Is The Amex Platinum Card Worth It? How I Get The Most Value

In 2025, the American Express Platinum Card® (application) went through a major refresh that pushed the $895 annual fee (Rates & Fees) to record territory among premium cards — and yet I’m having an easier time justifying it than ever before. That sounds backwards, so it’s worth explaining precisely.

The Platinum has always been a “coupon book” card, valuable but fiddly. What changed with the refresh is that the credits doing the heavy lifting are now ones I can max with almost no effort, which is a different thing from a card you can justify if you try hard.

So rather than re-listing every perk (the full Amex Platinum Card review covers all of them), this is my honest accounting of which credits I actually treat as good as cash, which I value well below face value, and why this is a card to hold for the perks rather than spend on.

Link: Learn more about the American Express Platinum Card®

My running tally on the refreshed Amex Platinum

Before the details, here’s where the math lands for me on the Amex Platinum Card. In theory, the card offers over $3,000 in perks and statement credits a year, but I’d never value those at face value. The honest version is narrower and more convincing: there are four credits I max with minimal effort, and they alone clear the fee. Specifically:

• $600 annual hotel credit — easily maxed
• $400 annual Resy credit — easily maxed
• $300 annual digital entertainment credit — effortless
• $200 annual Uber credit — good as cash

That’s $1,500 in value from four credits that take me almost no effort to use — and it says nothing of the bonus points on airfare, the lounge access, the hotel and car status, or the long tail of more niche credits. The whole “worth it” question really comes down to whether those same four credits are easy for you, so the rest of this post is about being honest on that.

The welcome offer (and why it’s not the main story)

The Amex Platinum Card currently has a welcome offer as high as 175,000 Membership Rewards points after spending $12,000 within six months. Welcome offers vary and you may not be eligible for an offer, so you’ll want to start the application to see what’s available to you. I value Membership Rewards points at ~1.7 cents each, so depending on your bonus, that’s approaching $3,000 in value.

Two eligibility notes: the bonus follows a “once in a lifetime” rule (you’re still eligible to be approved if you’ve had the card before, you just won’t get the bonus), and because this is a hybrid card rather than a credit card, it doesn’t count toward Amex’s five-credit-card limit.

Unlike most “worth it” decisions, though, the welcome offer isn’t really the crux for this card. The bonus makes year one easy for almost anyone, and is a great incentive to pick up the card. The interesting question is whether you’ll renew at $895 in year two and beyond, and that comes down to the credits and perks, not the bonus.

I’ve had this card for years, so I can’t share any recent experience with earning the welcome offer on the card. However, there are so many great uses of Amex points, so the potential with the welcome offer points is huge.

Earning: a card to hold, not to spend on

Let me be upfront about the Amex Platinum Card‘s biggest weakness, because it shapes the whole verdict: this isn’t a card to put everyday spending on. The bonus categories are thin:

• 5x points on airfare booked directly with airlines or through Amex Travel (on up to $500,000 in flight purchases per calendar year, then 1x) — genuinely the best airfare-earning category out there, an 8.5% return at my valuation, and the one category I do put spend on
• 5x points on prepaid hotels through Amex Travel — but this generally isn’t worth it because you forfeit hotel loyalty points, with one exception: Amex Fine Hotels + Resorts® prepaid stays earn 5x and keep your hotel program benefits, and stack with the hotel credit (more below)
• 1x on everything else — uncompetitive, when other cards earn 1.5-2x

If you want big everyday bonus categories on Membership Rewards, that’s what other Amex cards are for — the Amex Gold (4x dining and U.S. supermarkets) or the Amex Green (3x dining, travel, and transit). The Platinum earns its keep through credits and perks, full stop.

The information and associated card details on this page for the American Express Green Card has been collected independently by OMAAT and has not been reviewed or provided by the card issuer.

I’ve had the Amex Platinum for years, and indeed, I use it almost exclusively for airfare spending, since that’s where I get the best return on spending. For all other purchases, I maximize my spending with other cards.

The credits, ranked by how easily they clear the fee

This is the heart of the refreshed Amex Platinum Card. There are a lot of credits — in theory over $3,000 worth — but the honest move is to separate the few that are genuinely good as cash from the long tail that are merchant-specific or niche. Don’t count the headline total. Instead, count what you’ll actually use. (Enrollment is required for select benefits)

The four I max with minimal effort

The Amex Platinum Card offers up to a $600 annual hotel credit (the game-changer). This is a semi-annual credit, as you receive $300 in January through June, $300 in July through December, for prepaid bookings through Amex Fine Hotels + Resorts® (no minimum stay) or The Hotel Collection (two-night minimum) via American Express Travel®.

This is the new perk that makes the math work. The way I use it: shift a couple of one-night luxury stays per year to FHR at good-value properties that run just over $300/night, and stack the $300 credit with the FHR per-stay perks (a $100 property credit, free breakfast, room upgrade) and 5x points on the prepaid rate. A short one-night stay becomes remarkably rewarding.

For example, I just recently used this at the Rosewood Bangkok. The rate was around $320 for one night, and for booking through FHR I received a room upgrade, a $150 property credit (which I used for a massage and a meal), breakfast, and more. Yes, all for just $20 out of pocket! That’s pretty great, eh?

The Amex Platinum Card also offers up to $400 in annual Resy credits (easy in a major city). This is a quarterly credit, as you earn up to $100 each calendar quarter at eligible U.S. Resy restaurants, with enrollment required. There’s no special booking process — just pay with the card at a Resy restaurant once a quarter. I normally use a points-maximizing card for dining, but remembering to use this once a quarter for a $100 credit is hardly a barrier — this isn’t an $8 credit you have to choreograph your life around.

Living in Miami, there are tons of great restaurants that participate in Resy, so I have no issues maximizing this. Admittedly those who live in smaller towns, or who don’t dine out a lot, might not find this to be as valuable as I do.

Next, the Amex Platinum Card offers up to $300 in annual digital entertainment credits (effortless). This comes in the form of a $25 monthly statement credit, with enrollment required, on eligible purchases or subscriptions with Disney+, Disney+ bundle, ESPN+, Hulu, Paramount+, Peacock, The New York Times, The Wall Street Journal, YouTube Premium, or YouTube TV. I’m auto-billed for several of these anyway, so once I activate the benefit the credits just post automatically — close to face value with zero ongoing effort.

Lastly (in terms of the things I most value), the Amex Platinum Card offers up to $200 in annual Uber Cash credit (good as cash). This comes in the form of a $15 credit each month, plus a total of $35 in December, usable for Uber rides or Uber Eats in the U.S. once you add the card to your Uber account. I’ve had this card for years and continue to get full value out of it every month. An Amex Card must be selected as the payment method for your Uber or Uber Eats transaction to redeem the Amex Uber Cash benefit

These are all credits that I’ve maximized them in full, with no breakage. And that’s not even all the credits, as there are many more I’m just not including, since the math on the card is already justified, as I view it.

The next tier (real value, a bit below face value)

Beyond the above, there are a few Amex Platinum Card credits that I still value somewhat, but not close to face value.

First there’s the up to $200 annual airline fee credit. This is usable toward airline incidentals on one airline you designate each January (Alaska, American, Delta, Hawaiian, JetBlue,, Southwest, or United), on a strict calendar-year basis. Note the verbatim exclusions: “Airline tickets, upgrades, mileage points purchases, mileage points transfer fees, gift cards, duty free purchases, and award tickets are not deemed to be incidental fees.”

On the surface, this might be of limited value, but I’ve been surprised by the number of purchases that have automatically been reimbursed, which means I generally maximize this with minimal effort.

Next, there’s the up to $120 annual Uber One credit (statement credits after buying an auto-renewing Uber One membership, which is separate from the $200 Uber Cash) and the monthly Walmart+ credit (up to $12.95 per month, covering a full Walmart+ membership, with enrollment required). (Up to $12.95 plus applicable local sales tax. Plus Ups not eligible.) Both are genuinely useful if you already use those services, and dead weight if you don’t. I’m signed up for both, and value the Uber One credit at more than the Walmart+ credit.

Lastly, there’s the up to $209 annual CLEAR+ credit and the Global Entry or TSA PreCheck credit (every 4.5 years for PreCheck, every four for Global Entry). This is a standard premium-card travel credit with real value if you fly enough to want them.

The long tail (niche — don’t count these unless they fit your life)

The Amex Platinum Card also offers up to $300 in Lululemon credits (quarterly $75, U.S. stores), up to $300 in Equinox credits (only worth it if you’d pay for Equinox anyway), a $300 SoulCycle credit (toward an at-home bike — limited value to most), and up to $200 in Oura Ring credits (very niche).

These pad the headline “$3,000+” number, but I wouldn’t factor them into a buy decision unless you specifically use the merchant. Treating them as fee-offsetting value is exactly the coupon-book inflation worth being skeptical of.

I can’t say I’ve used the Equinox, SoulCycle, or Oura Ring credits, but I have used the Lululemon credits. Still, I don’t really consider them to be worth face value, since I view the credit as being more of a “buy one overpriced shirt each quarter” credit, which requires some effort.

Lounge access and status: the icing on the cake

Everything above about the Amex Platinum Card is before lounge access, which is among the most comprehensive of any card — the Global Lounge Collection® spans over 1,550 lounges across 140 countries. The headline pieces: Amex Centurion Lounges (good, though note you can only bring guests free if you spend $75,000 per calendar year on the card); Delta Sky Club access when flying Delta (10 visits per year, or unlimited if you spend $75,000 in a calendar year); a Priority Pass™ Select membership (two guests); plus Plaza Premium and Escape Lounge access.

On top of that come the perks that quietly matter if you travel: complimentary Hilton Honors Gold and Marriott Bonvoy Gold status, Leading Hotels of the World Sterling status, Hertz President’s Circle and National Emerald Club Executive status, Amex Fine Hotels + Resorts® access, and the Platinum Member Airfares program (discounts on premium cabin international fares that, if you book that kind of travel, can pay the fee on their own).

One note on authorized users ($195 each (Rates & Fees)): they get most of the same perks — all the lounge access, FHR, Hilton and Marriott Gold, Leading Hotels Sterling, the Amex Platinum Airfare program, and their own Global Entry or PreCheck credits — but they don’t get incremental credits (no extra airline fee, entertainment, or Uber credits). So an authorized user is worth it for the lounge/status access, not for stacking more credits.

Over the years, I’ve visited virtually every Amex Centurion Lounge. In terms of quality, I nowadays prefer Capital One Lounges and Chase Sapphire Lounges, as I think they have a better food and drink selection. However, ultimately it comes down to what airport and terminal you’re departing from, so I do find myself in Centurion Lounges a fair bit.

In particular, I also find Delta Sky Club access to be hugely valuable. While there are caps on annual visits, I don’t exceed that cap, and I sure do appreciate having access to Delta’s excellent lounge network with the card.

Where the math could break down for you

The honest counterweight to “the math is suspiciously easy” on the Amex Platinum Card: it’s easy for me, and my situation makes it easy. The credits that clear the fee assume specifics that may not match you — that you’ll shift hotel stays to FHR/Amex Travel to capture the $600, that you live somewhere Resy-dense, that you already pay for the streaming services and use Uber monthly. Strip away the four easy credits and you’re left with a coupon book and a steep fee.

I should also mention that if it takes a lot of mental energy to keep track of all the credits in order to justify the annual fee, then it’s also understandable you may not want to bother with the card. After all, the concept of credit card fatigue is real.

Is the Amex Platinum Card worth it?

For me, post-refresh, yes, the Amex Platinum Card is worth it, and more easily than ever. The four credits I max with minimal effort (hotel, Resy, entertainment, Uber) get me to roughly $1,500 before I even count the airline fee credit, the airfare points, the lounge access, or the hotel and rental car status. The card went from “justifiable if you try hard” to “comes out ahead with minimal effort,” which is a genuinely rare direction for a fee increase to go.

As I see it, the Amex Platinum is a clear “yes” if:

• You’ll realistically capture the four easy credits — particularly the $600 hotel credit (you’re willing to book prepaid through Amex Travel/FHR) and the $400 Resy credit (you’re in a Resy market)
• You value the lounge access and hotel and rental car status — these are the “icing” that pushes the card well past breakeven for frequent travelers
• You understand it’s a perks-and-credits card, not an everyday-spending card (put your non-airfare spending elsewhere)

It’s a “think twice” if you won’t use the hotel or Resy credits, rarely fly enough to value the lounges and airline credit, or were hoping for a rewarding everyday-spending card — in which case the headline credit total is illusory and the fee is hard to clear.

In my own situation, the Amex Platinum is basically making me money. However, that’s because I’m intentional. There are also so many people I see who use their Amex Platinum for everyday spending and rarely maximize their perks, and those people definitely aren’t the ones making the most of their credit card situation.

Bottom line

The Amex Platinum Card isn’t a card you get for return on spending — it’s a card you get for the perks and credits. The refresh raised the $895 annual fee, but it added disproportionate value in credits that are genuinely easier to use than the card’s older perks, which is why I’m coming out ahead with minimal effort where I used to have to work at it.

The honest caveats: it’s still a coupon book, the headline “$3,000+” figure is padded with niche credits I’d value at little or nothing, and everyday spending remains a real weak point. But if the four easy credits fit your life and you value the lounge access and status, this is one of the rare premium cards where a fee increase actually made the math better.

Before the recent refresh, I was kind of on the fence about keeping the Amex Platinum. However, with the changes we’ve seen, this card will stay in my wallet as long as we don’t see any material changes to the benefits.

Where do you stand on the updated value of the Amex Platinum Card? Which credits do you actually max, and which do you forfeit?

The following links will direct you to the rates and fees for mentioned American Express Cards. These include: American Express Platinum Card® (Rates & Fees).