Is Amex Platinum Worth It?

Is AMEX Platinum worth it? I love the AMEX Platinum, but that is because it fits my needs.

The credit card comes with a hefty $695 fee annually. When you use the benefits that come with the card, it practically pays for itself. If it doesn’t fit your needs and you are not using the benefits, then it is probably not for you.

We all know there are many credit cards to choose from, so take a close look at what is available before applying and running that credit check.

So, is Amex Platinum worth it FOR YOU? Here are some AMEX Platinum benefits:

#1 TSA Pre-check and Global Entry Fee Credits

Global Entry and TSA PreCheck are U.S. government programs designed to expedite security and customs processes for travelers.

• Reimbursement: Amex Platinum cardholders are eligible for a statement credit that covers the application fee for either TSA PreCheck or Global Entry.
  • TSA PreCheck: $85 application fee (credit once every 4.5 years).
  • Global Entry: $120 application fee (credit once every 4 years).
  • Since Global Entry includes TSA PreCheck, most frequent travelers opt for Global Entry to get both benefits.
• How It Works:
  • Charge the application fee for either TSA PreCheck or Global Entry to your Amex Platinum card.
  • The card will automatically reimburse the full fee as a statement credit within 4-6 weeks.

#2 Lounge Access

The American Express Platinum Card offers one of the most extensive and premium lounge access programs in the travel industry. Here’s a detailed overview of the lounge access benefits available to Platinum cardholders:

1. The Centurion® Lounge

• Exclusive Access: Amex Platinum cardholders have complimentary access to The Centurion® Lounges, which are known for their upscale amenities.
• Locations: These lounges are located in select major U.S. and international airports, such as New York (JFK), Miami (MIA), Dallas (DFW), San Francisco (SFO), and others.
• Features:
  • Gourmet food from renowned chefs.
  • Premium cocktails, wine, and coffee.
  • High-speed Wi-Fi.
  • Spa services (available at select locations).
  • Dedicated workspaces and shower suites.
• Guest Policy: Cardholders can bring two guests at no additional cost. Starting in February 2025, a $50 guest fee will apply unless the cardholder has spent $75,000 or more on the card in the previous calendar year.

2. Priority Pass™ Select

• Global Access: With Priority Pass Select membership, Amex Platinum cardholders gain access to over 1,300 airport lounges in more than 140 countries around the world.
• How to Use: Once enrolled, cardholders receive a Priority Pass membership card, which must be presented for lounge entry.
• Features: Complimentary food and beverages, comfortable seating, Wi-Fi, and sometimes showers.
• Guest Policy: Typically allows the cardholder to bring two guests for free. Some lounges may have different policies.

3. Delta Sky Club®

• Eligibility: Amex Platinum cardholders flying on Delta Airlines (same-day ticket required) have access to Delta Sky Clubs.
• Features: Snacks, premium drinks, Wi-Fi, workspaces, and sometimes showers.
• Guest Policy: Guests can accompany the cardholder for a fee ($50 per guest, per visit).

4. Plaza Premium Lounges

• Global Access: Amex Platinum cardholders also enjoy access to Plaza Premium Lounges, a network of independent airport lounges worldwide.
• Features: High-quality food and beverages, comfortable seating, showers, and business facilities.
• Guest Policy: Generally, two guests are allowed free of charge, but policies vary by location.

5. Airspace Lounges

• Complimentary access is provided to Airspace Lounges, which offer amenities like snacks, beverages, Wi-Fi, and workspaces.

6. Escape Lounges – The Centurion® Studio Partner

• Amex Platinum cardholders have access to Escape Lounges in various U.S. airports.
• Features: Similar to Centurion lounges, Escape Lounges provide premium food, drinks, and Wi-Fi.
• Guest Policy: Two guests can enter for free.

Summary of Lounge Access

• Lounge Networks: Access to The Centurion Lounge, Priority Pass Select, Delta Sky Club (when flying Delta), Plaza Premium Lounges, Airspace Lounges, and Escape Lounges.
• Amenities: Gourmet food, premium drinks, Wi-Fi, showers, workspaces, and sometimes spa services.
• Guest Policy: Typically, two guests are allowed free of charge in most lounges, but some lounges (like Delta Sky Club) may charge a fee for guests.

Why This is Valuable

• The Amex Platinum Card offers one of the most comprehensive lounge access programs, making it ideal for frequent travelers seeking a premium airport experience.
• The cardholder can relax, dine, or work in comfort, significantly enhancing the overall travel experience.

#3 Hotel Benefits and Credits

The American Express Platinum Card offers a wide range of hotel benefits and credits that cater to luxury travelers. These perks enhance the experience of staying at top-tier hotels and help cardholders maximize their rewards. Here’s a detailed breakdown:

1. Fine Hotels & Resorts Program (FHR)

• Overview: The Fine Hotels & Resorts (FHR) program includes over 1,000 luxury properties around the world, providing Platinum cardholders with exclusive benefits when booking through American Express Travel.
• Benefits:
  1. Room Upgrade: Upon arrival, when available.
  2. Daily Breakfast for Two: Complimentary full breakfast during your stay.
  3. Guaranteed 4 PM Late Checkout: Allows for a more relaxed departure.
  4. Noon Check-In: Subject to availability upon arrival.
  5. Complimentary Wi-Fi: High-speed internet at no additional charge.
  6. Experience Credit: A special amenity valued at $100 or more, such as spa treatments or dining credits, depending on the property.
• Value: These benefits can add hundreds of dollars in value to each stay, making the FHR program a key perk for luxury travelers.

2. The Hotel Collection

• Overview: The Hotel Collection includes a curated list of premium properties worldwide. When you book a stay of two consecutive nights or more through American Express Travel, cardholders receive additional perks.
• Benefits:
  1. Room Upgrade: Upon arrival, if available.
  2. $100 Hotel Credit: Applied toward qualifying dining, spa, or resort activities during the stay.
• Note: The Hotel Collection benefits are more modest compared to the Fine Hotels & Resorts program but still offer excellent value for shorter stays or at properties not included in FHR.

3. Hilton Honors Gold Status

• Automatic Status: Amex Platinum cardholders receive Hilton Honors Gold status without needing to meet the usual stay or point requirements.
• Benefits of Gold Status:
  1. Room Upgrades: Eligible for room upgrades, based on availability (up to Executive Room level).
  2. Complimentary Breakfast: Daily breakfast for you and a guest at most Hilton properties.
  3. Late Checkout: Based on availability.
  4. Faster Points Earning: 80% bonus points on eligible stays.
  5. 5th Night Free: When booking reward stays using Hilton Honors points.

4. Marriott Bonvoy Gold Elite Status

• Automatic Status: Platinum cardholders also enjoy Marriott Bonvoy Gold Elite status, which comes with a range of benefits.
• Benefits of Gold Elite Status:
  1. Room Upgrades: Complimentary upgrades to enhanced rooms, based on availability.
  2. 2 PM Late Checkout: Subject to availability, allowing you to extend your stay without extra fees.
  3. Complimentary Wi-Fi: Free internet access at participating properties.
  4. Bonus Points: 25% more points earned on Marriott Bonvoy stays.
  5. Welcome Gift: Choice of points or an amenity upon check-in.

5. $200 Hotel Credit

• Overview: Platinum cardholders receive an annual $200 hotel credit when booking prepaid stays at Fine Hotels & Resorts or The Hotel Collection properties through American Express Travel.
• How to Use: The credit is automatically applied to eligible bookings made through Amex Travel, effectively reducing the cost of luxury hotel stays by up to $200 per year.

6. Amex Travel Portal Bookings

• Earning Points: When booking hotels through the American Express Travel portal, cardholders earn 5X Membership Rewards points per dollar spent on prepaid hotels. This can quickly accumulate for frequent travelers.

7. The Platinum Card Concierge

• Personalized Service: Platinum cardholders can use the Amex Concierge service to assist with special hotel requests, such as arranging for special amenities, room preferences, or unique experiences, adding another layer of luxury and customization to hotel stays.

Why These Benefits Matter:

• Luxury Stays: The Fine Hotels & Resorts and Hotel Collection programs provide luxury experiences with added perks, like upgrades, dining credits, and late checkout, without extra cost.
• Elite Status: Complimentary elite status with Hilton and Marriott makes every stay more comfortable with benefits like room upgrades, free breakfast, and late checkout.
• Annual Credit: The $200 hotel credit alone can offset the card’s annual fee, especially when used at premium properties.
• Maximizing Rewards: Earning 5X points on hotel bookings through Amex Travel allows you to rack up points quickly for future travel.

These hotel-related benefits enhance both the value and experience of luxury travel, offering cardholders the ability to save money, enjoy exclusive perks, and earn rewards simultaneously.

Get up to $200 back in statement credits each year for prepaid Fine Hotels + Resorts bookings, or stays of two nights or more with The Hotel Collection, when you book through American Express Travel using your personal Platinum Card.

Keep in mind, you need to pre-pay to get the benefit.

Late checkout is also a benefit of booking through American Express Travel.

#4 Uber Benefits and Credits

The American Express Platinum Card offers up to $200 in Uber credits annually as part of its suite of travel and lifestyle benefits. Here’s how the Uber credits work:

1. How Uber Credits Work

• Monthly Breakdown: Cardholders receive $15 in Uber Cash each month, with an additional $20 bonus in December, for a total of $200 per year.
• Automatic Enrollment: To start receiving credits, you must add your Amex Platinum Card to your Uber account. Once linked, the credits are automatically deposited into your Uber account each month.
• Usage: These credits can be used for Uber rides or Uber Eats orders within the U.S.
• Expiration: The credits are use-it-or-lose-it, meaning they expire at the end of each month and do not roll over. The same applies to the $20 December bonus; it must be used in December.

2. Eligible Services

• Uber Rides: Use your credits for any Uber service, including UberX, Uber Black, Uber Pool, or UberXL, within the U.S.
• Uber Eats: The credits can also be applied to Uber Eats orders, allowing you to use them for food delivery in addition to rides.

3. How to Apply Credits

• Automatic Application: When you book an Uber ride or place an Uber Eats order, the available Uber Cash (including the Amex credits) will be automatically applied to your transaction. If the total cost exceeds the amount of Uber Cash available, the remainder will be charged to your payment method on file.

4. Additional Benefit: Uber VIP Status

• Uber VIP: In cities where available, Amex Platinum cardholders also receive Uber VIP status, which gives access to higher-rated drivers and premium cars without any additional cost. Uber VIP status is automatically activated when you add your Amex Platinum card to your Uber account.

Key Points:

• $15 monthly credit with an extra $20 in December for Uber rides or Uber Eats (U.S. only).
• Credits are deposited automatically into your Uber account and expire at the end of the month.
• Credits can be used across any Uber service, including food delivery through Uber Eats.
• You’ll also enjoy Uber VIP status in eligible cities for an enhanced Uber experience.

Why This is Valuable:

• The $200 annual Uber credit is a significant benefit, especially for frequent Uber riders or those who regularly order from Uber Eats.
• This perk helps to offset the card’s annual fee, making it a convenient and valuable feature for both transportation and dining needs.

$15 month Uber credits – one Redditor said they use this benefit by ordering two Chipotle burritos on Ubereats for delivery. It ends up being $17 total, so using the Uber credits makes it a $2 meal.

#5 Car Insurance

The American Express Platinum Card offers a variety of car rental insurance and related protections that provide valuable coverage when renting a vehicle. Here’s a detailed breakdown of the car insurance benefits associated with the card:

1. Car Rental Loss and Damage Insurance

• Overview: When you use your American Express Platinum Card to pay for a rental car and decline the rental company’s collision damage waiver (CDW), you’re automatically covered by Amex’s Car Rental Loss and Damage Insurance.
• Coverage Type: This is secondary coverage in the U.S. and primary coverage in some countries outside the U.S., meaning it kicks in after your personal auto insurance. In certain countries, it acts as the primary coverage, allowing you to avoid filing claims with your own insurance provider.
• What’s Covered: This benefit covers damage or theft of the rental vehicle, up to $75,000.
• Exclusions: Does not cover certain types of vehicles such as trucks, motorcycles, exotic cars (e.g., Ferraris, Lamborghinis), or off-road vehicles. Additionally, personal injury, liability, and damage to other vehicles are not covered.
• Duration: Coverage lasts for rentals up to 30 consecutive days.

2. Premium Car Rental Protection (Optional Add-On)

• Overview: American Express offers an optional Premium Car Rental Protection plan that provides more extensive coverage for a fee.
• Primary Coverage: Unlike the complimentary coverage, this is primary insurance, meaning it covers the rental without involving your personal auto insurance.
• Cost: Prices start at $12.25 to $24.95 per rental period, depending on the coverage plan you choose.
• Coverage:
  • Up to $100,000 for damage or theft of the rental vehicle.
  • Up to $100,000 in accidental death or dismemberment coverage.
  • Up to $15,000 in secondary medical coverage for injuries sustained in an accident.
  • Up to $5,000 in personal property coverage for theft or damage to personal items in the rental car.
• Flexibility: You can sign up for this coverage once, and it will automatically apply to every eligible rental made with your Amex Platinum Card, or you can activate it for specific rentals.

3. Roadside Assistance

• Overview: As a Platinum cardholder, you have access to Premium Global Assist Hotline and Roadside Assistance services.
• What’s Covered: Roadside assistance includes services like towing (up to 10 miles), battery jump-starts, flat tire changes, and emergency fuel delivery at no additional cost. These services are available in the U.S., Canada, and Puerto Rico.
• Limitations: Roadside assistance covers up to four service calls per year.

4. Trip Delay & Cancellation Insurance

• Trip Delay Insurance: If your rental car plans are affected by a trip delay (due to weather or other eligible reasons), this benefit may provide reimbursement for certain expenses like meals and accommodations, up to $500 per trip, if your trip is delayed by more than six hours.
• Trip Cancellation and Interruption Insurance: If you have to cancel or cut short your trip due to covered reasons (like illness, severe weather, or jury duty), you could be reimbursed for prepaid and non-refundable expenses, including rental car bookings.

5. Baggage Insurance Plan

• Overview: When you rent a car using your Amex Platinum card, you are also covered by the Baggage Insurance Plan, which protects against loss, theft, or damage to your luggage and personal items.
• Coverage Amount: Up to $3,000 for checked or carry-on baggage per covered person.
• Exclusions: Certain items, such as cash, tickets, or valuable items like jewelry or electronics, may have limited or no coverage.

Key Points:

• Car Rental Loss and Damage Insurance: Covers up to $75,000 for rental car damage or theft.
• Premium Car Rental Protection: An optional upgrade offering primary coverage, higher limits, and additional benefits like personal property and medical coverage.
• Roadside Assistance: Provides free emergency services like towing, jump-starts, and flat tire changes.
• Trip Delay and Cancellation: Reimburses for delays or cancellations affecting your rental car plans.
• Baggage Insurance: Protects your personal items in case of loss, theft, or damage.

Why This Matters:

These car rental benefits provide valuable protection and peace of mind, saving you from purchasing expensive coverage from rental agencies and protecting you in case of accidents or theft. The optional Premium Car Rental Protection offers added flexibility for those who prefer primary coverage, making it a comprehensive option for frequent travelers.

#6 Streaming Credits

As of now, American Express Platinum Card does not have a specific, recurring credit dedicated solely to streaming services. However, in previous limited-time offers (such as during the COVID-19 pandemic), Amex Platinum did provide temporary streaming service credits to cardholders as a way to add value while travel benefits were less relevant. These offers typically provided monthly credits for eligible streaming subscriptions.

That said, while there isn’t a permanent streaming credit like some other premium cards (e.g., Amex Gold offering dining credits that may apply to streaming services), the $240 annual digital entertainment credit launched in 2021 provides significant value for streaming and other digital services.

$240 Digital Entertainment Credit

• Overview: American Express Platinum cardholders receive up to $240 annually (broken down as $20 per month) in credits for select digital entertainment subscriptions.
• How It Works: You receive a $20 monthly statement credit when you charge eligible digital entertainment services to your Amex Platinum card.
• Eligible Streaming Services:
• Disney+
• Hulu
• ESPN+
• Peacock
• The New York Times
• Audible
• SiriusXM
• Automatic Enrollment: You don’t need to manually sign up for the credit—just charge your subscription to the card, and the credit will automatically be applied each month.

#7 Restaurant and Fine Dining Benefits

The American Express Platinum Card offers several perks that enhance your dining experience, providing access to exclusive reservations, events, and credits. Here’s a detailed look at the restaurant access and dining benefits that come with the card:

1. Global Dining Access by Resy

• Overview: The Amex Platinum card includes access to the Global Dining Access by Resy program, which allows cardholders to make exclusive reservations at some of the world’s top restaurants.
• Priority Reservations: Cardholders enjoy priority access to hard-to-book tables at popular restaurants in major cities.
• Exclusive Events: Access to exclusive dining events curated by Resy, featuring renowned chefs and unique experiences.
• VIP Treatment: Some restaurants may offer special perks for Platinum cardholders, such as complimentary drinks or a chef’s tasting.

2. $200 Annual Dining Credit (U.S. Only)

• Overview: Cardholders receive up to $200 in annual dining credits, split into $15 per month, with an additional $20 in December.
• Eligible Restaurants and Services:
  • Grubhub
  • Seamless
  • The Cheesecake Factory
  • Goldbelly
  • Wine.com
  • Milk Bar
  • Select Shake Shack locations
• How It Works: When you use your Amex Platinum card for purchases with these partners, the monthly dining credit is automatically applied as a statement credit. The credits are use-it-or-lose-it, meaning they don’t roll over to the next month.

3. Exclusive Access to Events & Experiences

• Private Dining Events: As an Amex Platinum cardholder, you may receive invitations to exclusive dining events hosted by celebrity chefs, such as private dinners or cooking classes.
• Special Tastings and Chef Collaborations: You can participate in unique dining experiences, including chef collaborations, wine tastings, or food pairings, often in partnership with Amex’s Global Dining Access by Resy.

4. Fine Dining at The Centurion Lounge

• Premium Lounge Dining: At select Amex Centurion Lounges, cardholders enjoy complimentary gourmet meals crafted by award-winning chefs. These lounges provide a fine dining experience in an airport setting, including signature cocktails, premium wine, and carefully curated menus.

5. Platinum Concierge Dining Assistance

• Personalized Reservations: The Amex Platinum Concierge service can assist with securing reservations at top-tier restaurants, particularly when tables are difficult to book. This can be helpful for special occasions or when traveling to major cities.
• Special Requests: The Concierge can also help arrange special dining experiences, like romantic dinners, private rooms, or unique menu requests.

6. Dining Through American Express Experiences

• Amex Experiences: Amex frequently partners with top restaurants, food festivals, and chefs to provide exclusive dining experiences to Platinum cardholders, such as preferred seating or pre-sale tickets for culinary events like the Food & Wine Classic in Aspen.

7. Membership Rewards Points on Dining

• Point Earnings: Amex Platinum cardholders earn 1X Membership Rewards point per dollar spent at restaurants worldwide. Though not the highest earning rate, these points can be valuable when redeemed for travel, experiences, or transferred to airline partners.

Why This Matters:

• Exclusive Access: The Global Dining Access by Resy and the concierge service ensure that Amex Platinum cardholders can enjoy priority seating and VIP treatment at top-tier restaurants.
• $200 Annual Dining Credit: This recurring benefit can save cardholders money on popular dining services and restaurants, especially with delivery options like Grubhub and Seamless.
• Special Experiences: Whether at Centurion Lounges or through curated events, the Platinum card offers unique dining experiences that go beyond just reservations.

These benefits make dining out or ordering in more convenient, luxurious, and rewarding for cardholders.

Key Points:

• Up to $20/month ($240/year) in credits for select streaming and digital entertainment services.
• The credit applies automatically to eligible charges.
• It covers popular streaming services like Disney+, Hulu, and Peacock, making it a valuable perk for entertainment enthusiasts.

Why This Matters:

While Amex Platinum doesn’t have a dedicated “streaming credit” like some other cards, the $240 digital entertainment credit serves a similar purpose, allowing cardholders to save on popular streaming services each month. This credit helps offset the card’s high annual fee and is a great way to get more value from everyday entertainment subscriptions.

The American Express Platinum card also comes with a $300 Equinox credit. That’s enough to supplement a membership or pay for an entire Equinox+ on-demand membership.

As Reddit user c0horst says, “Ask yourself four main questions and if the answer is yes to three of four, Platinum’s a good card for you.”

American Express Platinum Card Cons

With all the many benefits of the American Express Platinum card, of course, come cons. By far, one of the most annoying things about AMEX is that you will find vendors who don’t accept it.

#1 Many Vendors Not Accepting (Or Charging More to You To Cover Their Costs)

Some vendors don’t accept American Express for several reasons:

1. Higher Transaction Fees: American Express generally charges higher merchant fees (around 2.5% to 3.5%) compared to Visa or Mastercard, which usually charge around 1.5% to 2.5%. These higher fees can eat into a vendor’s profit margin, particularly for smaller businesses.
2. Smaller Customer Base: Fewer people use American Express compared to Visa or Mastercard, so some vendors might not see the value in paying higher fees for a smaller portion of their customers.
3. Processing Times: American Express payments can sometimes take longer to process or reconcile, adding complexity to a vendor’s accounting and cash flow management.
4. Exclusive Merchant Relationships: In some cases, vendors may have agreements with other credit card processors that either discourage or disallow the acceptance of American Express.
5. Industry-Specific Considerations: Certain industries, like small retail businesses or restaurants, may find that their average transaction size is too small to justify the higher fees associated with American Express.

By not accepting American Express, some vendors can save on costs and keep prices competitive, but, yeah, that’s annoying for us cardholders.

#2 It Can Be Work To Remember To Use All the Credits

We discussed the benefits American Express comes with. It can be, however, work to keep track and remember to redeem them all.

As Reddit user “Queasy_Spite_6012” said, “It’s a full time job maximizing benefits I don’t need.”

Read the full commentary here:

It can be work to remember to use all the benefits. However, if they are covering things you would already be using anyway, it doesn’t feel like much work.

What Now?

Choosing a credit card is a very personal decision. Just because your friend or relative loves the American Express Platinum, doesn’t mean it is for you.

“Is Amex Platinum worth it?” is really a question you need to ask yourself. Look at your last six months of credit card charges. Are you traveling? Using Uber? Using the streaming services Amex Platinum benefits cover? Shopping at Saks? Perhaps it is for you.

If it’s not, there are plenty of other credit cards to choose from.

If you think the American Express Platinum card is for you, apply here.