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Is Platinum Amex worth it

The Platinum Delta SkyMiles Card has a welcome offer of 50,000 bonus SkyMiles after spending $3,000 on purchases within the first six months. I value SkyMiles at 1.1 cents each, so to me, the bonus is worth $550.

Many of the benefits, like the entertainment and Equinox credits, are essentially forcing some customers to spend more money than they normally would — defeating the purpose of the card saving you money. The American Express Platinum Card, known for its prestigious benefits and sleek appearance, is a card worth bragging about. Between the numerous travel benefits, reputable concierge service and consumer protections, the card is worth considering if you can stomach the steep annual fee.

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The Platinum Card® from American Express is a high-end card that is packed with benefits and a hefty welcome offer. Cardholders can take advantage of numerous annual statement credits, entertainment benefits, extensive airport lounge access, elite status perks and much more. If you want to redeem your points as a statement credit, they are worth 0.6 cents each. That means 5x points earns you 3% back on eligible travel purchases, and you earn a flat rate of 0.6% on all other eligible purchases. If you just plan on redeeming your points as statement credits, The Platinum Card wouldn’t hold water against other options, with typical rewards cards yielding at 1% to 2%, and some travel rewards rates coming in at 5%. Therefore, you’ll get the best value with this card if you use it definitively for booking travel.

  • So, I won’t assign specific values to them, but will outline their scope so you can estimate their value for yourself.
  • Amex Membership Rewards points are worth 1 cent per point when you book flights and use Pay with Points through American Express Travel.
  • You’ll earn points at the same rate as the Platinum Card, but you won’t get benefits like access to airport lounges or Uber credits.
  • Typically, American Express offers a single point for each dollar spent on the Amex Platinum card.
  • When traveling more than 100 miles from home, rest easy knowing that the Amex Platinum offers Premium Global Assist Hotline.

Because Global Entry also qualifies you for TSA PreCheck, let’s rate the full value of this benefit at $100 but amortize it over the four years. However, cardholders who don’t travel too often can benefit greatly by making strategic purchases — especially if they can utilize the many credits offered for specific retailers, fitness brands and entertainment subscriptions. Not sure you’ll get your money’s worth out of the Platinum Card from American Express? Here’s a look at some card benefits that make this card worth the annual fee. The Amex Platinum’s $695 annual fee is its biggest drawback, but even that can be offset by rewards and credits if you take advantage of all the card has to offer.

If you apply for either Global Entry or TSA PreCheck and pay with the Platinum Card, the application cost will be reimbursed ($100 for Global Entry and $78 for TSA PreCheck). You are eligible to receive this credit once every four years, and membership in either program is good for five years. But like many other credits on this list, this Amex hotel credit resets each calendar year, right on Jan. 1. But since this is a prepaid credit, you only need to book before the end of the year. You’ll still be able to use it even if your stay is far into the following year so long as the charge posts to your account on or before Dec. 31 each year.

However, keep it mind there’s a lot to do to fully maximize the card when you finally have it in your hands. Another key feature of the American Express Platinum Card is the ability to earn valuable Membership Rewards points that can be transferred to other rewards programs through Amex’s airline and hotel partners. Not only are Membership Rewards points coveted for their incredible flexibility but also because they’re worth 2 cents apiece on average, according to The Points Guy’s August 2022 valuations. The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. However, we may receive compensation when you click on links to products or services offered by our partners.

What Can I Do With The Amex Membership Points That I’ve Earned?

With its annual fee, you’ll get Priority Pass lounge and restaurant access, access to Capital One Lounges, 10,000 anniversary miles, up to $300 annual travel credit, and much more. The Chase Sapphire Reserve card offers 3x points per $1 spent on all travel and dining purchases, with the travel definition being extended to include airfare, hotels, Airbnb, Uber/Lyft, and more. The rating for this card has been determined by our own industry experts who are immersed in the credit card world.

Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Overall, the Amex Platinum still remains worth it if you can take advantage of the benefits without overextending yourself. At the end of the day, it’s not financially savvy to spend more money just to take advantage of the card’s benefits.

But the Amex Platinum Card is worth it if you can take advantage of the card’s premium travel perks and benefits. If you plan on adding an authorized user to your account, it’s important to keep additional user fees in mind. With the Gold Card, there’s no annual fee for up to five additional cards. If you have to add six or more users, you’ll pay $35 for each additional card. Each credit card offers some premium travel benefits, but there are a few key differences.

The Amex Platinum Is One Of The Most Expensive Cards On The Market — Is It Worth The $695 Annual Fee?

Although many of these premium cards charge high annual fees, the benefits, statement credits and earning potential they provide can make paying for them worthwhile. It’s often considered to be one of the best travel credit cards out there. But this rewards card actually works well for more than just travelers, thanks to credits for Uber rides and eats, digital entertainment and more. Plus, most cardholders can take advantage of benefits like airport lounge access and airline fee credits, even if they only travel once or twice a year. Most premium travel credit cards — which carry hefty annual fees — include benefits that add additional value to those cards. The most typical benefits are travel accident insurance, trip cancellation insurance, trip delay reimbursement or protection, lost luggage reimbursement and rental car collision insurance. If you can’t take advantage of these credits, other credit cards with lower annual fees can offer comparable rewards on the purchases you make.