When I first saw that the American Express Platinum Card® was bumping its annual fee to $895 (see rates and fees), I had one reaction: Yikes! The sticker shock is real.
But after digging into the new perks, it is true that this card can still easily pay for itself. Here’s exactly how to make that $895 annual fee worth it so you can come out ahead.
1. The new lineup of credits is better and more flexible
Amex completely refreshed the Platinum Card®’s perks this fall, adding new categories that are a lot more usable than before.
Here’s what’s new:
- $400 Resy Credit: Up to $100 back quarterly when you dine through Resy (enrollment required).
- $300 Digital Entertainment Credit: Now covers Disney+, Hulu, ESPN+, Peacock, The Wall Street Journal, and The New York Times (enrollment required).
- $600 Hotel Credit: Up to $300 twice per year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings (two-night minimum on THC).
- $300 lululemon Credit: $75 back each quarter on eligible lululemon purchases (enrollment required).
- $200 Oura Ring Credit: Once per year when you buy an Oura ring with your Platinum Card®.
- Platinum Nights by Resy + Leaders Club Sterling Status: Early access to exclusive events and luxury hotel benefits.
- Terms apply; enrollment may be required
And all the old favorites are still here: $200 Uber Cash, $200 Airline Fee Credit, $100 Saks Fifth Avenue credit, Walmart+, CLEAR® Plus. The new Resy and lululemon credits make this list of perks almost unbeatable. Terms apply; enrollment may be required.
Even if you only take advantage of the dining, hotel, and Uber benefits, you’re already past the annual fee.
2. The welcome offer alone can cover the fee (and then some)
Amex is currently offering a potentially massive welcome bonus.
Apply and find out if you are eligible for as high as 175,000 Membership Rewards® Points after spending $8,000 in eligible purchases on your new Card in your first 6 months of Membership. Welcome offers vary and you may not be eligible for an offer.
Redeemed through Amex Travel, in our estimation that bonus could be worth as much as $1,750 at $0.01 per point, but those same points could stretch to $2,500 or more if you transfer them to airline or hotel partners. If you’re planning any travel in the next year, this bonus alone wipes out the $895 and leaves you with extra vacation money.
This card’s airport lounge access is about as good as it gets. You’ll get entry to 1,550+ lounges worldwide, including Centurion Lounges, Delta Sky Clubs (10 visits per year or unlimited with $75,000 in annual spending), Priority Pass™ Select, Plaza Premium, and Lufthansa lounges. Terms apply; enrollment may be required.
If you travel more than a couple of times a year, you’ll feel the value quickly. Amex pegs the lounge benefit at up to $850 annually, but for many travelers, it’s more about the experience: peace, food, and free drinks instead of fighting for an airport outlet.
4. The not-so-fun part: managing all the credits
This card takes effort.
You’ll need to remember which perks reset monthly, quarterly, or semi-annually. The $100 Saks credit, for example, is split into two $50 halves. (My friend sets a calendar reminder to buy gift cards every January and July — pro move.)
If you like simplicity, you might prefer one of the best flat-rate cash back cards for flat-rate earnings on everything, with no categories to track. But if you don’t mind keeping tabs on a few benefits, the Platinum Card®’s value can snowball fast.
5. Who it’s best for
This card isn’t for everyone, but that’s kind of the point.
It’s built for people who love to travel in comfort, eat well, and take advantage of luxury perks without paying luxury prices. If you mostly fly budget airlines or rarely leave town, it’s probably overkill. But if you’re flying a few times a year and enjoy premium hotels and experiences, it’s a powerhouse.
Read our full review and apply now for the American Express Platinum Card®.