The Amex Platinum Card® Has a $550 Annual Fee -- Is It Worth It?

The Platinum Card® from American Express was the original "high-end" credit card, and it has been well-known as a symbol of luxury and affluence since its introduction more than 30 years ago.

First class flight meal

In 2017, American Express announced that its flagship product was increasing its annual fee by $100, from $450 to $550. However, the card's benefits have been sweetened as well. So, is The Platinum Card® from American Express still worth its cost?

The Platinum Card® from American Express Benefits

American Express announced a revamped set of The Platinum Card® from American Express benefits that went into effect on March 30, 2017. These benefits include some new features, as well as the existing benefits cardholders enjoy, such as:

  • $200 in annual credits for Uber rides within the U.S., as well as VIP status (where available). This is given as a monthly credit of $15, with an additional $20 bonus in December.
  • $200 airline fee credit, for incidental charges such as baggage fees, on a single airline of the cardholder's choosing.
  • Up to $100 credit for Global Entry or TSA PreCheck application fee.
  • Starwood Preferred Guest (SPG) Gold status and Hilton Honors Gold Status.
  • 5X Membership Rewards points on flights and eligible hotel stays booked directly with airlines or through American Express Travel.
  • Airport lounge access through an expansion of the Global Lounge Collection. This includes Delta Sky Club lounges, Centurion Lounges, and many more -- over 1,000 airport lounges altogether in 120 countries.
  • Additional Amex Gold cards can be issued on a Platinum account (for other authorized users) with no additional annual fee. The annual fee is $175 for up to three additional platinum cards on the account.
  • Hotel benefits at the Fine Hotels and Resorts collection, such as free breakfast and late checkouts.
  • Complementary access to Boingo Wireless Wi-Fi hotspots.
  • Access to the Delta Private Jets program.
  • Access to a new Global Dining Collection.
  • A new metallic card design.

Is the annual fee justified for The Platinum Card® from American Express

Here's the million-dollar (or should I say $550?) question. As with most credit cards that charge a fee and offer perks and rewards, the card is only worth the price of membership if you find enough value in the benefits to justify it.

When evaluating any credit card, don't put too much weight on any introductory APR or point bonus. Those are nice, but aren't reason to pay an annual fee in perpetuity. Having said that, excluding any introductory offer, there are certainly ways that the card could be worth the cost.

For example, the $200 Uber credit and $200 credit for travel incidentals nearly pay for the annual fee all by themselves, if you use them. If you live in an area where you would never need to use Uber, for example, this benefit has little value to you. The same can be said for the airline lounge access. An individual membership to the Delta Sky Clubs costs $495 per year all by itself, and the Platinum card gives you access to Sky Clubs and many more lounges. So, for someone who travels frequently and values a quiet place to grab a drink and/or get some work done, this benefit alone can be worth the cost of the card.

The bottom line is that American Express' revised Platinum card is certainly a strong effort, and shows Amex's commitment to innovation and adapting to consumer trends. Whether or not the card is worth the higher $550 annual fee for you depends on whether you can find $550 of annual value in its list of benefits.

The Platinum Card® from American Express

The Platinum Card® from American Express

Apply Now

Best for: Premium travel and sign-up bonus The Platinum Card® from American Express

Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon
4.0 stars Info icon We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon = Best
Star Review Icon Star Review Icon Star Review Icon Star Review Icon = Excellent
Star Review Icon Star Review Icon Star Review Icon = Good
Star Review Icon Star Review Icon = Fair
Star Review Icon = Poor
Apply Now

On American Express' Secure Website

Our Bottom Line

The high annual fee is justifiable for frequent travelers who can take full advantage of a deep bench of valuable perks, including the big sign-up bonus and annual travel credits.

Credit Rating Requirement: Good/Excellent
  • Earn 60,000 Membership Rewards® points after you use your new Card to make $5,000 in purchases in your first 3 months.
  • Up to $200 for Uber rides annually. Credit and Uber VIP status available to Basic Card Member only.
  • 5X Membership Rewards® points on flights booked directly with airlines or with American Express Travel.
  • 5X Membership Rewards® points on eligible hotels booked on
  • As a Platinum Card Member, you can enjoy access to the Global Lounge Collection, the only credit card airport lounge access program that includes proprietary lounge locations around the world.
  • Receive complimentary benefits with an average total value of $550 with Fine Hotels & Resorts. Learn More.
  • $200 Airline Fee Credit, up to $200 per calendar year in baggage fees and more at one qualifying airline.
  • $550 annual fee.
  • Terms Apply.
              Show More Arrow graphic to expand and collapse content