Amex Platinum Card Annual Fee!
The $895 Question: Is the Amex Platinum Worth It?
Imagine getting your credit card bill and seeing a nearly $900 charge just to have the Amex Platinum card. The annual fee jumped from $695, and Amex says you’ll get more benefits. People in business, frequent flyers, and finance want to know if the upgrades are worth the higher cost.
At a networking event, a consultant joked, It pays for itself if you know how to work it. This article will show you how to get the most from the card, even if you’re not a travel expert.
Real Cardholders Share Their Secrets
People who have the Platinum card use the perks all year to make it worth it. Maya, a tech executive, got over $2,900 in statement credits last year from hotels, rideshares, restaurants, and lounges. She came out ahead, but says it takes work.
What You Need to Know
To get the most from statement credits (Uber, Resy, streaming), keep track of what you spend. Amex doesn’t make it super easy.
Lounge access at international airports is great for frequent travelers, if your travel plans line up.
If you travel for work a lot, you can probably get early check-in, late checkout, and upgrades at hotels, which can save you money.
What Do You Get for $895?
The annual fee gets you a lot of perks, but some are better than others. Here’s the breakdown:
You could get over $3,500 in value each year.
Hotel credit:
$600 for hotels booked through Amex Travel.
Dining:
$400 Resy credit, spread out over the year.
Uber Cash:
$200 ($15 a month, plus $35 in December) and Uber One perks.
Streaming & entertainment:
$300 credit for services like Disney+, Hulu, Paramount+, and the WSJ.
Lululemon and wellness:
You now get credits for fitness, up to $75 each quarter.
Global Lounge Collection:
Access to over 1,550 airport lounges in 140+ countries, including Centurion, Delta Sky Club, and Priority Pass.
If you have the business Platinum card, you get tech credits ($150 Dell, $250 Adobe) and hotel credits. The consumer and business cards now have the same annual fee.
What Do Experts and Amex Say?
Amex executives say the extra credits and the regular perks are worth the higher fee. Analysts say that competition between JPMorgan, Citi, and Amex has made them offer better deals to high-end spenders.
The WSJ, Bloomberg, and Investopedia say to figure out how much you’ll actually use. For some, the fee is worth it, but others might not get enough value.
Is It Legit? What to Watch Out For?
This article is based on statements from American Express, quotes from experts, and interviews with cardholders. Amex has details about terms, exclusions, and requirements, so read the fine print before you sign up.
You have to enroll for credits, meet certain requirements each quarter, and spend directly through Amex to get the benefits. If you miss the deadline, you miss the benefit.
How to Make the Most of the Amex Platinum?
Track your credits each month.
Use the app, set reminders, and use the perks.
Only book hotels through Amex Travel to get the credits.
Book prepaid hotels to get the $600 annual benefit.
Plan your dining and wellness spending each quarter.
Use Resy and Lululemon credits so you don’t miss out.
Check lounge access ahead of time.
Not all passes work for guests or at every airport.
Think about the card each year when you renew.
If your spending changes, switch to a different card before you pay the fee.
Common Problems and Solutions
Problems
Forgetting to enroll for credits.
Thinking all travel and dining spending counts.
Paying the fee but not using many of the perks.
How to Avoid Mistakes?
Read the benefit guides, not just the headlines.
Check if you’re eligible on partner sites (Resy, hotels, airlines) before booking.
Talk to a financial advisor if your travel and dining habits have changed.
Is the Amex Platinum Worth It for You?
If you’re a smart spender, the annual fee can be worth it if you use all the credits, lounge passes, and perks. If you don’t use the card much, it might not be worth it.
Know your spending habits, read the fine print, and try to get the most value from every dollar.
Share your thoughts in the comments, or talk to a financial advisor before you get the card.
