3 Underrated Perks of the Amex Platinum Card

Going over the benefits of The Platinum Card® from American Express is about as time-consuming as studying for the SAT. It's arguably the most feature-packed card you can find. And you'd hope so, considering it has a $695 annual fee (see rates and fees).

Many of its features get talked about a lot, like the welcome offer and the excellent airport lounge access. Terms apply. Everyone wants to try those Centurion Lounges. Because it offers so much, it also has some underrated perks that can get lost in the shuffle.

1. Bonus points on airfare

The Platinum Card® from American Express isn't known as a great card for earning points, especially when you factor in how much it costs. For the most part, that's true. The rewards rate is on the low side for such an expensive card.

But it is a great card for booking flights. It earns 5X points per $1 on flights booked directly with airlines or through American Express Travel, on up to $500,000 in purchases per calendar year. Terms apply.

That's an excellent rate. Many of the top airline credit cards earn 2 to 3 points per $1 on airfare, and sometimes only with specific airlines. If you get this American Express card, you can use it every time you need to book a flight and earn lots of bonus points.

2. A generous digital entertainment credit

To balance out the annual fee, this American Express card has several spending credits. In total, it offers over $1,500 in annual value through these credits. But many card members probably won't use all of them. For example, $300 in annual credits with Equinox is nice if you go to that gym, but useless if you don't. Terms apply.

One of the more valuable and easy-to-use perks is the $240 digital entertainment credit. You can get up to $20 back each month on eligible purchases you make from a list of digital entertainment services. This includes Disney+, Hulu, The New York Times, The Wall Street Journal, and more. Enrollment required, terms apply.

Since this credit covers a few types of entertainment services, it shouldn't be too hard to find one you like. If you have a family, it could cover your Disney+ membership. If you like to keep up with the news, it could cover subscriptions to The New York Times and The Wall Street Journal.

3. Purchase protection with up to $10,000 in coverage

Purchase protection is a complimentary benefit that quite a few credit cards offer. It covers new purchases that are damaged or stolen, normally within the first 90 days and up to a coverage limit.

The Platinum Card® from American Express offers purchase protection for the first 90 days. It's far from the only card with this benefit. But its policy does have a few advantages over your run-of-the-mill credit card purchase protection:

• It has a $10,000 coverage limit. Many cards have a limit of $1,000. This card's much higher limit makes it a good choice when paying for big-ticket items, such as watches, jewelry, and expensive electronics.
• It covers damage, theft, and loss. Most purchase protection policies cover the first two, but not lost items. With this American Express card, if you lose a covered purchase within the first 90 days, you can file a claim.
• American Express handles claims itself. Most card issuers offer purchase protection through third-party insurance companies. American Express has its own subsidiary to handle claims. What does that mean for you? A much smoother claims process, according to online reports by card members.
• Terms apply.

These are just a few of many perks you get with this American Express card. If you spend big on airfare, can use the digital entertainment credit, and you'd like top-notch purchase protection, then it could be the card for you.

It's also expensive. So spend some time learning about the other benefits as well, to see which ones you can use. It's not right for everyone, but if it fits your spending habits, it could save you much more than the cost of the annual fee.