Credit Card Reviews
American Express Platinum Card: Assessing Its Value After 5 Years
It’s wild to me that it’s now been nearly seven years since I first got the American Express Platinum Card. In that time, I’ve seen the annual fee go from $550 to $895 (with a stop at $695 in between). Therefore, each time it is time to renew, I take a pause and dive into the numbers to see if the card truly still makes sense for me. This is always a sobering moment as, during the rest of the year, I get to enjoy all sorts of perks and credits that I conveniently begin to forget I actually pay for.
To be clear, rather than just adding up what Amex says these features are worth, I’ll be assigning my own assessed value based on my experience. What’s more, now that I’ve had the card for several years, I’ll also be taking a brief look back to see whether the card is getting better or worse for me.
Breaking Down the Value I Got From the American Express Platinum Card in My Fifth Year
Assessing the Credits
Fine Hotels & Resorts/Hotel Collection Credit
- Face value: $600 per year ($300 semi-annually)
- My assessed value: $500
To start things off, I want to look at what I think is one of the Platinum card’s most usable and, frankly, on-brand credits. Each calendar year, cardholders can earn up to $600 in credits toward Amex Fine Hotels & Resorts or Hotel Collection bookings. Specifically, this credit is divided into two installments of $300 — one to be used between January and June, with another available between July and December. Prior to the Platinum card’s most-recent refresh, this was an annual credit of just $200.
What’s great about FHR and THC bookings is that they also come with some added perks, such as property credits, late check-out, and more. Because of this, I’ve enjoyed my stays at various program properties in the past.
It is true that, when looking at some Fine Hotels & Resort options, you may encounter some pretty jaw-dropping rates. Luckily, there are some definite sweet spots — especially in Las Vegas. Plus, Hotel Collection listings may be a bit more affordable, even if those do require a minimum stay of two nights versus just one night for FHR properties.
Since the upgrade to $600 in credits, I’ve redeemed my benefit for stays at The Cosmopolitan Las Vegas as well as The Nash (formerly The Bobby) in Nashville. The former was a FHR booking while the latter was Hotel Collection. Both proved to be great experiences that also featured some money-saving perks, such as the dining credit and, at The Nash, complimentary valet parking. Therefore, while I will discount the on-paper value a bit, I think $500 in value is fair.
Something else I want to mention about this credit that I think will be helpful to know is that the credit is issued at the time you pay, not at the time you travel. That’s key because, if you are planning a trip during the second half of the year but still have your first half credit, you can book early and still get the benefit. That’s exactly what I did when booking Cosmo (used my second 2025 credit to book January 2026), which freed up my first 2026 credit to be used at The Nash!
Digital Entertainment Credit
- Face value: $300 per year ($25 per month)
- My assessed value: $300
Currently, I use my monthly Digital Entertainment Credit to cover my Disney+/Hulu ad-free bundle subscription plus a portion of my YouTube Premium Lite subscription. The Disney bundle comes in at $19.99 while Premium Lite is $7.99, meaning I easily max out my $25 per month benefit. FYI, this credit was $20 a month prior to the $895 annual fee update.
What’s great is that I would have both of these subscriptions regardless of whether I was an Amex Platinum cardholder. Therefore, I can honestly assign the full $300 in value to this perk. We’re off to a great start, aren’t we?!
CLEAR Plus Credit
- Face value: $209 per year
- My assessed value: $20
Look, as I’ve shared before, I do really like CLEAR Plus. Whether necessary or not, I can’t help but enjoy the speed at which I sail through TSA thanks to the one-two punch of CLEAR Plus and TSA Precheck. That said, the price of the CLEAR is pretty crazy — especially when the latter does a lot of the heavy lifting, in my opinion.
All this is to say that, while I’m glad CLEAR Plus is included as a part of the Platinum Card, I can’t imagine paying much for it if I had to do so out of pocket. That’s partially because it’s not available at my local airport but also due to the fact that, well, it’s now $209 a year! On top of that, now that they’ve reduced the discounts I previously received as a Delta SkyMiles member, my trick of using the credit to cover membership for both my wife and me is now dead. That’s why I had to cancel her CLEAR Plus last year.
If the service were priced more closely to TSA Precheck (but with a slight premium), it would be around $20 per year. Thus, that’s how I’ll value it for now.
Equinox Credit
- Face value: $300 per year
- My assessed value: $0
When the Platinum Card underwent its previous big revamp in 2022 and raised its annual fee to $695, this Equinox credit was probably the most controversial. If you’ve ever looked at the price of an Equinox membership, then you can probably guess why. In any case, to their credit, Amex did improve this credit in 2023, removing the monthly restriction on the credit and instead making it a $300 annual credit.
Despite that upgrade, this perk is still useless to me. To be fair, even though there aren’t any gym locations near me, I could use this credit on an Equinox+ subscription. Then again, even if I did burn off the credit by trying that for a few months, this would still be rated with a $0 value since I wouldn’t have signed up for that service otherwise.
Uber Cash Benefit
- Face value: $200 per year ($15 a month January through November plus $35 in December)
- My assessed value: $140
Even though I don’t take Uber rides all that often, what I like about this Uber Cash benefit is that it can also be used for Uber Eats orders. In fact, that’s the primary way I’ve used this credit in the past. And while this benefit was particularly useful when it stacked with the Uber Cash I was earning from the American Express Gold Card, I’ve since parted ways with that card. Nevertheless, we look forward to our monthly Uber Eats treat.
As I’ve written about before, we also try to make our Uber Cash go further by opting for Uber Eats pickup. Alas, even with this hack, prices on Uber Eats tend to be higher than what you’d pay when ordering directly from the restaurant. Because of this, I’ve decided to shave $5 a month off of my assessed value, leaving me a total of $140 per year.
AAirline Incidentals Credit
- Face value: $200 per year
- My assessed value: $80
American Express’s “airline incidentals credit” has long been known for its stringent rules that often make it difficult to use. Sure enough, that’s been an issue for me as I’m rarely able to find use cases (sidenote: I sure would love it if Amex would add Allegiant to its list of eligible airlines — that would help tremendously). Still, in past years, I’ve managed to spend at least a portion of my credit by selecting a seat on an airline I don’t usually fly or allowing my friend to buy a guest pass to a lounge.
In the past year, I’ve actually made more use of this credit than I traditionally have. That’s thanks to some domestic travel I had on American, with this benefit allowing me to snag better seats. Alas, I don’t exactly remember how much these seats were — nor could I accurately explain how much I would have spent for these selections out of pocket. So I’ll arbitrarily say it gave me $80 in value ($10 per flight).
Oura Ring Annual Credit
- Face value: $200
- My assessed value: $0
One of the credits that joined the Platinum card during the most recent update was one for Oura Ring. This $200 credit is valid once per year and can only be redeemed toward the purchase of the ring itself. That means that the $5.99 monthly subscription fee is all you.
Even though I did manage to pick up an Oura Ring 3 (before they sold out) for free with this credit, the retail prices of the Oura Ring 4 and new Oura Ring 5 are high enough that you’ll still need to pay out of pocket after this credit is accounted for. And, again, there is that optional-but-probably-desired monthly service fee.
I guess, if anything, this benefit has ended up costing me money thanks to that subscription. But, instead, I’ll just value it at $0 — and consider canceling my membership at some point.
Lululemon Credit
- Face value: $300 per year ($75 per quarter)
- My assessed value: $150
Can I tell you how excited I was when this credit joined the Platinum Card? I learned a couple of years ago that I love Lulu’s men’s pants. So, since this quarterly credit came along, my wardrobe has been getting plussed.
The bad news is that $75 won’t go too far at Lululemon. However, I have had success in stretching it. For one, the “We Made Too Much” tab on the site offers discounted deals, which can be pretty good. Also, yes, we took a trip to the store on Black Friday last year so that I could use my credit on two pairs of pants (instead of the usual half of one). Most recently, since I added the Charles Schwab Platinum to my wallet, I was able to split tender across both of my Platinum cards in order to tap two $75 credits at once!
Of course, without these credits, I wouldn’t be shopping at Lulu nearly as much. In the past year, though, I think halving the value to $150 is fair considering all that I’ve been able to get — including a vest for my wife that she absolutely adores (did you think I’d really hog all of the credits?).
Resy Credit
- Face value: $400 per year ($100 quarterly)
- My assessed value: $200
A big reason why I elected to cancel my Amex Gold Card a couple of years ago was because there weren’t any Resy restaurants in my area, severely diminishing that card’s semi-annual benefit. Luckily for me, by the time this quarterly credit for the Plat came around, at least a couple of spots had popped up in town. I’m also hopeful that the list will grow when Resy adds Tock to its platform this summer.
I will say that I do love how easy the credit is to use (as long as you can find a location). See, you don’t actually have to make a reservation with Resy — you just need to use your card at a restaurant that’s listed on the service.
So far, the majority of our credits have been used at a local Italian spot. There, we’ve had a couple of date nights and we were also able to treat my mother-in-law to a meal when she visited. Most recently, we used our credit for a spot in Nashville, meaning that this perk came in handy during our weekend getaway.
I’m going to be conservative with this one as well, just because of the current lack of locations in my area. Just know that, while I’m only giving it a value of $200 per year now, that could easily increase in the future — and would likely be higher for most cardholders.
Walmart+ Monthly Membership Credit
- Face value: $155.40 per year ($12.95 a month)
- My assessed value: $60
I think it’s fair to say that the addition of a Walmart+ membership credit was one of the most unexpected moves the Platinum card has made in recent years. Yet, you won’t hear this midwesterner complain. At the same time, I wouldn’t say I make much use of the core Walmart+ benefits — aside from using Scan & Go, that is.
Although I may not use Walmart’s delivery or shipping perks (outside of one time), the membership does keep adding extra benefits. That includes a complimentary Paramount+ ad-supported plan. And while I’m not sure I’d buy a Paramount+ subscription on my own, it’s a “nice to have” benefit.
More importantly, Walmart has run some promotions in the past that have allowed me to rack up Walmart Cash. Of course, these opportunities were exclusive to Walmart+ members, so having one for free was a win. Plus, I got to play hero a few months back by bestowing my mother-in-law with a free delivery, saving her a trip to the store.
Between those perks, the Scan & Go access, and some other features of the membership that I have managed to use in the past year, I’ll give this one a value of $5 per month, for a total of $60 for the year..
SoulCycle At-Home Bike Credit
- Face value: $300 per year
- My assessed value: $0
Not only is this one of the least known Amex Platinum credits — but I’d venture to guess that it’s also one of the least used. Sure enough, it offers $0 in value to me.
Technically, this $300 credit can be used up to 15 times yearly, putting the real on-paper value at $4,500. But, 15 times $0 is still $0, so this doesn’t change anything as far as my calculations.
Saks Fifth Avenue Credits
- Face value: $100 per year ($50 from January through June and another $50 from July through December)
- My assessed value: $0
Can I just point out how strange the Saks Fifth Avenue site is? You’d think that a high-end brand would have a sleek retail site but that’s far from the case with Saks. On top of that, when browsing, you’re sure to find plenty of laughably priced items. All of these factors make the Platinum card’s semi-annual credit pretty difficult to use practically.
That — coupled with the retailer’s bankruptcy — is why this benefit is being discontinued in July 2026.
Over the years, I did manage to get some decent items from this credit. But its usefulness definitely fell off more recently. So, since it’s going away and because I wasn’t too thrilled with the past couple of purchases, I’ll just give this a $0 valuation.
Global Entry or TSA Precheck Credit
- Face value: $120 once every five years
- My assessed value: $0 (this year)
Finally, we come to a credit that is not monthly, not semi-annual, not yearly, but once every five years: Global Entry/TSA Precheck. With this credit, you can have your Global Entry or TSA Precheck application reimbursed by Amex (although Global Entry’s fee has risen to $120 and I haven’t seen confirmation that Amex has increased the credit in response).
Seeing as this was not a renewal date for me, I didn’t have a chance to use this credit. That said, last year, we actually saw $200 in value from this perk as my authorized user was also able to claim the credit. Nevertheless, since we’re just looking at the past 12 months, the value is still $0.
The Total So Far
Adding up all of my assessed values for these credits, it seems my total return just from credits is $1,450! That’s obviously well above the card’s $895 annual fee. What’s even sweeter is that my last renewal was still at the $695 price since it came before the cutoff.
Well, now that we’ve established that the credits alone already allow me to get a positive return with the Platinum card, let’s talk about the value I get from the card’s other benefits.
Other Benefits — Rewards, Perks, and More
Membership Rewards Points
- My assessed value: $297 (in the past year)
Previously, putting a value on my Membership Rewards was difficult since I hadn’t redeemed them for much. But, as I mentioned, I recently applied for the Charles Schwab exclusive version of the American Express Platinum Card, which allows me to redeem points for deposits into my brokerage account at a value of 1.1¢ each.
So, since I earned approximately 27,000 points in the past year, that’s $297 in my brokerage account.
Prior to getting the Schwab card, my baseline was $0.8 per point, since that’s what I’d get if I cashed them out to my Amex Rewards Checking account. Meanwhile, if you were to simply use your MR points for a statement credit, you’d get a paltry 0.6¢ per point. That’s why the best practice is to transfer points to a participating travel program when possible. Yet, for me, I’m happy with my new 1.1¢ valuation, which is why I redeemed more than 300,000 Membership Rewards points to Schwab earlier this year.
Lounge Access
- My assessed value: $150 (in the past year)
Oh boy. If I thought calculating the value of my rewards points was hard, now we need to talk about lounge access. After all, this is a key perk of the card — and the Platinum card’s access is why I chose it over the popular Chase Sapphire Reserve Card in the first place.
There are many reasons why calculating a monetary value for lounge access is difficult — and you can read about them in another one of my articles. But, rather than fret about how many times I visited the lounges this year, how much we ate while we were there, and just how much being able to decompress before travel is worth, I’ll just estimate that I got $150 in value from this perk this year.
Status Benefits
- My assessed value: $20 (in the past year)
Finally, we have the Platinum card’s status perks, such as Hilton Gold and Marriott Bonvoy Gold. In the past, I’ve actually been able to leverage this perk into quantifiable perks thanks to status matching. Sadly, though, many of those tricks have since been shut down.
In terms of what the status has earned me this year, well, it’s hard to think of exactly what it got me. I believe it entitled me to a dining credit while staying at Hilton properties and I may have received free WiFi during a Marriott stay. But, without knowing for sure, I’ll assign an admittedly arbitrary amount of $20 to this benefit for the past year.
Which Way is the Platinum Card Trending?
When I covered this same topic in 2022 (and again in 2024), I obviously came to the conclusion that the American Express Platinum was worth it for me overall — which is why I’ve kept the card. Since then, while the card hasn’t changed significantly, the annual fee jumped to a $895. Ironically, though, it seems that the higher cost has only increased the “profit” margin I get from the card.
A big reason for that success is that, while Amex added perks to the card as part of the refresh, it didn’t take any away. That streak will end when the Saks credit shuts down next month, but there’s no love lost there. Meanwhile, tripling the hotel credit, adding a $100 quarterly Resy credit, a $75 quarterly Lululemon credit, and increasing the Digital Entertainment Credit to $25 per month all benefited my bottom line greatly.
Truth be told, I would be (and have been) happy enough just to break even with the Platinum Card’s credits, since I enjoy having benefits such as airport lounge access. So that fact that I’m now actively getting positive value from it is incredible. That said, when the $895 fee does hit, it can still sting a bit. Luckily, I can now look back on this assessment to ease the pain.
The Platinum Card from American Express
The Platinum Card from American Express
5
Annual fee
$695
Welcome bonus
Earn 80,000 Membership Rewards Points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership.
Rewards
5x Membership Rewards points on flights booked directly with airlines or via Amex Travel, 5x Membership Rewards points on hotel bookings made via Amex Travel, 1x Membership Rewards points on all other purchases.
Worth the hefty price for frequent travelers
With airport lounge access, numerous travel and lifestyle credits, complimentary hotel status, and more, the Platinum Card is perfect for both luxury travelers and casual travelers alike.
Pros
- Includes complimentary airport lounge accessing including Centurion Lounge, Delta SkyClubs (when flying Delta), and more
- Up to $1,400 in annual credits
Cons
- $695 annual fee
- Some credits may not be as usable or valuable to certain cardmembers
Final Thoughts on the Amex Platinum Card’s Value
In total, I estimate that I saw $1,917 in value from the American Express Platinum card during my latest cardholder year. Considering that the annual fee is $895, that’s a big win.
Of course, while I’m still quite happy with the Platinum Card now, there is always the fear that American Express will refresh the card in a way that will severely alter its value proposition for me. Heck, after being forced to cancel my Gold Card for similar reasons, I was legitimately scared about what last year’s Platinum refresh would bring. As you can see, though, I clearly had nothing to worry about.
Overall, if you are someone considering getting the Platinum, I’d highly recommend doing what I’ve done and calculate the value you expect to get before deciding to spend $895 a year for the card.
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