The American Express Platinum Card® has an $895 annual fee (see rates and fees). That tends to make it a non-starter for a lot of people — which is a shame, because it’s a lot easier to justify than you might think.
Between its one-time welcome bonus offer and recurring annual credits, the Platinum Card® can deliver more than $5,000 in first-year value (estimated by Motley Fool Money). That’s more than five times the annual fee, which means you can basically cover the cost of the Platinum Card® for a half-decade in your first year.
Here’s how easy it is to save with the Platinum Card® — and why it’s not just for frequent flyers.
Unlock a welcome bonus offer worth $1,750+
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 our Motley Fool Money estimated standard value of $0.01 per point, you could be looking at up to $1,750 in travel rewards right out of the gate, before you use a single perk. Transfer those points to one of Amex’s airline or hotel partners, and they can be worth even more.
It’s worth noting that that’s one of the higher spending requirements you’ll find on a welcome offer — but you’ll also have a whole 6 months to hit it. Amex also lets you check your offer eligibility and bonus offer amount before you officially land the card, so you’ll know exactly what you’re getting into.
Travel perks worth $2,000+ a year
The Platinum Card®’s $600 annual hotel credit is probably the fastest path to breaking even. It comes as two $300 semi-annual credits to save on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings through Amex Travel (THC requires a minimum two-night stay). Terms apply. It’s not the easiest travel perk to use, but it is one of the best in terms of raw value.
That’s not all, though. The card also comes with $209 in CLEAR+ credits, $200 in airline fee credits, $200 in Uber Cash, $120 in Uber One credits, and more. That’s over $1,300 in tangible travel perks from a top travel card, year after year. Terms apply; enrollment may be required.
The Platinum Card® also offers access to 1,550+ airport lounges worldwide, including access to Amex Centurion Lounges, a Priority Pass Select membership (enrollment required), and up to 10 Delta Sky Club visits per year when flying Delta. Terms apply. That’s a bit harder to quantify, but Amex pegs it at an $850 annual value — which can mean a lot if you’re a frequent flyer, especially when you weigh it against the card’s $895 annual fee (see rates and fees).
Plus: $1,300+ in credits that require no travel whatsoever
The Platinum Card® used to be a card you could only justify if you were a jetsetter. Not anymore. A big chunk of the card’s annual value now comes in credits that have nothing to do with travel.
My favorite is probably the $300 in annual digital entertainment credits, which covers services like Hulu, Disney+, YouTube TV, Paramount+, Peacock, The New York Times, The Wall Street Journal, and more. At $25 a month, it can cover one service in full or help offset a few.
There’s also $400 a year in Resy credits, $300 a year in lululemon credits, a yearly $200 Oura Ring credit, $155 a year in Walmart+ credits, and more. Terms apply; enrollment may be required. All together, those are worth $1,355 a year — well above the card’s $895 annual fee (see rates and fees) — and you haven’t stepped foot in an airport.
Yes, these perks still require some work. Not everyone has an easy time spending hundreds on Resy or lululemon. But if you use even a fraction of these perks — and earn the massive welcome bonus offer — the Platinum Card® can still be a big win, especially in your first year.
Want to learn more? Check out our full American Express Platinum Card® review to see if it’s right for you today.