Introduction
In the ever-evolving landscape of personal finance, the American Express Platinum Card stands tall as a beacon of luxury and financial empowerment. Targeting not only the discerning consumer but also catering to the unique needs of the military community, this card is a powerful tool for wealth building and exclusive perks. Often-times the question comes up “Is the American Express Platinum Card worth the annual fee?”. This is a debatable topic for most people considering the annual fee for the prestigious card is a staggering $695. It is much less debatable, however, for members of the armed forces who fall under the Servicemember Civil Relief Act (SCRA) and Military Lending Act (MLA). That is because Active Duty, eligible National Guardsmen, and their families are eligible for annual fee relief on American Express credit cards. That’s right, all the perks of a $695 annual fee card, for FREE!
American Express Platinum Card Benefits
To be even close to worth the hefty annual fee, the American Express Platinum Card has to offer some alluring perks. American Express will tought over $1,500 of annual value for the card, however, it is unlikely a single user will get all that value. That said, it is very likely for a cardholder to get more than the annual fee's worth of value. Here are some top features cardholders receive:
Elite Travel Rewards:
The American Express Platinum Card redefines travel rewards with unparalleled benefits. Cardholders enjoy access to exclusive airport lounges worldwide, accelerating the travel experience. The complimentary Priority Pass membership ensures access to over 1,300 lounges, making every journey a first-class experience. Between the American Express Centurion Lounges, the Delta Sky Club, United Club, and more there are plenty of options for avid travelers to find some food and drink before heading to the skies.
Statement Credits and Annual Credits:
Beyond the initial welcome offer, the Platinum Card introduces a variety of statement credits and annual credits that go beyond traditional rewards. From Uber credits to airline fee credits and Saks Fifth Avenue shopping benefits, the card ensures that you not only save on travel but also on lifestyle expenses. The benefits have fluctuated over the last few years, but these statements credits almost make the card worth the annual fee for those who have to pay it. Some of these credits include: Walmart+ Credit ($155), annual credit for hotels booked through AmEx Travel ($200), $20 /month Entertainment Credit including Disney+, ESPN+, Peacock, SiriusXM, etc. ($240), Airline incidental credit ($200), Uber Cash ($200), and Saks Fifth Avenue ($100). As you can see, this card has some serious perks and can save significant money for those who use these benefits.
Fine Hotels & Resorts Access:
For those seeking the epitome of luxury travel, the Platinum Card opens doors to the Fine Hotels & Resorts program. Exclusive benefits such as room upgrades, late check-out, and complimentary breakfast make every stay a lavish experience.
Global Entry and TSA Pre-Check:
Streamlining the travel process, the Platinum Card provides a statement credit for Global Entry or TSA Pre-Check application fees. This not only expedites your journey but also adds a layer of security to your travel plans.
American Express Card Perks:
Beyond the explicit benefits, the Platinum Card is designed for the wealthy who enjoy a life of luxury. Therefore, it comes with even more perks beyond just cost savings. Here are just a few of them:
Concierge Service:
The Platinum Card takes personalized service to the next level with its concierge service. From booking exclusive events to securing hard-to-get reservations, the concierge is your dedicated assistant in curating unforgettable experiences.
Platinum Travel Service:
A dedicated team of travel professionals is at your disposal, ensuring seamless travel arrangements, personalized itineraries, and exclusive access to events and experiences around the globe.
Shop with Platinum:
Cardholders enjoy exclusive access to luxury shopping events and benefits at premium retailers. This extends the Platinum lifestyle beyond travel, enhancing your day-to-day experiences.
Additional Protections and Benefits
The above are the most commonly utilized and advertized perks to the card but there are a lot of additional built in benefits and protections offered by the card when it is used. I personally have not used any of these protections or benefits but its is great to know these are here if it is something that can help. Just keep in mind each of these come with sepcific exclusions, terms, and conditions. Here are some of additional protections and benefits:
Return Protection:
With Return Protection, you may return eligible purchases to American Express if the seller won't take them back up to 90 days from the date of purchase. American Express may refund the full purchase price excluding shipping and handling, up to $300 per item, up to a maximum of $1,000 per calendar year per Card account, if you purchased it entirely with your eligible American Express Platinum Card. Purchases must be made in the U.S. or its territories
Purchase Protection:
Sometimes your favorite new purchase gets stolen, accidentally damaged, or lost. But when you use your Eligible Card for Covered Purchases, your Membership may help protect them for up to 90 days from the Covered Purchase date.
Extended Warranty:
Why is it that as soon as a Manufacturer's Warranty runs out, something always seem to happen? Use your Eligible Card for Covered Purchases and you can have warranty protection for longer. Extended Warranty matches the Original Manufacturer's Warranty for up to one additional year when you use your Eligible Card. Applies to warranties of 5 years or less on Covered Purchases in the United States or its territories or possessions.
Cell Phone Protection:
Fixing a cracked screen can be expensive. With Cell Phone Protection, you can be reimbursed for your cost to repair or replace your damaged or stolen cell phone, including a cracked screen, for a maximum of up to $800 per claim with a limit of 2 approved claims per 12-month period when your cell phone line is listed on a wireless bill and the prior month's wireless bill was paid by an Eligible Card Account. A $50 deductible will apply to each approved claim.
American Express Platinum Points Earnings:
In addition to the benefits and perks, the American Express Platinum card is a great way to earn American Express points. There are three main categories of points and multipliers for card holders:
On Flights:
All flights booked directly with an airline, or through AmEx Travel, qualify for 5x earnings. Each dollar spent on these tickets will yield 5 American Express points.
Hotels on AmEx Travel:
Hotels booked on www.AmexTravel.com will also earn 5x points for each dollar spent.
All Other Purchases:
Anything else spent on the card will earn 1 point per dollar spent.
There are many ways one could use American Express rewards points. From paying with points at checkout to redeeming points for gift cards, or simply using points for a statement credit. The variety of options provide several avenues ways for anybody to use points. It is even an option to transfer points or donate them to a good cause. The value of the points depends on several factors but typically range between 6 and 10 cents per point.
Recommendation:
Considering all the perks packed within this card, its no wonder the annual fee is so high. From my personal experience the card is worth every penny of the nearly $700 annual fee. I have easily gotten more value than that in every year of use, even when not even trying to. With it being so valuable, it is a no-brainer for those who are eligible under MLA to get the annual fee waived. If you are in this category, you shouldn’t delay to gain access to all these perks. As long as you have even a bit of discipline and pay your balance each month, this card is an amazing option and has more perks than just about any other card out there.
The American Express Platinum Card isn't just a piece of plastic; it's a key to a world of exclusive privileges and unparalleled experiences. Whether you're a seasoned traveler or someone looking to elevate your financial game, this card deserves serious consideration. Apply today and embark on a journey where financial excellence meets luxury living.
