The American Express Platinum Card® is, without a doubt, one of the most boujee cards out there today. Its $895 annual fee (see rates and fees) is one of the highest you’ll find — and if you need more proof, the card is made of real metal.
That can make it seem like the Platinum Card®’s only cut out for the richest of the rich. But the truth is, if you travel a few times a year and already spend big on dining, streaming, and other essentials, the Platinum Card® can pay for itself — with a little work.
Here’s what to know.
Platinum Card®: One of the biggest welcome bonus offers you’ll find
First things first: A welcome bonus offer that can be worth twice the card’s annual fee.
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.
At the standard Motley Fool Money estimated rate of $0.01 per point, the max point haul would be worth $1,750 — almost twice the yearly price tag. But your points can be worth even more if you transfer them to one of Amex’s airline and hotel partners.
Best of all, you don’t have to be a jetsetter to get value here. Your Amex points never expire, so you can use them at your own pace and put them towards travel as you see fit.
It’s tough to determine a set value here, since 1) your amount of bonus points and 2) the actual value of your points are both variable. But suffice it to say, if you qualify, that you’re getting one of the biggest points hauls out there no matter how you slice it.
Platinum Card®: Unlock more than $3,500 in yearly perks
The Platinum Card® advertises more than $3,500 in annual benefits — but honestly, it’d be pretty tough to use all of them, or even come close.
Luckily, you don’t have to. Some perks are great for occasional use, like the $200 Oura Ring credit. Terms apply; enrollment required. Others are more usable on a day-to-day basis. Some of my favorites include:
- $600 in annual hotel credits for prepaid bookings through Amex Travel at Fine Hotels + Resorts or The Hotel Collection (THC requires a min. two-night stay)
- $300 in annual digital entertainment credits
- A $209 annual CLEAR+ credit
- $200 a year in airline fee credits
- $200 in annual Uber Cash
- $155 in annual Walmart+ statement credits
- $120 in annual Uber One credits
- Access to more than 1,550 airport lounges worldwide
- Terms apply; enrollment may be required
Let’s say you dropped the hotel credit and just used the digital entertainment, airline fee, Walmart+, and Uber credits. That’s $975 a year in savings right there, and you still haven’t stepped foot into a fancy hotel or airport lounge.
The earning rates can be another selling point. The Platinum Card® earns 5X points on flights booked directly with airlines or with American Express Travel® up to $500,000 on these purchases per calendar year, plus 5X points on prepaid hotels booked with American Express Travel®.
Honestly, those aren’t the best earning rates for day-to-day spending, especially on a card with such a steep $895 annual fee (see rates and fees). But if you book a couple trips a year and want to earn valuable rewards along the way, the Platinum Card® is a solid option.
Is the Platinum Card® right for your lifestyle?
The Platinum Card® is an easier sell if you’re a frequent flyer or big spender — but honestly, with a little planning, it can be worth it for most other people too.
Like other top luxury cards, the Platinum Card® rewards intentional use. Credits expire if you don’t use them, and missing out on too many can mean losing money year over year.
Still, if you can see yourself using the Uber, streaming, and Walmart+ perks — and can earn the massive welcome bonus offer — the Platinum Card® can be a valuable addition to your wallet, even if you’re not a millionaire.
Want to learn more? Read our American Express Platinum Card® review for a full breakdown of the card’s perks today.
