Is the AmEx Platinum Worth the Annual Fee?

If you’ve been looking for a premium credit card, you most likely encountered AmEx Platinum. It comes packed with statement credits, travel perks, and convertible points, making it quite an attractive option with a large user base. At the same time, the AmEx Platinum card annual fee is also impressive at $695.

Is American Express Platinum worth it? What benefits do you get when using this plastic? Keep reading to learn more about the card’s pros and cons, its target audience, and some alternatives for those who are not ready to pay its high fee.

Is the AmEx Platinum Worth It: Pros and Cons

Before you agree to pay the AmEx Platinum annual fee, it’s important to consider the major merits and flaws the offer has.

American Express Platinum Card’s Pros

Here are the main benefits you will receive for subscribing to the American Express Platinum fee.

Reward program

As you would expect from a premium card, American Express has a reward program that allows users to earn convertible reward points. When you pay with this card, you accrue 5 points per dollar on flights and hotels booked through AmEx Travel, up to an annual limit of $500,000. For all other purchases, you earn 1 point per dollar.

Welcome bonus

One of the things that can make AmEx Platinum fee worth it for you is the card’s welcome offer. If you spend $8,000 on eligible purchases within the first 6 months of opening the account, you’ll receive 125,000 Membership points.

Travel perks

Travelers will certainly be impressed with the range of different travel-oriented advantages. The Platinum card provides insurance for baggage, trip cancellation, and car rental. Also, it offers elite hotel statuses (enrollment is still required) and access to airport lounges.

Statement credits

Another outstanding pro of the card is its selection of statement credits. Some of the offers a cardholder can enjoy include the following:

• Up to $200 airline fee credit;
• Up to $100 Saks credit;
• Up to $300 Equinox credit;
• Up to $155 Walmart+ credit;
• Up to $189 CLEAR credit;
• Up to $240 digital entertainment credit;
• Up to $200 Uber Cash credit, and more.

A long list of transfer partners

It’s also important to mention that the Membership Rewards points you earn can be transferred to partner loyalty programs. For you, this means more variety in how you can spend your rewards. Some of the notable transfer partners include:

• Delta SkyMiles;
• Emirates Skywards;
• Asia Miles;
• Marriott Bonvoy;
• Iberia Plus;
• Singapore KrisFlyer;
• Virgin Atlantic Flying Club.

American Express Platinum Card’s Cons

While the premium card has numerous benefits, it’s also essential to consider its disadvantages.

Significant fee

The most obvious con is the American Express annual fee of $695. If you are not an avid traveler or don’t spend enough to really benefit from the reward programs, it’s best to consider other options.

Benefiting from statement credits can be difficult

While the list of statement credits is impressive, some of them are quite limited, and an average cardholder might struggle to fully utilize their value.

Rewards are heavily travel-based

If you don’t fly and stay in hotels at least several times a year, the most significant perk of this card won’t do much for you.

Who Is the AmEx Platinum Card Suitable For?

Considering the higher than average American Express Platinum card annual fee, there must be a pretty specific target audience for this deal. Here are the main categories of potential cardholders who can benefit from the AmEx Platinum card the most:

• Those seeking a luxury card. Individuals who appreciate the prestige that comes with a premium card will enjoy having AmEx Platinum in their pockets. The card gives exclusive status in hotels (Hilton Honors Gold status, Marriott Bonvoy Gold status) and access to lounge areas.
• Frequent travelers. Another target group is those who fly frequently or stay in hotels, as numerous perks of the card are travel-based. American Express Platinum grants you trip cancellation insurance, car rental privileges, baggage insurance, etc.
• Those who know they can make the most from benefits. This last category includes the people who will use the card on a daily basis for specific services and purchases. Remember, the cardholders receive a huge 125,000 points bonus when they spend $8,000 in the first 6 months, so the card works well for those who plan large purchases in eligible categories.

Alternatives to the AmEx Platinum

If you realize that you are not willing to pay the American Express Platinum annual fee of $695, you may want to look at some alternatives. Luckily, there are a few cards with less hefty fees that offer similar advantages.

Chase Sapphire Reserve Card

Chase Sapphire Reserve has a fee of $550, but it is more versatile than American Express Platinum. With this card, you will earn more points on hotels and flights as well as on dining. Chase Sapphire Reserve comes with an excellent welcome bonus—you will receive 60,000 points after spending $4,000 within 3 months of activating the card.

Capital One Venture X Rewards Credit Card

While still a premium card, this option has a lower fee compared to AmEx Platinum—$395 a year. The card has a great welcome bonus of 75,000 miles if you spend $4,000 within the 3 months of opening the account. For each dollar you spend, you will also get 10 Miles on hotel stays and 5 Miles on the flights booked through Capital One Travel. All other eligible purchases will earn you 2 Miles per dollar.

Chase Sapphire Preferred Card

If you want to avoid paying a premium while still getting some benefits, consider the Chase Sapphire Preferred Card. This card has a $95 fee, which is a serious advantage on its own.

However, rewards are also quite humble compared to AmEx Platinum. These include some Lyft benefits, a $50 statement credit on hotels you book via Chase, and travel protection. The card also boasts a great welcome bonus of 60,000 points when you spend $4,000 on purchases within 3 months of opening your account.

Final Thought

Is the American Express Platinum card worth it? It all depends on your financial situation, lifestyle, and how you plan to use the card. In any case, it is a good idea to carefully look through the entire list of benefits and decide whether any of them are relevant for you.

AmEx Platinum is best suited for frequent travelers, and those whose spending habits coincide with the statement credits it offers. The card has an excellent welcome bonus, so if you plan large purchases in eligible categories, you can earn more than you spend on a fee. And, if you are not satisfied with other rewards the card offers, you can always downgrade to a cheaper card for the following year.