What are the benefits of the new American Express Platinum card?

The new American Express Platinum card’s new features include 5 points per $1 spent on prepaid hotels booked through Amex, a 60,000-point signup bonus for spending $5,000 in 3 months, $100 in Saks Fifth Avenue credits per year, a $15 monthly Uber credit (with an additional $20 bonus for December), credits for participating cruise lines, a metal card and more. The new card’s signup bonus offers 20,000 more points than the old Amex Platinum bonus offer. All of that helps make up for the $550 annual fee with the new card—a $100 increase from the old card.

Most of the new benefits are travel-related, much like the older version of Amex Platinum. There are some holdovers from the old model, too. For example, travelers will be happy to see that the new Amex Platinum card still gives 5 points per $1 spent on airfare booked anywhere, just like the old Platinum card. Some of the other benefits popular with the old Amex Platinum offer that were retained with the new one include: up to $200 annually for incidental airline expenses, a credit of $100 for Global Entry or $85 for TSA Pre✓ every 4 years, and access to over 1,000 airport lounges through the Amex Global Lounge Collection. Plus, Amex Platinum cardholders still receive complimentary memberships to certain car rental company loyalty programs; insurance for luggage, car rentals, and travel accidents; no foreign transaction fees; Hilton Honors Gold and Marriott Bonvoy Gold Elite (formerly Starwood) status with no spending thresholds; and more.

This isn’t a card for people who carry a balance, however. Amex Platinum is a charge card, so you have to pay off the balance every month. Cardholders can check to see if they’re eligible to enroll in Amex’s Pay Over Time feature, which allows you to carry balances on certain purchases. But you’ll definitely pay interest on these carried balances.

Is the new American Express Platinum card worth it? Yes, Amex Platinum is worth it if you use all of its many benefits every year. Between $200 in Uber credits, $200 for airline expenses, and $100 in Saks Fifth Avenue credits annually, you’ve almost paid for a year of this card’s $550 annual fee. That’s not counting the initial bonus offer, which is worth over $500 alone. If you’re a high-spender with “good” / “excellent” credit who travels frequently, this card could be for you. If you can’t take advantage of its travel-focused perks, you’ll end up overpaying.