How the Amex Platinum Card Could Save You $1,344 in the First Year
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When I first signed up for The Platinum Card® from American Express, I'll be honest -- I was a little skeptical. That $695 upfront annual fee (see rates and fees) is no joke, especially if you've never held a premium card before.
But after using the perks and seeing the credits roll in, I quickly realized how stacked with value this card is. You just have to know where to look.
I ran the math. By my calculations, the average user will likely see over $1,300 in value in year one alone -- after accounting for the annual fee.
Here are the numbers.
First-year value at a glance
Not everyone is going to squeeze every last perk out of the Amex Platinum Card -- and that's totally fine.
So for this breakdown, I'm using a realistic example of what the average cardholder could earn in their first year. Here's a quick summary:
| Perks | Value |
|---|---|
| Welcome offer | $800 |
| Travel credits | $799 |
| Spending rewards | $440 |
| Annual fee | (-$695) |
| Total net value | $1,344 |
Of course, your actual results may vary. You could qualify for a much higher offer, which means you could realistically see over $2,000 in net value in perks the first year.
Or you could redeem your rewards in a more savvy way, like using transfer partners to boost the value of Membership Rewards® Points.
Here's how I arrived at the totals above.
Check your welcome offer
For my breakdown above (example purposes only), I used an 80,000-point welcome offer, which is what I was personally shown when checking my eligibility. That translates to about $800 in travel when redeemed through the Amex portal.
But that's not the top available offer right now.
You may be eligible for as high as 175,000 Membership Rewards® Points after spending $8,000 in eligible purchases on your new Card in your first 6 months of Membership. Welcome offers vary and you may not be eligible for an offer.
You'll have to check your offer to see what you qualify for.
Just keep in mind: To earn the bonus, you'll need to spend $8,000 within 6 months, so make sure you have that kind of spending naturally lined up before you apply.
The Platinum Card® from American Express
On American Express' Secure Website.
Terms apply
Rates & Fees 
On American Express' Secure Website.
Terms apply
Rates & Fees
Good/Excellent
Intro APR
Purchases: N/A
Balance Transfers: N/A
APR
See Pay Over Time APR
Rewards Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel® up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel®. 1X Membership Rewards® Points on other purchases. Terms apply.
1X-5X Membership Rewards® Points
Annual Fee
$695
Welcome Offer You may be eligible for as high as 175,000 Membership Rewards® Points after spending $8,000 in eligible purchases on your new Card in your first 6 months of Membership. Welcome offers vary and you may not be eligible for an offer.
As High As 175,000 points. Find Out Your Offer.
This luxury travel card has some of the most prestigious perks you'll find — access to over 1,400 airport lounges, elite status with Hilton and Marriott Bonvoy (enrollment required), and spending credits worth over $1,500 in value every year. Just be ready for the hefty annual fee, which can be offset in the first year with a welcome offer. Terms apply.
Read Full Review- Big welcome offer
- Substantial spending credits
- Airport lounge access
- Hotel benefits
- Flexible travel points
- Annual fee
- Limited bonus categories
- Spending credits can be complicated to manage
- You may be eligible for as high as 175,000 Membership Rewards® Points after you spend $8,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
- Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel® up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel®.
- $200 Hotel Credit: Get up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings through American Express Travel using your Platinum Card®. The Hotel Collection requires a minimum two-night stay.
- $240 Digital Entertainment Credit: Get up to $20 back in statement credits each month on eligible purchases made with your Platinum Card® on one or more of the following: Disney+, a Disney+ bundle, ESPN+, Hulu, The New York Times, Peacock, and The Wall Street Journal. Enrollment required.
- Enjoy the benefits of the Global Lounge Collection, with over $500 of annual value if you visit Centurion Lounges and each of our partner lounges including Delta Sky Club® lounges when flying an eligible Delta flight (subject to visit limitations) , select Lufthansa lounges when flying Lufthansa, Plaza Premium lounges and Escape Lounges, and enroll in Priority Pass Select. See terms.
- A Walmart+ membership can get you free shipping with no order minimum on eligible items shipped by Walmart. Use your Platinum Card® to pay for a monthly Walmart+ membership (subject to auto-renewal) and receive one statement credit for up to $12.95 (plus applicable taxes. Plus Ups not eligible) each month. Free Shipping excludes most Marketplace items, freight & certain location surcharges. Paramount+ Essential plan only, separate registration required.
- $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to your Platinum Card® Account. American Express relies on airlines to submit the correct information on airline transactions to identify incidental fee purchases. If you do not see a credit for a qualifying incidental purchase on your eligible Card after 8 weeks, simply call the number on the back of your Card. Qualifying airlines are subject to change. See terms & conditions for more details.
- $200 Uber Cash: Platinum Card® Members can ride or dine in style with $15 in Uber Cash each month, plus a bonus $20 in December after adding their Card to their Uber account. Use your Uber Cash on rides and orders in the U.S. when you select an Amex Card for your transaction.
- $199 CLEAR® Plus Credit: CLEAR® Plus helps get you to your gate faster by using unique facial attributes to verify you are you at 50+ airports nationwide. Receive up to $199 in statement credits per calendar year after you pay for your CLEAR Plus Membership (subject to auto-renewal) with the Platinum Card®.
- Receive either a $120 statement credit every 4 years for a Global Entry application fee or a statement credit up to $85 every 4.5 years for a TSA PreCheck® (through a TSA official enrollment provider) application fee, when charged to your Platinum Card®. Card Members approved for Global Entry will also receive access to TSA PreCheck at no additional cost.
- Shop Saks with Platinum: Get up to $100 in statement credits annually for purchases in Saks Fifth Avenue stores or at saks.com on your Platinum Card®. That's up to $50 in statement credits semi-annually. Enrollment required.
- Use Global Dining Access by Resy to access premium dining experiences. Receive Priority Notify and unlock insider access to some of the world's most sought-after restaurants with Global Dining Access by Resy. Download the Resy iOS app or log into Resy.com and add your Platinum Card® to your Resy profile to take advantage of your special benefits and discover restaurants near you.
- $695 annual fee.
- Terms Apply.
Annual benefits and credits worth $1,500+
The Amex Platinum Card is loaded with luxury perks -- some fancy, some surprisingly practical.
Even if you don't use every benefit, several credits are easy wins if you fly once or twice per year. Here are a few examples you could realistically use:
- $200 airline fee credit (for things like seat upgrades, bag fees, and inflight snacks)
- $200 hotel credit (when booking select stays through AmexTravel.com)
- $199 CLEAR® Plus credit (skip airport security lines faster)
- $200 in Uber Cash ($15/month, plus a $20 bonus in December)
- Terms apply; enrollment may be required
If you used just these four, that's $799 in value. That alone justifies the $695 annual fee, which is important for future years you hold the card.
Pro tip: By far my favorite benefit of the Amex Platinum Card is getting access to 1,400+ airport lounges. I didn't include it in the math here, but it's one of the most fun perks of owning a luxury credit card.
Everyday spending rewards: 1X-5X points
Every time you swipe your Amex Platinum Card, you'll accumulate Membership Reward® Points. The rate you earn depends on what you purchase.
Here are the earning rates:
- 5X points on flights booked directly with airlines or with American Express Travel® up to $500,000 on these purchases per calendar year
- 5X points on prepaid hotels booked with American Express Travel®
- 1X points on other purchases
- Terms apply
Let's assume you spend $3,000 per month on the card (about $36,000 annually). That's what my family of four spends regularly.
If you put just $2,000/year toward 5X-eligible travel and the rest earns 1X, you'll earn 44,000 Membership Rewards® Points, worth roughly $440 in travel.
Apply before the coming refresh
American Express recently announced that it will be refreshing the Amex Platinum Card lineup later in 2025. While full details aren't out yet, it's likely the refresh will bring even more premium perks -- and a higher annual fee.
If you apply now, you could lock in the best of both worlds: today's benefits at the current $695 price, plus access to new perks as they roll out.
That means your first-year net value of $1,344 could climb even higher, depending on what gets added.
Check your welcome offer eligibility and learn more about the Amex Platinum Card here.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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