The Platinum Card® from American Express Review: 80,000 MR Points, New $200 Hotel Credits, $240 Streaming Credits, $200 Airline Fee Credits, $200 Uber Cash, $189 CLEAR Credit, and More!

(Update: Digital entertainment credit will no longer cover Audible as of 10/1, but does cover NY Times and Wall Street Journal subscriptions. You can now add free “Companion Platinum® cards” that don’t have an annual fee and don’t include lounge access, but does include $100 Global Entry credit. Authorizer user annual fee is now $195 per card.)

The Platinum Card® from American Express is the classic premium travel card, with an extended list of luxurious perks along with a hefty annual fee. It’s time for another look as they have improved their welcome offer, added many new perks, and increased their annual fee. The highlights:

• Earn 80,000 Membership Rewards(R) Points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership. Apply and select your preferred metal Card design: classic Platinum Card(R), Platinum x Kehinde Wiley, or Platinum x Julie Mehretu.
• Earn 5X Membership Rewards(R) Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards(R) Points on prepaid hotels booked with American Express Travel.
• $200 Hotel Credit: Get up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts(R) or The Hotel Collection bookings with American Express Travel when you pay with your Platinum Card(R). The Hotel Collection requires a minimum two-night stay.
• $240 Digital Entertainment Credit: Get up to $20 back in statement credits each month on eligible purchases made with your Platinum Card(R) on one or more of the following: Disney+, a Disney Bundle, ESPN+, Hulu, The New York Times, Peacock, SiriusXM, and The Wall Street Journal. Enrollment required.
• $155 Walmart+ Credit: Cover the cost of a $12.95 monthly Walmart+ membership (subject to auto-renewal) with a statement credit after you pay for Walmart+ each month with your Platinum Card(R). Cost includes $12.95 plus applicable local sales tax. Plus Up Benefits are excluded.
• $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to your Platinum Card(R).
• $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Uber Cash and Uber VIP status is available to Basic Card Member only.
• $300 Equinox Credit: Get up to $300 back in statement credits per calendar year on an Equinox membership, or an Equinox club membership (subject to auto-renewal) when you pay with your Platinum Card(R). Enrollment required. Visit https://platinum.equinox.com/ to enroll.
• $189 CLEAR(R) Plus Credit: Breeze through security with CLEAR Plus at 100+ airports, stadiums, and entertainment venues nationwide and get up to $189 back per calendar year on your Membership (subject to auto-renewal) when you use your Platinum Card(R). Learn more.
• $100 Global Entry Credit: Receive either a $100 statement credit every 4 years for a Global Entry application fee or a statement credit up to $85 every 4.5 years for a TSA PreCheck(R) (through a TSA official enrollment provider) application fee, when charged to your Platinum Card(R). Card Members approved for Global Entry will also receive access to TSA PreCheck at no additional cost.
• Shop Saks with Platinum: Get up to $100 in statement credits annually for purchases in Saks Fifth Avenue stores or at saks.com on your Platinum Card(R). That’s up to $50 in statement credits semi-annually. Enrollment required.
• $300 SoulCycle At-Home Bike Credit: Get a $300 statement credit for the purchase of a SoulCycle at-home bike with your Platinum Card(R). An Equinox+ subscription is required to purchase a SoulCycle at-home bike and access SoulCycle content. Must charge full price of bike in one transaction. Shipping available in the contiguous U.S. only. Enrollment Required.
• Expanded Airport Lounge Network. American Express has expanded The Centurion(R) Network to include 40+ Centurion Lounge and Studio locations worldwide. Now there are even more places your Platinum Card(R) can get you complimentary entry and exclusive perks.
• Terms Apply.
• $695 annual fee. (See Rates and Fees)

Note the following language:

Welcome offer not available to applicants who have or have had this Card. We may also consider the number of American Express Cards you have opened and closed as well as other factors in making a decision on your welcome offer eligibility.

Not sure about your history? The application will tell you if they detect that you are not eligible for the bonus based on their records. Given that you can only get the welcome offer once time per lifetime, it is best to apply during a limited-time offer.

Membership Rewards points can be converted to the following airline and hotel programs (there are more, this is just a selection):

• Delta SkyMiles
• Hawaiian Airlines
• JetBlue
• ANA Mileage Club (partner of United Airlines)
• Air Canada (partner of United Airlines)
• British Airways (partner of American Airlines)
• FlyingBlue (Air France/KLM)
• Singapore Airlines
• Virgin Atlantic
• Choice Privileges
• Hilton Honors
• Marriott Rewards (Starwood)

They also run limited-time 25% to 40% bonuses on points transfers. You can also transfer to gift cards many retailers at varying rates, but many available at the rate of 10,000 MR points = $100 gift card. My most recent redemption was a $100 Home Depot card for 10,000 points, sometimes less when they run special discount. However, don’t expect the cash-equivalent prepaid credit cards at that rate, it’s usually closer to a 0.6 cent/point ratio.

80,000 Membership Rewards points are worth an estimated $800. Some folks value these points much more highly, but I prefer to stick to a simple and conservative 1 cent per point.

Uber and Uber Eats credits worth up to $200 annually. You get $15 in Uber Cash every month, which can be used for Uber rides or Uber Eats food orders. There is a $20 bonus in December, making it a total of $200 annually. You also get free Uber VIP status, which doesn’t save you any money but gets you higher-rated drivers and nicer vehicles at no extra charge.

Airline fee credit, worth up to $200 annually. You pick an airline, and they will refund you up to $200 in incidential airline fees (baggage, in-flight food and entertainment, ticket fees, etc).

American Express Global Lounge Collection. Some other travel cards give you Priority Pass Select, which is nice but not as inclusive as the Platinum card’s list of 1,400+ airport lounges across 130 countries.

• The Centurion® Lounges
• Delta SkyClub®
• Priority Pass Select
• Lufthansa Lounge
• Escape Lounges

Up to $100 statement credit towards Global Entry (includes TSA PreCheck) every 4 years.

Other benefits:

• Automatic Starwood Preferred Guest (Marriott) Gold status.
• Automatic Hilton Honors Gold status.
• No Foreign Transaction Fees.

Adding in the $200 hotel credit, $240 digital entertainment credit, $300 Equinox fitness credit, $155 Walmart+ credit, $200 airline fee credit, $200 Uber Cash, and $189 CLEAR(R) airport security membership credits, you can instantly see that the perks can easily add up to much more than the $695 annual fee. The question is whether you can take advantage of those perks and how much value you personally get out of them.

Bottom line. The Platinum Card® from American Express has added an impressively large list of new perks while also adding a generous welcome offer. You’ll have to see if your lifestyle matches up to the perks that this card offers. (See Rates and Fees)

I will be adding this improved offer on my list of Top 10 Best Credit Card Bonus Offers.