How the Amex Platinum Card Could Save You Over $1,344 on Travel in a Year

Here's a fun exercise. I'm going to show you how the average person could pick up The Platinum Card® from American Express and save over $1,344 on travel in just one year.

That's after the annual fee.

We'll stack the welcome offer, layer in some travel credits, and factor in monthly rewards based on regular spending. No extreme travel hacking needed -- just smart use of the perks.

Let's run the numbers…

Welcome offer: ~$800

Right now, the Amex Platinum Card has one of the highest welcome offers of any top-tier travel card.

Apply and find out if you are 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.

Since not everyone qualifies for the max offer, let's do our math using a lower offer. I checked my personal offer eligibility, and was offered 80,000 Membership Rewards® Points after spending $8,000 in the first 6 months. Not quite the max amount, but still a hefty offer nonetheless.

That's worth a cool $800 toward travel when redeemed through the Amex portal (and potentially more if you transfer your points to airline or hotel partners).

Keep in mind, the spend requirement on this welcome off is quite high, so if you get the card, make sure you transition your regular spending over ASAP to help you qualify.

Want to see what welcome offer you're eligible for? Check your offer and apply for Amex Platinum Card here.

Travel credits: ~$799

The Amex Platinum Card comes with over $1,500 in total value. Many of these perks and credits are surprisingly easy to use if you fly even once or twice per year.

Here are some of the travel-related credits you could use in a year:

• $200 airline fee credit: Covers incidental fees like bag fees and in-flight purchases.
• $200 hotel credit: For booking Fine Hotels + Resorts or The Hotel Collection stays via AmexTravel.com.
• $199 CLEAR® Plus credit: This lets you skip to the front of airport security lines
• $200 in Uber Cash ($15 per month, plus a $20 bonus in December)
• Terms apply; enrollment may be required

Assuming you only used these credits, this is a value of $799 in the first year. That's basically the full $695 annual fee (see rates and fees) earned back, and then some.

Pro tip: My favorite travel perk isn't even on the list. The Amex Platinum Card gives you access to over 1,400 airport lounges worldwide in major cities across the world. Terms apply; enrollment may be required. I didn't factor it into our math here, but it's worth using if you get this card!

Everyday spending: ~$440

There are a few different rewards-earning categories for the Amex Platinum Card:

• 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

Let's say you spend $3,000 per month on the card (roughly $36,000 per year) for your everyday spending. And let's assume that $2,000 of that annual spend is put towards travel (earning 5X points), and the rest earns a basic 1X.

This works out to 44,000 Membership Rewards® Points, worth $440 in travel. Not bad at all, considering the majority of spending was for everyday expenses.

Total travel savings: ~$1,344

Let's not forget about the annual fee, which again is $695. This takes a big chunk out of the total savings, but it still works out heavily in our favor.

Here's all the savings added up, subtracting the fee:

• Welcome offer - $800 (in author's personal experience)
• Travel credits - $799
• Rewards from spending - $440
• Annual fee - ($695)

Net travel savings: $1,344

Of course, your actual savings may vary depending on the welcome offer you're eligible for, which credits you use, and how much spending you put on the card.

But this gives you a realistic idea of what's possible.

And honestly, if you qualify for the highest welcome offer and take advantage of more service credits, you might be looking at nearly $3,000 in annual savings. Apply and find out if you are 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.

Final verdict: Is the Amex Platinum Card worth it?

If you travel semi-regularly and are willing to maximize a few benefits, this card can quickly offset its annual fee -- and then help you travel in style.

This is especially true in the first year when you qualify for a big welcome offer.

Ready to see what you qualify for? Apply for The Platinum Card® from American Express and find out your offer.