The Platinum shows why a long list of credits can mislead. It costs 895 dollars a year, earns 5x on flights and little elsewhere, and is built around credits, lounge access and hotel status, so it pays only if you use things you would have bought anyway. This guide shows how to count what Amex lists, what changed in 2026, and who ends up ahead.
The card at a glance
- 895 dollars
- Annual fee
- 5x
- Flights and prepaid hotels
- 2,994 dollars
- Credits Amex lists
- 0
- Foreign transaction fees
195 for each additional card
Flights up to 500,000 dollars a year, hotels through Amex Travel
A year, if every one is used
As Amex states
Everything else, restaurants and supermarkets included, earns 1x. This is not a card for everyday spending. It earns most on trips you book through Amex Travel or directly with the airline, and gets its value from what it gives back.
The credits, one by one
| Credit | A year | How it pays out |
|---|---|---|
| Hotel | 600 dollars | Up to 300 dollars every half year on prepaid Fine Hotels + Resorts or The Hotel Collection bookings through Amex Travel. The Hotel Collection needs two nights. |
| Resy | 400 dollars | Up to 100 dollars a quarter at qualifying US Resy restaurants. Enrollment required. |
| Digital entertainment | 300 dollars | Up to 25 dollars a month at Disney+, Hulu, ESPN streaming, The New York Times, Paramount+, Peacock, The Wall Street Journal, YouTube Premium and YouTube TV. Enrollment required. |
| lululemon | 300 dollars | Up to 75 dollars a quarter at US lululemon stores and lululemon.com. Enrollment required. |
| Equinox | 300 dollars | After you pay for a club membership or Equinox+. Enrollment required. |
| CLEAR+ | 219 dollars | After you pay for an auto-renewing membership with the card. |
| Uber Cash | 200 dollars | 15 dollars a month plus a 20-dollar bonus in December, for US rides and orders. |
| Airline fees | 200 dollars | Incidental fees such as checked bags with one airline you select. |
| Oura Ring | 200 dollars | A ring bought at ouraring.com. Enrollment required. |
| Walmart+ | 155 dollars | Up to 12.95 dollars a month for a monthly membership. |
| Uber One | 120 dollars | After you buy an auto-renewing membership with the card. |
Amex also lists a statement credit for Global Entry, 120 dollars every four years, or up to 85 dollars for TSA PreCheck. The Saks credit that Amex used to list is gone: reviewers reported that it ended on 1 July 2026 for all cardholders.
Will you use them?
You do not need every credit. 895 divided by 2,994 is about 30 percent, so using roughly 900 dollars of the credits covers the fee. The question is whether those 900 dollars are things you would have bought anyway.
Lounges, hotels and status
Amex puts the value of the Global Lounge Collection at over 850 dollars a year: Centurion Lounges, 10 Delta Sky Club visits when flying an eligible Delta flight, a Priority Pass Select membership you enroll in, and other partner lounges. Amex says the collection has more than 1,550 lounges as of January 2026. Hotel benefits include Marriott Bonvoy Gold Elite, Hilton Honors Gold and Leaders Club Sterling status, plus Fine Hotels + Resorts, which Amex says averages 550 dollars of benefits a stay. That is Amex's own average for two nights in 2025, and the value depends on the property and what you use.
The card also lists trip delay insurance after 6 hours, up to 500 dollars a trip, trip cancellation and interruption cover of up to 10,000 dollars a trip, and cell phone protection of up to 800 dollars a claim. Read the exclusions in Amex's terms.
The offer and the rules
Amex's page does not state a welcome offer. In September 2025, trackers recorded up to 175,000 points after 8,000 dollars in 6 months, and in 2026 they recorded the spend requirement rising to 12,000 dollars. The offer you see can be lower, or none.
The Platinum against the Gold
Is it right for you?
Fits you
- You fly several times a year and would use lounges and the airline fee credit.
- You book hotels through Amex Travel, and Fine Hotels + Resorts suits you.
- You already pay for most of the services behind the credits.
Think twice
- You would only use the credits by buying things you would not otherwise buy.
- Most of your spending is on groceries and dining, where the Platinum earns 1x.
- You do not like enrolling in, tracking and timing credits.
See also what points are worth and how to price a sign-up bonus.
Questions people ask
What do additional and companion cards cost?
Amex's FAQ says the Platinum's basic card costs 895 dollars a year, each Additional Platinum Card 195 dollars, and Companion Platinum Cards carry no annual fee. Check Amex's current terms for who qualifies for each.
Do I have to enroll in the credits?
For many, yes. Amex's page marks the Resy, digital entertainment, lululemon, Equinox and Oura credits as needing enrollment, the airline credit as tied to one airline you select, and Uber Cash as tied to adding the card to your Uber account.
What happened to the Saks credit?
Reviewers reported that the 100-dollar Saks credit would end for new and existing cardholders on 1 July 2026. Amex's page no longer lists it. Check the current credit list before you count on any one credit.
Is the Platinum a charge card?
Reviewers describe it as a charge card meant to be paid in full each month, with no preset spending limit. Read Amex's terms for how Pay Over Time works on eligible purchases and what it costs.
Should I get the Gold or the Platinum?
They do different jobs. The Gold earns 4x on restaurants and US supermarkets for 325 dollars, the Platinum earns 5x on flights and prepaid hotels and sells credits, lounges and status for 895 dollars. Plenty of people hold both, and applying for the Gold first protects its bonus.
Sources
Written from these pages and checked against them on October 8, 2026. Programs and rules change, so check the provider’s current terms before you decide.
Cards in this guide
- #american express
- #amex platinum
- #membership rewards
- #premium travel card
- #lounges
- #statement credits
- #annual fee
- #fine hotels
General information, not financial, legal or travel advice. Your own card terms and the provider’s current rules always come first.