The Platinum Card® from American Express is one of the top – if not the top – premium travel credit cards on the market. It comes with an exceptional welcome bonus, travel credits, bonus rewards categories, and more. But there’s one catch: the $695 annual fee.  So is the high annual fee worth it? We’ll be exploring that in this article, as well as sharing the top perks the card provides.


Large welcome bonusBonus rewards categoriesExcellent travel perksMany extra card benefits


High annual feeSubpar reward redemption for a premium cardNo introductory APR

Make a late paymentHave your card account canceled by AmExCancel your Rewards accountEngage in or attempt to abuse misuse or game Membership RewardsHave a negative points balance

Another way to redeem your Membership Rewards points is to book travel directly through American Express Travel. For airfare, airline upgrades, and Uber/NYC taxi purchases, you’ll get one cent per point. There are other ways to redeem your rewards points that won’t get you quite as much value.  Here are a few other options:

Gift cards: Up to 1.1 cent per pointOther American Express Travel purchases: 0.7 cents per pointExpedia travel: 0.7 cents per pointShopping partners: 0.7 cents per pointStatement credit: 0.6 cents per point

Travel perks

The Platinum Card comes with the following travel perks:

Up to $200 hotel credit each year on prepaid Fine Hotels + Resorts® or The Hotel Collection when you book with American Express Travel (requires a minimum, consecutive two-night stay) and pay with your American Express PlatinumThe Global Lounge Collection in more than 1,400 airport lounges in 140 different countriesUp to $200 airline fee credit per calendar year when incidental fees such as checked bags and in-flight refreshments are charged to your American Express PlatinumUp to $200 Uber Cash throughout the year as well as Uber VIP membershipUp to $189 CLEAR® Credit that allows you to use the touchless ID to move more quickly through airports and stadiums across the United StatesInternational Airline Program to give you lower fares on the best international seats for up to 8 tickets per bookingFee credit of $100 for Global Entry every four and a half years or $85 for TSA PreCheck every four years through any Authorized Enrollment ProviderFine Hotels + Resorts® Program to provide up to $200 in extra perks – including daily breakfast, late checkout, experience credit, and more – when you book a hotel and resort stay through American Express Travel$100 experience credit for dining, spa treatments, and more when you book The Hotel Collection with American Express Travel (requires a minimum, consecutive two-night stay) Platinum travel service to provide custom itineraries, tailored recommendations, and moreMarriott Bonvoy Gold Elite Status, which allows you to receive upgrades and enhanced rooms when you check-inHilton Honors Gold StatusNo foreign transaction fees (See Rates and Fees)Premium car rental statusCar rental loss and damage insurancePremium Global Assist hotline when you travel more than 100 miles from homeTrip delay insuranceTrip cancellation insurance

Shopping and entertainment perks

The Platinum Card also comes with the following shopping and entertainment credits:

Up to $240 digital entertainment credits when you pay for eligible purchases at participating partnersUp to $300 Equinox credit when you pay select monthly Equinox membership feesUp to $300 credit on each SoulCycle At-Home bike purchase (max of 15 per calendar year)Global Dining Access by Resy to unlock exclusive reservations and special dining experiencesUp to $100 statement credits each year for purchases at Saks Fifth Avenue ($50 every 6 months)By Invitation Only, which gives you entry to once-in-a-lifetime events, including sporting events, fashion events, fine dining, and morePreferred seating for select cultural and sporting eventsReturn protection on eligible items for 90 daysIncircle Point Card credits toward purchase at Neiman Marcus, Bergdorf Goodman, Last Call, and HorchowPurchase protection when purchases are stolen, damaged, or lostExtended warranty for up to an additional one year on warranties of five years or less

First, the card’s welcome bonus alone can be worth nearly twice the high annual fee if you use it on travel expenses, either directly through the airline or hotel or by booking your travel through American Express Travel. Many of the other card benefits combined can equal significantly more than the annual fee – those benefits include the $200 hotel credit, $200 airline credit, $300 Equinox credit, $200 Uber Cash, $240 digital entertainment credit, $100 Saks statement credits, and more. That being said, if you don’t find yourself taking advantage of many of the card perks, then the $695 annual fee isn’t worth the Membership Rewards you might earn with the card. And since some of the card benefits require you to spend money to earn the reward, it may not be worth it if you end up having to spend money you otherwise wouldn’t have to earn the rewards.