Don't let the Amex Platinum's new 'lifestyle' benefits distract you – Business Insider
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Did you know that The Platinum Card® from American Express comes with up to $6,099 in annual statement credits?
American Express has been continually tweaking and adding to the suite of benefits on the Amex Platinum this year. If you manage to use every single credit touted by this card, you’ll get more than $6,000 in value. Combine that with other various memberships and programs you’ll get with the card, and your value can exceed $7,000 per year.
With that knowledge, the card’s $695 annual fee (See Rates) doesn’t sound so bad.
At least, that’s the way the card is marketed. The Amex Platinum has been stuffed with so many obscure benefits and credits that it’s technically possible to get many thousands of dollars in value each year from its perks — though, for most of us, it’s virtually impossible to do so.
Let’s eliminate the distracting benefits that come with this card and look at what the Amex Platinum is worth to the average customer.
We’re focused here on the rewards and perks that come with each card. These cards won’t be worth it if you’re paying interest or late fees. When using a credit card, it’s important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.
Lately, the Amex Platinum has been receiving flack for adding benefits that aren’t helpful for many everyday cardholders.
These credits are distracting would-be cardmembers from real value inside the card. Consider this list:
Tally these up and you’ve got more than $5,000 in possible statement credits, all of which are pretty esoteric. Unless you’re opening a SoulCycle studio, you likely won’t save more than a couple hundred dollars per year from the above perks.
Read more: American Express Platinum Card review
Let’s pretend the above benefits don’t even exist. What’s left is an elite group of perks that still make the card a keeper. Any other credits you’re able to use are a nice bonus. My wife and I both have the Amex Platinum, and we both get enough value from it to continue paying the $695 annual fee.
Here are the benefits that make the Amex Platinum worth keeping.
This credit is divided into monthly increments of up to $15, and up to $35 in December). Even if you don’t use Uber to get around, you can still use this monthly credit toward Uber Eats for up to $15 in free food. You can even choose to pick up your food from the restaurant so you don’t have to tip your driver or pay delivery fees.
Read more: Amex Platinum cardholders get up to $200 in Uber credits every year — here’s how to make the most of the benefit, even if you’re staying home
You’ll get up to a $200 statement credit when booking a hotel with The Hotel Collection (two-night minimum) or Amex Fine Hotels and Resorts (one night minimum). This credit is nearly as good as cash to many of us with the Amex Platinum, as Amex Fine Hotels and Resorts is a major reason to get the card.
Read more: How to maximize the Amex Platinum $200 hotel credit
It offers elite-like hotel benefits at luxury hotels. You can expect room upgrades (when available), free breakfast, late checkout, and unique amenities like $100 in dining credits.
After you select your preferred airline with American Express, you can receive up to $200 in annual credit toward that airline’s incidental fees.** You can use these credits for things like baggage fees, seat selection, etc.
Read more: How to use Amex incidental fee credits
You’ll receive a credit of $100 toward a Global Entry application (every 4 years) or $85 toward a TSA PreCheck application (every 4.5 years). This completely reimburses your application fees.
Read more: The best credit cards for Global Entry and TSA PreCheck
TSA PreCheck allows you to keep your shoes and belt on and your laptop in your bag when passing through domestic airport security checkpoints. Global Entry lets you skip the long immigration lines when returning to the US from abroad. But because Global Entry also comes with a free TSA PreCheck membership, it’s the better one to apply for.
CLEAR is a trusted traveler program that lets you skip the line at participating domestic airport security checkpoints (and some stadiums and ports). It normally costs $179 per year, so this Amex Platinum CLEAR credit will completely offset your cost.**
However, there are easy ways to get discounts on CLEAR, so you probably won’t use the full $179 credit for yourself. For example, simply enrolling in United Airlines or Delta’s frequent flyer programs lowers the annual cost to $119. Fortunately, you can use the credit to pay for anyone’s CLEAR membership, so this credit will go a long way toward offsetting a couple’s membership fees.
The benefits of this program stack with TSA PreCheck to make your TSA experience extremely brief.
The Amex Platinum comes with the most comprehensive airport lounge membership of any card on the market. You’ll get access to:
It’s hard to assign a dollar amount to this benefit, though it personally saves me several hundred dollars per year in airport food and drinks. For reference, a Priority Pass membership comparable to the one you’ll get with the Amex Platinum costs $429 per year. And a similar Delta Sky Club membership costs $545 per year.
The Amex Platinum has shifted to taking a coupon-book approach to statement credits, some of which aren’t broadly useful or valuable to many cardholders. But the card still has pillar benefits that make the annual fee worth paying, even for the average person.
If you can use annual benefits like up to $200 in Uber Cash, up to $200 in airline incidentals, $200 in hotel credits, CLEAR membership credit, and top-tier airport lounge access, this card is for you. The other benefits, including the huge welcome offer, are just an extra bonus.
For rates and fees of The Platinum Card® from American Express, please click here.
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Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.
Please note: While the offers mentioned above are accurate at the time of publication, they’re subject to change at any time and may have changed, or may no longer be available.
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