2023 American Express Platinum Card Review: Worth the Fee?
3 American Express Platinum Cards

2023 American Express Platinum Card Review

“Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.”

To my surprise, it’s now been more than three years since I took the plunge and decided to apply for the Platinum Card from American Express — also known as the Amex Platinum card, American Express Platinum, Plat, and other such variants. In that time, I’ve been able to experience all of the travel benefits the card has to offer… as well as see how Amex reacts when they realize customers aren’t getting the value they expected. What’s more, I’ve now survived the card’s revamp, which included an increase to a $695 annual fee.

The Platinum Card from American Express
The Platinum Card from American Express
Annual fee
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.
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.
  • Includes complimentary airport lounge accessing including Centurion Lounge, Delta SkyClubs (when flying Delta), and more
  • Up to $1,400 in annual credits
  • $695 annual fee
  • Some credits may not be as usable or valuable to certain cardmembers

So what is the American Express Platinum card and is it worth the cost? Let’s take a look at everything I think you need to know about the card along with some of my experiences so far.

What You Need to Know About the American Express Platinum Card

Charge Card vs. Credit Card

American Express Platinum Card

The first thing to know about the Amex Platinum card — and something I personally didn’t realize until deep into my research — is that it’s not quite like a normal credit card. However, due to some changes on Amex’s part, it’s also no longer a pure “charge card” either. 

Now, if you’re like me, you may have assumed that those two terms were interchangeable to begin with, but it turns out there is a difference. So what is that difference and how does the Platinum card now fall into some strange in-between?

A charge card means that you’ll need to pay off your complete balance each month. Furthermore, there is no stated credit limit on charge cards. This isn’t to say that you can go hog wild and spend an unlimited amount of money on your card but no formal limit will display on your credit report.

While the Platinum card was previously a charge card, the Pay Over Time feature does blur the lines a bit. This option allows you to finance large purchases (with interest). 

Additionally, those who opt into Pay Over Time will have a Pay Over Time limit — although this amount does not show on your credit reports and is not necessarily meant to represent your overall spending limit. Still, even with this feature enabled, you’ll likely need to pay the majority of your balance each month, especially if your balance is comprised of smaller, sub-$100 purchases.

Personally, I haven’t used Pay Over Time yet. In fact, as someone who’s always paid their balance in full anyway, the charge card-esque aspect of the Platinum card never really impacted me. Nevertheless, it’s definitely something to consider when looking to apply.

Platinum Card Designs

Something I want to mention is that the Platinum card now offers three designs. In addition to the standard version, Amex recently introduced collaborations with artists Julie Mehretu and Kehinde Wiley. As a result, cardholders (including authorized users) can now choose their design. 

Moreover, if you’re a current cardholder and want to swap to one of the new options, you can just log into your account, go to Account Services > Card Management > Replace a Card and then select your preferred look.

American Express Platinum Card Annual Fee

Let’s now address the elephant in the room. The American Express Platinum card carries one hefty annual fee: $695. In fact, this was increased from the previous $550 annual fee in July 2021. Because of this, you’d be forgiven if you immediately wrote the card off. 

However, as you’ll see, I think there is still plenty of value to be found in the card that goes above and beyond that $695. Still, dropping that much for a card off the bat can be a big pill to swallow.

Welcome Offer Bonus

Like most cards, the Platinum card offers a sizable bonus when you are approved for the card and spend a certain amount of money within your first few months. When I applied, my offer was 60,000 points after spending $5,000 in the first three months. However, currently (at the time this article was published) the public offer is currently set at 80,000 points when you spend $8,000 in purchases in your first six months… although lucky applicants may encounter larger offers.

I will say that the $5,000 (now $8,000) minimum spend requirement did scare me a bit as that’d be a stretch under normal circumstances. Luckily, I had some travel to book at the time, so it turned out not to be an issue. Also, I do like that Amex has now drawn out many of their welcome bonuses to cover the first six months versus the typical three months. Of course, if you do need a more clever solution, you might consider trying to pay rent with your card in order to meet your minimum. You’ll definitely want to have a plan in mind ahead of time as missing out on this welcome offer bonus would be a huge bummer.

Earning Points (and their value)

Outside of your welcome offer, you can of course earn points on a number of purchases. The majority of these purchases will earn you 1X points (e.g. $120 spent will earn you 120 points). However there are two travel categories that will earn you 5X in points.

First, airline bookings made directly through the airline or via the Amex Travel portal yield 5X points. Similarly, prepaid hotel bookings made through the Amex Travel site also earn 5X. 

Note the language of that latter category as I’ve seen some confused by it: only prepaid hotel bookings made on Amex Travel qualify for this 5X points. Also, as of July 2021, these 5X categories have a cap of $500,000 in combined spending.

So what are these points worth? Well, that depends. According to The Points Guy, Amex Membership Rewards points are currently worth 2¢ per point on average. However, that’s based on the assumption that you 1) transfer points to American Express’ airline partners and 2) find a deal (oftentimes in business or first class, which can have outsized value). This is also best achieved when certain airline partners offer transfer bonuses, further increasing your value.

As for other use cases, they’re not quite as favorable. For example, spending your points on a statement credit will only earn you 0.6¢ per point. Meanwhile gift cards are a slightly better value, ranging from .07¢ to 1¢ per point. 

You can also redeem points on the Amex Travel site at a value of 1¢ per point. Finally, if you have the Charles Schwab version of the Platinum Card (note: this is separate from the regular Platinum card and must be obtained on its own), then you can currently cash out MR points for 1.1¢ per point.

Another more recent option for those looking to turn their points to cash is the American Express Rewards Checking account. When you redeem points for deposits into your linked Amex Rewards Checking, they’ll be assessed at a value of 0.8¢. Although that’s still not great when compared to travel redemptions, it is better than the regular 0.6¢ per point for statement credits. Seeing as the account is free, I think it’s a no brainer that cardholders open one just in case they need to liquidate their points quickly and easily.

The bottom line is that those looking strictly for cashback are better off looking elsewhere. Moreover, maximizing the value of your points will likely require research — not to mention travel. Having only redeemed 1 MR at this point (I’ll explain that one later), I unfortunately can’t share details on what type of value I’ve been able to get for my points but I am looking to get over 1¢.

AMEX Platinum Credits

Amex Benefit - Uber Cash

To help make up for that major annual fee, the Amex Platinum comes with a number of credits — and the list has only grown in recent months. These include:

  • $200 hotel credit per year (to be used on prepaid Fine Hotels + Resorts or Hotel Collection bookings)
  • $240 in digital entertainment credits per year (up to $20 per month, valid for Peacock, The Wall Street Journal, The New York Times, SiriusXM, Disney+, Hulu, ESPN+, or The Disney Bundle. Audible remains part of the program as well – but will depart on October 1st, 2023)
  • $189 CLEAR credit per year (to be used on CLEAR membership)
  • $300 in Equinox credit per year (up to $300 in statement credit toward digital or club memberships)
  • $200 in Uber credits per year ($15 a month January through November plus $35 in December)
  • $200 in airline incidental credits (good for bag fees, lounge guest passes, on-board food, etc.)
  • Walmart+ Monthly Membership Credit ($12.95 per month, covering the entire fee for the service)
  • SoulCycle At-Home Bike Credit (A $300 statement credit when you purchase a SoulCycle at-home bike. Can be used on up to 15 bikes per calendar year.)
  • $100 in Saks Fifth Avenue credits ($50 good from January through June and another $50 good from July through December)
  • Up to $100 Global Entry or TSA Precheck credit (once every five years)

Let’s start with the initial 2021 additions: the hotel credit, the digital entertainment credit, the CLEAR credit, and the Equinox credit. These were followed up by Walmart+ and SoulCycle benefits soon after. 

Hotel Credits

First up is the hotel credit, which earns you up to $200 in statement credits per year when you make prepaid Fine Hotels + Resorts or Hotel Collection bookings. As we’ll discuss a bit later, I’m a fan of this program and have found some good deals under $200 — especially in Vegas. Therefore, I personally think that this credit should be pretty easy to use for most cardholders. 


Next is the digital entertainment credit, which is definitely more restrictive. At this time, the only services eligible for this up to $20 a month ($240 annually) credit are Peacock, The Wall Street Journal, The New York Times, SiriusXM, and the Disney Bundle — AKA Disney+, Hulu, and ESPN+. Additionally, while Audible was original included in this offer, it will no longer be eligible starting on October 1st, 2023. That said, the good news is that there are a few different price-point options here. 

For example, Peacock has paid plans that start at $5.99. Sadly, Audible’s Premium Plus membership (which entitles you to one free audiobook download per month and comes in at $14.95) was my go-to for this credit — and that will so no longer be an option. Nevertheless, between the months that my Audible subscription was eligible and my being a SiriusXM customer, this is definitely a win for me. Also, since the Disney Bundle was added, consumers seem to be happier with this credit overall.


Up next is the $189 CLEAR annual credit. If you’re unfamiliar with CLEAR, it’s a service that offers an expedited security experience at select airports and stadiums. This is accomplished by verifying your identity using biometrics. 

Incidentally, while the sped-up airport security feature might sound similar to TSA Precheck, the two services can actually be used in tandem — which I happened to observe at LaGuardia where those with both CLEAR and TSA Precheck managed to skip even the Precheck line, saving more time overall. 

Anyway, not only will the $189 a year credit cover your membership but, if you’re a Delta SkyMiles or United MileagePlus member, you can get a membership for $179 ($149 if you have status or a Delta Amex and free if you’re a top-tier elite), add a family member for an additional $70, and bring down your out-of-pocket cost while maximizing your credit.

Gym Credit

That brings us to the Equinox credit — AKA the one everyone was complaining about. The first reason for that animosity was that this $300 credit was broken up into $25 per month increments. Luckily, effective January 2023, this has changed. Now, the credit will be offered on an annual basis. This should not only make the credit easier to use for those visiting in person but also makes a digital subscription a more reasonable alternative.


Rounding out the new items, there’s also the Walmart+ credit. This one seemed pretty out of leftfield when it was announced but, hey, free stuff is free stuff. When you sign up for Walmart+ following the instructions on the Amex site, your entire monthly fee (currently $12.95) will be reimbursed each month. 

Personally, I haven’t used this perk a ton but I do enjoy the Scan and Go feature you get as a result of the service. Plus, if you want to shop at Walmart and have your items delivered instead of having to go get them yourself, this perk could be helpful. Even better, Paramount+ is now included with Walmart+, so this seemingly random benefit could be more useful than you think.


For the Uber credits, you’ll need to add your Platinum card to your Uber account. Then the $15 (or $35 in December) credits should show up in Uber Cash on the first of each month. Even better, they easily stack with the $10 a month in Uber credits that the American Express Gold Card now includes. By the way, these credits work for rides in the U.S. as well as Uber Eats orders #protip. Double pro tip: opting for the pick-up option in Uber Eats can help you skip delivery fees and make the most for your credit. 

Airline Incidentals

As for the airline incidental credit, this may be one of the most controversial aspects of the card… well, until the Equinox credit came around, at least. Unlike the travel credit featured on the Chase Sapphire Reserve (more on that later) that can be used for a variety of purposes, Amex has some very specific rules for what qualifies as an “incidental.” 

For example, fares, upgrades, and other common fees are excluded, while seat selections, baggage fees, and in-flight refreshments do qualify. The problem is that, depending on which airline you fly and whether or not you have status with them, you may not incur many of these “incidentals.”

Another issue with the airline incidental credit is that, in order to use it, you’ll need to select a single airline for which it will work. This can apparently be changed sparingly but you may need to call customer service in order to do so. 

In my case, I was a little disappointed that Allegiant wasn’t included on the list of qualifying airlines as it’s the carrier I fly that has the most such fees. In any case, if you do make a purchase that fits the bill, a credit should be applied to your account a few days later.

Saks Fifth Avenue

The Saks Fifth Avenue credit is one that’s relatively random. It can also be a bit hard to use but for an entirely different reason than the airline credit. The problem here is that, to be blunt, Saks ain’t cheap. So, even with $50 off, you may end up spending a pretty penny just to buy anything. That said, we’ve been pretty lucky with our purchases. 

For our first time using the credit, my wife found some shoes she liked that were on sale for $52. Since you also get free shipping thanks to ShopRunner, we only spent a couple of dollars out of pocket for something that is arguably worth the $50. Sure enough, a few days after making our purchase, the $50 credit showed on our account. 

Since then, I’ve also used our credits to purchase dress shirts for myself on clearance and even nabbed a chocolate gift box sampler for my mother’s Christmas present. In each case, we spent just over $50, thus maximizing the credit.

Something else I want to shout out regarding the Saks credit is that you can use Rakuten in conjunction with this offer since it’s a statement credit and not a coupon. Thus you could conceivably get $5 back on top of your free $50 purchase. Also, in case you were wondering, the credit only applies at Saks Fifth Avenue proper and not at Saks Off 5th.

Global Entry

Finally, having joined Global Entry in 2018, I haven’t yet been able to make use of this credit. Still, I’m sure I will once it’s time to renew.

Overall, while I might not factor in the face value of these credits, they do help offset the annual fee in my mind. The Uber credits alone have proven useful while the Saks credits can be put to good use if you’re willing to put the time into searching for deals. In terms of the airline credit, I do wish it was a bit easier to use. Nevertheless, I have been able to take advantage of it so far.

American Express Platinum Perks


Gold Status

One aspect of the Platinum Card that is perhaps a bit underrated is that it entitles you to complimentary status with certain hotel chains and rental car companies. This includes Hilton Honors Gold Status and Marriott Bonvoy Gold Elite Status as well as status and discounts from Avis, Hertz, and National.

Having not rented many cars in my day, I can only speak to the hotel status. The top dog here seems to be the Hilton Honors Gold, which gets you free breakfast at many properties along with other perks. Meanwhile the Marriott Bonvoy status doesn’t seem to be as powerful, although I’ve found it to be useful so far (more on that later).

Purchase Protection

I’ll admit that, when I made the decision to apply for the Amex Platinum card, I didn’t give much consideration to things like purchase protection. However, the more I hear about these types of programs, the more I’ve come to realize how important and valuable they can be. Moreover, American Express recently introduced travel delay and cancellation protections that I am now super glad to have.

Some of the protections that American Express offers are return protection, a baggage insurance plan, car rental loss and damage insurance, purchase protection (for stolen or damaged items), and now trip delay and cancellation/interruption insurance. 

Plus, the latest addition to the card is cell phone insurance. Thankfully, I have not had to use any of these yet. There’s also far too much info to cover with these protections, so I highly recommend checking Amex’s policy guides for all the details.

Lounge Access

American Express - The Centurion Lounge

Among the perks that appealed most to me when I was looking at applying for the American Express Platinum card was the airport lounge access it offered. Here’s a quick rundown of what’s included:

  • Priority Pass Select with access to 1,200+ lounges
  • Delta SkyClub access when you’re flying Delta
  • American Express Centurion Lounge access

When I started looking at premium cards, Priority Pass was a name I came across over and over again. Looking at their line-up, I realize I’ve walked by many of their participants on my travels. Sadly, I’ve also seen several reports that, due to the popularity of Priority Pass (thanks in part to the number of credit cards that include it), these lounges can get overcrowded and even turn away guests.

That’s what made the Amex Platinum really stand out for me. Although there aren’t currently any of their famed Centurion Lounges at my most frequented airports, it’s that third option that really got my attention: Delta SkyClubs. 

As a regular Delta flyer and ATL connecting passenger, having access to SkyClubs is a gamechanger. Not only is Delta’s hometown hub lousy with them — with some concourses even featuring multiple clubs — but some of the larger ones even feature showers. I can’t tell you how nice of a perk this is after coming off an 8+ hour flight.

I should note that there is a caveat with the Delta SkyClub access. First, as I noted, you need to be flying Delta (or a Delta-marketed flight — e.g. holding a Delta ticket for a flight on Air France metal) to gain access. Also, while many Priority Pass lounges, as well as Centurion Lounges, allow you at least a free guest or two, Delta will soon charge $50 per guest. In case you were wondering, yes, this fee is eligible for reimbursement if you select Delta for your airline incidentals credit.

While I’ve used the Delta SkyClub perk the most so far, I have also had the good fortune of trying some of the other lounge options. As I was waiting at Hartsfield-Jackson overnight, my wife and I decided to try the Minute Suites. Here, our Priority Pass entitled us to one free hour as well as a discount on subsequent hours. Although this was far from a typical Priority Pass lounge experience, it was certainly nice.

As for the Centurion Lounge, we just had a chance to try the location at Las Vegas’ Harry Reid International Airport early last year. Having read that these lounges are also becoming known for crowding and waitlists, I was a bit worried as I walked up. But, with it being early in the morning, we had no issues getting in, finding a seat, and having some breakfast. 

I’ve also now had the chance to check out Centurions in Philly and Charlotte, both of which I enjoyed. I will note that there was one time we did have to join a waitlist at LAS but we were able to head in after about 15 minutes and the staff did a great job helping us find seats once we did make it in. 

Speaking of busy Centurion Lounges, I should note that Amex has announced an upcoming change to its guest policy. Starting in February 2023, Platinum cardholders will need to pay $50 per guest. However, this is waived for those who spent at least $75,000 on their card per calendar year. Luckily, if getting guests into the lounge is a priority for you, you can always add them as authorized users. However, the cost of doing that recently increased to $195 per card.

With all of that considered, if you’re a Delta loyalist like myself, I really think that this single perk puts the Platinum over the top. Meanwhile, those who live near an airport with a Centurion Lounge (FYI — more such lounges are on the way) might also find this to be a reason to pick the Plat. As for everyone else, the only downside regarding the Priority Pass is that it no longer includes Priority Pass restaurants whereas the Chase Sapphire Reserve version still does.

Amex Travel and Fine Hotels & Resorts

In order to earn your 5X points on hotel bookings, you’ll need to utilize the Amex Travel portal. This is a fairly straightforward platform that seems similar in price and function to Expedia (I’ve even heard rumors that it’s powered by that site). But beyond the regular travel listings, you may also come across selections from the American Express Fine Hotels + Resorts Collection.

When you book through the Fine Hotels + Resorts Collection, you’ll enjoy special benefits such as late check-outs, $100 credit to use during your stay, room upgrades when available, free breakfast, complimentary WiFi, and more. 

Looking at the travel portal for myself, one property that seems appealing is the NoMad Las Vegas (located at the Park MGM Resort). Whereas some of the other Vegas hotels in the collection include a $100 spa credit, NoMad’s is a $100 food and beverage credit. Between the Park MGM housing Eataly and La La Noodle, I can spend that $100 faster than you can finish reading this sentence. Funny enough, I also recently stayed at the Bellagio via FHR and used my $100 dining credit to eat at a place called Noodles, so I guess I have a type.

Since including that anecdote in my original review, I’ve actually used the Fine Hotels & Resorts Collection as well as the similar but different Hotel Collection on multiple occasions — including at other Las Vegas destinations. In each case, I’ve been impressed with the ease of use and the value that I’ve received from these bookings. 

That said, something to keep in mind is that, while some of the Fine Hotels & Resorts offers may seem like good deals, others may be marked up to a point where that $100 credit isn’t worth it (especially for longer stays where the value gets diluted). Thus you may want to shop around and weigh your options. The same can also be said of the Amex Travel portal in general — although I’ve been pleased with the pricing I’ve found on bookings so far.

Concierge Service

Seeing as the Platinum is a premium product, you’d expect there to be a certain level of service that comes with it. That’s what the concierge service promises. The idea is that you can call up Amex’s concierge line and ask them to assist you with such things as booking reservations, getting tickets, or getting recommendations.

Personally, I have yet to use this service and honestly have no idea what I would use it for. I’ve also heard mixed reviews about how effective their services actually are. So, as the cliche goes, your mileage may vary with this one.

Authorized Users

Finally, like most other cards, you can add authorized users to your Platinum card. However there are two different options for this: giving your AUs some of the platinum benefits for a fee or just giving a companion card for free. 

For the former option, you could previously add up to three people for a total annual cost of $175 (and then another $175 annual fee for each person after that). However, in August 2023, Amex shook things up by switching to a new pricing model. Now, authorized user cards come at a cost of $195 each. In other words, while three AUs used to cost a total of $175 per year, it would now cost $585 per year.

The other option is the free Companion Platinum card. In the past, this was referred to as a gold card — but this was confusing seeing as there’s also the real American Express Gold card. FYI, that card offers such perks as 4X on dining, 4X on grocery purchases, and more. Of course, it also comes with a $250 annual fee. 

In any case, these newly-named Companion Platinum cards merely act as a way for your authorized users to make purchases on your account. From what I’ve read, though, each AU card is eligible for its own Global Entry/TSA Precheck credit — so that’s something!

As for the full-fledged Platinum AU option, while it will come equipped with some perks, it doesn’t include all. Most notably, the Uber, Saks, and airline incidental credits do not apply. That said, the lounge access and status benefits do remain intact, making this a savvy gift if you have a frequent traveler in your life whom you trust to make an authorized user.

Temporary Benefits for Amex Platinum Cardholders

illustration of working at home

Sometime after I initially published this review, the world changed in a big, bad way. With a global pandemic at hand, travel had all but halted. While there are far more pressing issues that have come from the COVID-19 crisis, American Express realized that they’d need to make some adjustments to their travel-centric Platinum card or face a tidal wave of cancelations. 

Thus, in May 2020, the company announced some new benefits that were more appropriate for the current times. This included a $20 monthly statement credit on streaming services, a $20 per month statement credit on wireless phone bills, and more. Additionally, those who renewed their cards before March 2021 also earned a $200 Amex Travel credit.

 Plus, in early 2021, Amex hooked up those who had been cardholders since at least November 2020 with some very lucrative Amex Offers for retailers such as Best Buy, Home Depot, Goldbelly, and many more. 

I share these details on what was, not to make readers jealous but simply to share how Amex attempted to do right by its members during an unprecedented time. Personally, I’d say that these temporary benefits more than made up for what I was missing out on by not being able to travel with my card. In fact, As a result of these offers, I managed to get more than $2,000 in value from my Plat despite the majority of my cardholder year landing in 2020. Ultimately, I really appreciate what American Express did in recent months and consider myself a loyal customer as a result.

Why I Choose the Platinum Card Over the Chase Sapphire Reserve

It’s hard to talk about the American Express Platinum card without mentioning the other top dog in travel cards: the Chase Sapphire Reserve. Truth be told, I’ve actually heard more about the CSR and how great it was so I might have just defaulted to that had I not done more research. Yet, in the end, the Plat won my vote.

Why? Here are a few main reasons:

Better Lounge Lineup

airport loung

Like I mentioned, the additions of Delta SkyClubs and Centurion Lounges really helped push me toward the Platinum card. That decision only seems more justified as I read about how crazy busy many Priority Pass lounges have become. Don’t get me wrong — I’m still glad to have that Priority Pass… but I’m even more glad to have SkyClub access.

5X on Flights

When booking flights, the CSR offers 3X back while the Platinum card has 5X. Game over, right? Okay, it’s not quite that simple as Chase’s 3X actually applies to a much broader “travel” category. This means that you don’t need to book through a specific portal in order to obtain the bonus. Still, considering that I rarely book flights through third parties, it makes more sense to go with the higher accrual rate.

Status Benefits

Lastly, while I wasn’t exactly sure how I’d use Hilton or Marriott gold status when I decided on the Platinum card, I now see these as sizable additional benefits over the CSR. Not only have these statuses saved me money so far but I can easily imagine them continuing to do so. Thus, the decision: justified.

That said, the CSR does have plenty of perks — such as the easier-to-use travel credit and a better redemption value for statement credits — that others might find more appealing. Therefore, I’d definitely recommend doing your own research.

My Experience with the Platinum Card So Far

Instant Card

For as much as I love my Amex Platinum card now, my relationship with it didn’t get off to a great start. That’s because I was counting on Amex’s Instant Card feature so that I could load my new card to Apple Pay and get cracking on meeting that $5k minimum spend while traveling. Unfortunately for me, while I was able to generate my card number, adding it to Apple Pay proved to be a problem. This led to several calls to Amex, with some operators telling me that those instant card numbers weren’t meant to be added to a digital wallet… despite the fact that that’s what they advertise on their site.

Eventually, after several calls, I gave up and had to miss out on using the card for that trip. I’m still not sure what the issue was as I’ve heard from plenty of others who have been able to add their cards to Apple Pay without issue (that does seem to be the whole point, despite what the reps I talked to told me). Of course I do take most of the blame here as I should have applied for the card earlier instead of waiting until the 11th hour before a trip. C’est la vie.

The moral of the story is, while an instant card number should work, learn from my mistakes and apply at a time when you’ll be available to get your physical card a few days later.

Amex Offers

This was another benefit I was ignorant to before applying for the Platinum card. Funny enough, it’s quickly become one of the most valuable perks I’ve found. Since obtaining my card, I’ve saved more than $1,000 from Amex Offers — not to mention earning extra points and discounts as well.

I’ve actually written a whole post cataloging my Amex Offer victories but, in short, they’ve allowed me to earn statement credits for purchases from GoPro, Sam’s Club, and other retailers. The biggest of these was my GoPro purchase, where I saved $60 on a purchase of $300 or more. Plus, I’ve also been able to take advantage of different types of offers on Amazon, saving me $30 on a purchase of $60 or more (FYI, this $30 isn’t even included in my aforementioned $824 savings total).

Although you’re sure to come across several Amex Offers you have no use for, it’s definitely worth keeping an eye on this section as some good stuff might just pop up.

Travel Perks

cup of coffee from Amex Lounge

As I had hoped, having the Platinum card has made my travels better in many ways. From the ability to relax in an airport lounge and grab a free bite to eat to saving $16 a day on in-room WiFi thanks to the included Bonvoy status, it’s truly been a blessing. 

Incidentally, I also found the card to come in handy at CES as there was an Amex Lounge at the convention center open to Platinum members and other cardholders. This turned out to be a godsend as it allowed me to get some work done, relax, and — most importantly — enjoy a couple of free Americanos.

Earning Points

Last but not least, I’ve been pleasantly surprised by how many points I’ve been able to amass since opening my card. Currently, I have just over 285,000 points in my account. This includes the 60,000 welcome offer bonus, a few Amex Offers that put multipliers on my purchases, and now even points earned via Rakuten — plus the spend and welcome bonus from my Gold card.

Although it’s too soon to tell what I should be valuing my Membership Rewards points at, going with the Points Guy’s 2¢ estimate, I tend to use my Platinum card in cases where I would otherwise only earn 1% back with one of my other cards. Of course, I’ve also been sure to use the card for the 5X categories and for items that I want protection on.

Between my two Amex cards, I now have what I’d consider a respectable amount of points. Even without cashing in my points, I’ve still enjoyed plenty of benefits from my Plat  — but I’m definitely looking forward to the day when I can cash in my points for an awesome travel experience. 

About those recent changes

For all the complaints I’ve seen on social media and beyond in regards to the upped annual fee and the credits that Amex added to the Platinum, I have to say I’m personally happy with the changes overall. While there are now some credits I have no intention of using (namely Equinox), with more than $1,400 in credits now available per year, I’ll still have no problem covering my annual fee. In fact, the addition of digital entertainment credit alone — which I’ll value at a conservative $200 a year — makes up for the $145 annual fee increase.

That said, there is now the concern that the Platinum card is becoming a glorified “coupon book.” Indeed, there are plenty of different credits and perks to keep track of. Yet, I’m reminded that the reason why I was attracted to the Platinum card in the first place had little to do with the traditional credit card aspects of it but more the lifestyle and travel perks that came with it. So, while it’s definitely not for everyone, it still works well for me.

Final Thoughts on the American Express Platinum Card

Make no mistake: applying for a card with a $550 — and now $695 — annual fee was not something my wife and I took lightly. Luckily for us, after only a few months of having the American Express Platinum card, I was convinced that our decision was a good one. 

With credits that help offset that annual fee and that can be used relatively easily, Amex Offers that have proven particularly lucrative, protections that can come in handy when things go wrong, lounge and status benefits that can make your travels a bit more comfortable, and more, I have to say that I honestly find the Amex Platinum to be well worth it. 

What’s more, when these travel benefits took a hit in 2020, American Express stepped up to ensure that I was still getting value from the card — thus making me a happy cardholder some three years later. And while the latest credits to come to the card are a bit hit or miss for me personally, the hotel and digital entertainment credits in particular more than make up for the price increase.

At the same time, I wouldn’t recommend that just anybody get this card. There are some vital considerations to be made when determining if you’d get value out of the Platinum card or whether you’d be better off with a competitor like the Chase Sapphire Reserve — or even just sticking to annual fee-free cards. I’d reckon that this calculation will come down to how much you travel, how much you value things like lounge access, how often you use Uber, if you have any of the eligible digital entertainment services, etc.

Ultimately, if you’re a frequent traveler, don’t mind keeping track of credits, and can afford to spend $695 upfront in order to gain potentially more on the back end, then I still think you’ll love adding the American Express Platinum card to your wallet.

Frequently Asked Questions About the American Express Platinum Card

Is the AMEX Platinum worth the yearly fee?

Because the Amex Platinum offers a number of credit opportunities, it’s possible that cardholders can make up for the cost of the annual fee by making use of these credits. However, some cardholders may value these credits differently. Therefore, before applying for the Platinum Card, be sure to look at all of the credits, benefits, and rewards and assess whether they are worth at least $695 a year to you.

What are the 2023 American Express Platinum Card benefits?

American Expres Platinum cardmembers can earn $200 a year in Amex Fine Hotels & Resorts credit, a total of $200 a year in monthly Uber Cash credits, a total of $240 a year in Digital Entertainment Credits, a total of $100 a year in Saks Fifth Avenue credits, $189 a year in credits for CLEAR, $12.95 per month in Walmart+ credits, and more. Additionally, card members enjoy complimentary access to Amex Centurion Lounges, Delta SkyClubs (when flying Delta), and Priority Pass lounges.

Is it hard to get an American Express Platinum Card?

Generally speaking, a “good” to “excellent” credit score is required to get the American Express Platinum card and, due the card’s high annual fee, applicants may need to have high income as well. Because of this, getting the card may be more difficult than with some lower annual fee cards.

How do you qualify for a platinum American Express Card?

Anecdotally, consumers will credit scores around or above 700 report being approved for the card. However, other factors such as income and credit usage may play a role in Amex’s approval decision.

How much is the annual fee for the American Express Platinum Card?

In 2023, the annual fee for the American Express Platinum Card is $695. Cardmembers can add up to three authorized users to their Platinum card for an additional $175 a year as well.

Fioney has partnered with CardRatings for our coverage of credit card products. Fioney.com and CardRatings may receive a commission from card issuers.” (Note: advertising relationships do not have any influence on editorial content. Advertising compensation allows Fioney.com to provide quality content for free. All editorial opinions are those of the individual author and/or Fioney staff.)


Kyle Burbank

Head Writer ~ Fioney
Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Fioney's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

Other Articles by Kyle Burbank

2 Qatar Airways Privilege Club Credit Cards

Cardless Launches Two Qatar Airways Co-Branded Credit Cards

The FinTech startup Cardless is partnering with Qatar Airways to offer two new co-branded cards to the American market. About the cards: Recently, Cardless introduced its two latest rewards credit cards: The Qatar Airways Privilege Club Signature Card and the Qatar Airways Privilege Club Infinite Card. Starting with the Signature card, it earns 4x Avios on Qatar Airways purchases plus 2x Avios on dining purchases, and 1x Avios on all...
Yendo logo and credit card

Vehicle-Secured Credit Card Company Yendo Raises $165 Million

A FinTech that offers the first-ever credit card secured by a customer's vehicle has announced its latest round of funding. About the round: This week, Yendo announced that it had raised $165 million. However, this includes $150 million in debt financing and $15 million in equity. The debt portion was led by i80 group, while the strategic investors that participated in the equity round were not disclosed. Yendo previously raised...
woman holding her hands to her temple thinking

Lessons From a First-Time Home Buyer: Worst Time to Buy a House? There Are Always Exceptions

If you've been thinking about buying a house, looking at the news lately has likely disheartened you. As CNN reports, a recent Gallup poll found that 76% of Americans believe it's a bad time to buy — with only 21% saying it's a good time. There are several reasons for that sentiment, with the top two being the combination of high interest rates and high home prices. So, are you...
The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Rent Day

Bilt Announces Home Collection Deal for May 2024 Rent Day

For May's Rent Day, Bilt is offering a deal that will allow members to decrease their rent bill while also adding to their home decor. About the Home Collection offer: Bilt has crafted a unique Rent Day offer for May 2024. Through the 1st, when Bilt members redeem their points toward rent payments, they'll receive the same number of points to be used toward Bilt Home Collection items. To take...