Amex Platinum Card: Is It Worth the $895 Annual Fee?

In-Depth Analysis

The Amex Platinum card has undergone several updates, increasing its annual fee to $895. To justify this cost, cardholders need to leverage the various credits and benefits effectively.

**New and Enhanced Benefits:**

• **Enhanced Hotel Credit:** Up to $600 annually for prepaid Fine Hotels + Resorts or The Hotel Collection bookings through Amex Travel. Usability is medium due to specific booking requirements.
• **Enhanced Digital Entertainment Credit:** Up to $300 annually ($25/month) for streaming services like Paramount+, YouTube Premium, Disney+, Hulu, The New York Times, Peacock, and The Wall Street Journal. Usability is easy for frequent streamers.
• **New Resy Credit:** Up to $400 annually ($100/quarter) at Resy restaurants. Usability depends on the availability of Resy restaurants in your area.
• **New Lululemon Credit:** Up to $300 annually ($75/quarter) for Lululemon purchases. Usability depends on your interest in Lululemon products.
• **New Uber One Credit:** Up to $120 annually for an Uber One membership. Usability is easy for regular Uber users.
• **New Oura Credit:** Up to $200 annually towards an Oura Ring purchase. Usability is hard due to the high cost of the ring and subscription fees.
• **New Hotel Elite Status:** Leaders Club Sterling Status from The Leading Hotels of the World. Usability depends on your travel preferences.

**Additional Credits:**

• **Airline Fee Statement Credit:** Up to $200 annually for incidental airline fees on a selected airline. Usability is medium due to airline selection and eligible fees.
• **CLEAR Plus Statement Credit:** Up to $209 annually for a CLEAR Plus membership. Usability depends on CLEAR Plus availability at your airport.
• **Walmart+ Statement Credit:** Up to $155 annually ($12.95/month) for Walmart+ membership. Usability is easy, especially with the included Paramount+ subscription.
• **Uber Cash:** Up to $200 annually ($15/month, plus a $20 bonus in December) for Uber rides or Uber Eats orders. Usability is easy for regular Uber users.
• **Saks Fifth Avenue Credit:** Up to $100 annually ($50 semi-annually) at Saks Fifth Avenue. Usability is medium due to the store's high prices.
• **Fee Credit for Global Entry or TSA PreCheck:** A $120 statement credit every 4 years for Global Entry or up to $85 every 4.5 years for TSA PreCheck. Usability is easy and valuable for frequent travelers.
• **Equinox Credit:** Up to $300 annually for Equinox memberships or Equinox+. Usability is hard due to limited Equinox locations.

**Other Benefits:**

• Welcome bonus for eligible new cardmembers.
• Rewards rate (5x points on flights and prepaid hotels booked through Amex Travel).
• Airport lounge access.
• Elite status with Marriott Bonvoy and Hilton Honors.

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FAQ

Takeaways

• The Amex Platinum card offers significant value, but it requires careful planning and usage to justify the high annual fee.
• Evaluate your spending habits and travel preferences to determine if the card's benefits align with your needs.
• Pay attention to enrollment requirements and usage restrictions for each benefit.
• Consider the welcome bonus as a way to offset the annual fee in the first year.

Discussion

Do you think the Amex Platinum card is worth the $895 annual fee? Which benefits do you find most valuable?

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Sources

Disclaimer

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