Before we dive into the details of the recent changes to The Platinum Card® from American Express, it’s important to acknowledge that credit cards are not one-size-fits-all solutions. Each card has its pros and cons, and The Platinum Card, with its high annual fee of $895, is particularly polarizing. While some may balk at the cost, numerous updates and benefits mean that it can deliver excellent value for those who optimize its offerings.
Understanding the $895 Annual Fee
The most significant concern for potential cardholders is undoubtedly the annual fee. At $895, it’s the highest on record for publicly available travel credit cards. For many, this fee alone might deter them from even considering the card. However, for individuals who travel frequently and can utilize the card’s myriad benefits, the investment can be worthwhile.
New Benefits: A Better Value Proposition
One of the primary updates Amex made to The Platinum Card is the addition of lifestyle perks alongside traditional travel benefits. This reflects an understanding that cardholders may not travel continuously but still want to maximize the card’s value in their everyday lives.
Digital Entertainment Credit
Perhaps one of the most appealing new benefits is the annual digital entertainment credit, which offers up to $300 annually (up to $25 per month) for eligible streaming services like Disney+, Hulu, and more. For many, these are already services they subscribe to. By enrolling in this benefit, you can effectively recoup a large portion of the annual fee simply by utilizing the streaming services you’re already paying for. For those who enjoy entertainment like films or sports, this benefit is a compelling addition.
Resy Restaurant Credit
Another new benefit is the $400 in annual credits for Resy dining, offering $100 quarterly. Even if you don’t live in a major metropolitan area, the Resy platform boasts a variety of restaurants across multiple cities, making it easier for cardholders to take advantage of this offering. Dining out is an essential part of many people’s lives, and having the ability to earn credit toward dining experiences makes it a worthwhile perk.
Hotel Booking Credits
The Platinum Card also offers significant hotel booking credits totaling up to $600 annually on Fine Hotels + Resorts or The Hotel Collection stays booked through Amex Travel. While some may find these offers less accessible than others, even a single use of this benefit can yield a return on investment that justifies the fee.
Recapitulation of Benefits
These three standout benefits alone can potentially provide cardholders with $1,300 in value. That number goes well beyond the annual fee, demonstrating that this card can effectively pay for itself for those who know how to utilize its perks efficiently.
Other Notable Benefits
Beyond these highlights, The Platinum Card offers a range of additional perks that can cater to various lifestyles:
- Airport Lounge Access: Access to the Amex Global Lounge Collection, including options like Priority Pass and Delta Sky Club.
- Annual Airline Fee Credit: Up to $200 in statement credits for incidental airline fees.
- CLEAR Plus Statement Credit: Up to $209 worth of expedited security clearance at airports, which is invaluable for frequent travelers.
- Walmart+ and Uber Cash Credits: Offering up to $155 in credits for Walmart+ membership and $200 in Uber Cash, these benefits help integrate daily spending with travel perks.
Despite the card’s drawbacks—such as its relatively unimpressive reward rates compared to other travel cards—these lifestyle credits and services transform the card into an appealing hybrid travel and lifestyle product.
A Comprehensive Review
It’s essential to consider not just the benefits but also the target audience for The Platinum Card. It’s not suited for everyone, especially those who travel infrequently or are not inclined to utilize its extensive benefits. For the savvy traveler or lifestyle-oriented individual, however, Amex has successfully crafted a product that can easily offer value exceeding the hefty annual fee.
Conclusion
The refresh of The Platinum Card brings a level of innovation that reflects market demands today. With its blend of lifestyle benefits and traditional travel perks, this card can accommodate a broad range of consumers—ranging from frequent travelers to everyday users who appreciate the dining and entertainment credits.
While the annual fee remains considerable, the perceived value—estimated to exceed $2,000 a year with strategic use of the card’s benefits—makes it easier to justify for those who can take full advantage. Ultimately, what it comes down to is whether the card aligns with your expenses, travel frequency, and lifestyle preferences. If so, the new Amex Platinum changes are not just exciting; they’re invaluable.
