VALUATION

At the Points Passport, we like to make the value proposition of the cards we review easy to understand. In order to do that, we break down the value into two parts: your first year and the sustaining costs that occur every year after.

The valuations for American Express Membership Rewards are often maximized by utilizing the vast network of travel partners. To reach or exceed our valuations, you’ll need to transfer the Membership Reward points to a partner airline or hotel. This is how you’ll see us fly to Europe in First Class for nearly free or stay at luxurious hotel properties around the world. It’s worth noting that inside the amextravel.com portal, these points are worth $0.01/MR. Outside the portal, redemption values can easily be an average of $0.02 or greater. If you ever want help with transfer partners and point maximization, please check out our services here.

PHASE 1 – THE WELCOME OFFER

With the current Welcome Offer at 80,000 Membership Rewards Points after $8,000 of spending on your card during your first six months and targeted offers reaching upwards of 150,000 Membership Rewards Points with the CardMatch Tool, based on our Membership Rewards Points value of $0.02/point, we value these offers as follows:

• 80,000 Membership Rewards Points Intro Offer x $0.02 = $1,600

• 125,000 Membership Rewards Points Intro Offer x $0.02 = $2,500

• 150,000 Membership Rewards Points Intro Offer x $0.02 = $3,000

FIRST-YEAR BENEFITS (WELCOME OFFER + CARD BENEFITS)

• Up to $200 Airline Credit

• Up to $200 Uber Credit

• Up to $100 Saks Fifth Avenue Credit

• Up to $100 Global Entry/TSA PreCheck Credit

• Up to $300 with Equinox

• Up to $240 in Digital Entertainment Credits ($20 monthly statement credits when you pay forDisney+, a Disney Bundle, ESPN+, Hulu, The New York Times, Peacock, SiriusXM, and The Wall Street Journal with your Platinum Card. Enrollment required.)

• Up to $200 Hotel Credit (Get up to $200 in statement credits when you book an eligible stay through amextravel.com and stay a minimum two nights)

• Up to $189 with CLEAR®

• First-Year Total: Up to $1,429 in statement credits

Welcome Bonus + Statement Credits – Annual Fee = Net Value/Cost

• 80,000 offer: $1,600 welcome bonus + $1,429 first year credits – $695 = $2,334 Net value

• 120,000 offer: $2,500 welcome bonus + $1,429 first year credits – $695 = $3,234 Net value

• 150,000 offer: $3,000 welcome bonus + $1,429 first year credits – $695 = $3,734 Net value

PHASE 2 – AFTER THE WELCOME OFFER (YEAR 2+)

YEAR 2 BENEFITS

• Up to $200 Airline Credit

• Up to $200 Uber Credit

• Up to $100 Saks Fifth Avenue Credit

• Up to $300 with Equinox

• Up to $240 in Digital Entertainment Credits ($20 monthly statement credits when you pay for Peacock, The New York Times, SiriusXM, or The Wall Street Journal with your Platinum Card)

• Up to $200 Hotel Credit (Get up to $200 in statement credits when you book an eligible stay through amextravel.com, and stay a minimum two nights)

• Up to $189 with CLEAR®

• Second Year Total: Up to $1,329 in statement credits

Annual Statement Credits – Annual Fee = Net Value/Cost

$1,329 second year (and beyond) statement credits – $695 annual fee = Up to +$634 Net Annual Value

Now let’s assume you plan to actually use this card for purchasing airline tickets each year. If you spend $1,000/year on airline tickets, you will earn:

$1,000 x 5x Membership Rewards Points = 5,000 Membership Rewards Points

Those 5,000 Membership Rewards Points are worth approximately $100, again based on our valuation of Membership Reward points. You just need to put the plane ticket you were going to buy anyway on this card.

So updating our formula, we find:

Annual Statement Credits + Earning Membership Rewards Points – Annual Fee = Net Value/Cost

$1,329 second year (and beyond) statement credits + $100 in Membership Rewards Points – $695 annual fee = +$734 Net Annual Value

Depending on your spending patterns and how often you fly annually, your points earned can become significantly more valuable.

DEEP DIVE INTO THE PLATINUM CARD FROM AMERICAN EXPRESS’ COMPREHENSIVE BENEFITS

5x Membership Rewards on flights and select hotels.      

1x Membership Rewards on all other purchases.

Up to $200 Uber credits annually. The $200 is divided into $15 per month and $35 in December. Also, cardholders enjoy Uber VIP status, which provides riders with drivers who have a rating of 4.8 stars or above, which results in a much better Uber experience. Simply add your Platinum Card to your Uber account, and you’ll automatically receive this benefit in the form of Uber Cash. Please keep in mind that Uber Cash does expire each month, so make sure you take advantage of this use-it-or-lose-it benefit!

Up to $200 Airline Fee credit annually. Enrollment is required, and you’ll receive this benefit as statement credits for qualifying airline purchases.

Up to $100 Saks Fifth Avenue credit bi-annual credit. Each calendar year, you’ll enjoy a $50 Saks Fifth Avenue Credit to use between January 1st and June 30th and a second $50 Saks Fifth Avenue Credit to use between July 1st and December 31st. All you have to do is make a purchase at Saks Fifth Avenue between these periods, and you’ll receive the $50 as a statement credit on your Platinum Card statement. You can also take advantage of the ShopRunner 2-day shipping and free returns benefit from your Platinum Card!  Enrollment is required, and you’ll receive this benefit as statement credits for qualifying Saks Fifth Avenue charges.

$100 credit every four years for Global Entry and/or TSA pre-check: Each additional card member on the account is eligible to receive the $100 statement credit. To receive this statement credit, the application fee must be charged on the additional eligible card. We assume you’ll use this benefit once every four years, so when that $100 in value is spread across four years, it yields a $25 annual value. Enrollment is required, and you’ll receive this benefit as statement credits for qualifying Global Entry expenses.

The Platinum Card’s Enhanced Benefits

Up to $300 Equinox Digital Credit

The Equinox Digital credit of up to $300 per year arguably brings the most value but is also the most challenging to use. If American Express is targeting millennials that are interested in digital fitness, a $300 annual Peloton credit would make a lot more sense. Still, Chase certainly beat American Express to that partnership.

The Platinum Card®’s Equinox credit is similar. Essentially you’ll need to sign up for Equinox’s digital platform, called Equinox+, and put your subscription on your  Platinum Card®. It’s easy to see how American Express is partnering closely with Equinox, as the JFK Centurion Lounge even has a full wellness center called the “Equinox Body Lab.” Watch our review of the JFK Centurion Lounge to check it out!

Up to $240 Digital Entertainment Credit

Not ready to travel but still want to offset that annual fee increase? If you’re currently subscribed to one of the following digital services, you’re in luck. Starting July 1, 2021, you’ll now receive up to a $20 per month statement credit, which is up to $240 per year for the following services:

• The New York Times

• SiriusXM

• Peacock

• The Wall Street Journal

For us, we’ll switch over our SiriusXM bill for our vehicles to  The Platinum Card® to take advantage of this credit since this is money we were already spending. To break even on the $145 increase, you’d need to spend at least $12/month on one of these services, assuming you don’t use any of the other new perks.

We’d love to see this benefit expanded to other streaming services in the future, like Netflix, Hulu, HBOMax, Spotify, etc. The fact that American Express calls this a “Digital Entertainment Credit” does leave the door open to future benefits in this category.

Up to $200 Annual Prepaid Hotel Booking Credit

We first saw this for existing Platinum Card® members as a 2020 benefit. You’d receive a $200 statement credit for prepaid hotels booked through Fine Hotels & Resorts or The Collection via Amex Travel. This benefit is now a permanent annual benefit with The Platinum Card®’s 2021 refresh and does require a minimum two-night stay.  

Up to $189 CLEAR® Membership Credit

This statement credit covers the retail price of a CLEAR® membership. What is CLEAR®? Essentially CLEAR® is an expedited airport security program that lets you zip through security with CLEAR®’s separate security lane for identity verification. You simply follow the signs for CLEAR®, and you’re escorted through by a CLEAR® representative.

From there, if you’re part of TSA Pre-Check via The Platinum Card®’s Global Entry statement credit, you’ll be taken to the front of the TSA Pre-Check line. This is the fastest way to get through security and is well worth having for frequent fliers.

The downside here is that if you travel with friends, family, or groups, you may find yourself through security waiting on everyone else in your group to clear (no pun intended). However, if you take a few solo trips for leisure or business travel, you’ll easily benefit from this new perk.

Trip Cancellation and Interruption Coverage: This benefit was added in 2020 and will cover up to $10,000 per trip, and $20,000 per year, for flight cancellations for a covered reason. Covered reasons include sudden, unforeseen, and unexpected events such as weather, terrorism, jury summons, and injury or illness. Also, those cardholders that pay with points or book award tickets and use their eligible card for taxes and fees will still be covered. A small caveat to this coverage is that the itinerary needs to be a round trip. Unexpected things like these mentioned above can happen any time, we are thankful American Express introduced this valuable perk for 2020. For more details check out the American Express terms.

Trip Delay Coverage: Cardholders will be covered for expenses up to $500 for meals, lodging, and personal use items if their trip is delayed more than 6 hours by the common carrier (think: airline, cruise line, etc) due to factors such as bad weather. This benefit provides a huge value because one delayed flight that results in an unexpected overnight stay could yield more than you would be paying for the annual fee altogether, and the Contract of Carriage (your legal ticket agreement with the airline) often excludes delays due to weather but is actually covered if you purchase your ticket with The Platinum Card. For more details, check out the American Express terms.

Baggage Insurance Plan: When you purchase your travel fare with your Platinum Card from American Express, your baggage will be covered if it is lost, damaged, or stolen for up to $2,000 for checked baggage and up to a combined maximum of $3,000 for checked and carry-on baggage.

Platinum Concierge: Cardholder assistance anytime, day or night, wherever you are. Whether you need a reservation at a recommended restaurant, tickets to an event, or help with the perfect gift. The concierge can also assist with travel and most questions regarding American Express.

Platinum Exclusive Events: The Platinum Card from American Express is your key to specialty experiences that are exclusive for Platinum Card members. Drinks and food are typically complimentary at these events.

Access to the Global Lounge Collection: The Platinum Card from American Express is the key to the coveted Centurion Lounge, some of the most impressive airport lounges in the world.  American Express is continuing to expand its lounge footprint in 2021 with multiple additional locations coming soon. On top of the Centurion Lounge access, you’ll also receive Priority Pass Select, which unlocks access to more than an additional 1,300 airport lounges, in 500+ airports, across 130 countries. Drinks and food are typically complimentary, although the type of food and drinks can vary from lounge to lounge. Cardholders can bring up to two guests into the lounges free of charge.  

Marriott Bonvoy Gold Elite Status: No stay requirements needed! Simply enroll and receive all the Gold Elite Status benefits. Since you are automatic Gold Elite Status, you will earn 10x points for every eligible dollar spent at Marriott Bonvoy properties, and be eligible for enhanced room upgrades when available, early check-in, and late checkout when available. Also, receive complimentary Wi-Fi and a Marriott Bonvoy point gift (generally 250-500 Marriott Bonvoy) upon check-in. Enrollment is required. Simply call or chat with American Express to link your Marriott Bonvoy account, and you’ll automatically see your new elevated Marriott Bonvoy Gold Elite status updated in a few days.

Hilton Honors Gold Status: Enjoy Wi-Fi, late checkout, room upgrades when available and complimentary breakfast.  Enrollment is required. Simply call or chat with American Express to link your Hilton Honors account, and you’ll automatically see your new elevated Hilton Honors Gold Elite status updated in a few days.

Access to the Fine Hotel and Resorts Program: This card benefit provides extra perks when booking specific hotel stays of two nights or more using amextravel.com. Benefits can include daily breakfast for two, room upgrades when available, property amenity credit of $100, guaranteed 4 pm late check-out, 12 pm check-in when available, and complimentary Wi-Fi.

Access to the Hotel Collection: This benefit includes a complimentary room upgrade when available and up to a $100 hotel credit when staying two consecutive nights at a qualified hotel booked with amextravel.com.  

Access to Global Dining Collection: Unlock special access to reservations and extraordinary experiences at restaurants, as well as opportunities to meet some of your favorite chefs at exclusive culinary events.

International Airline Program: Book premium economy, business, and first-class international flights with preferred fares on participating airlines. Either call your Platinum Card Concierge or book online here to take advantage of this benefit.

Upgrade with Points: Use Membership Rewards Points to upgrade your seats on eligible flights. This benefit is only available with certain partner airlines for international flights.

No Foreign Transactions Fees: Spend abroad without extra fees. Some cards will typically charge a 3% foreign transaction fee on all purchases outside of the US. While this doesn’t seem like much, it can really add up. For every $1,000 you put on one of these cards, you’d have to pay approximately $30 in Foreign Transaction Fees. That’s not the case with the Platinum Card from American Express, as there are ZERO foreign transaction fees! See other Rates and Fees here.

Car Rental Statuses: National Emerald Club Executive Status guarantees an upgrade and the ability to choose an available vehicle of your choice. After six rental credits, select a reward of one free rental day or receive airline miles or hotel points from one of the many partners. Avis Preferred Status lets you skip the lines, avoid paperwork and upgrade your rental vehicle. Also, you will receive 25% off your reservation and an extra free car rental day.  Hertz Gold Plus Rewards includes a one-car-class upgrade and the ability to earn points for free rentals.

Membership Reward Points Transfer Partners: With the Membership Rewards Points program, you can use points for rewards for over 500 leading brands in travel, gift cards, merchandise, and entertainment. The major key here is being able to transfer Membership Reward points to travel partners, thus allowing you to optimize your point redemption and reach higher valuations per Membership Reward point. That said, you can always use your Membership Reward points as a statement credit, which essentially allows all American Express cards to have a “cash back” style of feature. We don’t recommend doing this for most people, as the redemption rate is only $0.01 per Membership Reward point when used as a statement credit.

Purchase Protection. Protect eligible purchases made on your card when they are accidentally damaged, stolen, or lost up to 120 days after purchase. $10,000 per occurrence and $50,000 per calendar year. Don’t skim over this incredible and rare benefit. For example, let’s say you buy a new iPhone 11 Pro and drop it or just lose it. You simply have to file a claim for the item, and American Express will cover the expense during the first 120 days. The process is very simple and easy for you, in the unfortunate event that you need to use it. For more details, check out the American Express terms.

Return Protection: If you attempt to return an eligible item within 90 days of purchase and the merchant won’t take it back, American Express may refund the full purchase price up to $300 per item, with a maximum of $1,000 per calendar year. For more details, check out the American Express terms.

Extended Warranty: This benefit extends the original manufacturer’s warranty for up to one additional year, as long as the original manufacturer’s warranty is for five years or less. This coverage is limited to the actual amount charged on your card for the item up to $10,000 per item and $50,000 per year. For more details, check out the American Express terms.

Departures Magazine: An exclusive magazine published seven times a year for Platinum Card members featuring luxury travel, style, culture, shopping, dining, and the interesting, inspiring and unexpected. You can also pick up a copy of Departures during your next Centurion Lounge experience.

Authorized User Metal Platinum Cards: Add Platinum authorized user cards for $195 annually each.

These authorized user Platinum Cards are physically built out of solid metal, the same as the primary Platinum Card from American Express. The significant benefit of paying for an additional authorized user Platinum Card is being able to take advantage of earning complementary Hilton and Marriott Gold Elite Status, as well as rental vehicle status (see rental vehicle section above).

All authorized users of Platinum Cards earn 5x Membership Rewards points for airfare, 1x Membership Rewards points on all other purchases, and carry all of the same travel and purchase protection and coverage. The major perk of the metal authorized users Platinum Cards is actually having the ability to gain entry and allow two guests into the American Express Centurion Lounge, which delivers enormous value if you fly frequently, especially from or through an airport that has a Centurion Lounge. Keep in mind that any statement credits used on authorized user cards, such as the Saks Fifth Avenue, or airline fee credits, pull from the primary user’s statement credits. These statement credits are first come, first serve among the primary cardholder and their authorized users.

As for the Uber credit, only the primary card holder’s card numbers will activate the monthly Uber credit. So if you are an authorized user, you would need to input the digits of the primary cardholder into your Uber account to gain the credit; authorized user cards will not trigger it!

The only additional statement credit earned by authorized users is the $100 Global Entry and TSA Pre-Check Credit, as long as the specific authorized user makes the payment on their authorized user card. This is extremely valuable if you are going to be traveling as a family and need to apply for Global Entry. However, if your authorized users won’t be traveling alone and don’t need hotel status or Centurion Lounge Access, we recommend considering the Complementary Authorized User Gold Cards below, which do not cost any annual fee.  

Complimentary Authorized User Gold Cards: You can add up to 99 additional authorized user Gold Cards at no cost. These authorized users’ Gold Cards can earn up to an additional $100 Global Entry and TSA Pre-Check statement credit when the payment is made on their card. This statement credit does not pull from the primary users’ Global Entry and TSA-Pre-Check credit, so essentially, if you wanted to add your entire family as authorized user Gold Cards, you could earn several hundreds of dollars in value depending on your family size. It’s worth noting that The Platinum Card’s American Express authorized user Gold Cards are different from the totally separate American Express Gold Card product. To learn more about that product and its benefits, check out our American Express® Gold Card review. For the authorized user Gold Cards linked to the primary Platinum Card from American Express, your authorized users will earn the same Membership Reward multipliers, such as 5x Membership Reward points on airfare and 1x Membership Rewards points on all other purchases and carry all of the same travel and purchase protection and coverage. The main drawback to the authorized user Gold Card compared to the authorized user Platinum Card is that the Gold Card does not gain access to the American Express Centurion Lounge or have any elite status advantages. Physically, the authorized user Gold Card is not metal, so if you were looking to flex with this authorized user Platinum Card, you will be disappointed!

ShopRunner: Enjoy free 2-day shipping and free returns from 100+ participating online stores. This benefit can save you hundreds of dollars on shipping if you’re taking advantage of your $100 Sak’s Fifth Avenue annual credit or shopping online shop, often at brand name stores such as CB2, Cole Haan, and many others. Simply enroll your eligible card for ShopRunner here.

Amex Offers: American Express has a constant stream of offers that can deliver you even more value. A few examples of offers that I have claimed are: Spend $250 at a Waldorf Astoria property; get a $50 statement credit. Spend $100 at Harry & David’s; get $20 statement credit. Spend $349 on GoPro.com and receive $70. Spend $150 on 7 for All Mankind jeans and receive $75. Receive 9x Membership Rewards Points when spending at Sephora. We have tons of Amex Offers on our account, and new ones flow in every month, so make sure you check often!

THE FINAL POINT

Overall, the Points Passport recommends this card to individuals who travel frequently or at least a few times annually and want to experience a level of luxury that continues to be unrivaled by any other card currently on the market. If your home airport has an American Express Centurion Lounge, the Platinum Card from American Express will bring you some serious value and make traveling quite a bit more enjoyable! As we discussed, the ability to far surpass the $695 annual fee (see Rates and Fees) is pretty simple if you take advantage of the depth and breadth of card benefits, on top of the 5x Membership Reward Points on airfare and select hotels. The Platinum Card from American Express is still THE premium travel card to have in your wallet. If you don’t travel often and are okay without traveling more luxuriously, this card is probably too expensive to earn a place in your wallet. This being said, while putting your general spending on this card is okay, especially if you want to leverage the purchase protection and/or extended warranties, it does yield sub-optimal earnings for everyday expenses such as dining & groceries (unless you are taking advantage of the new 10x Membership Rewards Welcome Bonus at restaurants worldwide). All your spending, besides airfare and special Amex Offers, will only reward you with 1x Membership Rewards Points per dollar spent. A perfect complement to the Platinum Card from American Express is the American Express® Gold Card which earns 4x Membership Rewards Points on dining at restaurants & at U.S. supermarkets (up to the first $25,000 annually, then 1X after), as well as 3x on airfare, booked directly with the airlines or through AmexTravel.com. At the Points Passport, our two major spend categories are food and travel, so this dynamic duo fits in our wallets perfectly. We certainly maximize the card's value to greatly exceed the premium annual fee, year after year!

Ready to add The Platinum Card to your wallet? Use the link below to learn more about the best premium travel cards!