Evaluating the Value: Does the American Express Platinum Warrant its Annual Fee of $895?
The Platinum Card® from American Express is a premium travel credit card, designed to cater to the needs of frequent travelers. With a recently increased annual fee of $895, the card offers a plethora of benefits that can be highly valuable for those who can utilize them fully.
Trip Protection and Insurance
The Platinum card offers extensive trip cancellation and interruption insurance, providing up to $10,000 per covered trip for eligible expenses. In addition, the card provides trip delay reimbursement of up to $500 per covered trip if travel is delayed more than six hours due to a covered reason.
Lounge Access and Uber Benefits
Cardholders gain access to more than 1,550 airport lounges worldwide, including Amex Centurion Lounges, Delta Sky Clubs, and Priority Pass and other select partner lounges. The card also offers Uber benefits, including up to $200 per year for US Uber rides or Uber Eats, and up to $120 per year toward an auto-renewing membership in Uber One.
Airline and Hotel Transfers
American Express has more airline and hotel transfer partners than any other credit card issuer. Some example airline transfer partners include Air France-KLM Flying Blue, Virgin Atlantic Flying Club, and Delta SkyMiles. Transfers to airline partners occur at a 1:1 ratio unless otherwise stated, and can sometimes take a day or two, but are often instant. In rare cases, transfers can take up to a week.
Hotel Elite Status and Credits
The Platinum card offers hotel elite status with Marriott Bonvoy Gold Elite, Hilton Honors Gold, and Leaders Club Sterling status with The Leading Hotels of the World. The card also provides up to $100 on-property credit at select hotels in the Fine Hotels + Resorts collection. Additionally, the card offers a plethora of credits for various merchants, including digital entertainment, Walmart+, Equinox, Lululemon, Saks Fifth Avenue, and Oura.
Enhanced Benefits and Lifestyle Credits
The Platinum card offers up to $600 annual credit for prepaid bookings via Fine Hotels + Resorts® or The Hotel Collection bookings through Amex TravelTM. The card also provides up to $209 per year for Clear Plus expedited airport security. Amex occasionally offers transfer bonuses, which can boost the value of points. The latest version of the Amex app prompts card holders to use benefits before they expire and helps users with enrolling in benefits.
Extended Warranty Protection and Purchase Protection
The Platinum card offers extended warranty protection that adds up to one additional year to eligible warranties of five years or less. The card also provides purchase protection covering theft, accidental damage, or loss for up to 90 days from the purchase date.
Car Rental Insurance and No Foreign Transaction Fees
The card provides secondary insurance for car rentals. The Platinum card offers no foreign transaction fees, making it an ideal choice for international travel.
The Next American Express Centurion Lounge
The next American Express Centurion Lounge in the USA is planned to open at Salt Lake City International Airport (SLC) in 2025. Subsequent openings are scheduled for Newark Liberty International Airport (EWR) in 2026 and Boston Logan International Airport (BOS) in 2027.
Global Entry or TSA PreCheck®
The Platinum card offers Global Entry or TSA PreCheck®, with a statement credit every four or four and a half years.
Welcome Offer and Annual Fee
New cardmembers can earn a welcome offer as high as 175,000 Membership Rewards® points after spending $8,000 in the first six months. The card's annual fee can be offset by the benefits it offers, especially for frequent travelers or those who can utilize the credits fully. The Platinum Card® from American Express is a premium travel credit card, designed to cater to the needs of frequent travelers.
With smart redemptions, you can exceed 2 cents per point in value, especially when flying long-haul premium cabins. The card's annual fee can be offset by the benefits it offers, especially for frequent travelers or those who can utilize the credits fully. The Platinum card's complementary ShopRunner membership (enrollment closed March 31, 2025; cardmembers who enrolled by this date will retain access through their current membership year and two years thereafter) is an added bonus for shoppers.
In conclusion, the Platinum Card® from American Express is a comprehensive travel credit card, offering a wide range of benefits designed to cater to the needs of frequent travelers. With its extensive trip protection, lounge access, airline and hotel transfer partners, hotel elite status, credits, and enhanced benefits, the card is an attractive option for those who travel frequently and can make the most of its features. However, its high annual fee means that it may not be suitable for everyone.
