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The Amex Platinum has expanded its target audience for customers beyond just frequent travelers.
Amex Platinum; Insider
The Platinum Card® from American Express comes with potentially thousands of dollars in annual credits.
Some new card benefits aren’t practical or broadly useful for many customers.
There are seven pillar benefits that make this card worth keeping year after year.
Read Insider’s guide to the best American Express cards.
Did you know that The Platinum Card® from American Express comes with up to $6,099 in annual statement credits?
American Express has been continually tweaking and adding to the suite of benefits on the The Platinum Card® from American Express this year. If you manage to use every single credit touted by this card, you’ll get more than $6,000 in value. Combine that with other various memberships and programs you’ll get with the card, and your value can exceed $7,000 per year. Amex is an Insider partner.
With that knowledge, the card’s The Platinum Card® from American Express annual fee doesn’t sound so bad.
At least, that’s the way the card is marketed. The The Platinum Card® from American Express has been stuffed with so many obscure benefits and credits that it’s technically possible to get many thousands of dollars in value each year from its perks — though, for most of us, it’s virtually impossible to do so.
Let’s eliminate the distracting benefits that come with this card and look at what the The Platinum Card® from American Express is worth to the average customer.
We’re focused here on the rewards and perks that come with each card. These cards won’t be worth it if you’re paying interest or late fees. When using a credit card, it’s important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.
Don’t let the Amex Platinum’s niche credits distract you from its real value
The The Platinum Card® from American Express has been receiving flack for adding benefits that aren’t helpful for many everyday cardholders.
These credits distract would-be cardmembers from the real value inside the card. Consider this list:
Up to $300 annual credits (divided into monthly increments of $25) to Equinox** — a network of luxury gyms that exist only in major cities. Membership can cost more than $3,000 per year. Beginning November 3, 2022, you can use this credit for any type of membership (including Equinox+ via the app). And beginning 2023, the annual $300 credit can be used all at once.$300 in statement credits when you use your card to buy a SoulCycle at-home bike. You can use this credit for up to 15 bikes annually, meaning you can get a maximum of $4,500 from this perk each year. These bikes retail for $2,500 each.Up to $155 in annual statement credits toward Walmart+ (divided into monthly increments of $12.95)**. Walmart+ costs $12.95 per month, or $89 per year, plus taxes. If Walmart+ appeals to you, this credit is not worth its face value, as the subscription costs as little as $7.42 per month when paying for a yearly membership.Up to $100 in annual credits toward Saks Fifth Avenue (divided into $50 increments — the first to be used between January and June, and the second to be used between July and December)**. If you don’t shop at Saks Fifth Avenue, you’ll find yourself browsing their website twice per year just to keep from forfeiting $100 in value.
Tally these up and you’ve got more than $5,000 in possible statement credits, all of which are pretty esoteric. Unless you’re opening a SoulCycle studio, you likely won’t save more than a couple of hundred dollars per year from the above perks.
These 7 Amex Platinum benefits are the real reason to get the card
Let’s pretend the above benefits don’t even exist. What’s left is an elite group of perks that still make the card a keeper. Any other credits you’re able to use are a nice bonus. My wife and I both have the The Platinum Card® from American Express, and we both get enough value from it to continue paying the The Platinum Card® from American Express annual fee.
Here are the benefits that make the The Platinum Card® from American Express worth keeping.
Up to $200 in Uber Cash annually
This credit is divided into monthly increments of up to $15, and up to $35 in December. Even if you don’t use Uber to get around, you can still use this monthly credit toward Uber Eats for up to $15 in free food. You can even choose to pick up your food from the restaurant so you don’t have to tip your driver or pay delivery fees.
Amex Fine Hotels and Resorts (with up to $200 in annual hotel credits)
You’ll get up to a $200 statement credit when booking a hotel with The Hotel Collection (two-night minimum) or Amex Fine Hotels and Resorts (one night minimum). This credit is nearly as good as cash to many of us with the The Platinum Card® from American Express, as Amex Fine Hotels and Resorts is a major reason to get the card.
It offers elite-like hotel benefits at luxury hotels. You can expect room upgrades (when available), free breakfast, late checkout, and unique amenities like $100 in dining credits.
Up to $200 in annual airline credits
After you select your preferred airline with American Express, you can receive up to $200 in annual credit toward that airline’s incidental fees.** You can use these credits for things like baggage fees, seat selection, etc.
I use these credits organically each year, so this is yet another benefit nearly as good as cash to me.
Up to $100 Global Entry/TSA PreCheck statement credit
You’ll receive a credit of $100 toward either a Global Entry or TSA PreCheck application (every 4.5 years). This completely reimburses your application fees.
TSA PreCheck allows you to keep your shoes and belt on and your laptop in your bag when passing through domestic airport security checkpoints. Global Entry lets you skip the long immigration lines when returning to the US from abroad. But because Global Entry also comes with TSA PreCheck privileges, it’s the better one to apply for.
Up to $189 annual CLEAR® credit
CLEAR® is a trusted traveler program that lets you skip the line at participating domestic airport security checkpoints (and some stadiums and ports). It normally costs $189 per year, so this Amex Platinum CLEAR credit will completely offset your cost.**
However, there are easy ways to get discounts on CLEAR®, so you probably won’t use the full $189 credit for yourself. For example, simply enrolling in United Airlines or Delta’s frequent flyer programs lowers the annual cost to $119. Fortunately, you can use the credit to pay for anyone’s CLEAR® membership, so this credit will go a long way toward offsetting a couple’s membership fees.
The benefits of this program stack with TSA PreCheck to make your TSA experience extremely brief. You’ll cut to the front of the line and then speed through without removing shoes, belts, or laptops.
Up to $240 in annual digital entertainment credits
The card offers a maximum of $240 in annual “digital entertainment credits,” divided into monthly increments of up to $20**. You can use this credit to offset Hulu, Disney+, and ESPN+ (including the Disney Bundle), Peacock, Audible, SiriusXM, and The New York Times.
Many of these subscriptions are significantly cheaper when you purchase a yearly plan — and some you can get for free with a library card. I don’t personally make much use of this benefit — but if you’re a family that values Disney or subscribes to Hulu + Live TV, this credit is right up your alley.
Comprehensive airport lounge access
The Amex Platinum comes with the most comprehensive airport lounge membership of any card on the market. You’ll get access to:
More than 1,300 Priority Pass airport lounges worldwide (two free guests allowed)Amex Centurion Lounges, widely regarded to be the highest-quality domestic lounges with hot meals and free mixed drinks (two free guests allowed until February 1, 2023)Delta Sky Club lounges (you must have a same-day Delta ticket)Escape LoungesPlaza Premium loungesAirspace loungesSome Lufthansa lounges
It’s hard to assign a dollar amount to this benefit, though it personally saves me several hundred dollars per year in airport food and drinks. For reference, a Priority Pass membership comparable to the one you’ll get with the Amex Platinum costs $429 per year. And a similar Delta Sky Club membership costs $545 per year.
Bottom line
The The Platinum Card® from American Express has shifted to taking a coupon-book approach to statement credits, some of which aren’t broadly useful or valuable to many cardholders. But the card still has pillar benefits that make the annual fee worth paying, even for the average person.
If you can use annual benefits like up to $200 in Uber Cash, up to $200 in airline incidentals, $200 in hotel credits, CLEAR® membership credit, $240 in digital entertainment credits, and top-tier airport lounge access, this card is worth potentially $1,450+ per year to you.
The other benefits, including the huge welcome offer of The Platinum Card® from American Express, are just an extra bonus.