American Express has recently revamped its Platinum Card®, introducing an array of new perks and enhanced benefits aimed at entrenching its position among elite travel credit cards. Among the standout features of this refresh is a welcome bonus of up to 175,000 Membership Rewards® Points, available to new cardholders who spend $8,000 within the first six months of their membership. However, this enhancement comes with a notable caveat: the annual fee has escalated to $895.
With the increased cost, it’s essential for cardholders to examine the card’s offerings, which can potentially provide more than $3,500 in value each year. Among the fresh benefits introduced is the opportunity to earn up to $600 in annual hotel credit on select prepaid bookings through Amex Travel, divided into two $300 statement credits every six months. While this credit’s usability is deemed medium, it primarily caters to users in larger urban areas that provide more access to Fine Hotels + Resorts or The Hotel Collection.
Moreover, the card now includes a digital entertainment credit of up to $300 annually ($25 monthly), which can be easily utilized on popular streaming platforms like Paramount+, Disney+, and Hulu after enrolling in the benefit. This is considered an effortless perk for those who frequently engage with digital media.
Another intriguing benefit offers up to $100 back per quarter for dining at Resy restaurants, although it receives a medium usability rating due to the variability of available options depending on geographic location. The Platinum Card also provides up to $120 in annual UberOne credits for users in the U.S., which can be straightforward to access if patrons frequently use Uber services.
However, some benefits, such as the up to $200 in statement credits per year for airline incidental fees, require a bit more effort to leverage effectively. Card members must select a qualifying airline, but the idea of limiting credits to incidental expenses such as baggage fees may hinder some travelers.
One of the lesser-utilized features is the Leaders Club Sterling Status from The Leading Hotels of the World, which may be irrelevant to those who do not stay at luxury hotels. Further, the offer of up to $300 in annual credits for Equinox memberships is only beneficial for individuals who have consistent access to these fitness facilities.
Additionally, travelers can benefit from a statement credit of $120 every four years for Global Entry or TSA PreCheck application fees, a feature that many users find convenient for expedited airport experiences.
Despite these varied benefits, many come with specific limitations that could hinder their overall value. For instance, the Saks Fifth Avenue credit of $100 does not offer much purchasing power in high-priced retail environments. Similarly, the offer of $200 in yoderm “Oura Ring” credit is challenging to utilize effectively due to the elevated costs of the rings themselves.
In conclusion, while the enhanced benefits of the Amex Platinum potentially offer significant value, the annual fee, coupled with restrictions on many benefits, can make it less appealing for some users. Cardholders who can effectively navigate the specific requirements and make the most of the perks could find that the benefits far outweigh the costs. However, for those who may not travel as frequently or live in areas lacking the flexibility to utilize credits, the annual fee could be a point of contention.
