American Express Platinum Review: Is It Worth the $695 Price Tag?

Written By

Ryan Dinyer

The American Express Platinum Card is one of the most well-known premium travel credit cards on the market, offering unbeatable lounge access, luxury perks, and an extensive list of credits. But with a steep $695 annual fee, is it worth it? Let’s break it down in simple terms and see if this card fits your lifestyle and spending habits.

The Quick Take

If you’re a frequent traveler who values comfort and convenience, the Amex Platinum delivers big. The airport lounge access alone can justify the cost for many, and the extensive list of statement credits can add significant value—but only if you can use them. If you don’t travel often or don’t take advantage of the credits, the high annual fee makes this card a tough sell.

Annual Fee: $695
Rewards Rate: 1x-5x points per dollar
Intro Offer: 80,000 Membership Rewards points (after spending $8,000 in 6 months)
Credit Score Needed: Good to Excellent (690-850)

The Standout Benefits

Unmatched Airport Lounge Access

The Platinum Card gives you entry to 1,400+ airport lounges worldwide, including:

Centurion Lounges (some of the best in the industry)
Delta Sky Clubs (when flying Delta)
Priority Pass lounges (enrollment required)
Plaza Premium, Escape, and Airspace lounges

For frequent travelers, this alone can make the card worth it. If you visit airport lounges even 20 times a year, you could be getting over $600 in value from this perk alone.

Luxury Travel & Hotel Perks

Marriott Bonvoy & Hilton Honors Gold Status (automatic elite status when you enroll)
$200 hotel credit for Fine Hotels + Resorts or The Hotel Collection bookings
Room upgrades, early check-in, and complimentary breakfast at select hotels

A Long List of Statement Credits

The Platinum Card is packed with over $1,500 in annual credits, including:

$200 Airline Fee Credit (for incidental fees, not airfare)
$200 Hotel Credit (for select prepaid bookings)
$200 Uber Cash ($15 per month, $35 in December)
$240 Digital Entertainment Credit (Disney+, Hulu, ESPN+, WSJ, NYT, and more)
$300 Equinox Credit (for gym memberships and Equinox+)
$100 Saks Fifth Avenue Credit ($50 every 6 months)
$189 Clear Plus Credit (for expedited security)
TSA PreCheck/Global Entry Fee Reimbursement

Sounds like free money, right? Well, not exactly. Many of these credits apply to specific services and brands, meaning they only add value if you already use them.

Rewards Structure

5X points per $1 on flights booked directly with airlines or via Amex Travel (up to $500,000 per year)
5X points per $1 on prepaid hotels booked with Amex Travel
1X point per $1 on all other purchases

Unlike some other premium cards, the Amex Platinum is not great for everyday spending—you’ll want to pair it with a good cashback or dining card to maximize rewards.

The Downsides

The High Annual Fee

At $695 per year, this card isn’t for casual travelers. While the perks can easily exceed that value, they only do so if you take full advantage of them.

Complicated Rewards & Credits

Many credits apply only to specific brands or require activation.
Some perks (like the Equinox credit) only make sense for a niche group of users.
The 1X point per dollar on general spending is weak compared to other travel cards.

Platinum vs. Other Premium Cards

For a more flexible alternative, the Chase Sapphire Reserve® ($550 annual fee) offers:

$300 travel credit that applies to any travel purchase
3X points on dining and travel (vs. Amex’s 1X on most purchases)
Better flexibility in redeeming rewards

The Capital One Venture X Rewards Credit Card ($395 annual fee) offers:

2X miles on all purchases (vs. Amex’s 1X on most purchases)
$300 annual travel credit (usable for any Capital One Travel booking)
Lounge access that rivals Amex Platinum’s selection

Who Should Get This Card?

Frequent travelers who want lounge access, hotel perks, and luxury travel benefits
People who will fully utilize the credits (Uber, airline fees, hotels, etc.)
Those who book premium flights and hotels regularly to take advantage of 5X points

Who shouldn’t get it? Casual travelers who won’t maximize the perks
People who prefer flexible rewards (other cards offer better point redemption options)
Anyone who wants simple cashback instead of travel rewards

Final Verdict: Is It Worth It?

If you travel frequently, especially by air, The Platinum Card® from American Express can be a game-changer. The lounge access alone can justify the fee, and if you can make use of the credits, the card easily pays for itself. However, if you don’t travel often or won’t use the perks, there are better cards out there for everyday spending and rewards.

Bottom line: This isn’t a general-purpose rewards card—it’s a premium travel membership. If you’re the right fit, the benefits are incredible. But if you aren’t using the perks, the $695 price tag won’t be worth it.