Is The $695 Amex Platinum Annual Fee Worth It? An Honest Review

There’s little question that *amex platinum* is one of the best travel cards for frequent travelers looking for lounge access, hotel status, a huge welcome offer, and other luxuries. But those benefits don't come cheap: The Amex Platinum Card carries a whopping $695 price tag (see rates & fees).

That's enough to give even the most diehard travelers a bit of sticker shock.

The card is far and away the most expensive ultra-premium credit card on the market. But at the same time, American Express has added a slew of new benefits and statement credits to the Platinum Card over the years to help offset the high annual fee. Whether that's enough to outweigh the cost depends on who you ask – some of these credits and benefits are questionable at best.

Like many other travelers with the Platinum Card, I'm left wondering whether it's really worth the $695 annual fee. Keep reading for my honest review.

In this post

Basics of the Amex Platinum Card
A Big Bonus Offer
Breaking Down the Card's Benefits
Benefits for Authorized Users, Too
Activating Your Benefits
Doing the Math: Perks & Credits vs. the Annual Fee

Basics of the Amex Platinum Card

There's a reason why *amex platinum* comes in at such a high price. Between a huge welcome offer bonus and unbeatable travel perks, this card packs a punch.

That's why we urge readers not to rule out even high-fee credit cards. If you play your card(s) right – pun intended – you can make these benefits outweigh the card’s $695 annual fee. But to do that, you need to know exactly what you're getting.

So here's a rundown of everything you get with the Platinum Card.

Welcome Bonus Offer: bonus_miles_full
Earn 5x points per dollar on airfare purchased directly with any airline or through the American Express Travel® on up to $500,000 spent each year. It’s the best card for booking airfare, period.
Get the best lounge access from any credit card with complimentary entry to the Amex Centurion Lounges, Delta Sky Clubs® (when flying Delta), Priority Pass Lounges, and more.
Up to $200 in annual airline fee credits to use with one U.S. airline of your choice each year on fees like checked bags, change or cancellation fees, seat assignments, and more. Read our guide on how to maximize these credits!
Up to $200 in annual Uber cash that is split into monthly credits of $15, with $35 in December. You can also use this on Uber rides or Uber Eats in the U.S.
Up to a $120 application fee credit for Global Entry or TSA PreCheck®, covering the cost of enrollment in either program.
Up to $100 in annual credits for Saks Fifth Avenue, split into two semi-annual $50 credits.
Instant Hilton Honors Gold & Marriott Bonvoy Gold Elite Status just for holding the Platinum Card (enrollment required).
Trip delay & cancellation coverage if you pay for your round-trip flight with the Platinum Card (or put the taxes and fees from an award flight on it).
Up to a $199 annual credit for CLEAR® Plus.
Up to $240 in annual credits for select entertainment services, split into monthly installments of $20. However, this only applies to purchases or subscriptions with The Wall Street Journal, Peacock, the New York Times, and more.
Up to a $200 annual credit for prepaid Fine Hotels + Resorts® or The Hotel Collection bookings (The Hotel Collection bookings require a two-night minimum stay).
Up to a $12.95 credit per month for Walmart+
Annual Fee: annual_fees (see rates & fees)

Learn more about *amex platinum*.

Whew, that was a lot! At this point, the Platinum Card is starting to look more like a metal coupon book than a credit card.

So let's dissect all these benefits and whether they are worth the cost.

A Big Bonus Offer

One big reason travelers give this card a hard look in the first place is because of its massive welcome bonus. Keeping the card for the long haul is one thing, but the welcome offer alone can be enough to justify opening the card for at least a year or two.

Exactly what welcome offer you're eligible for will vary, but you can now earn a welcome bonus as high as 175,000 points after spending $8,000 in the first six months. After you submit your application, but before you accept the card (if you are approved) and your credit is pulled, Amex will let you know the exact welcome offer you are eligible for.

Breaking Down the Card's Benefits

So, beyond the welcome bonus offer when you sign up, what does $695 per year get you? Let's take a look.

Worldwide Lounge Access

No card will get you into more airport lounges than the Platinum Card. This is by far the top reason travelers hold this card.

You can get into American Express Centurion Lounges, some of the best lounges you'll find in the country (and, increasingly, worldwide).
So long as you're flying Delta that day, you can also access the Delta Sky Club 10 times annually between Feb. 1 and January 31 of the next calendar year.
Your Platinum card will get you into smaller lounge networks like Plaza Premium, Airspace, and Escape Lounges – including our go-to lounge at Minneapolis-St. Paul (MSP)
Last but not least, you get access to more than 1,400 Priority Pass lounges worldwide thanks to a Priority Pass Select membership included with the card.

This is definitely my favorite benefit of the Amex Platinum card. I don't know if I could go back to sitting at the gate and buying overpriced airport food ever again!

Every airport lounge is different – and some are better than others. Centurion Lounges and Delta Sky Clubs are certainly the best of the bunch here, with great food, cocktails, seating, and amenities at every outpost.

Read our full review of the JFK Centurion Lounge!

$200 Annual Uber (or Uber Eats) Cash

With this card, you get up to $200 in Uber Cash split across all 12 months of the year. You get up to $15 every month except December when you get up to $35 to round out the year. It's a use-it-or-lose-it benefit, so make sure to use it up each month!

If you're not booking Uber rides often, you could treat yourself to Uber Eats instead.

I am not sure I value this benefit at a full $200, as I often scramble to use it towards the end of the month by buying overpriced food on Uber Eats. But generally speaking, it's a nice perk and far from worthless.

Up to $120 Global Entry or TSA PreCheck Application Credit

The Amex Platinum offers up to a $120 credit for enrolling in either TSA PreCheck or Global Entry when paying the application fee with your card. TSA PreCheck is your ticket to skip the long lines and speed through airport security, while Global Entry can get you through immigration faster when returning on an international flight.

Can't decide between TSA PreCheck and Global Entry? Our recommendation is to opt for Global Entry, as your membership comes with free PreCheck, too! All that said, this shouldn't be a primary reason for getting the Platinum Card, many cards offer this benefit, including a handful at a much cheaper price point.

Thrifty Tip: Already signed up for one of these great trusted traveler programs? Use your card to pay for a friend or family member’s application!

$199 Annual Credit for CLEAR® Plus

Amex Platinum cardholders get up to a $199 credit each year for CLEAR® Plus, the privately run security program that allows you to cut to the front of the security line at a growing number of U.S. airports for domestic travel.

Just pay for your membership with your Platinum Card, and the credit should kick in automatically.

$200 Annual Airline Credit

Get up to $200 worth credit for airline fees like checked luggage, seat assignments, change fees, in-flight meals, and more on U.S. airlines each year. While it's certainly gotten harder to use up this credit over the years, getting $200 in value each year has proven fairly easy for me.

There are even a few slick ways you can cover airfare with these credits – that's how I used them!

These credits reset every calendar year, right on Jan. 1. That means you can double dip and get up to $400 in airline credits in your first year with the card. The catch? Like many Amex credits, you have to remember to use it.

Read our full guide on the best ways to maximize Amex airline credits!

$200 Hotel Credit

All cardholders get a $200 annual statement credit for prepaid hotel bookings through the Amex Travel booking portal for Fine Hotels + Resorts® or The Hotel Collection properties (two-night minimum stay required with The Hotel Collection).

Make your booking at an eligible property through Amex Travel, pay with your Platinum Card, and the statement credit of up to $200 each year will kick in automatically.

You'll also receive some additional elite-like perks when booking through FHR or The Hotel Collection. In general, you can expect space-available upgrades, early check-in, late check-out, and even an on-property credit to use during your stay.

Instant Marriott and Hilton Gold Status

This card is a quick ticket to hotel status. You can instantly enroll for Gold-level status with Hilton and Marriott Bonvoy.

Hilton Honors Gold status gets you 25% bonus points on paid stays, free upgrades when space is available, and a fifth night free when redeeming points. With Hilton Gold status, you'll also get a food and beverage credit at U.S. properties and free breakfast internationally.
Marriott Bonvoy Gold Elite status allows you to earn a 25% points bonus on paid stays, upgraded internet access, space-available room upgrades, and priority late checkout.

$100 Annual Credit at Saks

With your Amex Platinum card, you'll also get up to $100 in credits at Saks Fifth Avenue each calendar year. It’s divvied up into two, $50 credits: one for January through June, and the other for July through December. Again, if you time it right, you can double dip on Saks credits and use this benefit three times in total, all while paying a single annual fee.

As you might have guessed, there are not a ton of items at Saks that cost less than $50. Typically, I use the credit to get birthday and holiday gifts for friends. Would I shop here without this card? Not likely.

Here are some of the best ways to spend your $50 Saks credits!

$240 Annual Entertainment Credit

Cardholders receive up to $240 in annual statement credits for select entertainment services, doled out in monthly installments of $20. These credits only apply to purchases or subscriptions with The Wall Street Journal, Hulu, ESPN+, the Disney Bundle, Peacock, the New York Times, and Disney+.

Earn 5x Points per Dollar on Airfare

So long as you book directly with the airline or through the American Express travel portal at American Express Travel®, you'll earn 5x points for every dollar you spend on airfare (up to $500,000 per year).

Buy a $300 plane ticket? That's another 1,500 Amex points straight to your account, making the Amex Platinum the best card for booking flights.

Rental Car Perks with Hertz, Avis & National

Just like with hotel chains, the Amex Platinum gets you rental car benefits with instant status at several top car rental companies.

Our favorite rental car perk among the bunch is Emerald Club Executive status with National. With this status, you can reserve any-full size car and skip the check-in desk entirely: Just head straight for the Emerald Aisle and take your pick. It also gets you free upgrades and extra points when you book.
With Avis Preferred Status, you get to skip the line altogether and pick a car or get 25% off your rental and a one-class car upgrade.
Hertz President's Circle Status and the Amex Platinum corporate discount code gets some lower rates on rentals and a guaranteed one-class upgrade. You can even skip the check-in dest and head straight to the President's Circle aisle to select your vehicle when booking a mid-sized vehicle or higher at select airport locations.

Trip Delay & Cancellation Coverage

If you pay for your round-trip flight with the Platinum Card (or put the taxes and fees from an award flight on it) you will be eligible for trip cancellation and trip delay coverage.

Benefits for Authorized Users, Too

You're not the only one who can benefit from the Platinum card.

American Express allows you to add authorized users to your account, and they'll share many of the same perks. At $195 per year, it's not exactly cheap, but it could still be worth adding family members or loved ones to your Amex Platinum card. Just what do these users get?

American Express Centurion Lounge Access: Yes.
Priority Pass Select Lounge Membership: Yes.
Delta SkyClub Access (When Flying Delta): Yes.
Up to $120 Credit for TSA PreCheck or Global Entry: Yes.
$199 CLEAR Credit: No.
$240 Entertainment Credit: No.
$200 AmexTravel Hotel Credit: No.
$200 in Annual Airline Fee Credits: No.
$200 in Annual Uber Ride Credits: No.
$100 in Annual Saks Fifth Avenue Credits: No.
Earn 5x Points on Airfare Booked Directly with Airlines and Hotels Booked Through Amextravel.com: Yes.
Instant Hotel Status with Marriott and Hilton: Yes.
Instant Rental Car Agency Status with Hertz, Avis, and National: Yes.

The Amex Platinum lounge benefits alone can be worth a ton for an authorized user. For example, if you try to get a spouse into the Delta Sky Club, you'd have to pay $50 for each visit. Add them as an authorized user to your account, and they can get in for free with their own allotment of 10 visits per year.

While it adds to the Amex Platinum annual fee, you can do the math and figure out if that's worth it to give friends and family some great travel benefits for less than the full sticker price.

Activating Your Benefits

Not all of these benefits will kick in automatically. Once you’ve activated your card and set up your account online, it’s time to get those perks rolling. Most of what you need will be in the Benefits section, which you can find under the “Membership” tab.

Before you do anything, make sure you've enrolled in these benefits on your account. You don't want to start using those perks before activating them!

Oh, and make sure you check your Amex Offers on your card. These are targeted offers so not every cardholder will get each one, but check regularly as Amex has been pretty generous with them lately. The savings through these offers can be massive, making it even easier to justify the cost of the Amex Platinum annual fee.

Read through our deep dive into Amex Platinum card benefits!

Doing the Math: Perks & Credits vs. the Annual Fee

Let's crunch the numbers. Are the benefits worth the annual fee?

Welcome offer bonus: Varies, but anywhere from 80,000 Amex Membership Rewards points … to up to 175,000 points after spending $8,000 in the first six months of card membership!
Annual Uber credit value: $200
Annual Airline Fee credit value: $200
Annual Saks Fifth Avenue Shopping credit value: $100
Lounge access value: depends on travel frequency, typically at least $29 per visit (plus you're not paying for food or drinks in the airport)
Global Entry or TSA PreCheck Application Fee credit value: Up to $120
Hilton and Marriott Elite Status value: varies, but breakfast credit for cardholder and a guest during travels can equal savings of $10 – $25 per day
Annual CLEAR credit value: $199
“Entertainment” credit value: $240
Annual hotel credit value: $200
Additional Amex Offers and perks: varies

At first glance, it looks like not just hundreds, but thousands of dollars in value from the benefits of this card. But that's not really the case. There are a few things you need to ask yourself when considering the value of these perks:

Do I already use (or really want to use) these services or products?
Will I remember to track and use these benefits?

With such a long list of benefits, tracking whether you've used your monthly and yearly credits for each perk can feel like a full-time job.

Just what you get out of these credits will depend on how much you're able to maximize them. That's easier to do with credits for Ubers and hotels. The value of the welcome bonus alone is a moving target, but it's not hard to get at least $1,000 out of an 80,000-point welcome offer bonus – or much more.

Ultimately, you should be able to squeeze $800 or much more in value out of the Amex Platinum card in your first year by adding up the big points bonus, easy-to-use money-saving credits on airline fees, Uber, and others. That makes the math fairly easy to work in year one. In year two and beyond, that could get much more complicated.

Related reading: Amex Credits & Benefits Are Out of Control

Bottom Line

Deciding whether to get a premium travel rewards card and pay a big annual fee is no easy decision. But if you can utilize the benefits and credits, the Amex Platinum card can change the way you travel and make that sky-high annual fee totally worth it.