by Daniel | Last Updated Feb 11th, 2023
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It’s no secret that the American Express Platinum card is an expensive card to own, coming in at $695 a year.
So in this article, I want to go over 11 things you must do to make sure you are getting your money’s worth from all of the benefits on offer.
I’ll take you through the process of how to actually receive each benefit by showing you step by step in my Amex Platinum account.
Learn more about the Platinum Amex card here
1. $200 Uber credit
So starting with one of the easiest credits to take advantage of is the $200 Uber credit.
To activate this benefits just log into your Amex account and then click where it says “Rewards & Benefits” (number 1) and then on the next page click here where it says Benefits (number 2) — Then scroll down the page a little and you will see the Uber benefit, just click on this and then you will be able to activate the offer.
This benefit in my option is a no brainer, whether you use the $15 monthly credit for Uber rides or Uber eats it is extremely simple to take advantage of, and don’t forget that in December each year there is an additional $20 bonus, which leaves you with $35 to spend.
So this $200 credit brings the annual fee from $695 down to $495.
2. $240 Entertainment credit
Now the next credit that is also really easy to use is the $240 Entertainment credit.
Currently, I use this to get access to the New York Times which saves me $6 a month for all access, which I really like, Now seeing that I have $14 available credit left I might signup for Audible Premium Plus which costs $14.95 per month. So I’ll only be out of pocket .95 cents each month which is ok with me.
Now if you’re not interested in The NY Times or Audible there is the option to sign up for either
- ESPN+
- Disney+
- Hulu
- Peacock
- SiriusXM
And to access the $240 Entertainment credit just repeat the process I showed you above and then at the top of the new screen you will see where you can click to access the $240 Digital Credit (where the yellow arrow is)
On the new page, you can then click where us says “Enroll Now”.
After you have done this you can just Subscribe directly to any of the listed partners on their website and use your Amex Platinum card to pay for the service, you will then receive a credit each month up to a total of $20.
So this $240 credit brings the remaining annual fee from $495 down to $255 (assuming you utilize to full $20 credit each month).
3. TSA Precheck or Global Entry
So the next credit that is definitely worth taking advantage of is the $100 fee credit for Global Entry or TSA Precheck.
This is a great benefit to have if you do travel by air a fair amount as it really can help to save you time when going through airport security.
Now to actually get Global Entry you will need to Create a Trusted Traveler Programs (TTP) account and then schedule an interview at a Global Entry Enrollment Center.
Generally, the interview doesn’t take too long, when I did the interview to get my Global Entry card at (LAX) it only took about 10 minutes.
And just a little tip, if you do take advantage of this $100 credit, apply for Global Entry, as it actually includes TSA PreCheck as well.
If you apply for just TSA PreCheck you won’t automatically receive Global Entry.
So this $100 credit brings the remaining annual fee from $255 down to $155
4. $189 Clear Credit
Now somewhat similar to TSA PreCheck is the $189 CLEAR credit.
So whilst having TSA PreCheck is useful It can actually get quite busy at times and still take a fair amount of time to get through airport security, this is where having access to CLEAR makes sense.
I actually started using CLEAR through the Amex Platinum $189 credit last year and it defiantly speeds up the process of getting through airport security.
Basically, as soon as you scan your eyes and talk to a CLEAR associate, they will take you to the front of the security line, so it’s defiantly worth having.
Now to enroll with CLEAR you can either go through your Amex account or go directly to clearme.com/enroll and use your Amex Platinum card to make the purchase.
And this $189 credit now brings the remaining annual fee from $155 to a positive of $34 in your pocket!
Best of all there is still a ton of other benefits that you can take advantage of to save even more money!
And pretty much everything else on offer with this card is essentially free of charge assuming you take advance of the first 4 benefits I just talked about.
5. $200 Hotel Credit
Now one benefit that is definitely worth taking advantage of is the $200 hotel credit, and this is really easy to take advantage of.
All you need to do is make a hotel booking that is 2 nights or more through American Express Travel at a hotel that is part of either the Fine Hotels & Resorts or The Hotel Collection.
And once you have made a qualifying booking you will receive the $200 credit to your Amex account within a day or so.
Now along with this, the hotel you make a booking at will provide you with a $100 credit that can be then used at the hotel for a variety of different things.
So essentially it ends up being a $300 credit which is pretty decent and makes up for more than 40% of the annual fee.
I used this benefit last year on my Platinum card and it was super straightforward and a really nice experience.
So this $200 credit brings you further into profit from $34 up to $234, and that doesn’t include the $100 hotel credit you will also receive.
6. Global Lounge Collection & Priority Pass
Now one of my favorite benefits that comes with the card and one that I use quite often is access to the Global Lounge Collection.
This benefit basically provides you with full access to a variety of different airport lounges, most notably the Amex Centurion lounge and the Delta Sky Club, and seeing that a guest pass to either of these lounges can cost $50 makes this benefit really quite valuable.
And as part of the Global Lounge Collection you also receive a Priority Pass Select Membership that is worth $469 each year, this basically offers you access to more than 1,300 airport lounges from all over the world, and best of all you can also bring a couple of guests into the lounge free of charge.
Now if you already have a Priority Pass Membership check out my in-depth review here of how to make the most out of your priority pass membership.
To use this benefit, at least for the Centurion Lounge, Escape Lounges, Plaza Premium Lounges, Lufthansa lounge, and the Delta Sky Club you just need to show your platinum card and then your same-day travel details.
For Priority Pass you will need to apply online through the Amex portal through the tab here that says “The American Express Global Lounge Collection”
Once you have applied you should receive a physical priority pass card in approximately 10-14 days
So this benefit offers you at least $469 in value if not more, and brings you further into profit from $234 up to $703.
7. $300 Annual Equinox Credit
Now another useful credit that is now really quite easy to take advantage of is the $300 annual Equinox credit.
Previously with this benefit, it was only possible to get a monthly credit of $25 over the course of the year, which was ok, but as of 2023, it is now possible to receive the full $300 credit all at once which in my opinion is a better option to have.
So currently there are approximately 105 Equinox locations in the US, (with 42 of them being in NYC!)
There are also locations in Canada and the UK that you can use if you travel a lot, but access to all of the clubs will cost a premium compared to just having access to one club.
Now memberships to Equinox gyms start from around $200 per month for basic access all the way up to around $26,000 per year for an “E by Equinox” membership, which is pretty pricy.
If you don’t want to go to an Equinox Gym it is possible to use the credit through the Equinox+ app which costs $39.99/month, and this offers a variety of different classes that you can do in the comfort of your own home.
For an entire year, it will cost $479.88, so minus the $300 credit it will end up costing you $179.88 for an entire year of access which is pretty good.
Or alternatively, you could just get the first 7 months of access totally free and then cancel your plan if you chose not to continue.
Finally, the $300 credit can also be used towards the purchase of a SoulCycle at-home bike, which at the time of making this video cost $1,500 as they are on sale at the moment, usually the bike will cost $2,500.
To enroll for this benefit just go to the same Benefits page in your Amex Platinum account and scroll down to where it says “$300 Equinox Credit & SoulCycle At-Home Bike Credit” and click on ‘Enroll Now”
This will take you to the Equinox website where you can then sign up.
So the $300 Equinox credit brings you further into profit from $703 up to $1,003.
8. $200 Airline Fee credit
Now the $200 airline fee credit is actually a nice little benefit to have up your sleeve and can be super handy if you are traveling and happen to run into some unexpected fees associated with your flight.
Basically, the $200 credit can be used for the following charges:
- Airport lounge access or even annual memberships
- Checked baggage fees
- Seat assignment fees
- Overweight luggage fees
- Seat assignment fees
- Inflight food and beverages
Now before you can use this credit you will need to select an approved airline from the following list:
- American Airlines
- Alaska Airlines
- Delta Air Lines
- Hawaiian Airlines
- JetBlue Airways
- Southwest Airlines
- Spirit Airlines
- United Airlines
So If you haven’t chosen one of these preferred airlines before, you can do so at any point throughout the year, however, If you have chosen a specific airline, you will only be able to change your desired airline one time per year in January.
So the $200 Airline Fee credit brings you further into profit from $1,003 up to $1,203.
9. $100 Saks Fifth Avenue credit
Now the $100 credit that can be used at Saks Fifth Avenue is super easy to use.
All you need t todo is go into your Amex account, click where it says “Rewards & Benefits” — then click “Benefits ( just like we did earlier in the video).
Then scroll down the page until you see “Shop Saks with Platinum” and you then enroll for this offer.
As you can see I have already enrolled, but you will have the option to enroll here.
Then to receive the credit all you need to do is either make a purchase online through their website www.saksfifthavenue.com or go to one of their stores and use your platinum card to make purchases.
Now just note that the credit is split into two $50 credits, the first credit is available from January through June and then the second credit is available from July through December.
And even if you don’t shop at Saks Fifth Ave, there are plenty of small items that you can buy there like toiletries, underwear, and such that can be nice as a present for someone.
So the $100 Saks Fifth Ave credit brings you further into profit from $1,203 up to $1,303.
10. Cell Phone Protection
Now if you didn’t already know, if you charge your monthly cell phone bill to your Platinum card you will be covered by cell phone protection.
And this stays valid as long as you continue to pay your monthly bill.
Basically, this coverage can be used for repair or to replace your damaged or stolen cell phone for up to a total of $800 per claim, with a limit of 2 claims in a 12-month period.
So in the unfortunate event that something does happen to your cell phone, this one benefit can potentially save you quite a fair amount of money.
Just note that there is a $50 deductible for each claim that you make.
11. Use your Amex Offers & Benefits
So finally, one useful way of either saving money or accumulating a ton of extra Membership Rewards Points is by browsing through some of the Amex Offers & Benefits that are currently available.
Generally speaking, there are approximately 100 different offers at any given time
To find these benefits just head to your account home, then scroll down the page, and you will see a whole list here of different befits and offers.
For example, just here you can get $200 back if you spend a minimum of $1,000 on a purchase at Homes & Villas by Marriott Bonvoy properties.
Or if you spend $500 or more at Cruise America you can receive 10,000 Membership Reward Points.
Basically, there are a ton of offers available here that can help you to save money and provide you a decent amount of value.
Final Thoughts
So that covers pretty much everything you need to do to make sure you are getting maximum value from your Amex Platinum card, and as you can see just from the 11 examples I showed you here it is possible to receive almost $2,000 in value.
And if you’d like to get even more value from your Amex card check out this article here where I take you through the process of how to maximize your Membership Rewards Points for travel.