The American Express Platinum card has long been a status symbol. In the past the card only made sense for high net worth individuals who spend needed a card with a virtually unlimited credit limit. Because of that perception of the card I find that many people write it off before ever looking at the benefits offered by the card. Or worse, those who do look at the card become instantly turned off when they see the seemingly high $550 annual fee.
However, the American Express Platinum card has come a long way in the past few years. Before the card only offered 1X Membership Rewards point on all purchases. Now the card offers 5X points on all airfare purchase and hotel purchases through Amex Travel. In addition the card comes with a lot of annual credits which help offset the $550 fee.
The card also offers other benefits like hotel status and lounge access which are harder to quantify, but again help make the annual fee easier to swallow. In fact, I forgot exactly how rewarding the Platinum card is until I received an email from American Express reminding me of the benefits offered by the card. I must say, seeing all of the benefits presented this way make it much easier to write the check for $550 to keep this card in my wallet for another year.
Benefits Of The American Express Platinum Card
A few days ago I received another email from Amex. This time, the email served as a reminder of the benefits offered by my Platinum card. When I opened the email I found a night single page graphic which began with a thank you note.
The bottom of the note included my Membership Rewards points balance which was shockingly low, but for good reason that I’ll get to in a few days. Either way, it’s hard to believe I’ve had this account for 6 years already as the time has flown by.
After the thank you note the graphic went on to explain some of the benefits offered by the card. The benefit list began with a few of the annual credits offered by the card which help reduce your out-of-pocket cost to carry the card each year.
$400 $500 Worth Of Annual Credits
Each year Platinum card members receive $400 in credits from American Express. First, card members receive $200 in Uber credits which are added directly to your linked Uber profile. Amex doles out Uber credits in $15 monthly installments and gives out an additional $15 credit in December.
Additionally, Platinum card members receive $200 in Airline of Choice statement credits. Each year card members must select an Airline of Choice. Then, throughout the year, Amex provides statement credits toward qualifying Airline of Choice purchases.
Combined, card members receive $400 of credits from Amex each year. Considering the Platinum card carries a $550 annual fee, these credits reduce the “effective annual fee” to just $150. Keep in mind the Platinum card also now comes with a $100 Saks Credit which further reduces the out-of-pocket annual fee to just $50!
American Express Platinum Lounge & Hotels Benefit
Given the fact that the Platinum card’s annual fee is essentially just $50, the next benefit is even more impressive. Amex states that card members have access to over 1,000 airport lounges around the world.
Platinum card members have access to American Express Centurion Lounges, Priority Pass Lounges, Escape Lounges, Airspace Lounges, Delta Sky Clubs, and select Lufthansa Lounges. With all of the lounge options offered from the Platinum card you will almost always have access to at least one lounge when traveling through a major airport.
In addition to lounge access Platinum card members can book hotels through the “Fine Hotels & Resorts” program. With the FH&R program the nightly room rates aren’t typically discounted, but typically these bookings come with property credits, room upgrades, and/or early check-in or late check-out. I don’t use the FH&R program that often, but typically I see at least $100/stay credits with each booking. If you stay at nice hotels around the world often you will definitely see some value from this benefit.
Complimentary Hilton and SPG Marriott Hotel Status
Next, the email continues to remind Platinum card members of their complimentary hotel elite status provided by American Express.
Platinum card members receive complimentary Hilton Honors Gold elite status AND Starwood Preferred Guest Gold status. Card members can then link their SPG account to their Marriott account and receive complimentary Marriott Gold status.
I’m not going to dive into the benefits of Hilton or Marriott Gold status at the moment, but generally you get early check-in and late check-out, complimentary breakfast, club level access, and often room upgrades during each stay. It’s hard to say exactly what this benefit is worth, but I have noticed marginal improvements to stays at both brands with Gold status.
Access To Amex Offers
Lastly, the email reminds Platinum card members that they have access to Amex offers. American Express Offers are essentially coupons that you link to your card account. Every so often Amex adds/removes offers from each users account. Card members must then add each offer they wish to use to their account. Offers range from $5 off a $20 purchase to $100(s) of dollars off much larger purchases. Amex offers also occasionally offer 1,000s of Membership Rewards points for qualifying purchases.
As you can see, I’ve only earned $90 from Amex Offers, but I’ve earned literally 1,000 of points through the years. I find Amex Offers somewhat hard to take advantage of, but there are definitely some great offers to be had. However, several American Express cards open up Amex Offers so this benefit is not unique to the Platinum card.
Final Thoughts
I find it interesting that even today many consumers believe the American Express Platinum is out of reach. In years past this might have been true, but today, more than ever, I’d argue the Platinum card is incredible value. In the past the card came with at $450 annual fee and really only offered lounge access. The card did offer the $200 airline of choice credit, but I’d be willing to bet this benefit went unnoticed by many. Also, considering the card came with a $450, the points earning structure was terrible.
Now however, in my opinion, the American Express Platinum card represents fantastic value. Sure card has a $550 annual fee which seems shocking. However, after $500 in annual credits the out-of-pocket cost is really just $50. From there, if you spend at least $700 in airfare on the card you’ll earn 3,500 points which I value at $52! That alone would put you in the black if carrying this card. Not to mention all of the lounges you can get into with the card. I’d be I save at least $15 each time I visit a Centurion Lounge and have a snack and a beer.
All in all, for the past year when people asked me what card they should look at I’ve repeatedly recommended the Platinum card. They always looked shocked at the recommendation. Now, after seeing the above figures, I’d have a hard time recommending any other card. After seeing these benefits laid out I really do believe the Platinum card is perfect for anyone looking to add a premium card to their wallet.
