My Amex Platinum Card Paid for Itself in 2023. Here's How

The Platinum Card® from American Express is one of the most expensive consumer cards I've seen. And not only do I have one, but I've kept it for multiple years. Indeed, last year, I paid a whopping $695 to renew my card, a staggeringly large annual fee (see rates and fees). (That's more than many car payments!)

But I don't regret it for a second. Because when I crunch the numbers, I actually came out ahead on that investment. Here's a breakdown of where I got the most value.

Note: Remember that a lot of these benefits require you to enroll initially to activate the perk. After that, most will work automatically.

$500 in lounge visits

I've spent a seriously ridiculous amount of time in airports this year. And part of what made that tolerable was the fact that I could spend my layovers being productive (and well fed) in airport lounges.

Amex objectively has the best cards for airport lounge access on sheer volume alone. You have access to more lounges than any other travel rewards card issuer can grant you. This was especially important to me this summer, as I spent many a Delta layover in Atlanta, and my Amex card got me into nearly every Delta lounge in the airport. (Terms apply.)

All told, I probably got at least 10 lounge visits out of my card this summer alone. I value a visit around $50 a pop, so I count this as a solid $500 in value.

$240 in streaming credits

You can get up to $20 a month in credits towards select streaming services. Terms apply; enrollment required. When I first got my card, I rarely maxed this out, only occasionally using it up on an Audible purchase. After the changes earlier this year, I can't use it on Audible at all, but I don't need to; I max it every month with my Disney Bundle. Specifically, the Disney Bundle Duo is $19.99 a month, so I basically just pay taxes for my subscription once my credits kick in.

Pro tip: The Disney Bundle is the only streaming service I put on this card. I use one of my streaming rewards cards for everything else to maximize my rewards.

$200 in Uber Cash

As a cardholder, I'm eligible for $15 a month in Uber Cash (plus a bonus $20 in December), for a total of $200 a year. Terms apply. Before we bought a house, we got delivery often because we were busy and we could afford it. Now, the budget is a little tighter, but we still enjoy at least one night a month where we let dinner come to us. (Because we're worth it.) That makes it easy to max out this credit every time.

Pro tip: The Capital One SavorOne Cash Rewards Credit Card (see rates and fees) will cover the cost of your Uber One membership through Nov. 14, 2024. The card has no annual fee, so this is an easy win if you're already using Uber or Uber Eats.

$85 for TSA PreCheck

I signed up for TSA PreCheck for the first time this year, and it has been remarkably handy. Even if I didn't get a credit for it, I would renew in a heartbeat. Happily, I did get a statement credit, and it covered the entire cost.

Now, this one isn't something I'll get every single year. You get one credit for Global Entry every four years (up to $100), or one credit for TSA PreCheck every 4.5 years (up to $85). Terms apply. Since that's how long your enrollment lasts, it works out nicely.

$50 in Saks Fifth Avenue credit

Cardholders can get up to $50 in statement credit towards Saks Fifth Avenue purchases twice a year (from January to June, then from July through December). Terms apply. Which is great, if you already shop there and/or live close enough that you could buy gift cards in store.

I don't fit into either of those categories, so I don't always get a chance to max this credit out. But this year I managed to use half of it, organically, when I purchased a small appliance I had my eye on. Saks had the same price as all the other sellers I could find, the overall cost would get free shipping, and I was already going to buy it anyway. Ideal situation and easy $50 credit.

The net total: $480 in the black (plus rewards and perks)

When you add up all these credits, I got about $1,175 in value. Subtract the $695 annual fee that I paid this year, and I came out ahead by $480. Given most of this stuff required only initial enrollment and then no other work, that's a pretty awesome return on investment.

The most important thing to remember is that everything on this list was something I would have 100% paid for in cash regardless of the situation. That's the only reason I give it the same value as the cold hard cash I handed over when I paid my annual fee.

Those lounge visits? I would (and have) paid cash to visit the lounges if I hadn't had alternative access. Between the food, drinks, and workspace, they're well worth the value in my book. Similarly, I would have a Disney/Hulu subscription and get the occasional meal delivery even if I didn't get credits for them.

The Platinum Card® from American Express isn't for everyone (at least not as a long-term keeper card). But there is plenty of room to make it work for you if it complements your financial habits. Just make sure you do the math before you pay that big annual fee.