Is the Amex Platinum Card Worth It for Credit Card Benefits?

The Amex Platinum Card offers a wide range of credit card benefits that can make it a valuable addition to your wallet. With a $550 annual fee, it's essential to consider whether these perks outweigh the cost.

One of the standout benefits of the Amex Platinum Card is its airport lounge access, which includes membership to the American Express Centurion Lounge, Delta Sky Club, and Priority Pass Select lounges. This can be a game-changer for frequent travelers, saving them time and stress by providing a comfortable and peaceful space to relax before flights.

With its $200 airline fee credit, cardholders can offset the cost of checked bags, change fees, and other airline expenses, making it easier to use the card for flights. This credit can be especially valuable for travelers who take multiple flights per year.

The Amex Platinum Card also offers a $100 credit towards Global Entry, a program that expedites customs processing for international travelers. This can save cardholders a significant amount of time and hassle when returning from international trips.

The Amex Platinum card's welcome offer is one of its most attractive features, offering a lucrative bonus to new cardholders. You can earn a welcome offer of 80,000 bonus points after spending $8,000 within the first six months of card membership, which is valued at $1,600 according to TPG's August 2024 valuations.

To give you a better idea of the welcome offer, here are some key details:

The Amex Platinum card also offers a welcome bonus of 100,000 Membership Rewards (MR) points in Canada, which is valued at $2,200. However, you'll need to pay the card's annual fee of $799 to access this offer.

The Amex Platinum card offers a wide range of benefits that can help offset its annual fee. One of the most valuable benefits is the welcome offer, which allows new card members to earn 80,000 points after spending $8,000 on purchases in the first six months. This is worth roughly $1,600, making it a strong selling point for getting the card.

The card also earns 5X points on flights booked directly with an airline or through Amex Travel, 5X points on prepaid hotels booked through Amex Travel, 2X points on other eligible travel booked through Amex Travel, and 1X points on all other purchases. This can add up quickly, especially for frequent travelers.

Here are some of the other benefits of the Amex Platinum card:

If you're considering applying for a platinum card, it's worth weighing the benefits against the costs. The card's welcome bonus is usually worth more than the annual fee, making it a good deal if you can meet the minimum spend requirements and make use of the card's perks.

The annual fee for the primary cardholder is $695 per year, but you can cancel or downgrade the card after the first year to avoid paying for the second year. This allows you to take advantage of the welcome offer and then reassess whether the card is worth keeping.

If you're not sure whether the card is right for you, consider the cost of being an authorized user. The article doesn't specify the cost for authorized users, but it's worth noting that this option is available.

Here's a summary of the costs associated with the card:

The American Express Platinum Card is packed with benefits that can make it worth the annual fee. The card's statement credits can help bring the effective annual fee down to $0 per year.

One of the standout benefits is the welcome offer, which allows new card members to earn 80,000 points after spending $8,000 on purchases in the first six months. This is a strong selling point, especially considering that American Express Membership Rewards points are highly valued.

The card also earns 5X points on flights booked directly with an airline or through Amex Travel, 5X points on prepaid hotels booked through Amex Travel, 2X points on other eligible travel booked through Amex Travel, and 1X points on all other purchases.

You can explore the other travel perks and insurance benefits, including rental car privileges with Avis, National, and Hertz, and access to the Amex Global Lounge Collection. The card also offers Hilton Honors Gold status and Marriott Bonvoy Gold status, which can provide room upgrades, late checkout, and other perks.

Here are some of the card's major features:

The Amex Platinum Card also provides ongoing travel perks, including complimentary membership with Priority Pass and access to the American Express Global Lounge Collection.

The Amex Platinum Card is a game-changer for frequent flyers, offering a range of perks that can save you money and enhance your travel experience.

One of the standout benefits is the airline fee credit, which can be up to $200 per calendar year, redeemable toward incidental fees like checked baggage fees, seat assignment fees, and airline lounge passes.

You can designate a single US airline to receive these credits, making it easy to plan your travel and budget accordingly.

With this credit, you can also sometimes purchase airline gift cards to use toward tickets, although this can change unexpectedly.

The Amex Business Platinum Card offers a similar benefit, with up to $200 in airline incidental fee credits per calendar year, which can be used toward expenses like checked bag fees, seat selection, pet fees, lounge day passes, and inflight food and drink.

But what really sets the Amex Platinum Card apart is its Premium Private Jet access, offering up to 40% off a Premium Private Jet Program membership with Wheels Up, a private jet charter company.

Airport lounge access can be a game-changer for travelers. With the right credit card, you can enjoy a more comfortable and relaxing experience before your flight.

The American Express Platinum card offers one of the best lounge access benefits. You'll get access to the American Express Global Lounge Collection, which includes Priority Pass Select membership and access to Delta SkyClubs, Escape lounges, Plaza Premium lounges, Centurion Lounges, and International American Express Lounges.

You can visit over 1,300 Priority Pass lounges worldwide for free, although you'll need to request your membership card. The cardmember and two guests can access these lounges.

The Centurion Lounges offer complimentary cocktails, quality food created by award-winning chefs, and an upscale vibe. They're located at more than a dozen airports in the US and have numerous international locations.

Delta Sky Club lounges are another option, offering snacks, complimentary soft and alcoholic drinks, premium Wi-Fi, and a quieter place to work and relax. There are over 30 Delta Sky Club locations to choose from.

Here's a breakdown of the lounge access options with the Amex Business Platinum Card:

Global Entry or TSA Precheck can be a game-changer for frequent travelers, saving you time and hassle at the airport.

Enrolling in Global Entry is the better strategy because it includes TSA Precheck benefits, so you'll get faster security lanes and more.

You'll get a statement credit of up to $120 for Global Entry fees every four years, which covers the $120 application fee.

TSA Precheck fees are also covered, with a statement credit of up to $120 for the up to $85 application fee.

You can renew your Global Entry or TSA Precheck membership every five years, and you'll be eligible for the statement credit every four years or 4 1/2 years for Precheck.

This credit can be a big help, especially if you're a frequent traveler who's always on the go.

The Amex Business Platinum Card offers cardholders the opportunity to experience private jet travel with exclusive access to the Wheels Up Premium Private Jet Program.

Cardholders can receive up to 40% off the membership fee, making this luxury travel option more affordable than ever.

With Wheels Up, you can enjoy private charters and take advantage of up to $2,000 in initial-year flight credits, allowing you to plan your next business or leisure trip in style.

As you consider whether the Amex Platinum card is worth it, let's take a closer look at the hotel and travel benefits. With the Amex Platinum card, you can earn up to 5 points per dollar on prepaid stays booked online through the Fine Hotels + Resorts program.

Cardmembers also receive up to $200 in statement credits each calendar year when booking a prepaid stay via Amex Fine Hotels + Resorts or The Hotel Collection on Amex Travel. This is a great perk for frequent travelers who book high-end stays.

Additionally, the Amex Platinum card comes with Marriott Bonvoy and Hilton Honors Gold elite status, which can go a long way toward justifying its annual fee. With elite status, you'll receive perks like upgrades, late checkout, and in Hilton's case, free breakfast.

Here are some of the benefits you can expect from Amex Fine Hotels + Resorts and The Hotel Collection:

These benefits can add up to a lot of value, especially if you frequently stay at high-end hotels.

If you're an Amex Platinum cardmember, you can get up to $200 in statement credits each calendar year when booking a prepaid stay via Amex Fine Hotels + Resorts or The Hotel Collection on Amex Travel.

To take advantage of this offer, you'll need to book a stay of at least two nights through The Hotel Collection.

The Amex Platinum card also comes with Marriott Bonvoy and Hilton Honors elite status, which can be a game-changer if you frequently stay with either of these hotel brands. By enrolling in these programs, you'll receive perks like upgrades, late checkout, and in Hilton's case, free breakfast.

One of the best perks of the Amex Platinum card is access to the Amex Fine Hotels & Resorts program through Amex Travel. This program offers luxury properties with perks like room upgrades, free breakfast, late checkout, free Wi-Fi, and a unique amenity at each hotel.

Here are some of the benefits you can expect from Amex Fine Hotels & Resorts:

Sharing the Amex Platinum card with family or friends can be a smart way to save money. By adding them as authorized users, you can split the annual fee, making the card more affordable.

The annual fee for the Amex Platinum card is nearly double the value of the statement credits it offers. With eight main statement credits worth nearly $1,600, you can reduce the effective cost of the annual fee.

You can restrict the card so that authorized users can't use it for spend, only for perks like lounge access and elite status. This way, you'll be responsible for any payments made with the card.

A Delta SkyClub membership alone costs $545 for 12 months, but adding friends as authorized users can give them the same access when flying Delta.

The American Express Platinum Card offers a rewards program that's worth exploring. You'll earn 5x points on flights and prepaid hotels booked through Amex Travel, which can be a great perk for frequent travelers.

The earning structure also offers bonus points for large purchases and in categories that appeal to small businesses, such as electronics goods retailers, software, and cloud service providers. You'll earn 1.5x points on eligible purchases in these categories, but be aware that the 1.5x category is capped at a total of $2 million in purchases combined each year.

To give you a better idea of the earning rates, here's a breakdown of the categories:

The Amex Business Platinum Card also offers flexible American Express Membership Rewards points, which can be redeemed for a variety of rewards, including airfare, hotels, rental cars, and more.

Redeeming Rewards is one of the most valuable aspects of the Amex Platinum Card. You can redeem your Membership Rewards points for a variety of options, including flights, hotels, and merchandise.

One of the best ways to redeem your points is by transferring them to airline or hotel partners, such as Delta, Marriott, or Air Canada Aeroplan. This can provide a significant boost in value, potentially up to 1.54 cents per point.

You can also redeem your points for flights through American Express Travel, which offers access to airfare discounts through the Amex International Airline Program. This can be a convenient option if you don't want to worry about award charts and blackout dates.

If you're an award traveler, you'll be happy to know that the Amex Business Platinum Card offers a 35% points rebate when redeeming points for first- or business-class tickets, or for any fare with your selected airline through Amex Travel.

Here are some specific redemption options and their corresponding values:

In Canada, American Express Membership Rewards points are the most valuable points currency due to their flexibility and ability to be transferred to other loyalty programs.

The Amex Platinum Card offers a range of insurance and protection benefits that can provide peace of mind for travelers. You can get reimbursed up to $10,000 per trip and up to $20,000 per card per consecutive 12-month period for trip cancellation or interruption.

If your trip is delayed by six hours or more, you can get reimbursed up to $500 for meals, lodging, toiletries, medication, and other personal items. This benefit can be used up to two times per consecutive 12-month period.

Here's a breakdown of the card's travel insurance benefits:

The Amex Business Platinum Card offers secondary rental car insurance, but only if you pay for your rental in full with the card and decline the rental company's collision damage waiver.

This type of coverage is limited to theft or damage, and it doesn't cover liability. Some rentals, vehicle types, and countries are excluded, so be sure to read the terms carefully.

You should note that this coverage is secondary, meaning it kicks in after your personal insurance or other forms of coverage.

If you're looking for insurance and protection benefits with your credit card, it's worth noting that the Amex Business Platinum Card offers some great perks.

You can get reimbursed up to $10,000 per trip and up to $20,000 per card per consecutive 12-month period if your trip is canceled or cut short for a covered reason.

One of the standout benefits of this card is its trip cancellation and interruption insurance, which provides coverage for unexpected events like illness or natural disasters.

If your trip is delayed by six hours or more, you can get reimbursed up to $500 for meals, lodging, toiletries, medication, and other personal items.

The card also offers purchase protection up to 90 days from the date of purchase, with a maximum of $10,000 per occurrence and $50,000 per year.

You can also get an extended warranty on eligible items when you use your Amex Business Platinum Card to pay, up to one additional year added to eligible U.S. manufacturer's warranties of five years or less.

Here are some of the key insurance and protection benefits offered by the Amex Business Platinum Card:

It's worth noting that these benefits are subject to certain terms and exclusions, so be sure to review the card's Guide to Benefits for more information.

Baggage Insurance is a valuable feature of some credit cards, like the Amex Business Platinum Card. You can be covered for baggage loss or damage up to $2,000 per person for checked bags and $3,000 per person for carry-on luggage.

Some items are excluded from coverage, so make sure to check the terms and conditions for specifics.

The Amex Platinum Card offers additional features that can enhance your travel experience. You can earn a $199 CLEAR credit by paying with your Amex Business Platinum Card, which can save you time waiting in line at select U.S. airports and stadiums.

Sharing the cost of renewing your Platinum card each year can be a smart move. Consider adding family or friends as Platinum authorized users, who will get lounge access, elite status, and more, but won't be able to use the card for spend.

This benefit alone can save them money, as a Delta SkyClub membership costs $545 for 12 months. By adding them as authorized users, you can restrict the card so they can't use it for spend, making it a win-win for both of you.

To get the most out of your additional features, consider the following application tips.

First, prioritize your features based on importance. The article highlights the importance of having a clear plan for your features, with the example of the company that streamlined their feature development process by focusing on the most critical ones.

Be realistic about what you can accomplish in a single iteration. The article notes that the company that implemented a feature to track user engagement saw a significant increase, but it took them several iterations to get it right.

Make sure to test your features thoroughly before releasing them. The article cites the example of a company that tested their feature to personalize user recommendations and saw a significant improvement in user satisfaction.

Don't be afraid to iterate and make changes based on user feedback. The article highlights the importance of continuous improvement, with the example of a company that made significant changes to their feature to track user behavior based on user feedback.

The Amex Platinum Card offers a range of consumer perks that can enhance your travel experience. You can enjoy daily breakfast, hotel credits, room upgrades, and more by booking a hotel through the American Express Fine Hotels and Resorts program.

Global Entry or TSA PreCheck credit is another great benefit, allowing you to get a statement credit of up to $120 when you pay the application fee with your card.

Cardholders also get access to the Premium Global Assist Hotline, which can help with emergency situations like passport replacement, medical referrals, and translation services.

The service is complimentary, but you may be responsible for any third-party costs. Emergency medical evacuation coverage is also available at no cost if it's approved and coordinated by Premium Global Assist Hotline.

Some of the other benefits include priority security lane access at Toronto Pearson Airport, upgrades and discounts on car rentals with Hertz and Avis, the Platinum Concierge benefit, and ongoing Amex Offers.

Here's a breakdown of the Global Entry or TSA PreCheck credit:

By taking advantage of these perks, you can make the most of your travel experience and enjoy a more comfortable and convenient journey.

The Clear Plus Membership is a great perk for travelers and sports fans alike. You can get a statement credit of up to $199 towards the annual cost of a Clear Plus membership with your Amex Platinum card.

Enrollment is required, and terms may apply. This credit can help you save time and stress at the airport by using biometric kiosks for identification purposes and skipping the TSA line.

The Clear Plus membership normally costs $199 per year, but with your Amex Business Platinum Card, you'll receive a statement credit back toward the cost. This can be a good deal, especially if you're a sports fan who likes to attend live games at participating stadiums.

The downside is that CLEAR screening is only available at select U.S. airports and stadiums, so if the airports you travel through don't participate, this benefit won't be of much use to you.

Using the American Express Business Platinum Card to pay your cell phone bill is a smart move because it offers cell phone protection.

You can receive up to $120 per year in wireless credits, which translates to $10 per month in statement credits towards purchases from any U.S. wireless telephone provider.

This is a significant perk, especially if you're already using the card for your business expenses.