Today’s review concerns my favorite American Express credit card, the card_name, which I plan to keep in my wallet. Despite an annual fee of $695, I get more value from it than I pay. Skeptical? Stay tuned as I tell you why I love it so much…

For rates and fees of The Platinum Card® from American Express, see Rates and Fees; terms apply.

 

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If you are interested in the American Express® Green Card or the American Express® Gold Card, you will want to apply for those before applying for the Platinum Card® from American Express. American Express now has a specific family language requiring you to get them in a certain order, or you will be locked out of the welcome offer.

Airport Lounge Access

Probably the number one reason I keep The Platinum Card® from American Express is that it gives me access to the best airport lounges. Although I love to travel, I’m not a fan of hanging out at an airport, waiting to board, or passing time during a connecting flight! Going to a nice airport lounge and relaxing takes all the sting out of that.

I can find a comfy seat, watch a movie on my computer, find something to eat and drink, and use a clean bathroom. Occasionally, I’ve taken a shower on a connecting flight. This allows me to feel refreshed and ready to go sightseeing when I arrive at my destination.

 

Global Lounge Collection

The Platinum Card® from American Express gives access to the best lounges, in my opinion, with their Global Lounge Collection. These include:

• The Centurion Lounges
• Priority Pass Lounges (enrollment required)
• Escape Lounges
• Delta Sky Club (when flying Delta)
• Plaza Premium Lounges
• Lufthansa Lounges

With The Platinum Card® from American Express,  I can literally find an airport lounge at almost any airport I travel to! Usually, it costs at least $50 to enter an airport lounge. My #1 reason to keep this card is being able to go to all these amazing lounges.

 

 

$200 Airline Incidental Credit

With this benefit, you must preselect an airline to use it with. You can change this selection each year in January. Since I fly United frequently, I have selected it as my preferred airline. These incidentals include checked bags, in-flight refreshments, and lounge passes. I use my $200 credit for United TravelBank credits. You can learn more about how this works by checking out this post.

 

$100 Saks Fifth Avenue or saks.com Credit

I always use this credit. It is available on a semi-annual basis—up to $50 in statement credits from January through June and up to $50 in statement credits from July through December (enrollment required). I usually use this credit to buy my more expensive creams or makeup. 

 

Up to $200 in Uber Cash Annually

If you use Uber regularly, this is a great benefit! Add your Platinum Card to your Uber account and get $15 in Uber Cash each month to use on Uber Eats orders or Uber rides in the U.S., plus a bonus $20 in December. Ensure Uber Cash is toggled on and an American Express Card is selected for your transaction to redeem Uber Cash received through this benefit. This is definitely worth $200/year.

 

 

Fine Hotels + Resorts^® $200 Annual Credit

When you book a hotel with your Platinum card at Fine Hotels + Resorts^®, you get up to $200 back in statement credits each year on prepaid stays, plus a $100 hotel benefit (usually a dining credit).  I stayed at the Four Seasons in Sydney, Australia, and got GREAT use out of that credit.

 

 

$240 Digital Entertainment Credit

You can get up to $20 in statement credits each month when you use your Platinum Card^® for eligible purchases on Disney+, a Disney+ bundle, ESPN+, Hulu, The New York Times, Peacock, and The Wall Street Journal (enrollment required). I use my credit for Hulu.

 

Fee Credit for Global Entry or TSA PreCheck®

Receive either a statement credit every 4 years after you apply for Global Entry ($120) or a statement credit every 4.5 years after you apply for a five-year membership for TSA PreCheck® (up to $85 through a TSA PreCheck official enrollment provider) and pay the application fee with your Platinum Card®. When you enroll in Global Entry, you’ll also get access to TSA PreCheck®, so that’s always our choice!

 

$209 CLEAR® Plus Credit

Getting through the airport quickly is a priority for me, so I always use this credit. Pay your CLEAR membership with this card, and get up to $209 in statement credits per calendar year.

 

 

Cell Phone Protection

You can be reimbursed for the costs of repairing or replacing your damaged or stolen cell phone up to $800, subject to a $50 deductible, for two approved claims per 12-month period when your prior month’s wireless bill was paid with your Platinum card.

 

Why I Find All This Valuable

Yes, the annual fee is high. When I use the $200 airline incidental credit, the $200 Fine Hotels + Resorts^® credit, the $200 in Uber Cash, the $100 Saks credit, and the $240 digital entertainment credit, then I am at $940 in credits annually. That is before I have even accounted for any other credits, including my priceless airport lounge access. I am happy to pay this annual fee because my credits are worth more than the fee by several hundred dollars.

 

Hilton Gold Status and Marriott Gold Status

Just by holding the American Express Platinum Card, you also get Gold Status with Hilton and Marriott hotel chains (enrollment required). Here’s what you can expect from those benefits:

Marriott Gold Elite Status

• Upgraded room at check-in, subject to availability
• 25% bonus points on paid stays
• 2:00 pm check-out, based on availability
• Welcome gift of 250-500 points
• Complimentary wi-fi

Hilton Honors Gold

• Space-available room upgrades
• Two complimentary bottles of water
• Daily food and beverage credit or continental breakfast
• 5th night free on award stays
• 80% bonus points on paid stays

Hotel status is another perk that makes every stay valuable and makes the high annual fee worth keeping the card.

 

Miscellaneous Perks (read your documents for what is covered)

• Up to $155 Walmart+ Credit ($12.95/month)
• No foreign transaction fees
• Car Rental Loss and Damage Insurance—secondary insurance
• 24/7 Premium Global Assist Hotline
• Trip Delay and Trip Cancellation Insurance

 

Points Earnings

One of the top ways to use your card is to pay for flights, where you will earn 5 Membership Rewards points for every dollar spent. This can add up. You can also earn the same rate by booking prepaid hotels through amextravel.com. You will earn 1 Membership Reward for every dollar spent elsewhere.

 

American Express Membership Rewards®

American Express Membership Rewards® are the points you earn when you use The Platinum Card® from American Express. What we love about them is that they are transferable. That means you can transfer them to select airline and hotel transfer partners.

Airline and Hotel partners include:

• Aer Lingus
• AeroMexico
• Air Canda
• Air France/KLM
• ANA
• Avianca
• British Airways
• Cathay Pacific
• Delta
• Emirates
• Etihad
• Iberia
• JetBlue
• Qantas
• Qatar
• Singapore
• Virgin Atlantic
• Choice Hotels
• Hilton Hotels
• Marriott Hotels

 

Not every transfer is 1:1, but many are. Additionally, there are often transfer bonuses so you can earn more miles and points for your Membership Rewards.

 

 

Bottom Line

The Platinum Card® from American Express is one of my favorite cards, and I get a lot of value from the benefits. What are your thoughts? Are the benefits worth the annual fee for you? If you don’t take advantage of the credits, it may not be worth keeping in your wallet, but it is ALWAYS worth trying it out for that first year.

 

Related Posts

Podcast #47 Breaking Down AMEX

How to Transfer AMEX Membership Rewards to Airline and Hotel Partners

American Express Membership Rewards® Explained

American Express Family Language

What Can You Do with 75K American Express Membership Rewards®?

 

For rates and fees of The Platinum Card® from American Express, see Rates and Fees; terms apply.