Is the Amex Platinum worth the yearly fee?

Oct 24, 2023 By Triston Martin

Are you considering upgrading to the American Express Platinum card but wondering if it's worth the yearly fee? With top-tier benefits, an impressive rewards program, and various airport lounge access perks, many people find that the Amex Platinum more than justifies its annual cost.

We'll closely examine the standout features offered by this premier credit card to help you determine if it's right for your lifestyle.

American Express Platinum Card

The American Express Platinum card is the ultimate luxury travel reward, with no foreign transaction fees and an extensive range of premium benefits. It offers five points per dollar spent on flights booked directly with airlines or through Amex Travel, plus one point per dollar on all other purchases.

Cardholders will receive up to $200 in Uber credits each year and access to over 1,200 airport lounges worldwide. Plus, you'll get various exclusive discounts and experiences through Amex Offers and the Global Dining Collection. This adds to an incredible value that makes this card worth considering, even for the yearly fee.

Is The Amex Platinum Worth The Yearly Fee?

Considering all the great benefits of the Amex Platinum card, it's easy to see why it's worth the annual fee. With generous rewards points, no foreign transaction fees, and exclusive discounts and experiences, this card offers an unparalleled value that can help make your travel much more enjoyable.

Its range of airport lounge access perks is well worth considering for international travelers who want a comfortable place to relax while waiting for their flight. If you're after a top-tier rewards card with outstanding benefits and perks, then the American Express Platinum could be your perfect choice.

Benefits of the Amex Platinum Card

Generous rewards points

Earn five points per dollar on flights booked directly with airlines or through Amex Travel, plus one point per dollar on all other purchases.

No foreign transaction fees

Enjoy traveling abroad without worrying about high additional charges for international transactions.

Up to $200 in Uber credits each year

Get up to $15 in Uber cash every month and a bonus of up to $35 in December.

Airport lounge access

Receive access to over 1,200 airport lounges worldwide with your card's complimentary Priority Pass membership.

Exclusive discounts and experiences through Amex Offers and the Global Dining Collection

Take advantage of discounts and experiences available only to American Express Platinum cardholders.

Trip delay insurance

Get reimbursed up to $500 per trip if your flight is delayed for over 12 hours.

Rental car collision damage waiver

Amex will cover the cost of repairs or replacement up to the actual cash value of most rental vehicles when you pay with your Amex Platinum card.

Travel accident insurance

Receive up to $100,000 in accidental death and dismemberment coverage when traveling on a common carrier paid for with your Amex Platinum card.

Food and entertainment credits

Enjoy up to $120 in statement credits annually for dining at select restaurants and entertainment.

The American Express Platinum card offers an unbeatable combination of rewards and exclusive benefits, making it well worth its annual fee. With generous points, no foreign transaction fees, and a variety of trip protection and airport lounge access perks, this card is an excellent choice for frequent travelers or those looking to maximize their travel rewards.

Drawbacks of the Amex Platinum Card

Despite all the great benefits of the American Express Platinum card, there are a few drawbacks worth noting.

High Annual Fee

One of the biggest drawbacks of this credit card is its hefty annual fee, which can range from $550 to over $700, depending on what type of membership you choose.

No Cashback Option

This card does not offer a cashback option, meaning you'll only be able to use your rewards points for travel-related purchases or statement credits.

Limited Eligibility

This card is only available to those with excellent credit, so you need a higher score to qualify.

Limited Point Redemptions

While the points earned with your Amex Platinum card can be redeemed for travel expenses and some statement credits, they cannot be transferred to airline or hotel loyalty programs.

High Spending Requirements

This card requires a high annual spending requirement of $25,000 to receive the full bonus points, which some customers may need help to meet.

No Interest Grace Period

The Amex Platinum card does not offer an interest grace period, meaning you'll be charged interest immediately if you carry a balance from month to month.

While there are certainly some drawbacks to the American Express Platinum card, its generous rewards program and exclusive benefits more than makeup for them; if you're looking for a top-tier credit card with unbeatable travel rewards and perks, this could be a perfect choice.

How to maximize your Amex Platinum Membership with everyday Spending and Bonus Categories

The American Express Platinum card offers up to five points per dollar spent on flights booked directly with airlines or through Amex Travel, plus one point per dollar on all other purchases. This is a great way to maximize your rewards and ensure you get the most out of your membership. You can earn even more points by using bonus categories such as dining, shopping, and travel.

You can also increase the value of your rewards by using them for upgrades and exclusive experiences. For example, you can use your points towards elite status with select hotel loyalty programs or get access to special events as part of the Global Dining Collection. Plus, you'll get an impressive list of travel benefits, including trip delay insurance and a rental car collision damage waiver.

You can take advantage of the exclusive discounts and experiences available through Amex Offers to increase your spending. With offers ranging from shopping and dining discounts to special concert access, you will surely find something that suits your lifestyle.

FAQS

Should you get the Amex Platinum?

Whether or not you should get the American Express Platinum card depends on your spending habits and what kind of benefits you're looking for in a credit card. If you travel frequently or want access to airport lounges, this could be a great choice.

Do you have to pay Amex Platinum annual fee in full?

You don't have to pay the annual fee for the Amex Platinum card in full. You can pay it over time with a minimum payment due each month.

What happens if you don t pay off your Amex platinum every month?

If you don't pay off your balance in full each month, you'll be charged interest on any unpaid balance. There is no interest grace period with the Amex Platinum card, so it's important to ensure you pay your bill on time and in full every month.

Conclusion

The Amex Platinum is a great card to have in your wallet. It offers the highest rewards among its rivals and boasts many extras like Marriott Bonvoy Gold Elite Status, Hilton Honors Gold Status, and access to some of the finest airport lounges in the world. While an annual fee will be associated with this elite credit card, it pays for itself with all of the perks and points you can earn if you use it wisely. If your lifestyle warrants taking advantage of its benefits, you may find that The Amex Platinum is worth more than its yearly fee.

Related articles
What Is The Typical Monthly Car Payment?
Many Americans find that the monthly payment on their car loan is the second largest expense after their mortgage payment. Factors such as supply constraints, your credit history, the cost of the vehicle you select, and the loan length all affect how much you will have to pay each month to keep your automobile running

Jan 28, 2024 Susan Kelly

Green Dot Credit Cards Demystified: 8 Key Points You Should Be Aware Of
Explore the benefits and features of Green Dot credit cards, including no credit checks, cashback rewards, and robust online account management.

Feb 04, 2024 Susan Kelly

Unraveling Modified Adjusted Gross Income (MAGI): Key Concepts and Calculations
MAGI is both complicated and easy to use. The tax effects of having a modified adjusted gross income are here! Experts explain complicated topics.

Oct 13, 2023 Susan Kelly

Top 10 European Tax Havens of 2022
Extending from Western Europe to Malta, countries such as Switzerland, Netherlands, Germany, and Luxembourg are among the top tax havens in Europe. They offer favorable tax environments for capital gains, income, and corporate taxes.

Dec 08, 2023 Triston Martin

7 Ways to Lower the Cost of Refinancing Your Home
Hubspot is an all-in-one suite of marketing tools designed to help small businesses succeed. It offers a free CRM and powerful analytics to track campaigns, measure ROI, and optimize strategies for better results.

Nov 24, 2023 Susan Kelly

Furniture Store Credit Cards
You should remember that purchasing new furniture may be challenging, even though the prospect of doing so may excite you. The intriguing aspect is that even if you don't have enough cash to make the first buy, you may utilize one of the best store credit cards to make purchases from any furniture store, whether offline or online.

Nov 12, 2023 Triston Martin