Are you ready for this? You might want to brace yourself.
The *Amex Platinum* has been recently updated with new features aimed at helping users save money—along with impressive perks. Sure, the annual fee might turn some heads, but I believe it’s totally justifiable. It really is a bit crazy.
This card now provides over a dozen statement credits that can help offset that rather daunting annual fee. Some of these credits reset monthly, while others do so quarterly or even annually. There’s a couple that only kick in every four and a half years, which is—I guess—kind of annoying. But honestly, if you strategically use these credits, you’ll likely come out on top. Even if you only take advantage of three of them, you’re still ahead.
The most important takeaway? Don’t spend money unnecessarily just to use the credits. This card offers up to $600 in hotel credits, up to $400 in dining credits through Resy, and up to $300 in annual streaming credits. That should make it simple to benefit from purchases you’re already making. If you’re already spending on things that earn you credits, that just sweetens the deal.
Let’s break down some benefits I tap into to justify the annual fee on the Amex Platinum, and why I genuinely think it’s worth it.
$600 Hotel Credit
Traditionally, the Amex Platinum has provided credits for booking through Fine Hotels + Resorts® and The Hotel Collection after a minimum of a two-night stay. This benefit used to cap out at just $200 a year, but it has recently been boosted to $600 annually, which is now split into two $300 credits issued semi-annually.
I’ve got a number of hotel stays lined up for the upcoming year, and I can’t imagine many of you shopping for a nearly $900 travel card doing anything different. While I don’t always book through Amex Travel, credits like this motivate me to do so at least once—or now, twice—a year.
Of course, the hotels that apply for this credit tend to lean toward the luxury side. I mean, booking a $2,000-a-night room isn’t on my agenda, but tools like MaxFHR help identify more budget-friendly properties. For instance, in Las Vegas—a common travel destination—you can find over twenty hotels offering rates from $45 a night. Yes, those prices mostly arise during off-peak seasons, and they vary by city, but it just goes to show the potential value of this credit, provided you know where to search.
Making reservations through Amex also grants certain benefits, giving you an elite traveler feel without needing elite status. For FHR bookings, you can expect:
- Room upgrades upon arrival (if rooms are available).
- Noon check-in, depending on availability.
- Daily breakfast for two.
- Experience credits, like $100 for spa and dining.
- Late check-outs until 4 PM.
- Free Wi-Fi credits at checkout, applicable if there’s a required fee.
The advantages at lower-priced Hotel Collection stays are less pronounced, but in most cases, you’ll still receive benefits that are better than booking through other platforms.
- Room upgrades upon arrival (if rooms are available).
- Noon check-in, depending on availability.
- Experience credits for spa and dining worth $100.
- Late check-outs, if available.
If you only use one of the semi-annual $300 hotel credits a year, you’ve already recouped a third of your annual fee. Plus, the additional benefits from these reservations help further justify costs.
$400 Resy Credit
Since everyone needs to eat, right? Sure, cooking at home is undoubtedly the thrifty choice, but I do like dining out occasionally—and often enough that I see the Platinum Card’s new Resy Credit, which offers up to $400 yearly, as basically cash.
This credit is awarded quarterly for meals costing $100 or more at one of the over 10,000 participating restaurants in the U.S.
Unlike the hotel credit, you’ll need to register for this offer. Logging into your Amex account will direct you to the “Perks & Benefits” section. You just need to sign up once, and you’re set. Simply dine at participating Resy restaurants and pay with your Amex Platinum, and automatically receive up to $100 each quarter.
However, here’s a little downside: while there are tons of Resy restaurants nationwide, they aren’t in every area. If you’re in a major city, you’ll easily find places to use this credit every few months. If not, your options might be limited. I mean, in my town of Sioux Falls, South Dakota—with a population over 200,000—none are eligible for Resy.
So why am I even excited about this credit? Well, I travel quite a bit, and if I can’t find a way to use it at least once every three months, that would be a problem. I actually managed to utilize this credit before the month’s end, despite needing to work around my travel plans.
And if things get tricky, you can always buy gift cards for restaurants you want to visit later. Using online resources to navigate Resy’s participating restaurants can help you snag some gift cards for future use.
$300 Digital Streaming Credit
When the Amex Platinum underwent its last update back in 2021, it introduced credits of up to $20 monthly for select streaming services. Even with the pandemic easing, many travelers are still keeping close to home, and AmEx seems keen on incentivizing cardholders to maintain their pricey travel cards.
I’ll be honest; I thought this new credit would be wasted. Happy to say I was mistaken.
Not only did the streaming credit stick around, it’s now improved—rising to $25 a month and including more options. Currently, this benefit applies to services like Disney+, the Disney+ Bundle, ESPN+, Hulu, The New York Times, Paramount+, Peacock, The Wall Street Journal, YouTube Premium, and YouTube TV.
As a long-time cardholder, I often use my credits for Disney+ packages that feature Hulu and ESPN+. With the inclusion of YouTube TV, I have yet another avenue for a service I was already subscribing to.
Calculating the Value
Combining these benefits, these three credits alone tally up to $1,300 every year on a card that comes with a hefty fee. Even if I don’t take full advantage of the hotel credit, using it just once annually still gives me an edge. And it’s not a bad deal.
Plus, this doesn’t even factor in other perks such as $200 in airline incidental credits, up to $200 in Uber Cash plus credits for Uber One, $300 in Lululemon credits, and $100 for Saks Fifth Avenue. You can’t overlook the $155 for a Walmart+ membership, either. Seriously.
Amex has valued the revamped Platinum Card’s annual worth at $3,500 or more—a figure I find a bit excessive for most. But getting $2,000 in value annually doesn’t seem far-fetched to me (with minimal effort)—or at least, it has been for my experience.
The only perks I haven’t really utilized are Equinox credits, capped at $300, and the $200 Oura Ring credit, both of which relate to fitness. Overall, I’ve got to say that AmEx has done a commendable job revamping this card. It’s genuinely refreshing to see a bank enhance a card while raising its fee.
Conclusion
The updated Amex Platinum Card does carry a $895 annual fee now, but the added benefits and statement credits should more than compensate for that expense—even if you don’t fully utilize them.
With the $600 hotel credit, $400 Resy dining credit, and $300 streaming credit, most users will find they can cover the annual fee just through their typical spending. Anything beyond that is merely icing on the cake.
