Here’s how you can earn up to 100,000 points on the revamped Amex Platinum — but there’s a higher annual fee

Editor’s note: This is a recurring post, regularly updated with new information.

The Platinum Card® from American Express has long been one of the best premium travel rewards cards out there, thanks to a long list of benefits, a strong earning rate for flights and a solid welcome bonus. And for new eligible cardholders, the card is about to become a lot more valuable — but at a much higher cost.

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Starting today, Amex offers a 100,000-point welcome bonus after you spend $6,000 in the first six months of card membership. Not only that, but you’ll also earn 10x on eligible purchases made at restaurants worldwide and when you Shop Small® in the U.S., on up to $25,000 in combined spending during the first six months of card membership.

Official application link: The Platinum Card from American Express

Note that you could potentially be targeted for a 125,000-point or 150,000-point welcome bonus by using the CardMatch Tool. These offers are subject to change at any time.

TPG values Amex Membership Rewards points at 2 cents each — among the most valuable rewards currencies — which makes the bonus points from this welcome offer worth $2,000. You could also redeem these points for 1 cent each toward flights booked through Amex Travel. However, TPG places a higher value on these points if you transfer them to a selection of loyalty programs — including Avianca, Hilton, Etihad and Singapore Airlines — and the various redemptions they offer.

In addition to an elevated welcome bonus, Amex has added a slew of enticing benefits, from up to $300 in annual Equinox statement credits and an annual up to $179 statement credit for your Clear membership

Unfortunately, these improvements now come with a $695 annual fee (see rates and fees) — one of the highest annual fees for consumer cards out there. However, the welcome offer alone covers at least two years of the annual fee, not including all the other benefits you’ll receive with this card. So let’s review this new Amex Platinum offer and analyze if it’s worth applying for.

Amex Platinum benefits overview

The Amex Platinum now has a $695 annual fee, undoubtedly leading to some sticker shock. But when you dive into its mile-long list of benefits, it’s easy to see how you can recoup that value:

• 5x on flights booked directly with the airline or through Amex Travel on up to $500,000 on these purchases per calendar year.
• 5x on prepaid hotels booked with Amex Travel.
• 1x on other purchases.
• Up to $200 annual hotel credit, in the form of a statement credit on prepaid Amex Fine Hotels and Resorts or The Hotel Collection bookings with Amex Travel when you pay with your Amex Platinum.*
• Up to $240 annual digital entertainment credit, in the form of $20 in monthly statement credits when you pay for eligible purchases with the Amex Platinum at eligible partners.*
• Up to $300 annual Equinox credit, in the form of $25 in monthly statement credits on select Equinox memberships of Equinox+ app.*
• Up to $179 annual CLEAR credit for your CLEAR® membership.*
• Up to $200 annual airline fee credit*.
• Up to $200 in annual Uber Cash in the form of $15 in Uber credits for dining or rides each month, with an up to $20 bonus in December (for use in the U.S.)*.
• Up to $100 in credits at Saks each calendar year (up to $50 for January to June and up to $50 for July to December)*
• Airline lounge access — including Centurion Lounge access, Priority Pass Select lounge access (excluding restaurant lounges) and Delta Sky Club access when you’re flying same-day Delta flights — through the American Express Global Lounge Collection*.
• Up to $100 application fee credit for Global Entry every four years or for TSA PreCheck every 4.5 years.
• Gold status with Hilton Honors and Marriott Bonvoy*.
• Elite-like benefits when you book a stay through Amex’s Fine Hotels & Resorts program or Amex’s Hotel Collection*.
• Access to the Platinum Card Concierge*.
• Access to the American Express International Airline Program*.
• Travel protections when you use your card, including trip delay insurance, trip cancellation and interruption insurance, car rental loss and damage insurance and baggage insurance.
• Premium Global Assist hotline that may provide many services when you’re away from home, including emergency medical transportation assistance*.
• Shopping protections when you use your card including extended warranty protection, purchase protection and return protection*.
• Multiple options for redeeming points, including transferring to hotel and airline partners, booking travel through Amex Travel and Pay With Points.
• Complimentary additional Gold Cards, or you can add up to three Platinum Card authorized users for $175 per year (see rates and fees).
• No foreign transaction fees (see rates and fees).

*Enrollment required for select benefits.

That’s perhaps the most exhaustive list of perks available among premium travel rewards cards. From the annual credits alone, you’re looking at more than $1,400 in value. So, if you can put many of these to use, the Amex Platinum could be worth a place in your wallet — even with a $695 annual fee.

Related: Amex Platinum Card review

Is this offer worth it?

Previously, the Amex Platinum’s public offer was 75,000 Membership Rewards points after spending $5,000 in the first six months. So, this new welcome offer is undoubtedly an improvement. Not only are you getting an additional 25,000 points, but Amex is giving you an additional three months to hit the spending threshold. And the ability to earn 10x on restaurants worldwide and when you shop small in the U.S. is fantastic (a 20% return according to TPG valuations).

One of the primary drawbacks to the Amex Platinum is that you only earn bonus points on select travel expenses. However, the addition of two everyday spending bonus categories is a significant draw to the card for those who were hesitant about applying while not traveling, even if those categories are temporary.

Keep in mind that you could be targeted for an even bigger welcome bonus through the CardMatch tool. Right now, some new cardholders are being targeted for a 125k or 150k-point welcome offer.

Those who apply through CardMatch for those elevated offers will still earn 10x at restaurants worldwide and when you Shop Small in the U.S. on up to $25,000 in combined spending within the first six months, so it’s certainly worth checking to see if you are eligible. While you’re not guaranteed to get the 125k or 150k offers via CardMatch, it’s certainly worth a try. (CardMatch offers are targeted and subject to change at anytime.)

Bottom line

The Amex Platinum is one of the best travel cards on the market. As travel’s ramping back up, applying for the card now could help pay for upgraded experiences on your trips down the road. And since Amex only allows you to earn one welcome bonus per lifetime on each card, it’s imperative to choose wisely when to apply.

Especially if you are targeted for the 125k or 150k CardMatch offer, now is an excellent time to apply for the card to rake in a large bonus while earning on common everyday spending categories that generally don’t earn bonus rewards with the card.

Official application link: The Platinum Card® from American Express with a 100,000-point bonus, or check out the CardMatch tool to see if you are targeted for up to 125,000 points. 

Additional reporting by Stella Shon and Katie Genter.

Featured image by Wyatt Smith for The Points Guy.

For rates and fees of the Amex Platinum Card, please click here.