases may now be eligible for a new statement credit!
Your eligible purchase or subscription to Disney+, The Disney Bundle, ESPN+, Hulu, The New York Times, Peacock, SiriusXM, and The Wall Street Journal could have you earn up to $240 in annual statement credits ($20 per month). Similar to the Equinox credits, make sure you enroll so this benefit is active.
The Amex Platinum card earns a whopping 5 Membership Rewards points per dollar on airfare purchases made directly with the airline, up to $500,000 per year.
If you purchase a $500 flight, you’ll earn 2,500 points. Based on our Membership Rewards valuation of 2.2 cents per point, you’d earn $55 in points back on your flight, for a total return of 11% back.
The value of this benefit solely depends on how much you spend on airfare every year. Those that travel frequently for work may get thousands of dollars worth of points from this benefit, while those that just spend a few hundred dollars a year on flights will see less value.
As a result, we’re giving the 5x points benefit a conservative $100 valuation.
You get 2 mid-tier hotel statuses with your Amex Platinum card: Hilton Honors Gold and Marriott Bonvoy Gold Elite. Both of these statuses include premier benefits like upgrade eligibility and bonus points — here’s a look at exactly what both of these hotel statuses include:
These benefits can make a real difference when you stay at Hilton and Marriott properties, especially if you’re lucky enough to score a room upgrade. It also removes the stress of you having to meet stay requirements to gain status, so you can spread your loyalty between Hilton and Marriott and not lose any status perks.
We value this Amex Platinum card benefit at $200 for moderate use. However, if you stay at Hilton or Marriott properties more than a few times per year, you’ll see even more benefit from these status perks.
American Express operates an in-house hotel program called Fine Hotels and Resorts. This program gives you special benefits when booking luxury hotel rooms around the world. These benefits are often Amex-exclusive or are similar to what you’d receive with top-tier hotel elite status.
You’re entitled to the following when booking hotels through Fine Hotels and Resorts:
Additionally, you’ll earn 5 Membership Rewards points per dollar spent when you book through Fine Hotels and Resorts. However, in most cases, you won’t be eligible to use your hotel elite status perks on these stays or earn hotel points, so be sure to compare your elite benefits side-by-side with this program.
The real value of this benefit depends on how often you book Fine Hotels and Resorts rooms, but even using it once will yield a value of at least $150 when you consider the welcome amenity, free breakfast, and possible room upgrades.
Amex Platinum cardholders are entitled to rental car benefits with Avis, Hertz, and National. Avis and Hertz offer special perks and pricing, while National will give you full-blown status with your membership. We’ve outlined each of these benefits below and broken down its value.
These benefits can be extremely valuable if you frequently rent cars when you travel. To us, the most valuable is the National Emerald Club Executive status perk as it lets you rent any car on the lot for the price of a standard vehicle. This can be a life (and wallet) saver if you need to rent a mini-van, pickup truck, or another more premium vehicle for a specific use.
All in all, we value these rental car perks at $200. You may be able to reap this value in a single rental, too, especially when you consider the fact that you get more than 20% off standard rental rates at Avis and Hertz.
Like many premium credit cards, Amex Platinum card comes up to $100 statement credit for Global Entry or up to $85 for TSA PreCheck application fees every 5 years. Simply charge your application fee to your Amex Platinum card and it will be automatically reimbursed in the form of a statement credit to your account.
If you don’t already have Global Entry, this perk is worth $100 every 5 years.
CLEAR is an expedited security program available at select U.S. airports and stadiums. Amex Platinum cardholders now receive an annual statement credit for a CLEAR Plus membership.
Amex Platinum cardholders can access American Express’ International Airline Program. This little-known program lets cardholders access special discount fares when booking international premium economy, business, and first class tickets on select carriers through AmexTravel.com.
The discount you’ll receive depends on the type of ticket you book. For our example search, we looked for a round-trip premium economy ticket from New York (JFK) to Madrid (MAD).
The non-stop option on Iberia costs $1,903 when booked through Google Flights, or just $857 when booked through the International Airline Program. This means the program saves Amex Platinum cardholders nearly 55% on their ticket, which is an absolutely incredible deal.
This is the most extreme example we were able to find though. We also looked for tickets from Newark (EWR) to London (LHR) in business class on the same dates. A nonstop flight on British Airways cost $5,215, while the International Airline Program had tickets for $4,227. This resulted in an $898 (17.5%) discount on the trip, which is still a very good deal.
The International Airline Program currently partners with the following airlines:
The value of the International Airline Program benefit really boils down to how often you use it. If you frequently pay for premium tickets, then you could get thousands of dollars in value per year.
However, if you never pay for premium airfare, you’ll get no value. So with that in mind, we’ll leave it up to you to assign your own value to this benefit.
Add your card to your Resy profile to unlock access to special dining experinces (like access to premium events), exclusive reservations at top restaurants across the globe, and access to benefits like priority notify and VIP status.
Enjoy a discount on your Wheels Up membership — 20% off for Wheels Up Connect and 40% off for Wheels Up Core.
Additionally, you can receive a $500 or $2,000 credit towards your initial flight within your first year (depending on membership).
Beyond travel benefits, holding an Amex Platinum card entitles you to an array of purchase and travel protection benefits. All of the benefits we’ve outlined below apply to all of the purchases you make on your Amex Platinum card (unless specifically excluded in the terms and conditions).
Here’s a look:
All purchases you make with your Amex Platinum card are eligible for an extended warranty from American Express. If the product you purchase has a standard warranty of 5 years or less, American Express will add a year of coverage on top of the standard warranty.
This warranty will cover up to $10,000 per item with a maximum of $50,000 in claims annually. This benefit can be extremely beneficial for big-ticket purchases like computers and TVs, so make sure that you charge these items to your Amex Platinum card to protect your purchase.
We’ll value this benefit conservatively at $100 for the purpose of this article. This is because you’re not super likely to actually have to use this benefit, but it can be a huge help when you do need it.
All purchases made with your Amex Platinum card are eligible for return within 90 days of purchase. If the store you make a purchase from won’t accept your return, American Express will cover up to $300 per item for a total of $1,000 in reimbursements per calendar year. We value this benefit at $100 if used at least once.
We’ve all done it: you bought a new cell phone and dropped it 2 weeks after you took it out of the box. Now, you’re liable for a $250 replacement screen. That is, if you didn’t charge the purchase to your Amex Platinum card.
The Amex Platinum card protects eligible purchases from theft and accidental damage for 90 days from your original purchase date. This covers up to $10,000 per incident and up to $50,000 per calendar year, so it’s perfect for portable electronics, music equipment, and sporting goods.
We value this purchase protection benefit at $100 because — like the extended warranty — you’re not likely to have to use it often. But if you do, it can quickly become a very valuable benefit.
American Express provides secondary rental car insurance on all rentals charged to your Amex Platinum card. Eligible rentals are covered for theft and damage up to $75,000 without increasing the cost of your car rental — just make sure to decline the damage waiver from the rental car company.
However — unlike the Chase Sapphire Preferred® Card that provides primary insurance — this card only provides secondary coverage, which means it kicks in after your own insurance. This means that you’ll still have to pay your deductible, so consider using another credit card that offers primary insurance for your rentals instead. Because of the secondary coverage, we only value the benefit at $50.
Amex Platinum cardholders now receive up to $1,600 in cell phone protection (2 claims per year with up to $800 for each claim) against theft and damage, including cosmetic damage (like a cracked phone screen). Each claim has a $50 deductible and your monthly phone bill should be paid with your Amex Platinum card to receive coverage.
Amex Platinum cardholders will receive a $12.95 monthly statement credit for a Walmart+ membership, which comes with a number of benefits, including discounted gas and free shipping.
Those who hold the Amex Platinum card can score a $300 discount on each SoulCycle bike purchase in the form of a statement credit when they pay with their card.
Hot Tip: Are you an active-duty member of the military? If so, there are even more benefits that you can enjoy, as eligible military members won’t be charged the annual fee. Read through our guide on the Amex Platinum military benefits for active-duty members.
While it’s no secret that the Amex Platinum card isn’t for everybody, we do think it’s worth it for those that travel with moderate frequency. If you utilize the benefits, we believe that you’ll be able to get over $5,200 in value out of the card. And if you consider the welcome bonus, you’ll come out even further ahead of the fee during your first year.
Sold on the Amex Platinum card? We’ve covered the requirements necessary to apply for the card, and then you can check out our full article on what to do when you first receive your Amex Platinum card. This guide will show you how to properly utilize all of the benefits included with your card, ensuring that you’re not missing any vital steps.
For the extended warranty benefit of The Platinum Card® from American Express when an American Express® card member charges a covered purchase to an eligible card, extended warranty can provide up to one extra year added to the original manufacturer’s warranty. Applies to warranties of five (5) years or less. Coverage is up to the actual amount charged to your card for the item up to a maximum of $10,000; not to exceed $50,000 per card member account per calendar year. Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.
For the return protection benefit of The Platinum Card® from American Express, with return protection, you may return eligible purchases to American Express if the seller won’t take them back up to 90 days from the date of purchase. American Express may refund the full purchase price excluding shipping and handling, up to $300 per item, up to a maximum of $1,000 per calendar year per Card account, if you purchased it entirely with your eligible American Express® Card. Purchases must be made in the U.S. or its territories. Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Please visit americanexpress.com/benefitsguide for more details.
For the purchase protection benefit of The Platinum Card® from American Express, purchase protection is an embedded benefit of your card membership and requires no enrollment. It can help protect covered purchases made on your eligible card when they’re accidentally damaged, stolen, or lost, for up to 90 days from the covered purchase date. The coverage is limited up to $10,000 per occurrence, up to $50,000 per card member account per calendar year. Coverage limits apply. Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.
For the car rental loss and damage insurance benefit of The Platinum Card® from American Express, car rental loss and damage insurance can provide coverage up to $75,000 for theft of or damage to most rental vehicles when you use your eligible card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the commercial car rental company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. geographic restrictions apply. Eligibility 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.
For the cell phone protection benefit of The Platinum Card® from American Express, coverage for a stolen or damaged eligible cellular wireless telephone is subject to the terms, conditions, exclusions and limits of liability of this benefit. The maximum liability is $800, per claim, per eligible card account. Each claim is subject to a $50 deductible. Coverage is limited to two (2) claims per eligible card account per 12 month period. Eligibility 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.
For rates and fees of The Platinum Card® from American Express, click here.
For rates and fees of The Business Platinum Card® from American Express, click here.
For rates and fees of the American Express® Gold Card, click here.
Cardmembers will receive $15 per month of Uber credits and $35 in December. Credits do not rollover so you want to be sure to use them all up each month!
The Amex Platinum card earns points at the following rates:
$695 per year.
Yes, points you earn on the Amex Platinum card can be transferred to many different Amex transfer partners. Alternatively, you can also use your Membership Rewards Points at a fixed redemption rate to purchase flights on any airline through AmexTravel.com.
Yes! Authorized users receive all of the lounge benefits as the primary cardholder. In fact, all authorized users even receive their own Priority Pass card once enrolled on the American Express website.
For a full look at authorized user benefits, check out our complete guide to Amex Platinum card authorized users.
Adding authorized users to your Amex Platinum card costs $195 per card.
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Andrew was born and raised in the Chicago suburbs and now splits his time between Chicago and New York City.
He’s a lifelong traveler and took his first solo trip to San Francisco at the age of 16. Fast forward a few years, and Andrew now travels just over 100,000 miles a year, with over 25 countries, 10 business class products, and 2 airline statuses (United and Alaska) under his belt. Andrew formerly worked for The Points Guy and is now Senior Money Editor at CNN Underscored.
UP's Bonus Valuation
This bonus value is an estimated valuation calculated by UP after analyzing redemption options, transfer partners, award availability and how much UP would pay to buy these points.