Is the Amex Platinum worth the annual fee?

September 29, 2025

When it comes to premium travel rewards cards, nowadays, consumers have several options.

Most of these cards charge high annual fees, but they have benefits, statement credits and bonus-earning categories to help offset those fees.

The Platinum Card® from American Express is one of the top premium cards currently on the market with a new $895 annual fee (see rates and fees). The card was recently refreshed, featuring new and enhanced statement credits.

But is it worth shelling out hundreds of dollars? Here’s how to decide if it’s worthy of a spot in your wallet.

Amex Platinum statement credits and perks

The Amex Platinum offers a laundry list of statement credits that can help reduce the annual fee cost. These credits amount to over $3,500 in value per year, more than triple the card’s annual fee.

Let’s examine these credits individually and how you can fully take advantage of them.

Hotel statement credit

Potential annual value: Up to $600

Cardmembers receive up to $600 in statement credits each calendar year ($300 semiannually) when booking a prepaid stay via American Express Fine Hotels + Resorts or The Hotel Collection on American Express Travel®. Note that a minimum stay of two nights is required if you’re booking through The Hotel Collection. Enrollment is required.

By fully using this credit, you could cover more than two-thirds of the annual fee cost, bringing down the effective cost to just $295. It’s important to note that hotels in the program tend to be on the pricier side, as most are luxury hotels.

Resy

Potential annual value: Up to $400

Cardmembers receive an up to $400 annual Resy credit (up to $100 per quarter). To use this credit, just pay with your Amex Platinum at an eligible U.S. Resy restaurant; no reservation is required. Enrollment is required. This credit alone almost covers half of the annual fee.

Dining out with friends — MEREDITH JENKS/AMERICAN EXPRESS

It is incredibly easy to use, and you may not even realize you’re using it. More restaurants are on Resy than you may think, with over 10,000 participating in the U.S.

Uber Cash

Potential annual value: Up to $200

Cardmembers receive up to $200 in Uber Cash per calendar year toward U.S. rides and Uber Eats orders. Cardmembers can also register for complimentary Uber VIP status, which gives access to better cars and better-rated drivers in select locations.

You must link your Platinum Card to your Uber account to take advantage of this benefit. Once that’s done, you’ll automatically receive $15 in Uber Cash each month, except for December, when the Uber Cash increases to $35. Note that this Uber Cash does not roll over if you don’t use it.

Uber One statement credit

Potential annual value: Up to $120

Cardmembers also receive an annual up to $120 statement credit that fully covers an auto-renewing $96 annual or $9.99 monthly Uber One membership. Enrollment is required. Simply pay for an Uber One membership with your Platinum Card.

Uber One includes benefits like free delivery and reduced service fees on Uber Eats orders and cash back on Uber rides.

Digital entertainment statement credit

Potential annual value: Up to $300

Amex offers cardmembers a digital entertainment statement credit that offers reimbursement for a variety of streaming and entertainment services, including:

Peacock
The New York Times
Disney+, ESPN+ and Hulu or a Disney+ Bundle
The Wall Street Journal
Paramount+
YouTube Premium
YouTube TV

You can mix and match how you’d like to take advantage of this, but you’ll earn up to $25 in monthly statement credits. Enrollment is required.

Lululemon statement credit

Potential annual value: Up to $300

The card’s quarterly up to $75 Lululemon statement credit can be used at U.S. Lululemon stores (excluding outlets) and online. Enrollment is required. Remember to use this quarter’s credits before September is over.

If you don’t shop at Lululemon, the brand offers plenty of items you could gift to loved ones, especially with the holiday season fast approaching. Some data points on Reddit even show that purchasing a gift card in-store will also trigger this credit.

Equinox statement credit and SoulCycle at home

Potential annual value: Up to $300

Continuing on with the fitness- and lifestyle-focused credits, when you pay for your eligible Equinox membership or Equinox+ membership, you’ll receive up to $300 in statement credits each year (subject to auto-renewal).

Equinox+ costs $40 per month and may be useful to those who don’t live near a physical Equinox location. Some Reddit users have reported that this credit was triggered after making purchases at an Equinox spa.

You can also use this credit to receive up to $300 in statement credits toward the purchase of a SoulCycle bike (up to 15 bikes per calendar year). You must be enrolled in an Equinox+ membership to be eligible to receive this benefit. Purchases must be made through this link to receive the statement credit.

SoulCycle bikes cost $2,500, so this credit effectively functions as a $300 discount. Bikes must be full-priced to receive the credit unless you take advantage of an Amex Offer on SoulCycle. Enrollment is required.

Clear Plus membership statement credit

Potential annual value: Up to $209

Amex Platinum Card members can also save time and stress when transiting through airports with the card’s annual up to $209 Clear Plus statement credit (subject to auto-renewal). Enrollment is required.

Clear airport kiosk — SUMMER HULL/THE POINTS GUY

Clear Plus lets you use biometric kiosks for identification purposes and skip showing the Transportation Security Administration agent your travel identification documents. The membership program, paired with TSA PreCheck, is an absolute game changer when flying.

Airline fee statement credit

Potential annual value: Up to $200

This is one of the most basic yet slightly confusing (to some) benefits of the Amex Platinum. Each calendar (not account anniversary) year, cardmembers can get up to $200 back in statement credits toward incidental fees on a single U.S. airline you designate. Enrollment is required.

Technically, this credit is meant to be used toward charges such as checked baggage fees, seat assignment fees, airline lounge passes and similar expenses.

A Delta Air Lines Airbus A350 near an Alaska Airlines hangar in Seattle. ZACH GRIFF/THE POINTS GUY

However, depending on how airlines code certain purchases, it is also sometimes possible to purchase airline gift cards to use toward tickets and be reimbursed via the airline fee credit (although it’s worth noting that this can change unexpectedly).

Oura statement credit

Potential annual value: Up to $200

Cardmembers receive an up to $200 annual Oura statement credit. This credit can only be used on hardware purchases. Oura rings are smart rings that track a variety of health and fitness data. Think of an Apple watch, just in ring form.

Woman running in mountains — NATTRASS/GETTY IMAGES

The previous third-generation Oura ring starts at $199, so if you don’t mind last year’s model, the credit would fully cover it. Enrollment is required.

Saks Fifth Avenue statement credit

Potential annual value: Up to $100

The card’s Saks Fifth Avenue credit is available in the form of two up to $50 statement credits per year. Each year, you can get one up to $50 statement credit for Saks purchases between Jan. 1 and June 30 and another up to $50 statement credit for purchases between July 1 and Dec. 31.

There is no minimum purchase required, and enrollment is required.

Saks Fifth Avenue store at the Waterside Shops — JOHN GREIM/LIGHT ROCKET/GETTY IMAGES

If you don’t shop at Saks yourself, you can still buy gifts for others.

Walmart+ statement credit

Potential annual value: Up to $155

Another benefit is the up to $155 in annual statement credits (allotted as up to $12.95 per month plus tax) for a monthly Walmart+ membership (subject to auto-renewal). Enrollment is required. Plus Up Benefits are not eligible.

The exterior of a Walmart in Williston, Vermont — JAKUB PORZYCKI/NURPHOTO/GETTY IMAGES

Walmart+ membership includes the option for a Peacock or Paramount+ subscription (separate enrollment is required for Paramount+), so be sure not to use your digital entertainment credit on one of those services unless you’d like to upgrade to an ad-free version.

Global Entry or TSA PreCheck statement credit

Potential annual value: Up to $30 a year

Frequent travelers will enjoy these programs offering expedited airport security or expedited entry into the U.S. When you pay the $120 Global Entry application fee every four years using your card or the up to $85 TSA PreCheck fee every 4 1/2 years using your card, you’ll receive the fee back as a statement credit, up to $120.

PErson in airport terminal — DANIEL ACKER/BLOOMBERG/GETTY IMAGES

You should always opt for Global Entry, as it includes TSA PreCheck.

Other Amex Platinum Card benefits

The statement credits mentioned above can easily offset the card’s annual fee. However, even if you can’t use all the credits — perhaps because you can’t access Equinox locations, you don’t like shopping at Lululemon or Saks, or you can’t find anyone to use the Global Entry/TSA PreCheck credit that seemingly comes with many travel cards — it’s still possible that the card’s other perks and earning potential will provide enough value to justify the hefty annual fee.

Other key benefits include:

Bonus categories: Cardmembers earn 5 points per dollar spent on airfare when booked directly with airlines or with American Express Travel® (on up to $500,000 of these purchases per calendar year, then 1 point per dollar spent) and 5 points per dollar spent on prepaid hotels booked on amextravel.com, including prepaid Amex Fine Hotels + Resorts bookings made online.
Lounge access: Eligible cardmembers receive access to the Global Lounge Collection, which offers the best airport lounge access on the market. It includes Priority Pass Select membership and access to Delta Sky Clubs (access is limited to 10 visits each year unless you spend $75,000 or more in a calendar year), Escape lounges, Aspire lounges, Plaza Premium lounges, Centurion Lounges, select Lufthansa lounges and International American Express Lounges.
Hotel elite status: Cardmembers receive complimentary gold status with Hilton Honors and Marriott Bonvoy, as well as Leaders Club Sterling status with The Leading Hotels of the World.
Rental car benefits: Receive complimentary rental car elite status with Avis, Hertz and National. Plus, receive discounts when booking through Hertz. You’ll also receive rental car insurance as a cardmember.*
Travel protections: Cardmembers receive travel protections like trip cancellation, interruption and delay insurance.** However, they don’t receive baggage delay reimbursement.

Enrollment is required for select benefits.

*Eligibility and benefit level varies by card. Not all vehicle types or rentals are covered, and geographic restrictions apply. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for details. Policies are underwritten by AMEX Assurance Company. Coverage is offered through American Express Travel Related Services Company, Inc.

**Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for details. Policies are underwritten by New Hampshire Insurance Company, an AIG Company.

There are other benefits cardmembers may be able to extract even more value from.

Plus, you will get immense value from the card’s lucrative welcome offer.

New cardmembers can find out their offer and see if they’re eligible for as high as 175,000 bonus points after spending $8,000 on purchases within the first six months of card membership. Welcome offers vary, and you may not be eligible for an offer.

Based on TPG’s September 2025 valuations, this welcome offer is worth up to $3,500.

Is it worth the annual fee?

Even if you use only a third of the card’s benefits, you’ll likely come out ahead. Just using the hotel, Resy and airline statement credits alone more than covers the annual fee without even considering any of the other benefits.

If you’re a frequent traveler, the premium travel perks like lounge access and elite status also make this card worth the annual fee.

However, the answer to this question really depends on your travel and lifestyle habits. If you don’t travel frequently or think you could use at least a third of the card’s statement credits, the annual fee most likely won’t be worth it, and you’ll be better suited with a card with a lower annual fee.

Bottom line

The Amex Platinum now has an $895 annual fee, but for many travelers, the card’s benefits will more than offset this new charge.

If you can maximize these annual statement credits, you’ll get over $3,500 in value. Plus, the various other benefits of the card can be worth even more for the most frequent travelers.

If the annual fee isn’t worth it for you but you’re still interested in an American Express rewards card, consider the American Express® Gold Card. It’s great for foodies who eat out or order delivery often.

To learn more, read our full review of the Amex Platinum.

Apply here: The Platinum Card from American Express

For rates and fees of the Amex Platinum, click here.

Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

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