I’m wondering if any of you have some thoughts on the Platinum Card from American Express.
With a $695 annual fee, this card is one of the most expensive rewards cards on the market. It comes with some great perks, but that fee often leads to the debate: Is this card worth it?
That fee seems like a very “anti Clark” type of thing, but he’s actually had this card for years.
I don’t have this card in my wallet, so I’m looking for more first-hand feedback from our readers, listeners and community members.
Though I don’t have it myself, I do have a few friends who either have the card in their wallet now or have used it in the past.
The ones who enjoy it are very frequent travelers who get the most out of the airport lounge access and take advantage of things like the upgraded hotel status.
If you have the card …
What do you like about it?
Which perk do you use the most?
What do you wish the card would add as its next benefit?
Would you say that you are getting your money’s worth most years?
If you don’t have the card …
Is the annual fee the main reason you’re staying away?
Is there a perk they could offer that would talk you into applying?
I have the Delta Platinum AMEX which I found out the hard way does not have the same benefits as the Non-Delta AMEX Platinum. My friend got into the Delta lounge with the non-Delta Platinum but I was not allowed access with the Delta Platinum!! Doesn’t seem right does it?
They are raising the fee on the Delta Platinum from $250 to $350 and I am still trying to decide if I want to keep it before it renews in November. The companion ticket is the only thing that justified the fee as I am retired and don’t travel for work any more but do still have significant personal travel. But a $695 fee for lounge access?? I don’t think so.
I love the customer service that American Express has provided to me. I have had various American Express cards ranging from a corporate green card to a gold card. I have not found much difference in the customer service they provide.
I prefer to have a card with no fees, so I have settled on the American Express Blue Cash card. This card pays cash back and has no fees. American Express has changed the card a bit over the years, and I think the current terms are different today than from when I obtained the card. They still honor the terms from when I signed up for the card.
We are ‘downgrading’ back to AMEX Gold after our next big international trip. There are more opportunities to get extra rewards points on the Gold. At least the way we spend. The lounge access is nice but the lounge locations aren’t as convenient as other lounges, I’ve had many stops at airports that don’t have a lounge, and the lounges seem to be quite crowded. AMEX Platinum comes with Priority Pass lounge access but I haven’t found that to be very useful at all. The uber credit is nice but it’s a use it or lose it credit and we only use about $30/year so we basically aren’t getting that credit. This card is not paying for itself for us.
One can get a $200 discount if one gets the Charles Schwab version of the AMEX Platinum. ( There are minimum account balance requirements for CS.) Additionally, it is helpful if there is an AMEX Centurion lounge at your home airport. Unfortunately, AMEX no longer allows free guests. To make it worse, the Chase Sapphire Reserve partnership with the Priority Pass network and access conditions is superior. In sum, you need to weigh your own pros and cons after factoring in all of the other benefits.
Actually if you use all of the benefits properly you can make a killing on any card, if you research it properly, and of course it is dependent on your needs/lifestyle at the time. I switched to the amex platinum card last year after researching it and I paid the $695 but with the “sign up” bonus points and the benefits discounts I made around $3250 (-$695) off of amex the first year and that doesn’t count the unseen benefits (travel insurance, rental insurance, etc.) I am tracking to around $1300 (-$695) this year so far but I will definitely break $2k by year end. We did it as we had a couple of big international trips I wanted to have the Amex benefits (trip insurance, rental insurance, travel support, etc) for and If you just signed up for 1 year and used the bonus points and ancillary beneffits it would pay for itself several times over and then drop it the following year if you so chose.
Here is my amex savings tracker (I track everything from 2023 including the “bonus points” I used for traveling as a result of signing up. It is now one of only 2 CC I have that I PIF monthly. These are all “credits” that Amex provides monthly or 1x fees as a benefit of having the card.
To make it worse, the Chase Sapphire Reserve partnership with the Priority Pass network and access conditions is superior. In sum, you need to weigh your own pros and cons after factoring in all of the other benefits.
from 2023 including the “bonus points” I used for traveling as a result of signing up. It is now one of only 2 CC I have that I PIF monthly. These are all “credits” that Amex provides monthly or 1x fees as a benefit of having the card.