Updated Review: The Platinum Card from American Express is Still Worth the Annual Fee ($695)

The fine print, since we’re talking about a credit card and I’m using an affiliate link: This post is not sponsored or endorsed by American Express. Money with Katie is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as Milevalue.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more.

As if I didn’t elicit enough raised eyebrows when I’d reassure people that The Platinum Card® from American Express was worth the annual fee before, they’ve gone and raised the stakes for me:

American Express announced last month that the annual fee was going up from $550 to a whopping $695 (Rates & Fees).

Damn, I thought, there better be some #SweetBennies to make up for this one.

Of course, if you’ve read my previous review of the Platinum card, you’re aware that I got a few thousand dollars in value the first year I had it (which would, by default, still justify a fee that’s just $145 higher).

But we Americans don’t like when our fees get raised (and understandably so), so I wanted to revisit the topic and review the new perks.

This value assessment was a little bit simpler than you might think, only because I already believed that $550 was a bargain for all the stuff you get.

Of course, it’s worth stating explicitly now:

If you don’t travel often (or intend to travel often), it’ll be harder (okay, maybe impossible) to justify this one. But if you travel multiple times per year, I think it’s a no-brainer.

A reminder about the previous review

If you haven’t read my original AmEx Platinum review, check it out here – you’ll see that the original value for me came from a few benefits with enrollment required…

• Up to $200 per year in airline incidental credit (checked bags, inflight purchases, taxes on points purchases, etc.) – for what it’s worth, I’ve only flown a handful of times in 2021 and I’ve already used my entire $200 credit.

• Up to $200 per year in Uber credits (distributed $15/mo. at a time, except for in December, when you get $30) – I usually use these on Uber Eats, unless I’m traveling

• Up to $100 per year at Saks ($50 biannually) – I always use mine for makeup or skincare because it feels like free money

• Up to $100 Global Entry reimbursement – you obviously don’t need this one every year, but remember that this includes TSA PreCheck if you don’t have it yet

• Marriott Gold Status, which almost always gets me a suite upgrade every time I book at a Marriott (which is often, as I also have and love the Marriott Bonvoy Boundless card)

And who could forget?

• LOUNGE ENTRY! I feel like this is the one thing that has always made this card a non-negotiable for me ever since I discovered the utter affluence and comfort of airport lounges. I’ll never go back. I haven’t paid for food in an airport in years, and I always get full meals, alcohol, and coffee in the lounge for free. It’s my favorite part of flying now.

Here’s an example of the regular benefits I’ve already used this year:

The new perks build on some 2020 momentum (and an existing underrated perk)

In my original review, I explained how the Fine Hotels & Resorts collection is basically a steal in and of itself.

When you book those properties in the AmEx portal (5-star properties), you get a slew of benefits when you arrive:

• $100 resort credit

• $75 daily breakfast credit

• Early check-in and late checkout

The value of the new additions – keep in mind you’ll also have to enroll for some of these

(Anything with “Enrollment Required” just means you need to remember to go into your Account and click a button for each to enroll.)

The revamped Platinum card retains all of the above, as well as adds:

• $200 annual hotel credit for FH&R or The Hotel Collection (so… that alone justifies a $145 increase and is a net positive, especially when you consider that the credit’s value multiplies when you apply it to the aforementioned Fine Hotels & Resorts)

• $240 annual streaming credit – I think I’m going to use mine ($20/mo.) for either Audible or the NYT, as some of the other options are a bit obscure (enrollment required)

• $179 CLEAR credit – I’m going to combine this with TSA Precheck for the ultimate security EXPERIENCE!

• $300 Equinox credit – people are dunking on this one, but because I just bought the SoulCycle At-Home Bike, I actually really appreciate this one (my at-home classes for the bike are $39.99 per month, so this reimburses $25/mo.) (enrollment required)

So there you have it. I think the hotel reimbursement alone justifies the increase (if you would’ve spent $200 at hotels anyway over the course of one year, which is probably pretty easy for most).

But assuming you intend to use streaming services, sign up for CLEAR, or get an Equinox membership, you’ve got an additional $719 in value each year.

It’s also worth mentioning…

AmEx often has really good offers that are rolling – they aren’t part of the annual benefits, but are often valuable nonetheless. For example, I got $100 off at Best Buy when I bought a $330 iPad for Thomas.

Just a random offer added at the bottom of My Account that I “added” to the card before checking out. There are usually lots of them. Last year, for example, there was $100 off at Dell, and I used it to buy a monitor. I know – sexy.

The welcome bonus right now is at 100,000 points

Sitting right at 100,000 points, valued between $1,000 and $1,500.

If you found this article helpful and are interested in joining the PlatFam (I hate myself), you can apply below.

One quick note on my referral link below: I’m working with an affiliate program called MileValue. You can learn more about the card below, and follow the prompts to get your own AmEx Platinum. I know the process is a little wonky, and you should feel no pressure to use it, but it’s a nice way for me to receive a small kickback for your application. Love you. Mean it.

Check it out