If you’re at all familiar with travel cards, you’ve probably heard of the American Express Platinum Card®. It’s the card in everyone’s “best of” lists, the one in every influencer video and travel ad.
There’s a reason for that. Just 19% of credit card users pay an annual fee on their primary card, but that number jumps to 30% among people earning $150,000 or more, according to Motley Fool Money research.
Among that group, the Platinum Card® is one of the most popular cards out there. Here’s why — and how to know if it’s right for you.
How much is the Platinum Card®’s welcome bonus offer worth?
First things first: Right now with the Platinum Card®, you can earn one of the biggest bonuses I’ve seen on any credit card, period.
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 rate of $0.01 per point (as estimated by Motley Fool Money), that’s a top offer worth up to $1,750 in travel rewards. If you transfer points to one of Amex’s travel partners, though, you can get even more value.
So yes, the Platinum Card® has an $895 annual fee (see rates and fees) — one of the highest you’ll find anywhere. But if you earn the welcome offer, you can cover that annual fee almost twice over.
What else do you get for the Platinum Card®’s annual fee?
As you can imagine, the welcome bonus offer on the Platinum Card® is just the start. The card advertises more than $3,500 in ongoing annual value, with valuable perks like:
- $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 $219 annual CLEAR+ credit
- $200 a year in airline fee credits
- $200 in annual Uber Cash
- $120 in annual Uber One credits
- 5X points on flights booked directly with airlines or with American Express Travel® up to $500,000 on these purchases per calendar year
- 5X points on prepaid hotels booked with American Express Travel®
- Access to more than 1,550 airport lounges worldwide
- Terms apply; enrollment may be required
I’m not a big traveler myself — I only fly once or twice a year. But even I love the idea of, say, $200 in Uber Cash and $300 in digital entertainment credits. With those easy-to-use perks, you’ve covered more than half the Platinum Card®’s $895 annual fee (see rates and fees) already.
Throw in things like $200 in airline fee credits and bountiful airport lounge access, and it’s easy to see why the Platinum Card® is considered the travel card king. In fact, the card won our award for Best Lounge Access Credit Card of 2026.
Is the Platinum Card® worth it for you?
If you travel a handful of times a year — and are willing to track dozens of perks and statement credits — the Platinum Card® is definitely a big win. The welcome bonus offer alone can cover the annual fee nearly twice over, and the ongoing perks make it worth it for frequent flyers and big spenders.
If that’s not you, though — or you just want to find a cheaper alternative — I’ve got another recommendation: The Chase Sapphire Preferred® Card (see rates and fees).
The Chase Sapphire Preferred has a $95 annual fee, a whole $800 lower than the Platinum Card®. You’ll still get a solid lineup of perks, though, including:
- 5X points on travel purchased through Chase Travel℠
- 3X points on dining, select streaming services, and online groceries (excluding Walmart, Target, and wholesale clubs)
- 3X points on gas & EV charging
- 3X points on vacation homes
- 2X points on all other travel purchases
- $100 annual Chase Travel hotel credit
- Up to $120 credit toward Global Entry, TSA PreCheck, or NEXUS every four years
- Complimentary one-year Apple TV subscription if activated by Dec. 31, 2026 ($156 value, terms apply)
I landed the Chase Sapphire Preferred myself a few months ago. I can attest that those are some of the best earning rates you’ll find on a $95 travel card — especially 3X on dining and 2X on travel outside the Chase portal. Its list of perks is pretty much unmatched for a $95 card, too.
You’ll also get 75,000 bonus points after spending $5,000 in the first 3 months — not quite as massive as the Platinum Card®’s bonus, but also much more attainable.
For jetsetters, the Platinum Card® is the way to go. For everyone else, though, I can’t recommend the Chase Sapphire Preferred® Card highly enough.