by Daniel | Last Updated Feb 17th, 2024
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So what’s the deal to American Express Platinum card?
When I first got this card back in 2016 it only cost $450 a year, it also came with a 100,000 point sign-up bonus, which at the time was a pretty good deal.
But since the middle of 2021 the annual fee has creeped up to $695 a year which is pretty pricy.
And I’m almost certain it will go up again in the not too distant future.
So is the Amex Platinum card still worth considering at the current price point?
Well let’s take a look at the perks and benefits that come with this card and see if it makes sense to keep this card based on the benefits on offer.
Because paying $695 a year for credit card that is starting to resemble a fancy coupon book might a waste of money.
Do You Really Need All Of The Benefits?
So as you may know, the American Express Platinum card is one of the most popular premium credit cards available on the market today.
It also happens to be one of the most expensive, with an annual fee of $695.
This works out to be just over $13 each and every week just for the privilege of using the card.
Now for this price the Amex Platinum card does provide you with a wide range of benefits that can quite easily cover the cost of the annual fee.
The question is, are these benefits actually any use for you?
Whilst I agree there are some fantastic benefits that I use each and every year, there is also a fair few benefits that I don’t use, as they don’t align with my needs at all.
And this makes me wonder if I am potentially wasting my money on this fancy metal card from American Express.
Now like most credit cards, its extremely important to weigh up to pros and cons of each credit card that you have (or want) to make sure it actually provides you with enough value to justify the annual fee.
So let’s first start by taking a look at all of the benefits the Amex Platinum card offers that I actually use, and see if I am getting enough value to justify paying the $695 annual fee each year.
Amex Global Lounge Collection
Now seeing that I travel through airports a lot for work each year this next benefit really does provide me with a lot of value.
And this is the American Express Global Lounge Collection.
Now this benefit actually provides access to a network of airport lounges which includes the Centurion Lounge, Delta Sky Club and a Priority Pass Select Membership.
And for me I find that I use the Priority Pass Select membership more than all of the other airport lounges, specifically because there are a lot more lounges available through Priority Pass.
Now based on most airport lounges costing around $50 per person to enter, having access to the Global Lounge Collection can really start to provide you with a lot of value if you travel a reasonable amount each year.
That being said, Amex has made it a lot more difficulty to access both the Centurion Lounge and Delta Sky Club from 2024 onwards.
With the Delta Sky Club you cannot access the club anymore if you are flying on Delta Basic Economy, and from 2025 onwards you will be limited to just 10 visits per year, unless of course you spend at least $75k on the card within a calendar year, this will then allow for unlimited access during the same year.
And with Centurion lounges, only the primary card hold can receive access to the Centurion lounge, with any guests you bring in it will cost an additional $50 per person.
But just like the Delta Sky Club, after you spend $75k on the card within a calendar year, you will then be able to bring along 2 guest free of charge.
And this is why I’m still a big fan of the Priority Pass Select Membership that comes with this card.
It generally always allows access to most lounges for you and two guests free of charge.
And to learn all of the in’s and out’s of Priority Pass, make sure to check out the article.
Now in terms of value, at least for me I visited 6 Priority Pass lounges last year, (3 times by myself, and 3 times with 1 guest) and based on the fact the most of these lounges cost approximately $50 per person to enter, this provided me $450 in value.
So just this one benefit alone covers more than half of the annual fee of the Amex Platinum card and leaves me with just $245 left to cover.
$200 Airline Fee Credit
So the next benefit that I use each and every year is the $200 airline fee credit.
And as you may now, this credit can be used towards incidental fees that are charged to you by one of the 8 qualifying airlines.
Now you only get to select one of these airline each calendar year that can be used for the $200 credit, and I like to use United as my airline for this benefit.
And what I did last year is actually use this credit to visit the United Club 3 times, once at LAX, once at Newark and once at London Heathrow.
And with single entry into the club costing $59, this provided me with $177 in value.
Then for the last $23 of remaining credit I had to pay $75 for my first checked bag coming back from London Heathrow to Newark.
So basically, I was able to utilize the full $200 Airline Fee credit quite easily, and this leaves me with just $45 left to cover for the annual fee.
$200 Hotel Credit
Now another credit that I use each year that is quite easy use is the $200 hotel credit.
And incase you didn’t know, if you book 2 nights or more at a hotel through the Hotel Collection, it is possible to utilize the $200 hotel credit.
And when you do this you will also receive a $100 credit that can then be used at the hotel for things such food, drinks and other services that require payment.
So last year I used the credit to stay 3 nights in New York City and a Hotel called NoMo, and as you can see here on my Amex statement from last year, I received the $200 statement credit the next day after I made the hotel booking.
Now with the original cost of this hotel being $748 for 3 nights, the $200 hotel credit brought that down to $548, and then the $100 hotel credit reduced it down to $448, so it was a pretty good deal.
And seeing that I only had $45 left to cover the total cost of the annual fee, this $200 hotel credit left me with $155 in positive value.
So just these three benefits alone were able to totally offset the $695 annual fee, and best of all, there are still other benefits that I use each and every year to get even more value.
$189 CLEAR Credit
Now the next benefit that I do use is the $189 CLEAR credit, and whilst I do appreciate this benefit, I wouldn’t personally pay for it out of my own pocket.
And this just from my own personal experience using this benefit.
I tend to find that it doesn’t really save me much time at all getting through airport security, as the process of waiting inline to then scan your eyes can take longer than expected.
And then when you do get ushered by a CLEAR team member to the front of the security line, it can be a bit uncomfortable having everyone who is already waiting inline glaring at you because you are essential taking their spot.
I personally think there must be a better way to organize this benefit by streamlining the process to make it more efficient, and then allowing for security access through a separate designated ares just for CLEAR members.
So with the addition of the CLEAR credit, this brings my total positive value to $344.
Shop Saks with Platinum
Now the next benefit that I do use is the Shop Saks with Platinum $100 credit. And this is basically available in 2 separate credits of $50, once in the first half of the year and then again for the second half of the year.
Now whilst it is nice to go a get a small gift from Saks Fifth Avenue occasionally, I generally wouldn’t go there to buy anything.
I think this benefit could be improved by either allowing for the full $100 credit to be used in one visit as opposed to having to make 2 visits a year, or by creating a $100 shopping credit that could be used at wider range of retailers.
Now seeing as I do use this credit each year, it brings my total positive value to $444.
$200 Uber Cash
Now I do actually appreciate this next benefit which is the $200 Uber Cash Credit.
This credit is super easy to use each and every month as it can be used for either Uber Rides or Uber Eats.
I tend to use this credit towards Uber Rides the most due to my constant travel schedule, so I essentially I use it for trips to and from the airport.
Credits I Don’t Use
$300 Equinox Credit
So now let’s take look at some of the credits that I don’t make use of, with the first one being the $300 Equinox credit.
Now I love working out, and I actually go to the gym 4 or 5 times a week, but unfortunately I’m not able to take advantage of this credit as I am not located close to an Equinox gym for most of the year due to all of the travel I do.
And this is a bit annoying as I basically miss out on a credit of $300.
I think it would be much more useful if Amex offered this $300 credit as a general health and fitness credit that could be used at a range of different gyms or health spas.
This way people like me who unfortunately can’t make use of this credit, would be able to use it elsewhere.
$240 Digital Entertainment Credit
So the next benefit that I don’t currently use is the $240 Digital Entertainment Credit, and I think it is a good benefit to have access, especially if you do use one of the services on the list, which includes:
- Disney+
- a Disney Bundle
- ESPN+
- Hulu
- The New York Times
- Peacock
- SiriusXM
- The Wall Street Journal
So previously I did use this credit when it still offered Audible, but when they changed that to The Wall Street Journal I decided I didn’t really want access to any of the current services.
Now I think it would be super valuable if Amex added Netflix to this list, as I do watch quite a lot of programs there.
$155 Walmart+ Credit
Now I’ve never used the next benefit which is the $155 Walmart+ credit, and whilst I’m sure it is quite useful for some people, I don’t currently have the need for it.
I would much prefer a $155 credit that could be used at Walmart just to make general purchases.
Car Rental Privileges with Avis, Hertz and National
So as you may know, the Amex Platinum card also provides you with Car Rental Privileges with Avis, Hertz and National.
Now I don’t use this benefit because I book all of my car rentals through Turo, which I think has a much more interesting range of cars on offer.
But If you do happen to use any of these car rental agencies, it is a nice benefit to have access to.
Hotel Status
Now the next benefit, which is access toMarriott Bonvoy Gold Elite Status and Hilton Honors Gold Status is a great benefit to have access to, specifically if you do stay at any of their hotels on a regular basis.
For me however, I don’t use them much at all as I almost always stay at Airbnbs, and this is because I tend to have stays that are weeks or months at a time, and stying this long at a hotel would be far to expensive.
Cruise Privileges Program
Now another benefit that is not frequently talked about is the Cruise Privileges Program.
Now I’ve never used thsi benefits as I don’t go on cruises, but it can be quite a valuable benefit to have access to if you do go on a cruise a couple of times each year.
Basically there are 17 different cruise lines to choose from where you can receive a credit of up to $500 that can then be used on the ship.
Now there are terms and conditions that need to be met before you can receive the credit, but none the less, its a nice benefit to have access to if you do go on the occasional cruise vacation.
Final Thoughts
So after covering most of the benefits on offer with the American Express Platinum card, there is clearly no shortage of value on offer.
The main question you have to ask yourself if you are considering this card, or even if you currently have it is: What benefits will you actually use, and then once you have figured that out, check to see if the benefits you do choose actually cover the cost of the annual fee.
And this is true with any credit card you are considering or currently own, if you don’t receive positive value from it, it is probably not worth it.
As you saw in this video I make use of a fair few benefits that are on offer with the Amex Platinum card, which actually provide me with a positive value of around $600, and at least for me I am pretty happy with this
Now to get a better undressing of how the American Express Platinum card compares to the Chase Sapphire Reserve card and the Capital One Venture X card, make sure to check out this video here where I compare all there cards to see which card is the best card for 2024.