Why I’m Keeping My Amex Platinum In Spite Of The Higher Annual Fee – Forbes Advisor

American Express just made a whole lotta changes to the venerable The Platinum Card® from American Express (Terms apply, see rates & fees), and I’m a little bit in my feelings about it. I spend more time than the average person thinking about my credit card strategy and each year when a card’s annual fee rolls around, I play a personal game of “Keep or Cancel.”

I’ve held my The Platinum Card® from American Express for a little over three years. Each year, I’ve found the math keeps mathing and I’m able to get more value from the card than it costs to own it. Surprisingly, the card’s new benefits seal the deal for me, despite the elevated $895 annual price. Here’s why. 

8 Reasons Why I’m Keeping the Amex Platinum Card 

1. It’s Got the Best Lounge Access of Any Credit Card 

This isn’t a new perk, but I fly at least a dozen times a year if not more. Most of the time, I can hit up an airport lounge using this perk before my flight to save on water, coffee and snacks. Between the Centurion Lounges, the Priority Pass lounges, the Plaza Premium lounges and the Delta Sky Clubs when I fly Delta, I’m rarely without a place to pop into before my flight. Enrollment required. 

When there isn’t a lounge, I estimate these things cost me at least $10, more if I need a meal. So that’s at least $120 in savings annually, and even more if I’m flying with my husband and kids and can bring them into a lounge with me. 

2. I Read the Paper Online 

I primarily consume my news online. The Amex Platinum just bumped its digital streaming credit up to $300 annually, which works out to $25 a month. That’s enough to cover my monthly news subscription fee, whereas before it only partially covered it. This is an expense I would pay for anyway, so it’s fantastic to get a statement credit that covers all of it. Enrollment required.

3. I Live in Lululemon 

Call it a suburban cliche, but I’m a mom who works from home. Comfort is key. It may be bougie, but I wear Lululemon leggings just about every day and have been known to cancel plans if it means wearing “hard pants.” So, a quarterly $75 Lululemon credit practically shouts, “Come and get me, Robin!” I’ll easily use up the full $300 each year. Enrollment required. 

4. I Like To Eat and Have Others Clean It Up 

Did I mention I’m a mom who works from the suburbs and lives in athleisure? My location also means I’m not in a major metropolitan area, so in the past a lot of the restaurants and accompanying perks found on apps like Resy would require an hour or more drive to the closest big city. But Resy has recently upped its game in my area, and there are now plenty of eligible places near me I’d love to use a $100 quarterly credit at. Enrollment required. 

5. The Hotel Elite Statuses Shine 

The Amex Platinum benefits already included Marriott Bonvoy® Gold elite status and Hilton Honors™ Gold elite status, which comes with benefits like room upgrades where available and late checkouts. The Hilton Gold status also includes a daily food and beverage credit at eligible properties in the U.S. for up to two adults per room (continental breakfast at select brands outside the U.S.). Enrollment required.
 
That may seem like small potatoes but at a recent two-night stay at the Hilton Marco Island Resort and Spa, my family and I had a $30 a day food and beverage credit that covered the coffee and muffins each morning for breakfast in the lobby cafe. I don’t know about you, but I’ll take a credit that covers breakfast anytime I’m in a hotel. The newly added Sterling status at The Leading Hotels of the World also includes a daily continental breakfast for two and I hope to find a way to use it. 

6. The Walmart+ Credit Is a Perk I Never Knew I Needed 

I never had much interest in a Walmart+ membership prior to having an Amex Platinum card. The closest Walmart to me isn’t close enough for everyday shopping, but since the $155 Walmart+ membership credit effectively canceled out the cost of the service, I decided to check it out. The same-day free shipping perk has been invaluable when I’ve needed last-minute supplies for school, drinks for entertaining or basic groceries when I’ve been too harried to get to the store myself. Subject to auto renewal.

7. I Use That $100 Annual Saks Credit 

Although there’s not much I can get at Saks Fifth Avenue in the way of clothing for $50 semiannually, I do buy makeup twice a year at the cosmetics counters. I promise it’s not because I have an allegiance to the name. I prefer shopping at the department store to the hordes of teens and tweens I’d typically encounter at a Sephora or Ulta, and having that twice-annual credit motivates me to freshen up my supplies. Enrollment required. 

8. I Value That 5X Earn Rate on Flights 

Much is said about the Amex Platinum benefits that come with the card, but the earning rate on flights (and prepaid hotels booked through Amex) is one of the best out there. Cardholders earn 5 Membership Rewards® points per dollar on flights purchased directly from airlines or through American Express Travel® on up to $500,000 per calendar year, 5 points per dollar on prepaid hotels booked with American Express Travel® and 1 point per dollar on other eligible purchases. When I must pay cash for a flight, I’ll always pay for it with my Amex Platinum Card.

Bottom Line 

For me, the new Amex Platinum benefits are a net positive, even with the higher annual fee. It’s true that some of the benefits, both new (e.g., $200 Oura credit) and old (e.g., $300 Equinox credit), simply don’t apply to how I spend and live. But there are enough perks I do use to make the card worth the annual fee.

The card won’t be right for everyone, though. Consider how your spending habits align with what the Amex Platinum offers and compare it to other top credit cards to choose what’s best for your unique needs. 

To view rates and fees for The Platinum Card® from American Express please visit this page.