Why I’m Never Closing My Amex Platinum Card

The Platinum Card^® from American Express is, by far, the most expensive card I carry in my wallet. With its $695 annual fee (rates & fees), it’s a huge price to pay — but when the yearly charge comes due, I never hesitate to renew my account.

My reasons for keeping the card go beyond the obvious. While the tangible statement credits (some requiring prior enrollment) make it relatively easy to offset the annual fee, what truly sets the Amex Platinum card apart for me include access to the Membership Rewards program and the invaluable everyday protections — benefits that are much harder to quantify.

With that said, let’s take a closer look at why I’ll never part ways with my Amex Platinum card.

Amex Platinum Card Overview

Many people, myself included, applied for the Amex Platinum card primarily for its lounge access. No other card offers entry to such a vast network of lounges at major airports worldwide. For this reason alone, I view the $695 annual fee as more of a membership fee for enjoying these lounges before my flights.

With this perspective, I see the statement credits on the Amex Platinum card as more of a bonus or nice-to-have perks. I firmly believe you don’t need to maximize every benefit (and there are a lot of them) to get lasting value from the card, especially if you’re a frequent traveler. Here’s an overview of the card:

BEST LOUNGE ACCESS

Terms Apply / Rates & Fees

The Platinum Card^® from American Express

U.P. Rating 

The rating for this card has been determined by our own industry experts who know the ins and outs of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

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

Apply Now(at Amex's secure site)

Apply With Confidence

Know if you're approved with no credit score impact

If you're approved and accept this Card, your credit score may be impacted.

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 Offer Valuation*:

Up to $1,760

Annual Fee

$695

APR

See Pay Over Time APR

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

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 (enrollment required), 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)

Read Full Review

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.
• With American Express Global Lounge Collection^® you can enjoy access to over 1,400 airport lounges globally, including The Centurion^® Lounge, Unlimited Delta Sky Club^® Access when flying an eligible Delta flight, Escape Lounges, Lufthansa Lounges when flying Lufthansa Group, Plaza Premium, Priority Pass™ Select Lounges, & Additional Global Lounge Collection Partner Lounges subject to visit limitations. Lounges may have their own rules, like additional access rules and guest fees, and for Priority Pass Select, you need to enroll and there are unlimited airport lounge visits for Card Members. With Delta Sky Club Access, Card Members will receive 10 Visits to the Delta Sky Club to be used from February 1 until January 31 of the next calendar year and can unlock Unlimited Delta Sky Club Access by spending $75,000 in eligible purchases on their Card in a calendar year. To find a lounge, visit the membership section in the American Express^® App or visit http://www.americanexpress.com/findalounge#/loungefinder.
• $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 ride or dine in style with $15 in Uber Cash each month, plus a bonus $20 in December after adding their Card to their Uber account. Use your Uber Cash on rides and orders in the U.S. when you select an Amex Card for your transaction.
• $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

3 Benefits That Make the Amex Platinum Card Worth It for Me

The lounge access benefit is the main reason why I keep the Amex Platinum card. However, even if we took all of the card’s annual statement credits out from the equation, these are the other benefits that I value.

1. Access to the Membership Rewards Program

If I had to choose just 1 points program to earn and redeem points from, it would be the Amex Membership Rewards program. It boasts the largest number of transfer partners, with most points transferring at a straightforward 1:1 ratio.

What sets it apart for me — though Chase is a close second — is that Amex is the most generous issuer with its transfer bonuses. These limited-time offers, typically ranging from 20% to 50%, provide an excellent opportunity to maximize the value of my points and make them go even further.

I’ll often line up an award redemption with an ongoing transfer bonus. Amex has just recently offered a 40% transfer bonus to Virgin Atlantic Flying Club, which was amazing for booking business class flights to the U.K. and Japan.

The ability to transfer Amex points to Hawaiian Airlines HawaiianMiles and then to Alaska Airlines Mileage Plan, thanks to the merger, is a significant advantage — even without a transfer bonus. Capital One, Chase, and Citi aren’t transfer partners of either program.

I even like transferring points to big-name partners like Delta SkyMiles and Hilton Honors, which are notorious for offering less than optimal value. But you can’t beat the convenience of transferring Amex points to these programs when you’re just short of the miles needed for an award ticket.

2. Return Protection

There are times when I’m perfectly fine using my Amex Platinum card for a purchase, even if it only earns 1 point per $1 spent. While this might go against the conventional strategy of maximizing rewards, there’s a compelling reason for it: gaining access to return protection for my purchase.

Return protection is a relatively rare perk among rewards cards, but it’s one that my Amex Platinum card offers.

If you attempt to return an item within 90 days of purchase and the merchant refuses, you can file a return protection claim through Amex Assurance Company. While there are exclusions, I find it reassuring to use my Amex Platinum card for high-ticket purchases for the added security.

The card allows you to receive the full purchase price (excluding shipping and handling) for up to $300 per item, with a cap of $1,000 per calendar year per card member account. I’ve taken advantage of return protection to get a refund on an expensive pair of running shoes that didn’t work out for me. For other purchases, like my espresso machine and Apple Watch, I’ve used my Amex Platinum card to enjoy the same level of added protection.

3. Access to Amex Fine Hotels + Resorts

If you enjoy staying at luxury hotels, access to the Amex Fine Hotels + Resorts Collection is a game-changer. No other premium travel card matches the range of properties available through this program, which is exclusively for holders of the Amex Platinum card or The Business Platinum Card^® from American Express.

Booking through this program not only earns you 5x points on prepaid stays but also unlocks exceptional on-site benefits, including:

• Room upgrade upon arrival (when available)
• Daily breakfast for 2 people
• Guaranteed 4 p.m. late checkout
• Noon check-in (when available)
• Complimentary Wi-Fi
• Property credit valued at $100 (spa or food and beverage credit)

I’ll value this perk even more as I’ll lose my World of Hyatt Globalist status in March 2025. For access to suite upgrades and, more importantly, complimentary breakfast, booking through the Amex Fine Hotels + Resorts Collection will become my go-to option.

Although I hadn’t planned to focus much on statement credits in this article, the Amex Platinum card’s up to $200 annual statement credit for the FHR program is certainly worth mentioning. I take full advantage of this benefit every year without fail.

Final Thoughts

For me, the Amex Platinum card is a keeper for its unmatched access to the finer things in life. It has significantly elevated my travel experience, helping me access airport lounges, book long-haul business-class flights with points, and stay at luxury hotels while enjoying a range of elite perks.

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.