Is the Amex Platinum Worth the $695 Annual Fee?

Amex Platinum credit cards provide access to a range of premium travel rewards and benefits, such as airport lounge access. Furthermore, they include travel and protection credits (some benefits require enrollment).

However, this card requires an annual fee of $695 to remain active – to find out whether its value exceeds that cost we will explore its features and benefits in depth.

It’s worth it if you travel a lot

Amex Platinum is one of the premier travel cards for frequent flyers, providing lounge access, hotel status upgrades and increased rewards on travel-related purchases. But its premium perks don’t come cheap: this card imposes an annual fee of $695; therefore, to fully benefit from it and offset this hefty cost you need to be spending several hundreds on airfare, hotels and rental cars on a frequent basis.

American Express’ Global Lounge Collection allows you and your enrolled guests to gain entry to over 1,400 airport lounges worldwide – Centurion lounges as well as partner network locations are included! Plus, luxury airport hotels and cruise ships will give access to you. Furthermore, airline ticket purchases made directly through airlines instead of third-party sites earn 5X Membership Rewards points!

Other major benefits include up to $200 annually in credits on prepaid Fine Hotels and Resorts, Hotel Collection and Amex Travel bookings; 20% or 40% discount off Wheels Up Core or Connect membership (whichever you select); trip cancellation/interruption coverage as well as car rental loss/damage coverage are all standard with this card.

At first glance, Amex Platinum may seem expensive; however, a great travel credit card can help offset its annual fee through statement credits and valuable perks. By booking flights directly through its Amex Travel portal and using it for all hotel stays, airfare, rental car rentals etc, you could quickly make up its annual fee through travel-related credits.

Be mindful that most credit card benefits don’t automatically activate; rather, you must enroll to take advantage of them. For instance, Amex Platinum holders receive a $15 credit on US Uber rides or Uber Eats orders each month as well as Uber VIP status; to take advantage of this perk you’ll need to enroll. Likewise, many of its travel protections require enrollment such as trip cancellation/interruption coverage and car rental loss/damage insurance coverage.

It’s worth it if you spend a lot

American Express’ Platinum card provides many attractive perks, including lounge access, airline credits, Uber credits, luxury hotel status and private jet membership. All this comes at a cost – $695 annual fee (see rates & fees for details) – however when used enough you could earn up to 80,000 Membership Rewards points as an initial welcome bonus plus enhanced rewards when purchasing travel purchases.

Amex Platinum provides benefits tailored specifically towards frequent travelers, such as elite status with Marriott Bonvoy and Hilton Honors as well as premium airport lounge access. Furthermore, this card provides travel protections such as loss damage waiver, baggage delay insurance and trip interruption coverage; and provides dining and entertainment rewards such as 5x earnings on airfare/prepaid hotels purchases as well as up to $150 statement credits annually from Saks Fifth Avenue purchases.

One major advantage of Amex Platinum cards is no foreign transaction fees, which can save a lot of money over time. This trend has become more widespread; according to WalletHub’s Credit Card Landscape Report, foreign transaction fees decreased 38% between 2014-2021.

Amex Platinum’s main downside lies in its limited suite of credit card benefits compared with those provided by competing cards such as Chase Sapphire Reserve and Capital One Venture X Rewards cards, which offer more flexible travel credit benefits such as up to $300 in statement credits annually for travel purchases or an extra $100 bonus for booking through Amex Travel.

Another key drawback of Amex Platinum credit cards is maximizing their benefits can be challenging, since many of the benefits require specific spending patterns or limited availability to qualify. For instance, airline fee credits must only be used once every year while Equinox and Uber credits must be spent each month at specific times and on certain types of expenses.

Although Amex Platinum may be worth its annual fee for those who travel frequently and take advantage of its many perks, it’s essential that you carefully assess your spending habits and travel needs to determine if this card fits. If it does, take note of its attractive welcome bonus, increased rewards on travel and dining expenses as well as fitness brand credits or streaming subscription credits; then decide whether it meets them all!

It’s worth it if you don’t travel a lot

The Platinum Card from American Express is an all-travel card, providing airport lounge access, extra points on airfare and hotels, luxury perks and luxury benefits. Although its $695 annual fee may be the highest among Amex cards, frequent travelers or those pursuing ambition might find its benefits worthwhile.

The card’s benefits and credits, including airline fee credit, airport lounge access, hotel perks, statement credits for clothing purchases and streaming services purchases, statement credits for clothing or streaming services purchases as well as statement credits to cover clothing or streaming service purchases are designed to make you feel like a traveling rock star. Enjoy complimentary status with CLEAR or Global Entry to bypass long airport security lines; receive elite status in Marriott and Hilton hotels just by being a Platinum member; as well as earning a hefty welcome bonus! You can also take advantage of airline fee credit to help offset some of the airfare costs related to your trips!

However, you should first carefully evaluate your spending habits and travel plans before determining whether the Platinum Card is worthwhile for you. If its benefits can’t justify themselves for you, other travel rewards cards with lower annual fees might offer better alternatives; such as Chase Sapphire Reserve and Capital One Venture X Rewards Credit Cards both offer generous travel credits that can easily offset their respective annual fees of $550 and $395, respectively.

In 2021, Amex Platinum introduced cell phone protection that reimburses up to $800 should your device become lost or stolen during travel booked with their card. This feature sets Amex apart from most premium travel cards by including it – making this card truly stand out!

But the card remains expensive when taken together with its high minimum spending requirement and an annual fee that cannot be offset through rewards and perks, so other Amex cards may offer better solutions for you.

It’s not worth it

If you don’t travel often, the Platinum Card might not be worthwhile for you. Access to airline lounges and hotel status won’t pay for themselves; additionally, to reap its annual credit benefits of over $800 worth in value, the card requires multiple purchases each year in order for its annual credit benefits to accrue.

American Express’ Global Lounge Collection gives cardholders access to airport lounges like Centurion Lounges and Delta Sky Clubs, in addition to partner network lounges like Priority Pass Select. Furthermore, 5X Membership Rewards on direct airline ticket purchases make this card stand out from most travel cards that only provide 3X rewards on such purchases.

However, this perk only works if you book directly with an airline rather than through travel agencies or booking sites; even though direct booking will bring its own reward in terms of bonus rewards; unfortunately this might not offset the high annual fee associated with owning the Platinum Card.

Other benefits included in the Platinum Card’s package are Gold Elite status with Marriott Bonvoy and Hilton Honors, travel insurance benefits like trip cancellation/interruption coverage and rental car loss/damage protection – making travel much simpler for frequent business travelers or families who spend lots of time away from home.

In addition to travel benefits, the Platinum Card also offers luxury lifestyle benefits which can save money in areas such as restaurants and hotels. These perks, which max out at $200 each year in statement credits, can add up quickly when used wisely and can provide significant savings over time.

However, its overall value will depend on your specific travel habits and how often you’re on the road. If you don’t travel frequently enough for this card to make sense for you, perhaps consider searching for another premium travel credit card with generous loyalty bonuses instead. Those able to fully take advantage of its perks may find that its annual fee makes up for its shortcomings.