Is the Amex Platinum worth it? (2024)

The Platinum Card® from American Express (terms apply, rates & fees) is one of the preeminent travel rewards cards with luxury perks galore — but it comes at a hefty cost.

In the world of travel cards, it doesn’t get much more premium than the Amex Platinum card. From luxe airport lounge access to an airline incidental fee statement credit and complimentary Hilton Gold and Marriott Bonvoy Gold elite status, this card was created for the modern-day luxury traveler. In 2021, the Platinum got a revamp to become even more of a lifestyle card, adding benefits such as a digital entertainment statement credit and a Walmart+ membership fee statement credit (up to $12.95 plus applicable taxes back on one membership, excluding Plus Ups, each month). Enrollment is required for select benefits.

While the card carries a pricey $695 annual fee, the high-end perks and multitude of statement credits can easily offset the cost for the right cardholder.

Key points

• Generous welcome bonus: 80,000 Membership Rewards® Points after spending $8,000 on eligible purchases in the first six months of card membership.
• Annual fee of $695.
• Perks include over $1,500 worth of airline, hotel, shopping and entertainment statement credits, access to Centurion Lounges and the American Express Global Lounge Collection® and hotel and car rental elite status.
• Earn 5 Membership Rewards® points per $1 for flights booked directly with airlines or with American Express Travel on up to $500,000 per calendar year, 5 points per $1 on prepaid hotels booked with American Express Travel and 1 point per $1 on other purchases.
• Rewards come in the form of flexible Amex Membership Rewards® points, which can be transferred to more than 20 airline and hotel partners.

Amex Platinum benefits

• Numerous travel benefits, reputable concierge service and protections.
• Arguably the best airport lounge access of any premium travel card.
• Travel and lifestyle statement credits that can easily offset the annual fee.
• Access to flexible Amex Membership Rewards points.

Amex Platinum drawbacks

• A steep annual fee of $695.
• Use-it-or-lose-it style statement credits that may not be useful for some cardholders and don’t roll over from year to year.
• Low rewards on everyday purchases.

Amex Platinum may be worth it if:

You travel frequently and appreciate airport lounge access

If you travel often — and even better, frequently find yourself in an airport with time to kill — then the Amex Platinum might be the idealcard for you.

Amex touts the largest collection of lounges of any card issuer with more than 1,400 partner lounges in 140 countries. This includes Centurion Lounges, Priority Pass Select lounges (enrollment required), Escape Lounges (Centurion Studio Partner), Lufthansa lounges and more. In many cases, if you’re flying out of an airport in a major city, you’ll be able to access a lounge through the Platinum card. And because the card earns Membership Rewards points on airfare purchases booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year, you’ll be accumulating plenty of points, too.

What is the American Express Companion Platinum Card? Here’s what you need to know.

You can easily maximize the statement credits

It would be nearly impossible to maximize every single perk on the Amex Platinum card as the many of the benefits need to be actively tracked, managed and in since cases only apply to specific vendors and/or use cases. But most cardholders should be able to use several of these statement credits and deals to recoup the cost of the annual fee.

Each year, for instance, by using the annual up to $200 in Uber Cash on rides or eats orders in the U.S., the annual up to $240 digital entertainment statement credit and the annual up to $200 airline fee statement credit, you will have accumulated over $600 in value (enrollment required for select benefits). That puts you close to offsetting the card’s annual cost. Again, you can mix and match credits as you see fit. Keep in mind that there is no published dollar value for some perks — like airport lounge access or hotel elite status. The amount of value you’ll ultimately receive depends on how, and how much, you use those benefits.

You have other cards for everyday spending

The Amex Platinum isn’t a great card for everyday spending categories such as restaurants, groceries and gas. The card’s strength is in its perks, not rewards on daily purchases.

The exception to this is booking airfare, as that earns 5 Membership Rewards points per $1 when booked through the airline or Amex Travel (on up to $500,000 on these purchases per calendar year). You’ll also earn 5 Membership Rewards points per $1 on prepaid hotels booked through Amex Travel. As a general rule (minus the exceptions above), get the Amex Platinum to use the benefits — and swipe, dip or tap with another card.

Amex Platinum may not be worth it if:

You don’t travel frequently

As much as Amex wants to position the Platinum card as a lifestyle card, it’s still intended for semi-frequent travelers. Therefore, if you don’t think you’ll be traveling much, the card probably isn’t the best fit. From the airline fee statement credit to lounge access to hotel elite status, you’ll want to at least make use of some of its luxury travel perks.

You have other premium cards with similar benefits

The world of premium travel cards is vast — and the Amex Platinum isn’t the only one out there. If you have another high-end card— say with airport lounge access — and you don’t care about other perks, consider that the Platinum may be unnecessary. Look at which airports you fly from and connect through. For example, if you have a Chase Sapphire Reserve® already, it may suffice for lounge access. Each of these cards, while unique, has similar benefits.

Trying to decide between two of the best premium travel cards on the market? We compare the Chase Sapphire Reserve vs. The Platinum Card from Amex.

You have to change your spending habits to use the perks

While there is the potential for over $1,800 in value by maximizing every single statement credit, there’s an element of psychology and behavior involved — and some of the statement credits are oddly specific. Any single statement credit may not be worth it if you’re not already using or in the market for the product or service it covers.

For example, while a cardholder may have no trouble utilizing Uber Cash, that might not be the case for something else. A Peloton user will most likely not switch to SoulCycle to maximize an up to $300 statement credit on a $2,500 bike (a 12-month Equinox+ membership is required to purchase a SoulCycle At-Home bike and enrollment is required). Long story short, if you have to significantly change your behavior to get some of the cost of the annual fee back, perhaps this card isn’t for you.

Aren’t sure how to use all the perks? Here’s how one cardholder got every penny back in value on his Amex Platinum.

Bottom line

There’s no doubt that the Amex Platinum stands on its own as a high-end card with perks (and statement credits) galore.

For years, the card has not only been a premium product, but also a status symbol. Platinum card membership opens the door to high-end, exclusive events, from a speakeasy at the U.S. Open to installations at Art Basel. And of course, there’s access to the Global Lounge Collection, including Centurion Lounges, as well as other elite-like perks in the realm of travel and lifestyle.

However, to really justify the annual fee, you’ll have to make sure to use the benefits — and it would be nice if Amex made it a little bit easier to do so. When “deals” force you into a particular brand or product, or entice you to spend money you wouldn’t otherwise, they become much less valuable than flexible, general purpose credits.

Frequently asked questions (FAQs)

^{For rates and fees for The Platinum Card® from American Express please visit this page.}