The American Express Platinum card is often talked about in hushed tones, mostly due to its significant $695 annual fee. For many, that number alone is enough to cause sticker shock and immediate dismissal. However, for savvy travelers who understand how to leverage its benefits, the Amex Platinum can easily pay for itself and offer substantial value as a premium travel credit card. Let’s break down why this card remains a strong contender in the realm of travel rewards.
One of the primary ways to offset the annual fee is through the card’s numerous statement credits. Amex offers up to $240 annually in digital entertainment credits, applicable to services like Disney+ and Hulu bundle. By strategically shifting your existing subscriptions to these platforms, you can effectively recoup a portion of the fee. Additionally, the card provides a $185 annual Uber Cash credit, which can be conveniently used for Uber Eats or rides. For frequent travelers, the $179 CLEAR® Plus Credit offers expedited airport security screening, and the $100 Global Entry or TSA PreCheck credit further streamlines the travel experience. Even everyday spending gets a boost with a $100 Saks Fifth Avenue credit and a $100 Walmart+ membership credit, the latter offering benefits like grocery delivery, potentially replacing other similar services. Lastly, a $200 airline incidental fee credit can be used for checked bags or seat upgrades, further reducing out-of-pocket travel expenses.
These credits alone can total over $1100 in value annually, significantly exceeding the $695 annual fee in the first year and still providing substantial value in subsequent years even without repeating the enrollment credits like Global Entry or CLEAR®. Beyond the statement credits, the Amex Platinum card comes with a generous sign-up bonus of Membership Rewards points, often around 150,000 points. This bonus alone can cover the annual fee for the first two years, even before considering the various credits and Amex Offers that provide bonus points on everyday spending.
The perks extend beyond monetary credits and points. Cardholders gain access to Amex Centurion Lounges and Priority Pass lounges worldwide, transforming airport layovers into comfortable and productive experiences. Furthermore, the card boasts excellent travel insurance coverage, providing peace of mind on trips. Amex also frequently offers extra points earning opportunities and referral bonuses, allowing cardholders to accumulate even more rewards. Savvy cardholders might even receive annual retention offers, sometimes worth hundreds of dollars, to incentivize continued card membership.
Ultimately, the Amex Platinum card’s high annual fee acts as a filter, targeting a clientele that Amex believes will be highly profitable. However, for those who are strategic and willing to maximize the card’s credits and benefits, the Amex Platinum remains a valuable travel companion. By carefully utilizing the statement credits, taking advantage of bonus offers, and appreciating the travel-related perks, cardholders can confidently conclude that the value of the Amex Platinum card truly exceeds its cost, making it a worthwhile addition to a travel enthusiast’s wallet.
