CompareCredit's Expert American Express Platinum Review

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The American Express Platinum Card Review: Is it worth the $695 Annual Fee?

By Updated on November 30, 2021

Editorial Note: Our editorial team’s content is not provided or commissioned by any financial institution or partner. The opinions, reviews or recommendations expressed in any article mention are solely those of our editorial team.

Why We Recommend This Card

  • 100,000 Membership Rewards® Points after you spend $6,000 on purchases on the Card in your first 6 months of Card Membership
  • Up to 5x Membership Rewards® points on purchases
  • Earn up to $1,500+ in statement credits

When recently increased its annual fee from $550 to , there was likely one question on the mind of most  cardmembers and others thinking about applying: Is this card still worth it? Short answer: It’s complicated.

Let’s first take a look at what’s new with this card, and what the existing benefits were. Then, you can decide if it still makes sense to get a Platinum Card, or just to keep the one that you already have.

New benefits

Here are the most valuable new benefits that became effective on July 1st:

$200 Hotel Credit: This is an annual statement credit that can apply to prepaid bookings at Fine Hotels + Resorts® or The Hotel Collection properties made through American Express Travel.

$179 CLEAR Credit: Here’s another annual statement credit for a CLEAR membership, which offers expedited security screening at many airports and at some sports venues.

$240 Digital Entertainment Credit:  Cardmembers receive $20 per month in statement credits towards streaming services from Audible, The New York Times, SiriusXM and Peacock. Enrollment required.

$300 Equinox Credit: Card Members can now receive up to $300 annually in statement credits ($25/month) on select Equinox memberships or a digital subscription to Equinox+ (the on-demand fitness app). Enrollment required.

Existing benefits

already had numerous benefits that made it worth the annual fee to many cardholders. Here are the most valuable ones:

Airport business lounge access: You receive a Priority Pass Select airport lounge membership, as well as access to Delta SkyClubs and American Express Centurion lounges. Enrollment required.

$200 annual airline fee credit: Each year, cardmembers can choose an airline to be eligible for up to $200 in annual airline fee credits. These credits will automatically be applied to charges including change fees, seat selection fees, baggage fees and fees for inflight food and beverages.

$200 in Uber cash. Cardmembers receive $15 per month in credit towards Uber rides and Uber Eats purchases, plus a bonus of $20 in December.

$100 credit toward Global Entry or TSA PreCheck. You receive this credit once every four years towards an application for one of these expedited airport security programs.

$100 Shop Saks offer.  You receive two, $50 statement credits towards Saks purchases each year. Enrollment required.

Elite status with hotels and rental car companies. You receive Gold status with both Marriott and Hilton, as well as elite status with National and Hertz car rentals.

Rewards for spending

With all of these benefits, it can be easy to forget that you can earn plenty of valuable rewards for using your card. You earn and one point per dollar spent on all other purchases.

Your rewards are earned in the form of American Express Membership Rewards points, which are incredibly valuable. These rewards can be transferred to frequent flyer miles with 19 airlines and points with three hotel programs. When you can redeem these points for expensive luxury hotel stays, or airfare in business or first class, then it’s possible to receive several cents in value per point redeemed.

So is it worth it?

Despite having some valuable non-travel benefits, this card primarily appeals to regular, if not frequent travelers. For example, the lounge benefits alone can be worth hundreds of dollars a year, but only if you fly regularly and visit lounges that are part of this benefit. Likewise, having elite status with companies like Marriott and Hilton can be quite valuable when you get upgraded to a nicer room or enjoy benefits such as free breakfasts at Hilton.

You also need to add up the value of all of the statement credits. Most frequent travelers will have the chance to use the $200 annual airline fee credit and the $179 annual credit for CLEAR. And even if you already have Global Entry or TSA PreCheck, you can apply the $100 fee credit to a friend, family member or colleague’s application. $200 in Uber cash is very easy for just about anyone to use, even if for an Uber Eats order. Then there’s the $100 Shop Saks credit, the $240 Digital Entertainment credit, and $200 hotel credit, all of which are fairly easy to utilize.

So in the end, you can easily receive at least $700 hundreds of dollars worth of value from this card. To do so, you need to travel regularly, but not necessarily very frequently. You also need to take the time to enroll in and utilize most of these fee credits.

Bottom line

If you travel, and you’re willing to put in just a little time and effort to realize the most valuable benefits of , then this card is still worth it, even with the higher annual fee.