The Unexpected Value I Got From My AMEX Platinum

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I’ve had the American Express Platinum Card for several years now. At $695 per year, it’s one of the most expensive cards in my wallet. But I’ve continued to renew it because I consistently get more value from the card than I pay, at least when I take full advantage of the available perks.

The Platinum Card isn’t great for earning points through regular spending, unless you’re buying airline tickets. Since I typically use points to book our flights, the real value of the card comes from the benefits it offers.

Some of those perks come with a dollar amount that’s easy to quantify—monthly credits for streaming, airline fees, Uber, and more. Others, like airport lounge access, are harder to put a number on. Still, they can make a difference in our travel experience.

Here’s a breakdown of the benefits I actually used over the past 12 months, and how they added up.

Streaming Media Credit – Used $218.21

I charged our New York Times digital subscription to the Platinum Card to receive the monthly $20 credit. But after downgrading our plan, I had an account credit and missed a month. Total: $218.21.

CLEAR Membership Credit – Used $159

I paid $159 for my own CLEAR membership, which included a Delta AMEX discount. The Platinum Card covered the full amount. My wife’s $119 membership was covered using her AMEX Green Card. Here’s how we split CLEAR fees between two AMEX cards.

Airline Fee Credit – Used $172.82

We chose American Airlines for the credit, but that turned out to be a bad decision once they dropped their Austin route. I only used $172.82 before the end of the year and decided it wasn’t worth chasing the other $28. For this year, I switched to a different airline.

Uber Cash – Used $183.80

I missed January, but I used Uber Cash for rides and Uber Eats every month for the rest of the year. Total: $183.80

Saks Fifth Avenue Credit – Used $100

This year, I remembered to use both $50 credits—one in the first half of the year and one in the second—for a total of $100.

Walmart+ Credit – Used $90.65

I finally signed up for Walmart+ in June and got $90.65 in credits for the remainder of the year. We’re using Walmart more often now, and the included Paramount+ streaming is a nice bonus.

AMEX Offers – Used $60

I earned $20 back by using an AMEX Offer on my cable bill and another $40 back from an offer tied to my Caesars Palace stay at NOBU Hotel Las Vegas.

Lounge Access

We traveled less this year, so our lounge visits were limited. We stopped by the Centurion Lounges in Las Vegas (LAS) and Atlanta (ATL), and used the Delta Sky Club at Orlando (MCO) twice.

I’m not assigning a dollar value to lounge access that came from other cards (like Priority Pass) or was already included with a premium cabin ticket, such as my Upper Class flight on Virgin Atlantic.

Final Thought

So, was it worth keeping the AMEX Platinum Card this year?

Here’s the value I got from credits alone:

• Streaming: $218.21
• CLEAR: $159
• Airline Fees: $172.82
• Uber Cash: $183.80
• Saks: $100
• Walmart+: $90.65
• AMEX Offers: $60

Total: $984.48 in quantifiable value on a card with a $695 annual fee.

That’s nearly $290 in value beyond the cost of the card, without even factoring in lounge access or travel protections. But I don’t keep the Platinum Card just for the credits. I make sure to use them so the card pays for itself, but the primary reason I keep it is for the airport lounge access.

How much I’m willing to pay for that lounge access remains to be seen.

AMEX has already announced that a major refresh to the Platinum Card is coming by the end of the year. While they haven’t released any confirmed details yet, one thing feels certain: it will come with a higher annual fee. Whether the added perks are worth the added cost is a decision I’ll make when the time comes.

Until then, I’ll keep crunching the numbers each year to make sure I’m spending my money wisely.

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This post first appeared on Your Mileage May Vary