If you've been thinking about getting a new credit card recently, now might be a great time to add a premium credit card to your collection. Sure, you get lots of use out of your everyday cash back cards with no annual fee, but if you spend a little on an annual fee, you get a LOT of return. Of course, $695 isn't necessarily a "little" annual fee - but with over $1400 in annual statement credits alone, The Platinum Card by American Express might just be worth it.
This premium credit card comes with a variety of benefits across travel, entertainment, and dining and seems to redefine the word "premium." However, these benefits do come at a costly $695 annual fee, which could be too much to swallow for some people. The benefits are endless, but make sure that you will take advantage of them before adding this card to your wallet. If you are someone that spends a lot on flights and hotels, booking with the Platinum Card gives you 5 points for every $1 spent. Take a look at the breakdown of benefits and earning to see if this is the next card for you.
- $200 back on prepaid hotel bookings with American Express Travel
- $20 back each month ($240 annually) for subscriptions to Peacock, The New York Times, Audible, or SiriusXM
- $155 back on a subscription to Walmart+ membership, which covers the full cost
- $15 in Uber cash monthly, plus an additional $20 in December ($200 annually)
- $200 airline incidental fee credit to cover things like checked bags or inflight purchases
- $25 back each month ($300 annually) on Equinox membership or Equinox+
- $179 back for a CLEAR membership, which covers the full cost
- Access to the American Express Global Lounge Collection
- $100 statement credit every 4 years to cover Global Entry, which includes TSA Precheck
- $100 statement credit annually for purchases at Saks Fifth Avenue
- Marriott Bonvoy Gold Elite Status
- Hilton Honors Gold Status
- No foreign transaction fees
- 5x points on flights booked directly with airlines or through American Express Travel
- 5x points on prepaid hotels booked through AmexTravel.com
- 1x points on all other purchases
- for a limited time, enjoy 10x points on restaurants worldwide and when you Shop Small in the US
Currently, American Express is offering a sign-up bonus of 100,000 bonus points after spending $6,000 on purchases within the first 6 months of account opening. The Points Guy values this at $2,000 - far exceeding the annual fee.
At the end of the day...
Deciding to apply for a credit card that will cost you $695 each year is no small decision, but it can certainly make up for it in value elsewhere. If you are someone that would take advantage of the travel perks like lounge access, and take advantage of the vast array of statement credits, then this could be a great card to add to your wallet.
Do you have any experience with the Platinum Card by American Express? I'd love to hear about it! Comment below or email me at email@example.com
Follow along for more travel and credit card content.