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, $199 CLEAR Plus Credit, and More

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.

Here is the sign-up bonus and rewards structure:

• 80,000 Membership Rewards(R) Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership.
• 5X MR points on flights booked directly with airlines or through American Express Travel (on up to $500,000 on these purchases per calendar year).
• 5X MR points on prepaid hotels booked with American Express Travel.
• 1X MR points on other purchases.

Here are the many statement credits included with the card:

• $200 Airline Fee credit. Up to $200 in statement credits each calendar year offsetting incidental fees charged directly through the airline. Details below.
• $200 Hotel credit. Up to $200 back in statement credits each calendar year on prepaid Fine Hotels + Resorts(R) or The Hotel Collection bookings through American Express Travel using your Platinum Card(R). The Hotel Collection requires a minimum two-night stay.
• $240 digital entertainment credit. Up to $20 back in statement credits each month on eligible purchases on the following: Disney+, ESPN+, Hulu, The New York Times, Peacock, and The Wall Street Journal. Enrollment is required.
• $155 Walmart+ credit. Use your Platinum Card(R) to pay for a monthly Walmart+ membership and get up to $12.95 plus applicable taxes back on one membership (excluding Plus Ups) each month. Enrollment is required.
• $200 Uber Cash. Platinum Card(R) Members get $15 in Uber Cash for US rides each month, plus a bonus $20 in December (total up to $200 annually). Must add Platinum Card(R) to your Uber account. Available to Basic Card Member only. Effective 11/8/2024, an Amex Card must be selected as the payment method for your Uber or Uber Eats transaction to redeem the Amex Uber Cash benefit.
• Global Entry or TSA PreCheck(R) credit. Receive either a $120 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) application fee (through a TSA official enrollment provider), when charged to your Platinum Card(R). Global Entry includes TSA PreCheck at no additional cost.
• $199 CLEAR(R) Plus credit. CLEAR(R) Plus is a service that helps to get you to your gate faster at 50+ airports nationwide; Get up to $199 back per calendar year on your Membership (subject to auto-renewal) when you use your Card. CLEARLanes are available at 100+ airports, stadiums, and entertainment venues.
• $100 in Shop Saks with Platinum credits. Broken down into up to $50 in statement credits semi-annually. Enrollment is required. Valid for purchases in Saks Fifth Avenue stores or at saks.com.
• $300 Equinox credit annually. Up to $300 back in statement credits each calendar year towards an Equinox membership. Enrollment is required.
• $300 SoulCycle At-Home Bike credit. $300 statement credit for the purchase of a SoulCycle at-home bike. Enrollment is required.
• Huge network of airport lounges. Details below.
• 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 a single 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 140 countries.

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

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 $199 CLEAR(R) Plus 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.

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

Rates and Fees for the Platinum Card® from American Express