by Daniel | Last Updated June 2nd, 2024
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So there is so much talk about how great the American Express Platinum card is, with its endless benefits and perks.
But is that really the case?
Amex promotes the fact that you can receive more than $1,500 in value just from the benefits alone, but then charge you $695 a year just to use the card.
It’s almost like they are making you pay for a coupon book of benefits that benefits them more than the customer.
So in this article I want to go over all of the benefits the Amex Platinum card card has to offer and then rank each benefit either useful or a waste of time.
So Many Benefits, But Do You Need Them All?
Now if you currently have a credit card or are looking to get one, there is a pretty good chance that you have heard about the American Express Platinum card.
Ever since it was first released 40 years ago back in 1984, it is continued to gain popularity each and every year.
And this is partly due to all of the benefits and perks that are continually added to the card, which all sound great.
But it’s worth asking yourself, how many of these benefits will you actually use?
Also, will you use more than $695 worth of benefits? As that is how much the card cost each and every year.
This is really important to consider, as if you don’t use many of the benefits that are offered from your credit card, there is a good chance you are just wasting your money.
So let’s take a closer look at the benefits that are currently offered with the Amex Platinum card and see if they can justify the $695 annual fee.
Good To Know This First
Now just a side note, Ive had my Amex Platinum card since 2016, which is about 8 years or card ownership.
So I’ll be talking from my own experience using this card.
And when looking a these benefits, I’ll be talking about how useful they are for me.
So it’s important that you make your own decision regarding if a particular benefit will benefit you.
Benefits That I Use and Value
Amex Global Lounge Collection + Priority Pass
So the most valuable benefit (at least for me ) is the ability to access a huge range of different airport lounges through the American Express Global Lounge Collection.
Seeing that I travel for approximately 8 months of the year, this one benefit is really valuable for me.
Over the course of the year I visit about 12 different airport lounges from all over the world.
This includes the Centurion Lounge, Delta Sky Club and then a variety of smaller lounges that are accessible with the Priority Pass Select Membership, which is also included as part of the Global Lounge Collection.
And based on most lounges costing around $50 per person to gain access, I’m getting about $600 in value from this benefit.
So just this one benefit alone almost makes up for the $695 annual fee, at least for me.
Now if you don’t travel much as me, this benefit obviously won’t provide as much value.
But if you visit say just 6 lounges each year, you are still looking at value of around $300, which is pretty good.
That would bring the annual fee down to a more reasonable $395.
$200 Hotel Credit
Now another benefit that is really quite easy to take advantage of, and something I use each and every year is the $200 Hotel Credit.
And how it works is quite simple, all you need to do is make a booking of 2 nights or more through amextravel.com.
And here you can choose between 2 hotel categories:
- The Fine Hotels + Resorts
- The Hotel Collection
Now when you do make a booking that meets the 2 night minimum requirement, you will also receive a $100 hotel credit that covers things such as food or spa treatments.
So even if you just use this benefit once, you are technically receiving around $300 in value.
And if you minus this off the remaining $445 left from the Global Lounge Collection benefits, you are left with an annual fee of around $95.
Important Note
Now one thing that you should know is that it is sometimes possible that Amex will have a higher listed price for the hotel you are looking to stay at than the actual hotel itself.
If this is the case, and you have already made the booking, make sure to contact a customer services representative at Amex within 30 days after you have finished your stay at the given hotel and they will usually refund you the price difference.
$200 Airline Fee Credit
Now another benefit that is also really easy to make use of is the $200 annual travel credit.
And with this, essentially all you need to do is select one of the 8 qualifying airlines that Amex allows you to choose from.
But just note that the airline you choose can only be changed once per year.
So when you do fly with your chosen airline you will have to ability get a credit back for select incidental fees that are charged to you by the airline.
This covers things like luggage fees or onboard food and beverage services.
Now my airline of choice for this specific benefit is United, and the reason for this is because you can also use this credit towards access to the United Club.
I generally use this credit about 3 times a year, and as a single entry to the United Club costs $59, this works out the be a value of $177.
Then with the remaining credit of $23 I either use it towards excess baggage fees or food service whilst on board a United flight.
So if you can manage to use up just $95 of this credit, based on this previous examples in this video you should be able to make up for the total cost of the $695 annual fee.
Now obviously this is going to differ from case to case depending on how much you travel and what benefit you are more likely to use.
But at least for me, this is how I justify paying the $695 annual fee for there Amex Platinum card.
Now if you don’t use as much of the previous benefits that I just talked about, there is still quite a few more valuable benefits that are really quite easy to take advantage of to help make up for the annual fee.
$200 Uber Cash
So assuming you use ride sharing services or get home delivery occasionally, the $200 Uber cash credit is a no brainer.
Essentially, this provides you with a $15 credit each and every month of the year, with an additional credit of $20 in December for a total yearly credit of $200
So I think it a great benefit to have access, mainly because it is so easy to use.
It also helps to knock additional $200 off the annual fee.
Benefits That I Use But Don’t Value
So now let’s take a look at a few of the benefits that I do use but don’t really value.
$189 CLEAR+ Credit
And the first is the $189 CLEAR + credit.
So I’ve been using CLEAR+ ever since Amex added it as a benefit to the Platinum card, and because I travel on a frequent basis.
And whilst I understand the intentions of what CLEAR is trying to provide,(which is a way to get through airport security a little quicker)
I find almost every time I go through CLEAR I am waiting almost as long as everybody else in the general line.
Now because it is technically free for me to use, I dont really mind, but If I were paying $189 a year to save maybe 1 or 2 minutes at the airport I certainly wouldn’t be happy.
Maybe I just have bad luck at every single airport I visit, but I don’t think thats the case.
I’d be interested to know if you guys have had a similar experience to me whilst using CLEAR?
Or if it has actually been useful for you?
Shop With Saks Platinum $100 Credit
Now with the $100 Saks credit I don’t really find this benefit very useful, partly because it is split into $50 allotments that can be used in the first half and then second half of the year.
And to be honest $50 doesn’t go far when you are shopping at Saks.
To be able to use the entire amount at once would be more useful, at least in my opinion.
I’d like to see Amex incorporate the ability to customize the benefits you want from a list of options, and I know this is probably asking to much, but it would be nice to be able to have a more customized experience when it comes to the benefits you are technically already paying for.
Benefits That I Don’t Use
$155 Walmart+ credit
So one benefit that I don’t use is the $155 Walmart+ credit.
Now this doesn’t mean I don’t think it’s a nice benefit to have.
It does actually provide you with a few decent benefits, such as free deliveries and fuel savings.
I think it would be nice if there was the option to choose between this and a Costco Membership.
As I personally would be more likely to shop at Costco.
$240 Digital Entertainment Credit
So the next benefit that I don’t use is the $240 Digital Entertainment Credit.
Now, this is a pretty good benefit to have if you use any of the following services
Disney+, a Disney Bundle, ESPN+, Hulu, The New York Times, Peacock, and The Wall Street Journal.
I just don’t have an interest in any of these services.
I would much prefer the option to use the credit towards Netflix, or Amazon Prime as I actually use those services.
Earning Value On Travel Expenses
Now one way to get a lot of value out of the Amex Platinum card is by earning points.
And with this card, all of the highest points earning options are from travel related purchases.
So if you don’t travel much at all, it might be worth considering the Amex Gold card as it offers a better points earning structure on everyday expenses such as 4x points at grocery stores and 4x points at restaurants world wide.
But at least for me, as I do travel a lot, the Amex Platinum card makes sense as it is possible to earn 5x points for flights booked directly with the Airlines or through Amex travel.
And the ability to earn 5x points for hotel bookings that are made through AmexTravel.com.
Making Use Of Membership Reward Points
So as I just mentioned, it is possible to earn points with the Platinum card specifically on travel related expense.
And to get the most value out of these points I recommend that you transfer them to one of the travel partners, as this is where you will receive the most value.
So currently there are 3 hotel partners and 18 airlines partners that you can transfer your points to.
And it’s not uncommon for there the be a special deal on with one of the partners that allows you to get even more value, so it’s worth keeping an eye out for these promotions as they do come up quite often.
Now it’s worth noting that if you transfer your Amex points over to Flyingblue miles you will have further access to over 36 different airlines that allow for Flyingblue miles to be transfers over to their program.
So you really have a large option of airlines to choose from which is great.
And generally speaking, you will almost always find the most value out of your points when they are transferred to one of the airline for a business or first class flight.
Final Thoughts
So is the Amex Platinum card really worth it?
Well it depends on a few things. The first and most obvious point would be if you will actually make use of the benefits that are on offer with Amex Platinum card, as this is where a large portion of the $695 annual fee is made up.
If you can utilze about 50% of the benefits on offer, then you should be able to cover the cost of the annual fee.
Then the second point to take note of would be if you make use of the points earning potential of this card.
If you don’t book flights or hotels on a regular basis on this card, you are only going to earn 1 point per dollar spent which is not very good.
And if this is the case, like I mentioned before, you might be better off looking at the Amex Gold card as it is much easier to earn points from a wider range of categories.
So for me, the Amex Platinum is worth it as it aligns with my spending habits and my travel needs.
I earn plenty of points from all of the travel I do each year and then use the points for free flights and hotel stays.
And I really like the fact that I can access so many airport lounges all over the world, it really makes traveling a lot more enjoyable.
I must say that I might consider also getting the Amex Gold Card again so I can increase my points earning potential from more of my every day spending, such as shopping at grocery stores and easting out.
And if you want to learn more about the Amex Gold card, make sure to check out my article where compare it to the Chase Sapphire Preferred card.