We talk a lot about pricey premium cards that offer great benefits for travelers, like The Platinum Card® from American Express with its $695 annual fee (see rates and fees). And while it may not be the right card for everyone, you might be surprised to learn just how much you can actually save by having one in your wallet.
Hear me out: Yes, $695 is a lot of money. But if you maximize all (or even just most) of the perks and benefits available with this card, odds are you’ll save substantially more money than what you’ll spend on that fee each year, as I do.
Let’s do the math:
Last summer, I used this card’s $200 Fine Hotels + Resorts statement credit by booking the Kimpton De Witt Hotel in Amsterdam through the American Express Travel portal. This ensured free breakfast daily, plus an additional $100 property credit. Sometimes, I even find properties offering a third night free or enhanced property credits, which makes this Fine Hotels + Resorts perk even sweeter.
I save another $200 annually by enrolling in the Uber Cash* benefit and the up-to-$200 airline fee statement credit. The airline fee credit is especially helpful when my husband decides to fly without me (and my elite status) and has to pay to check a bag or upgrade his seat.
With just those credits, I’ve already covered $600 of the annual fee.
Another no-brainer is enrolling in the $240 digital entertainment statement credit that covers select streaming services like Hulu and Disney+. At this point, the card has not only paid for itself, but it has also saved me money.
All in, this adds up to a grand total of $1,209 in savings for a card that cost me $695 to have in my wallet, putting me ahead by over $500. (Just keep in mind you’ll need to enroll in a number of these benefits.)
Beyond those credits, there are other highly valuable perks that greatly enhance my experience as a frequent traveler, like access to Amex Centurion Lounges. I also like earning 5 points per dollar spent on airfare booked in the Amex Travel portal or directly with the airline (on up to $500,000 in purchases per calendar year, then 1 point per dollar).
Of course, it’s even easier to come out ahead on the math the first year since new applicants can earn 80,000 Membership Rewards points after spending $8,000 on purchases in the first six months of card membership. According to TPG’s March 2025 valuations, those points alone are worth $1,600 when maximized with hotel and airline transfer partners.
Is $695 a lot of money? Yes. Will I keep this card and pay that fee while making the most of every built-in credit? Absolutely!
If you want to see how other TPG staffers make the most of their Amex Platinum, check out these additional stories:
*Uber Cash available on U.S. purchases; your Amex Platinum has to be added to your Uber account and you can redeem with any Amex card.
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