Here’s the truth: The American Express Platinum Card® isn’t for everybody. If you’ve heard about its $895 annual fee (see rates and fees), you probably knew that already.
But for the right type of person, the yearly value of the Platinum Card® can easily outweigh the cost. That’s because it’s got more than $3,500 in annual perks — but not everyone will have an easy time using them.
Here’s how to know if the Platinum Card®, and its sky-high annual fee, are actually right for you.
You fly a handful of times a year
If you only fly once or twice a year, the Platinum Card® might be pretty hard to justify. But if you fly more regularly — think a handful of trips a year — the math can definitely swing in your favor.
That’s because the more you travel, the easier it is to use perks like:
- $600 in annual hotel credits to use for bookings at Amex’s Fine Hotels + Resorts® collection or The Hotel Collection (THC requires a min. two-night stay)
- An annual $209 CLEAR+ credit
- $200 a year in airline fee credits
- Access to over 1,550 airport lounges worldwide
- Terms apply; enrollment may be required
Maximize those first three perks, and you’ve already covered the annual fee.
It’s also worth noting that, especially on perks like the upscale hotel credit, the Platinum Card® rewards traveling in style. If you’re more budget-conscious, it might not be a fit. But if you love booking nice hotels, flying in luxury, and hanging out in snazzy airport lounges in between, it can definitely make sense.
You can use its other perks
The Platinum Card® is more than just a premium travel card, though. It also comes with tons of lifestyle-related perks that can save you almost $2,000 a year on their own. They include:
- $400 in annual Resy credits
- $300 in annual lululemon credits
- $300 in annual “digital entertainment” credits to use on streaming and more
- $300 in annual Equinox credits
- $200 Oura Ring credit every year
- $200 in annual Uber Cash
- $155 in annual Walmart+ credits
- $120 in annual Uber One credits
- Terms apply; enrollment may be required
Again, you don’t have to use all of them to end up in the black. But if you spend a lot on streaming, Uber, and Equinox, for example, the Platinum Card® can definitely be worth the price of admission– the $895 annual fee (see rates and fees).
You can actually earn its welcome bonus offer
The Platinum Card®’s also got a top welcome bonus offer that can cover its annual fee almost twice over — if you can earn it.
Apply and find out if you are eligible for as high as 175,000 Membership Rewards® Points after spending $12,000 in eligible purchases on your new Card in your first 6 months of Membership. Welcome offers vary and you may not be eligible for an offer. Terms apply.
Amex points can be redeemed for travel at a bare-minimum value of $0.01 per point, which means the highest bonus is worth $1,750+ in travel rewards, by our estimation.
This is a big one, and a great way to get your Platinum Card® journey off on the right foot. If you can’t earn the bonus, consider looking elsewhere, or holding off until something more attainable pops up.
When the Platinum Card® doesn’t make sense
Despite all the perks above, the Platinum Card® isn’t for everyone. It might not even be for most people. Specifically, if you:
- Travel rarely
- Won’t use most of the credits
- Don’t want to track handfuls of perks
- Prefer simple cash back rewards
…Then the card definitely isn’t for you. On the other hand, if you’re a frequent flyer (or an aspiring one), a big spender, or just want to land a sky-high welcome bonus offer, the Platinum Card® is definitely worth a look.
Want to learn more before you hit apply? Click here to read our full review of the American Express Platinum Card® today.