Why You Don’t Have To Use Every Amex Platinum Credit To Find Lasting Value

If you’re not a frequent traveler jetting off to a new destination every month, you may wonder if The Platinum Card^® from American Express is worth having. While it’s widely recognized as a luxury travel card, it offers an extensive list of useful statement credits and benefits — some of which require prior enrollment.

With its annual membership fee of $695 (rates & fees), it’s understandable that you’d want to make the most of what the card offers. However, we’d argue that you don’t need to maximize every single perk to justify having the Amex Platinum card.

Instead, you can truly focus on the benefits that align with your lifestyle — whether you’re at home or on the go — without feeling overwhelmed. More modest travelers who plan just a few big trips per year can still come out ahead of the $695 annual fee, as we’ll show you below.

Amex Platinum Card Overview

The Amex Platinum card comes with an impressive array of benefits — 2 dozen, to be exact — so we’ve created a comprehensive guide to evaluate and assign value to each one. That said, not all perks offer straightforward, tangible value. Some may require extra effort to fully take advantage of.

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The Platinum Card^® from American Express

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The Amex Platinum reigns supreme for luxury travel, offering the best airport lounge access plus generous statement credits, and complimentary elite status.

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The Platinum Card^® from American Express

The Amex Platinum reigns supreme for luxury travel, offering the best airport lounge access plus generous statement credits, and complimentary elite status.

Welcome Offer

Earn 80,000 Membership Rewards^® Points after you spend $8,000 on eligible purchases on the Card in your first 6 months of Card Membership.

80,000 points

UP's Bonus Valuation*:

$1,760

Annual Fee

$695

APR

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Credit Recommended

Upgraded Points credit ranges are a variation of FICO^®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.

Good to Excellent (670-850)

Why We Like This Card

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.

Pros & Cons

Pros

• The best airport lounge access out of any card (by far) — enjoy access to over 1,400 worldwide lounges, including the luxurious Amex Centurion Lounges, Priority Pass lounges, Plaza Premium Lounges, and many more!
• 5x points per dollar spent on flights purchased directly with the airline or with AmexTravel.com (up to $500,000 per year)
• 5x points per dollar spent on prepaid hotels booked with AmexTravel.com

Cons

• $695 annual fee (rates and fees)
• Airline credit does not cover airfare (only incidentals like checked bags)

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Card Highlights

• Earn 80,000 Membership Rewards^® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership.
• Earn 5X Membership Rewards^® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards^® Points on prepaid hotels booked with American Express Travel.
• $200 Hotel Credit: Get up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts^® or The Hotel Collection bookings through American Express Travel using your Platinum Card^®. The Hotel Collection requires a minimum two-night stay.
• $240 Digital Entertainment Credit: Get up to $20 back in statement credits each month on eligible purchases made with your Platinum Card^® on one or more of the following: Disney+, a Disney Bundle, ESPN+, Hulu, The New York Times, Peacock, and The Wall Street Journal. Enrollment required.
• The American Express Global Lounge Collection^® can provide an escape at the airport. With complimentary access to more than 1,400 airport lounges across 140 countries and counting, you have more airport lounge options than any other credit card issuer on the market. As of 03/2023.
• $155 Walmart+ Credit: Save on eligible delivery fees, shipping, and more with a Walmart+ membership. Use your Platinum Card^® to pay for a monthly Walmart+ membership and get up to $12.95 plus applicable taxes back on one membership (excluding Plus Ups) each month.
• $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to your Platinum Card^®.
• $200 Uber Cash: Platinum Card^® Members can get out and about and explore their local area with $15 in Uber Cash for US rides each month, plus a bonus $20 in December. That can be up to $200 in annual Uber savings. Simply download the Uber app and add your Platinum Card^® to your Uber account to get started. Available to Basic Card Member only. Effective 11/8/2024, an Amex Card must be selected as the payment method for your Uber or Uber Eats transaction to redeem the Amex Uber Cash benefit.
• $199 CLEAR^® Plus Credit: CLEAR^® Plus helps to get you to your gate faster at 50+ airports nationwide and get up to $199 back per calendar year on your Membership (subject to auto-renewal) when you use your Card. CLEARLanes are available at 100+ airports, stadiums, and entertainment venues.
• Receive either a $120 statement credit every 4 years for a Global Entry application fee or a statement credit up to $85 every 4.5 years for a TSA PreCheck^® (through a TSA official enrollment provider) application fee, when charged to your Platinum Card^®. Card Members approved for Global Entry will also receive access to TSA PreCheck at no additional cost.
• Shop Saks with Platinum: Get up to $100 in statement credits annually for purchases in Saks Fifth Avenue stores or at saks.com on your Platinum Card^®. That's up to $50 in statement credits semi-annually. Enrollment required.
• Unlock access to exclusive reservations and special dining experiences with Global Dining Access by Resy when you add your Platinum Card^® to your Resy profile.
• $695 annual fee.
• Apply with confidence. Know if you're approved for a Card with no impact to your credit score. If you're approved and you choose to accept this Card, your credit score may be impacted.
• Terms Apply.

Financial Snapshot

• APR: See Pay Over Time APR
• Foreign Transaction Fees: None

Rewards Center

American Express Membership Rewards

Below, is a preview of the Amex Platinum card’s benefits. Fair warning: It’s a monstrous list and can look more like a coupon book:

• 5x points for flights booked directly with airlines or AmexTravel.com (up to $500,000 per calendar year) and on prepaid hotels booked with AmexTravel.com
• Access to 1,400+ lounges worldwide: Receive access to Centurion Lounges (U.S. and international locations), Priority Pass upon enrollment, Escape Lounges – The Centurion Studio Partner, Plaza Premium Lounges, select Virgin Clubhouses, select Lufthansa Lounges when flying with Lufthansa Group the same day, and Delta Sky Clubs when flying with Delta the same day.
• Hotel and rental car elite status and benefits upon enrollment
• Up to $199 CLEAR Plus credit: Use your card and get up to $199 back per year on your CLEAR Plus membership (subject to automatic renewal).
• Up to $300 Equinox credit: Upon enrollment, get up to $300 back each year on eligible Equinox memberships when you pay with your card.
• Up to $240 digital entertainment credit: Get up to $20 back each month on eligible purchases made with your card on one or more of the following: Disney+, The Disney Bundle, ESPN+, Hulu, The New York Times, Peacock, and The Wall Street Journal. Enrollment required.
• Up to $200 hotel credit: Get up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts or The Hotel Collection bookings through AmexTravel.com when you pay with your card. The Hotel Collection requires a minimum 2-night stay.
• Up to $155 Walmart+ credit: Receive a $12.95 monthly credit toward a Walmart+ membership.
• Up to $100 Saks Fifth Avenue Credit: Upon enrollment, receive up to $50 credit from January to June and an additional up to $50 credit from July to December.
• Up to $200 Uber Cash credit: Receive up to $15 per month in credit and $35 in December by adding your Amex Platinum card as the payment method in your Uber app. You must select the Amex Platinum card as the payment method for your U.S. Uber or Uber Eats transaction to use the Amex Uber Cash benefit.
• Up to $120 TSA PreCheck or Global Entry application fee credit: Receive a $120 statement credit every 4 years for a Global Entry application or up to $85 for a TSA PreCheck application every 4.5 years.
• Up to $300 SoulCycle credit: Receive up to a $300 statement credit after making a full-cost purchase of a SoulCycle at-home bike.

Pick and Choose the Credits That Work for You

As you can see, the Amex Platinum card boasts a generous number of statement credits that add up to hundreds of dollar in value. While I’m all for saving money and feeling like the $695 annual fee was a worthwhile investment, I only focus my attention on using these credits:

• CLEAR Plus membership of up to $199 per year
• Prepaid hotel credit of up to $200 per year
• Walmart+ credit of up to $155 per year
• Uber Cash credit of up to $200 per year

These 4 credits alone offer more than $750 in value without much extra legwork or the need to justify in my head that they are worthwhile. Here’s how I use these benefits in real life:

CLEAR Plus Credit

CLEAR Plus is a membership program that enables travelers to quickly verify their identity using biometric scans, such as their eyes or fingerprints, in dedicated security lanes. When combined with TSA PreCheck (which I also get from my Amex Platinum card), I’ve consistently breezed through security in under 5 minutes — even at major airports.

The standard annual cost of CLEAR Plus is $199, but with the Amex Platinum card, you effectively receive this membership at no cost. Simply register for CLEAR Plus and use your Amex Platinum card to pay and your account automatically renews via auto pay, ensuring you maximize this benefit every year after year. I love how effortless it is to use this perk — you just need to apply for a membership once and then forget about it.

Prepaid Hotel Credit

The Amex Platinum card comes with a statement credit of up to $200 for prepaid reservations made through Fine Hotels + Resorts or The Hotel Collection bookings (the latter of which requires a 2-night stay minimum through AmexTravel.com). Don’t let the term “prepaid” intimidate you, as most of these reservations are fully cancellable and refundable.

On these hotel platforms, you can find a lot of luxury accommodations. I’m a firm believer that everyone can take full advantage of this benefit, as it helps you save $200 every year off a hotel stay. Not only that, but you’re entitled to perks like room upgrade (upon availability), daily breakfast for 2, guaranteed late checkout, and more. All of these help elevate your next hotel stay. I’ve used this prepaid hotel perk in cities from Tokyo to Los Angeles.

Walmart+ Credit

I admit I didn’t initially think I’d make much use of the complimentary Walmart+ membership — but it’s proven to be surprisingly useful. I primarily take advantage of the membership for gas discounts at Sam’s Club, as well as for free 2-day shipping or same-day grocery delivery on orders of $35 or more. As long as you pay for the Walmart+ membership with your Amex Platinum card, the membership fee is wiped out with the statement credit, making it an effortless benefit to enjoy.

Uber Cash Credit

Although the value of this credit doesn’t roll over from month to month, I make use of this benefit without fail. If I’m not taking an Uber ride to the airport, I’m using this perk to pay for lunch on Uber Eats. By adding your Amex Platinum card to the Uber app once, you automatically receive the credit at the beginning of each month.

Final Thoughts

The way others evaluate the cost-benefit of the Amex Platinum card might be quite different from my own analysis. For instance, I often forget to use the Saks Fifth Avenue or digital entertainment credits — but I’m not losing sleep over it.

When it comes time to pay the annual fee, I know I’m getting substantial value from the perks that suit my needs. Plus, the Amex Platinum card adds that extra layer of luxury to my travel experiences.