5 Signs You Should Stay Away From the Amex Platinum Card

I used to love my Amex Platinum Card. I traveled a ton for work back then, hit up airport lounges regularly, and enjoyed all the fun perks.

But then my job changed and my lifestyle did too pretty quickly. I hung onto the card for a while, but barely used it -- so I was eating the entire $695 annual fee (see rates and fees). That's when I canceled because it simply wasn't worth it anymore.

I study credit cards for a living, and my goal is to match people with the right cards for their lifestyle. Here are the most common situations where I see The Platinum Card® from American Express backfire.

1. You don't travel often enough to use the perks

It's pretty clear that the Amex Platinum Card is built for regular travelers. Most of the valuable perks are tied to being on the move.

What good is skipping airport security lines, lounge access, and elite hotel status if your next trip is in summer 2027?

There are still plenty of awesome travel cards that are much better suited for lighter travelers. Look for ones with lower annual fees that still reward you with points for everyday spending.

2. You can't easily use the statement credits

On paper, the Amex Platinum Card offers hundreds of dollars in statement credits each year. Here are some of the top ones:

• $240 digital entertainment credit ($20 per month) for select streaming services
• $200 Uber Cash ($15 each month, plus a bonus $20 in December)
• $200 airline fee credit for incidental charges
• $100 Saks credit (up to $50 in statement credits semi-annually)
• Terms apply; enrollment may be required

But there are a few catches for this $695 annual fee card (see rates and fees). First, if you don't already spend in these categories, you're basically increasing your budget just to meet the card's parameters. Also each perk has fine print and terms to keep track of.

If you're seriously considering the Amex Platinum Card, just make sure the majority of these credits realistically fit your spending habits. If not, pick a card that matches your current lifestyle.

3. You prefer simple, flexible rewards

Many luxury cards are starting to overcomplicate their rewards programs, in my opinion. Chase recently made a pretty big switch to how its points system works, and Amex has announced an upcoming refresh to its Amex Platinum Card later this fall.

The more I study credit card perks, the more I appreciate a simple rewards system. Like a flat-rate cash back card that requires no mental math.

If you're too busy to study reward guides and maximize points, choosing a simpler card is probably the better move.

Actually here's one that just won the Best Cash Back Card for Motley Fool Money's 2025 awards… Learn about the Wells Fargo Active Cash® Card (rates and fees), giving you a flat 2% cash rewards on all purchases, without any hassles.

4. You don't spend enough to offset the annual fee

Let's say you use the $200 hotel credit and $240 entertainment credit. That's $440 in value, still $255 short of the annual fee.

Without heavy travel usage and spending, you might not make up the difference.

If you want a quick gut check, add up the perks you'll definitely use in a year. If it's less than $695, you might be better off with a lower-cost card that still earns solid rewards.

A great card to consider might be the Chase Sapphire Preferred® Card (see rates and fees), which only has a $95 annual fee. But it includes a $50 annual hotel credit, and comparable earning rates for everyday spending. That's 5X points on travel purchased through Chase Travel℠, 3X on dining, select streaming services, and online groceries, 2X on all other travel purchases, and 1X on all other purchases.

Learn more about the Chase Sapphire Preferred® Card here and apply today.

5. You can't easily qualify for the welcome offer

Welcome offers can be an amazing way to start off with a big pile of rewards. But they only make sense if you can hit the spending requirement with spending you were already planning to do.

If a card's welcome offer requires $8,000 in the first 6 months and your normal spending is closer to $4,000, forcing yourself to spend an extra $4,000 just to earn the bonus doesn't make sense. That math doesn't math.

At the end of the day, the best credit card is the one that works with your spending habits, not against them. Compare today's top rewards credit cards and find your best match here.