The Amex Platinum is one of the most expensive cards on the market — is it worth the $695 annual fee?

The Platinum Card® from American Express

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On the American Express secure site

• Rewards

  Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year, 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel, 1X points on all other eligible purchases

• Welcome bonus

  Earn 80,000 Membership Rewards® Points after you spend $6,000 on purchases on the Card in your first 6 months of Card Membership.

• Annual fee

  $695

• Intro APR

  None

• Regular APR

  See Pay Over Time APR

• Balance transfer fee

  N/A

• Foreign transaction fee

  None

• Credit Needed

  Excellent/Good

See rates and fees, terms apply.

Is the Amex Platinum worth it?

The American Express Platinum Card, known for its prestigious benefits and sleek appearance, is a card worth bragging about. Between the numerous travel benefits, reputable concierge service and consumer protections, the card is worth considering if you can stomach the steep annual fee.

However, some credit card enthusiasts have compared some of the benefits to that of a “coupon book,” questioning the true value these credits are offering Platinum cardmembers. Many of the benefits, like the entertainment and Equinox credits, are essentially forcing some customers to spend more money than they normally would — defeating the purpose of the card saving you money.

In addition, there are valid arguments that the Amex Platinum card is only worth holding onto for one year, and then cardholders should consider canceling when the second annual fee posts on the billing statement because the value of benefits significantly decreases after the first year, most notably because you won’t receive a second the welcome offer.

Here is a list of the benefits you will receive in your first year of card membership:

Amex Platinum benefits

Benefit

Potential value

Details of the benefit

Is this a new benefit?

Welcome offer: Earn 80,000 Membership Rewards points after you spend $6,000 on purchases on your new card in your first six months of card membership.

$1,600 (Points are valued at 2 cents per point. This assumes you earn the full welcome bonus plus an additional 6,000 in points when you charge $6,000 in order to hit the spend requirement, assuming an earning rate of 1 point per dollar)

As you spend on the card, you will earn the following:
5X per $1 booked directly with airlines or Amex Travel, up to $500,000 per year; 5X per $1 on prepaid hotels booked on AmexTravel.com; 1x per $1 on other purchases

Yes, however, this welcome offer is reduced. In the past, the welcome offer was 100,000 Membership Rewards points after spending $6,000 in the first three months.

$200 Hotel credit

$200

Get $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings with American Express Travel when you pay with your Platinum Card.

Yes

Up to $200 Airline fee credit

$200

Get $200 each year in incidental credits (i.e. checked bag fees, in-flight drinks, etc.) Must select one airline and charge to Amex Plat.

No

$300 Equinox credit

$300

Get up to $300 back each year on an Equinox+ subscription, or any Equinox club memberships when you pay with your Platinum Card. Enrollment required. Learn more.

Yes

$155 Walmart+ credit

$155

Cover the cost of a $12.95 monthly Walmart+ membership with a statement credit after you pay for Walmart+ each month with your Platinum Card. Cost includes $12.95 plus applicable local sales tax. Plus Ups are excluded.

Yes

Airport lounge access

Variable

You will receive access to the American Express Global Lounge Collection, which includes: Priority Pass membership, Delta Sky Club access and Centurion lounges.

No

$200 Uber credit

$200

You will get $15 in Uber Cash per month (bonus $20 in December) for Uber rides or Uber Eats orders.

No

Up to $240 digital entertainment credit

$240

You will get up to $20 in statement credits each month when you pay for eligible purchases with the Platinum Card® at your choice of one or more of the following providers: Peacock, Audible, SiriusXM, The New York Times, and other participating providers. Enrollment required.

Yes

$100 TSA PreCheck/Global Entry credit

$100

You will receive up to $100 every 4 years after you apply for Global Entry. Because TSA PreCheck is included with Global Entry, it is advantageous to apply for Global Entry to use the entire $100 credit every 4 years.

No

$189 CLEAR® credit

$100

You will receive up to $189 per year in statement credit to apply for CLEAR®, a biometric security program located at airports and stadiums across the U.S. (subject to auto-renewal) We only value this at $100 because members of select airline loyalty programs can apply for CLEAR® at a discounted rate.

Yes

$100 Saks Fifth Avenue credit

$100

You will receive $50 semiannually to use at either Saks Fifth Avenue or saks.com.

No

Complimentary Hilton Honors Gold status

Variable

You will receive complimentary Gold status benefits when you book directly at Hilton properties. Gold status includes: daily food/beverage credit, upgrades when available, fifth night free when using points and free Wi-Fi.

No

Complimentary Marriott Bonvoy Gold Elite status

Variable

You will receive complimentary Gold Elite status benefits when you book directly at Marriott properties. Gold status includes: upgrades when available, late checkout and enhanced Wi-Fi.

No

Terms apply.

With over $3,500 in potential value, it’s easy to justify having the American Express Platinum Card for one year — even with a nearly $700 annual fee.

However, many of the above values are estimates. You have to ask yourself: Are these credits really worth their face value? We valued Amex points at 2 cents apiece, which is possible if you’re transferring them to airline partners. But not everyone will extract that much value from Amex points.

Unfortunately, the Equinox and entertainment credits are more like coupons. Equinox is a pricey fitness club with limited locations, and the entertainment credit is limited to just a handful of subscription services, these benefits deliver questionable value when justifying the annual fee.

It’s harder to put a price on airline lounge access and elite status with Hilton and Marriott. Some may get huge value from these benefits if they’re frequent travelers at airports with qualifying lounges or prefer staying at Hilton and Marriott properties. An annual membership to the Delta SkyClub alone starts $545. Others may not be able to easily access these benefits based on location or travel habits.

You could also argue the Global Entry or TSA PreCheck application fee credit is a moot point since many other (less expensive) travel credit cards already offer this benefit.

What to know if you are considering the Amex Platinum

If you’re considering the Amex Platinum, it could be worth it for the first year, and then reevaluate when the second annual fee posts. After all, you could always downgrade to Amex Platinum to a lower-fee card later on. But aside from the benefits, be sure to evaluate your own spending prior to applying. If you have travel purchases like flights and hotels coming up, you can take advantage of the 5X points for every dollar spent on travel booked through American Express.

The value of the credits we tallied up doesn’t take into account other American Express features such as *purchase protection, travel insurance and concierge service, among others. For many, the customer support they receive as a Platinum card member makes the annual fee worthwhile.

In addition, take the time to figure out if you’ll be able to use the credits. For example, if you already paying for an Equinox or New York Times subscription, then those are valuable benefits. But for those uninterested or unable to access the benefits, you might want to consider another credit card. 

But most importantly, don’t force yourself into a difficult financial situation just to have a credit card. If the annual fee is too expensive, don’t fret — there are several other credit cards you can consider without a steep annual fee. Unfortunately, there generally isn’t a way to waive the Amex Platinum’s annual fee, unless you’re on active duty in the military, for example. Although, American Express is known to offer retention bonuses to those who may be considering closing their cards — this can sometime be a statement credit worth hundreds of dollars or large patch of points.

Find the best credit card for you by reviewing offers in our credit card marketplace or get personalized offers via CardMatch™.

Alternatives to the Amex Platinum

Whether you’re a current Amex Platinum cardholder or are considering applying for it, it is advantageous to consider all options available. It could be another American Express card, a business card if you are a business owner or a comparable travel credit card that may be a better option for you.

If you want similar travel perks to the Amex Platinum and you run a business, consider The Business Platinum Card® from American Express. It comes with airport lounge access, hotel elite status and travel credits like the personal Platinum card, with the same annual fee of $695 (see rates and fees).

The Business Platinum Card® from American Express

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On the American Express secure site

• Rewards

  Earn 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com and 1X points for each dollar you spend on eligible purchases. Also, earn 1.5X points (that’s an extra half point per dollar) on eligible purchases at US construction material & hardware suppliers, electronic goods retailers and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more everywhere else, on up to $2 million of these purchases per calendar year.

• Welcome bonus

  Earn 120,000 Membership Rewards® points after you spend $15,000 on eligible purchases within the first 3 months of card membership

• Annual fee

  $695

• Intro APR

  N/A

• Regular APR

  18.99% – 26.99% variable

• Balance transfer fee

  N/A

• Foreign transaction fee

  None

• Credit needed

  Excellent/Good

See rates and fees, terms apply.

The Chase Sapphire Reserve® is another premium travel card loaded with benefits, including a $300 travel credit, Priority Pass airport lounge membership, plus it earns 3X points on all travel and dining purchases. However, it does have a $550 annual fee.

Chase Sapphire Reserve®

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On Chase’s secure site

• Rewards

  Earn 5X total points on flights and 10X total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards® immediately after the first $300 is spent on travel purchases annually. Earn 3X points on other travel and dining & 1 point per $1 spent on all other purchases plus, 10X points on Lyft rides through March 2025

• Welcome bonus

  Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $900 toward travel when you redeem through Chase Ultimate Rewards®

• Annual fee

  $550

• Intro APR

  None

• Regular APR

  21.74% – 28.74% variable

• Balance transfer fee

  5%, minimum $5

• Foreign transaction fee

  None

• Credit needed

  Excellent

Terms apply.

 

For those who don’t want to fork over north of $500 for an annual fee, consider the Capital One Venture X Rewards Credit Card. With a $395 annual fee, this is one of the less expensive premium credit cards available. Benefits include a $300 annual Capital One Travel credit, airport lounge access and a large welcome bonus. Plus, you’ll receive an automatic 10,000 mile bonus every year you keep your card open.

Capital One Venture X Rewards Credit Card

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On Capital One’s secure site

• Rewards

  10 Miles on hotels per dollar and rental cars, 5 Miles per dollar on flights when booked via Capital One Travel; unlimited 2X miles on all other eligible purchases

• Welcome bonus

  Earn 75,000 bonus miles once you spend $4,000 on purchases within the first 3 months from account opening

• Annual fee

  $395

• Intro APR

  None

• Regular APR

  21.74% – 28.74% variable APR

• Balance transfer fee

  0% at the regular transfer APR

• Foreign transaction fees

  None

• Credit needed

  Excellent

Terms apply.

An even lower fee option includes the Chase Sapphire Preferred® Card. It currently has a 80,000-point welcome bonus which you’ll earn after spending $4,000 in the first three months of card membership. Those points are worth up to $1,000 for travel when booking through Chase and the card carries an annual fee of only $95. It also comes with up to $50 in annual Ultimate Rewards Hotel Credit.

Chase Sapphire Preferred® Card

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On Chase’s secure site

• Rewards

  $50 annual Ultimate Rewards Hotel Credit, 5X points on travel purchased through Chase Ultimate Rewards®, 3X points on dining, 3X points on select streaming services and online grocery purchases (excluding Target, Walmart and wholesale clubs), 2X points on all other travel purchases, and 1X points on all other purchases

• Welcome bonus

  Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $1,000 when you redeem through Chase Ultimate Rewards®.

• Annual fee

  $95

• Intro APR

  None

• Regular APR

  20.74% – 27.74% variable on purchases and balance transfers

• Balance transfer fee

  Either $5 or 5% of the amount of each transfer, whichever is greater

• Foreign transaction fee

  None

• Credit needed

  Excellent/Good

Terms apply.

 

Bottom line

The Platinum Card from American Express still remains an excellent card for luxury travelers. Between the welcome offer, laundry list of benefits, consumer protections and excellent concierge service, it is an experience having the card. However, a $695 annual fee is an eye-popping figure for many that can lead some to question the value.

Overall, the Amex Platinum still remains worth it if you can take advantage of the benefits without overextending yourself. At the end of the day, it’s not financially savvy to spend more money just to take advantage of the card’s benefits. But if you can strategically plan purchases you were already going to make that align with the benefits of the card, it is still worth it.

For rates and fees of The Platinum Card® from American Express, click here.

For rates and fees of the Business Platinum Card® from American Express, click here.

*Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/ benefitsguide for more details. Underwritten by AMEX Assurance Company.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.