Today’s review concerns my favorite American Express credit card, the American Express Platinum Card, which I plan to keep in my wallet. Despite an annual fee of $695, I get more value from it than I pay. Skeptical? Stay tuned as I tell you why I love it so much…

If you want to get the American Express Green or Gold Cards rewards, you will want to get them before you get this card. American Express now has a specific family language requiring you to get them in a certain order, or you will be locked out of the signup bonus.

 

You might want to check for a signup bonus in incognito mode on your browser because you can sometimes find a better one than we have. We will always present the best one we can see and seldom, if ever, make money on these links.

 

Airport Lounge Access

Probably the number one reason I keep my Amex Platinum card is that it gives me access to the best airport lounges. Although I love to travel, hanging out at an airport, waiting to board, or passing time during a connecting flight is one of my least favorite things to do! Going to a nice airport lounge and relaxing takes all the sting out of that.

I can find a comfy seat, watch a movie on my computer, find something to eat and drink, and use a clean bathroom. Occasionally, I’ve taken a shower on a connecting flight. This really allows me to feel refreshed and ready to go sightseeing when I arrive at my destination.

Global Lounge Collection

The American Express Platinum gives access to the best lounges, in my opinion, with their Global Lounge Collection. These include:

• The Centurion Lounges
• The International American Express Lounges
• Priority Pass Lounges
• Escape Lounges
• Delta Sky Club Lounges – (but you must have a Delta boarding pass)
• Plaza Premium Lounges

With my American Express Platinum Card,  I can literally find an airport lounge at almost any airport I travel to! Usually, it costs at least $50 to enter an airport lounge. My #1 reason to keep the American Express Platinum is being able to go to all these amazing lounges.

 

$200 Airline Incidental Credit

With this benefit, you have to preselect an airline that you will use this on. You can change this selection each year in January. Because I fly United a lot, that is the airline I have selected. These incidentals include checked bags, in-flight refreshments, and lounge passes. I use my $200 credit for United TravelBank credits. You can learn more about how this works by checking out this post.

 

$100 Saks Fifth Avenue or saks.com Credit

I always use this credit. It is available on a semi-annual basis—$50 during the first six months of the year and $50 during the last six months. I usually buy my more expensive creams or makeup with this credit. I can always find a code for free shipping, so I am basically paying nothing for something I’d buy anyway.

Up to $200 in Uber Rides or Eats Annually

If you use Uber regularly, this is a great benefit! Each month, you can get a $15 Uber credit and a second $20 credit in December. All you need to do is pay with your Platinum card and sign up ahead of time.  This is definitely worth $200/year. Even better, you can also use it on Uber Eats!

 

 

Fine Hotel and Resorts $200 Annual Credit

When you book a hotel with your Platinum card at a Fine Hotel and Resorts, you get a $200 annual credit plus a $100 hotel benefit (usually a dining credit) and breakfast for two. Last year, I stayed at the Four Seasons in Sydney, Australia, and got GREAT use out of that credit.

 

 

$20 Streaming Credit Monthly

You can get up to a $20 streaming credit each month when you use your card to pay for Peacock, Hulu, Disney+, ESPN+, the New York Times, or the Wall Street Journal. Pre-enrollment is required. I use my credit for Hulu.

 

 

Fee Credit for TSA PreCheck or Global Entry

You can get a credit of $78 for TSA PreCheck or $100 for Global Entry every four years, which allows you to breeze through security!

 

$189 CLEAR credit

Getting through the airport quickly is a priority for me, so I always use this credit. Pay your CLEAR membership with this card, which will be credited back.

 

Cell Phone Protection

You can be reimbursed for the costs of repairing or replacing your damaged or stolen cell phone up to $800, subject to a $50 deductible, for two approved claims per 12-month period when your prior month’s wireless bill was paid with your Platinum card.

 

Why I Find All This Valuable

Yes, the annual fee is $695. When I use the airline incidental credit for $200, the Fine Hotel and Resorts credit for $100, Uber Eats for $200, the Saks credit for $100, and my streaming credit of $240, then I am at $840 in credits. That is before I have even accounted for any other credits, including my priceless airport lounge stays. I am happy to pay this annual fee because my credits are worth more than the fee by several hundred dollars.

 

Hilton Gold Status and Marriott Gold Status

Just by holding the American Express Platinum Card, you suddenly have Gold Status with Hilton and Marriott hotel chains. Here’s what you can expect for those benefits:

Marriott Gold Elite Status

• Upgraded room at check-in, subject to availability
• 25% bonus points on paid stays
• 2:00 pm check-out, based on availability
• Welcome gift of 250-500 points
• Complimentary enhanced wi-fi

Hilton Honors Gold

• Space-available room upgrades
• Two complimentary bottles of water
• Daily food and beverage credit or continental breakfast
• 5th night free on award stays
• 80% bonus points on paid stays

Hotel status is another perk that makes every stay valuable and makes the high annual fee worth keeping the card.

 

Miscellaneous Perks (read your documents for what is covered)

• No foreign transaction fees
• Car Rental Loss and Damage Insurance—secondary insurance
• 24/7 Premium Global Assist Hotline
• Trip Delay and Trip Cancellation Insurance

 

Points Earnings

One of the top ways to use your card is to pay for flights, where you will earn 5 Membership Rewards for every dollar spent. This can really add up. You can also earn the same rate by booking hotels through amextravel.com. You will earn 1 Membership Reward for every dollar spent elsewhere.

 

Membership Rewards

Membership Rewards are the points you earn when you use your American Express Platinum. What we love about them is that they are transferable. That means you can transfer them to select airline and hotel transfer partners.

Airline and Hotel partners include:

• Aer Lingus
• AeroMexico
• Air Canda
• Air France/KLM
• ANA
• Avianca
• British Airways
• Cathay Pacific
• Delta
• Emirates
• Etihad
• Hawaiian
• Iberia
• JetBlue
• Qantas
• Singapore
• Virgin Atlantic
• Choice Hotels
• Hilton Hotels
• Marriott Hotels

 

Not every transfer is 1:1, but many are. Additionally, there are often transfer bonuses so you can earn more miles/points for your Membership Rewards.

 

 

Bottom Line

My American Express Platinum is one of my favorite cards, and I get a lot of value from the benefits. What are your thoughts? Are the benefits worth the annual fee for you? If you don’t take advantage of the credits, it may not be worth keeping in your wallet, but it is ALWAYS worth trying it out for that first year.

 

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