Lisa Cahill, Credit Cards Moderator
@lisacahill
Yes, the Platinum Card® is worth its $895 annual fee if you qualify for its welcome bonus offer and take full advantage of benefits such as airport lounge access and airline fee credits. With the ability to earn rewards on everyday purchases and the luxury perks, it can provide significant value for those who travel frequently or prioritize premium experiences.
Platinum Card® Benefits
Welcome Bonus:
You may be eligible to earn as high as 175,000 points for spending $8,000 on eligible purchases within the first 6 months (welcome offers vary and you may not be eligible for an offer; apply and, if approved, find out your offer amount and accept the card with your offer, spend $8,000 in 6 months, and receive the points).
Statement Credits:
The card offers various statement credits each year that can offset the high annual fee.
- Up to $200 per year in airline fee credits for incidental purchases with one selected airline (enrollment required).
- Up to $200 in Uber Cash per year, split into monthly credits, for rides or Uber Eats orders in the U.S. when you add your Amex card in your Uber account and use it as the payment method.
- Up to $300 per year in digital entertainment credits, split into monthly credits, for services like Hulu, Disney+, and more (enrollment required).
- Up to $600 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings through American Express Travel® using your card(up to $300 in statement credits semi-annually, with a minimum two-night stay for The Hotel Collection)
Airport Lounge Access:
The Platinum Card® includes complimentary access to more than 1,550 airport lounges worldwide through the American Express Global Lounge Collection®.
Gold Status in Hotel Loyalty Programs:
Platinum Card® holders can enroll in complimentary Hilton Honors™ Gold status and Marriott Bonvoy® Gold elite status with this card.
Insurance Benefits:
The Platinum Card® offers travel protections* like trip cancellation & interruption insurance and trip delay insurance.
Maximizing Value with the Platinum Card®
Platinum Card®holders who earn the initial bonus and use the card regularly could earn over $1,000 in net value (rewards and other perks, minus the $895 annual fee) during the first two years, according to WalletHub's calculations.
All in all, the Platinum Card® is a good card for big spenders who travel all the time and can wring every drop of value out of its benefits. But it’s far too expensive for light spenders and occasional travelers.
Important Disclosure
*Insurance Benefits Disclosure: Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.
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People also ask
What does it mean to have an American Express Platinum Card®?
When you have an American Express Platinum Card®, it means you’re likely in good financial standing as you need good credit to be eligible for it and comes with a whopping $895 annual fee. A Platinum Card® also indicates you enjoy elite, luxurious travel perks. The card offers access to 1,550+ airport lounges and Amex’s Fine Hotels + Resorts® Program, plus perks with Saks Fifth Avenue and Uber.
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The best Platinum Card® travel benefits are its access to 1,550+ airport lounges worldwide, its annual airline credit, and complimentary Gold Status in the Hilton Honors and Marriott Bonvoy® loyalty programs, when enrolled. Plus, you get 5 points / $1 spent on flights purchased directly from airlines or through American Express Travel® (on up to $500,000 spent per year), as well as on prepaid hotels booked through Amex Travel.
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You typically need good credit or better to have a shot at getting approved for the Platinum Card®. You can check your credit score for free here on WalletHub to see if you qualify.
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