While The Platinum Card® from American Express’s annual fee of $695 (see rates & fees) seems like a lot, you could receive nearly $4,000 in value during the first year thanks to the card’s generous welcome offer, ongoing rewards and statement credits. That’s approximately $3,143 of savings after subtracting the annual fee.
The following estimated values can help determine whether it’s worth adding this popular travel card to your wallet. As you can see, this card could easily be worth the annual fee if you’re able to maximize the credits and rewards.
Not sure you want to shell out $695 each year for The Platinum Card® from American Express? Here is a breakdown of eight ways to cover the high annual fee, plus how to earn extra money from it.
When it comes to travel cards, The Platinum Card® from American Express has one of the most lucrative welcome offers out there. You can earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership.
This welcome offer has an estimated value of $800 if you use points to book flights through American Express Travel. However, you can double this value to around 2 cents per point by transferring points to travel partners — though the exact redemption will depend on where and when you redeem your points.
While many leading travel cards offer a Priority Pass™ Select membership, The Platinum Card® from American Express takes this benefit to the next level — thanks to the American Express Global Lounge Collection. Along with Priority Pass access (enrollment required), The Platinum Card® from American Express unlocks access to more than 1,400 airport lounges worldwide, including:
The Platinum Card® from American Express offers valuable statement credits, which can help justify the card’s hefty annual fee. If you max out these credits, you could potentially earn up to $1,609 in value each year — more than double the card’s annual fee.
However, some of these benefits require enrollment or come with specific limitations. Read on to estimate how much value you could earn from each category to help determine if this card is right for you.
To earn this credit, you’ll need to select one qualifying airline at the beginning of the calendar year (not your account anniversary). You can then earn up to $200 in statement credits if you use the card to purchase incidentals like checked bags, seat assignments, in-flight refreshments and airport lounge passes for that specific airline.
Cardmembers automatically receive $15 in Uber Cash every month, plus a $20 bonus in December once you add your card to the Uber app. You can use your Uber Cash toward eligible U.S. Uber Eats orders and U.S. Uber rides. However, this benefit is “use it or lose it” — unused credit can’t be rolled over to the following month.
You can also register for complimentary Uber VIP status to get matched with top-notch drivers and higher-quality cars, although this benefit isn’t available in all locations.
If you enjoy shopping at Saks Fifth Avenue, this perk could help make the card’s fee a little more bearable. After enrolling your card for this benefit, you can earn two statement credits per year — each up to $50. That’s a potential value of $100 per calendar year.
You can earn the first credit of up to $50 if you use your card to make Saks purchases between Jan. 1 and June 30, with the second credit available for purchases between July 1 and Dec. 31. There’s no minimum purchase required to earn this benefit.
Frequent travelers seeking a quicker travel experience can take advantage of the Global Entry or TSA PreCheck credits. After using your card to pay the $120 Global Entry fee or $85 PreCheck fee, you’ll receive an automatic statement refund of up to $120.
Note that you can only receive this credit every time you renew your memberships: every 4 years for Global Entry or every 4.5 years for TSA PreCheck. Because of this, the estimated value is $30 per year.
You can redeem up to $200 in statement credits each calendar year by using your card to purchase prepaid Fine Hotels + Resorts® or The Hotel Collection bookings through American Express Travel.
Note that booking through The Hotel Collection requires a minimum two-night stay.
If you want to reduce stress and save time at the airport, a Clear Plus Membership could be another great card perk. With Clear Plus, you can use biometric kiosks to skip verifying your identity with a TSA agent. However, you’ll have to enroll to receive the annual statement credit of up to $199, which covers a one-year Clear Plus membership.
You can maximize your card savings by enrolling in the digital entertainment benefit. Use your card to pay for some or all of the following services and earn up to $20 in statement credits each month:
Remember, you’ll need to enroll to activate this benefit. Once you do, the credits will be applied automatically to your account.
Thanks to The Platinum Card® from American Express, you can now enjoy the benefits of a Walmart+ membership. After enrolling in the program, you can receive $12.95 plus applicable taxes to cover the monthly cost of a Walmart+ membership. Note that the membership needs to be set to auto-renew, although you can cancel at any time.
Frequent flyers looking to maximize their travel rewards could potentially earn more with The Platinum Card® from American Express versus other travel cards like the Capital One Venture X Rewards Credit Card and Chase Sapphire Reserve® (see rates & fees). With The Platinum Card® from American Express, you can earn 5X Membership Rewards® points on flights booked directly with airlines or with American Express Travel on up to $500,000 on these purchases per calendar year and 5X Membership Rewards® points on prepaid hotels booked with American Express Travel. Terms apply.
Although The Platinum Card® from American Express doesn’t provide elevated rewards on daily categories like shopping or dining, the value you can earn from the heightened travel rewards could make the card’s annual fee worth the cost.
While you have multiple ways to redeem your American Express Membership Rewards, you typically get the highest redemption value when booking travel via American Express Travel or transferring points to a partner program. Depending on when and where you transfer points, they could be worth around 2 cents each or more.
Other Amex redemption options include claiming statement credits, using points at checkout in certain stores, selecting gift cards and more. Just note that the value for these other redemption options will vary.
Another perk of The Platinum Card® from American Express is qualifying for Marriott Bonvoy Gold Elite Status. Once enrolled in this benefit, you can receive free upgrades to enhanced rooms at check-in (when available).
This card also lets you take advantage of the Hilton Honors Gold status. After enrollment, you can earn space-available room upgrades, daily food and beverage credits, continental breakfasts and more.
Cardholders can travel with extra peace of mind knowing the card’s travel insurance will likely cover unexpected delays, lost luggage and more. If you use the card to book travel, coverage types and limits include:
Along with the standard benefits and rewards outlined above, you can save even more by taking advantage of Amex Offers. These are limited-time deals to earn extra points or cash back. Note that promotions change regularly.
Here are a few recent examples of Amex Offers:
You can view the most current list of Amex Offers by logging into your account — just make sure to make the purchases with your card to receive the bonus.
There’s no denying that the card’s annual fee of $695 can hurt, even with its generous welcome offer and accelerated travel rewards. It’s worth crunching the numbers in advance to ensure that you can take advantage of enough benefits to make the hefty price tag worth the effort.
For example, if you take advantage of the full airline credit*, Uber Cash*, hotel credit and Clear Plus membership credit*, you’ll earn around $799 — which more than cover the card’s annual fee.
However, if you don’t plan on utilizing many benefits, a lower-cost travel card might be a better fit for your needs.
While The Platinum Card® from American Express benefits are some of the best out there, some come with strict rules and limitations. For example, you’ll need to commit to a single airline for an entire year to earn the $200 airline credit, plus the credit only applies to incidental charges. In comparison, the Chase Sapphire Reserve® offers a $300 annual travel credit, which you can earn from purchasing travel purchases like plane, bus or train tickets.
Furthermore, the $200 hotel credit is restricted to prepaid Fine Hotels + Resorts® or The Hotel Collection bookings through American Express Travel. In addition, you have to commit to a two-night stay with The Hotel Collection — which could rack up charges that surpass the card’s annual fee.
While The Platinum Card® from American Express earns stellar rewards on travel purchases, it doesn’t include everyday categories like groceries, dining or streaming services. If you anticipate booking airline tickets or prepaid hotels via American Express Travel, then going ahead with the card makes sense.
However, the Chase Sapphire Preferred® Card (see rates & fees) might be a better fit if you want to maximize a broader range of reward categories. With the Chase Sapphire Preferred® Card, you can enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more.
While many U.S. merchants accept American Express, it has limited use while traveling abroad. If you travel internationally, you might want to take a Visa or Mastercard, as they’re more commonly accepted. Check out our list of the best credit cards for international travel.
| Credit Cards | Our Ratings | Annual Fee | Rewards Rate | Welcome Offer | |
|---|---|---|---|---|---|
Chase Sapphire Reserve®*
|
$550 | 1X - 10X points
| 60,000 points
Earn 60,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.
| ||
Capital One Venture X Rewards Credit Card*
|
$395 | 2X - 10X miles
| 75,000 miles
Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel
| ||
Delta SkyMiles® Reserve American Express Card*
|
$650 | 1X - 3X miles
| 70,000 miles
Earn 70,000 Bonus Miles after you spend $5,000 in eligible purchases on your new Card in your first 6 months of Card Membership.
|
1. Baggage Insurance Plan coverage can be in effect for Covered Persons for eligible lost, damaged, or stolen Baggage during their travel on a Common Carrier Vehicle (e.g. plane, train, ship, or bus) when the Entire Fare for a ticket for the trip (one-way or round-trip) is charged to an Eligible Card. Coverage can be provided for up to $2,000 for checked Baggage and up to a combined maximum of $3,000 for checked and carry-on Baggage, in excess of coverage provided by the Common Carrier. The coverage is also subject to a $3,000 aggregate limit per Covered Trip. For New York State residents, there is a $2,000 per bag/suitcase limit for each Covered Person with a $10,000 aggregate maximum for all Covered Persons per Covered Trip.
2. Car Rental Loss and Damage Insurance can provide coverage up to $75,000 for theft of or damage to most rental vehicles when you use your eligible Card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the Commercial Car Rental Company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply.
3. Purchase Protection is an embedded benefit of your Card Membership and requires no enrollment. It can help protect Covered Purchases made on your Eligible Card when they’re accidentally damaged, stolen, or lost, for up to 90 days from the Covered Purchase date. The coverage is limited up to $10,000 per occurrence, up to $50,000 per Card Member account per calendar year. Coverage Limits Apply.
4. Coverage for a Stolen or damaged Eligible Cellular Wireless Telephone is subject to the terms, conditions, exclusions and limits of liability of this benefit. The maximum liability is $800, per claim, per Eligible Card Account. Each claim is subject to a $50 deductible. Coverage is limited to two (2) claims per Eligible Card Account per 12 month period.
To see rates & fees for American Express cards mentioned on this page, visit the links provided below:
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.
