AMEX Platinum: Is it Worth it?

I am by no means an expert on credit cards but I have heard so much about the AMEX platinum from a lot of my consulting friends. They rave about it and all of its benefits so I of course had to give it a shot. After months (literally) of research, I finally applied for the card and was approved. When I got it in the mail, it felt like a piece of steel – so heavy but ready to be swiped. So, you want to know is this card right for me? Is it worth the hefty annual fee? Are the benefits REALLY worth it? All these answers are down below.

A FEW THINGS YOU NEED TO KNOW WHEN YOU RECEIVE THE AMEX PLATINUM CARD:

• Off the bat – there is $550 annual fee. Yes. Every year. And yes, it sucks but let me break it down further.
  • You get $200 any airline credit (to be used for upgrades, luggage check ins, etc.)
  • You get $50 Saks credit twice a year 
  • You get $200 of Uber credit every year
    • Broken down into $15 a month ($35 in December) and it can be used on UberEats (side note: if you don’t use it by the end of the month, it expires – sad)

So basically, it’s only a $50 annual fee if you really think about it.

• You get a sign on welcome bonus of 65K points IF you spend $5K in the first three months
  • This is where you ask ALL of your friends and family to pitch in and purchase everything they need with your card to reach the $5K. Trust me, it’s 100% possible (my bank account is hurting but the points are worth it).

SO, WHAT ARE THE BENEFITS?

• Here is my favorite part, you get 5x points every time you book flights or hotels. If you fly around a lot, this adds up in points really quickly.
• You get access to over 1200 airport lounges in over 130 countries including the American Express Centurion Lounge and the Delta Sky Club. For me, this is great because I’m at the airport twice a week and the lounge is a huge plus point for me
• If you want to apply for Global Entry or TSA Pre-check (highly recommend you should), you receive the credit back for your application fees. Even more of a reason to do this if it’s free.
• Automatic Marriott Bonvoy Gold Status
• Automatic Hilton Honors Gold Status
• When you go abroad, no transaction fees!
• Car Rental privileges
  • Including upgrades to premium vehicles
• Point transfer privileges to frequent flyer programs
  • For example, you can transfer your points to your Delta SkyMiles account.

And so much more. Seriously the list is endless – read about more benefits here. 

OK, BUT IS IT REALLY WORTH IT?

Short answer – yes…BUT again, only if you feel comfortable paying the $550 fee. There are of course many other cards you can get for a less steep annual fee but you won’t get all the benefits. Personally to me, it’s worth it (it is technically $50 if you factor in the Uber/Delta/Saks benefits – see above). If you travel a lot, I definitely see the value in owning this card. If you travel once a year, maybe not so much. Make sure to take your lifestyle and finances into account before making the leap but I can say from my honest opinion that I am a fan of this card.

YOU’VE SOLD ME! WHERE DO I APPLY?

If you want to apply, click HERE. Happy shopping!

Pin Me!