This Little-Known Amex Platinum Perk Saved Me $240 Last Year

The Platinum Card® from American Express isn't an inexpensive card by most definitions. It comes with a $695 annual fee (see rates and fees), and that doesn't even include the additional fees if you add authorized users to the account.

However, just because a credit card isn't cheap doesn't mean it isn't worth the cost. The Platinum Card® from American Express has a long list of features and benefits that could be worth twice the annual fee or more for customers who take full advantage. And while the most well-known and valuable benefits generally have to do with travel, there are some that could make your everyday spending much cheaper.

Perks of the Amex Platinum Card

As mentioned, The Platinum Card® from American Express has a long list of features and benefits. I won't go into too much detail here, but just to name some of the most valuable, card members receive (terms apply, enrollment may be required):

• Best-in-class airport lounge access, including Delta Sky Clubs and the ultra-luxury Centurion lounges
• $200 in annual airline incidental reimbursement
• $200 in free Uber rides or Uber Eats per year
• $200 back toward certain hotel stays
• Free TSA PreCheck or Global Entry membership
• $189 statement credit to pay for a CLEAR® membership
• Elite status with Marriott, Hilton, Avis, Hertz, and National Car Rental
• Trip cancellation and interruption insurance, baggage insurance, trip delay insurance
• $300 toward an Equinox membership
• $100 in Saks Fifth Avenue credits per year

This isn't an exhaustive list, but there are two key takeaways. First, the value of these benefits and statement credits can easily exceed the card's annual fee. Second, the majority of The Platinum Card® from American Express's benefits are travel-oriented.

A great example of an everyday benefit

Not all of the benefits of The Platinum Card® from American Express are travel-oriented or designed to get you to spend money at high-end fitness clubs and retailers. There are a few that can simply offset your everyday spending.

One example is the $240 annual digital entertainment credit, which provides as much as $20 per month toward certain streaming services and digital subscriptions (terms apply, enrollment required). Here's the current list as of March 2024:

• Disney+ (including The Disney Bundle)
• ESPN+
• Hulu
• The New York Times (digital or print)
• Peacock
• SiriusXM (only through May 8, 2024)
• The Wall Street Journal

Note that this list evolves, so it's entirely possible that services will be removed or added over time.

Taking advantage of this benefit is rather easy. You'll need to enroll, but this is as simple as logging in to your Amex account and clicking the "Enroll Now" button where the benefit is listed. When you subscribe to one or more of these digital entertainment services, use your The Platinum Card® from American Express as the payment method (or update an existing subscription's payment method).

That's it. Once you've done that, you'll receive a statement credit covering up to $20 per month toward the costs.

Most Americans would use this benefit without much effort

Tens of millions of U.S. households subscribe to one or more of these services (or would, if it was a benefit of their credit card), so most card members can take advantage of the entire $240. I've historically used this benefit toward my family's subscription to The Disney Bundle, which costs $24.99 per month for the no-advertisement membership to Disney+, Hulu, and ESPN+ (the latter still has some ads). Thanks to The Platinum Card® from American Express, it effectively costs us less than $5 a month.

If you're already a subscriber to one or more of the services on the list, you could offset $240 of the The Platinum Card® from American Express's annual fee without traveling or changing any of your spending habits. This is just one example of how the seemingly expensive The Platinum Card® from American Express can pay for itself several times over.