Is Amex Platinum Worth $895? Complete Benefits Breakdown

In September, American Express raised the Platinum Card’s annual fee from $695 to $895, the steepest hike yet in the premium credit card market. Amex claims the card now offers over $3,500 in annual credits for dining, hotels, travel, and digital services, but this assumes cardholders maximize every benefit. In practice, the Platinum delivers excellent value for frequent travelers who consistently use lounge access, prepaid hotel bookings, and recurring credits. For casual or infrequent users, however, the higher fee makes rivals like the Chase Sapphire Reserve ($795) and Capital One Venture X ($395) more practical choices.

• Annual fee jump: $895 as of September 2025, offset by $3,500+ in potential credits if fully redeemed.
• Lounge access: Centurion, Delta Sky Clubs (10 visits unless $75k spend), and Priority Pass, worth $500–$700+ for frequent flyers.
• Credits breakdown: $600 prepaid hotel, $400 dining via Resy, $320 Uber, $300 digital entertainment, $200 airline fees, plus CLEAR/TSA credits.
• Rewards tradeoff: 5× points on flights/hotels but just 1× on everyday spend; rivals like Chase Sapphire Reserve and Venture X offer broader earning power.
• Best fit: High-frequency travelers capture $2,500–$3,500+ in real value; occasional or minimal travelers may fall short of the $895 fee.

Annual Credits Breakdown

The company now promotes the Platinum as offering more than $3,500 in annual value, though this figure assumes that cardholders redeem every credit to its maximum potential. For most consumers, the true test is not the theoretical value but whether their lifestyle allows them to unlock more than $895 in practical, tangible benefits.

Amex continues to emphasize credits as the backbone of the Platinum’s appeal, though many come with restrictions. Here is a breakdown of the benefits currently available (enrollment required, terms apply):

• Dining (Resy): $400/year – Up to $100 per quarter for eligible dining booked through Resy.
• Hotel Credit: $600/year – For prepaid Fine Hotels + Resorts or The Hotel Collection bookings via Amex Travel (two-night minimum for Hotel Collection).
• Uber Cash & Uber One: $320/year – $200 Uber Cash (monthly installments + December bonus) plus $120 credit toward Uber One membership.
• Airline Fee Credit: $200/year – Covers eligible incidental fees with one selected U.S. airline.
• CLEAR Plus: $209/year – Credit for CLEAR Plus airport security membership.
• TSA PreCheck/Global Entry: $120 every 4 years for Global Entry or up to $85 every 4.5 years for TSA PreCheck, which averages about $25/year.
• Digital Entertainment: $300/year – $25 per month toward select services such as Disney+, Hulu, YouTube Premium/TV, and The New York Times.

Altogether, these credits total over $3,500/year in potential value according to Amex. When maximized, a cardholder can more than offset the $895 annual fee, but in practice, many individuals fail to use every benefit, particularly those tied to prepaid hotels or niche entertainment services.

Lounge Access Value

One of the Platinum Card’s most iconic features is its Global Lounge Collection, a network that continues to stand out among competitors. This includes Centurion Lounges, which offer chef-driven menus and premium amenities, as well as a Priority Pass Select membership that grants entry to more than 1,500 lounges worldwide.

Additionally, Platinum holders enjoy access to Delta Sky Clubs, but with a new restriction beginning February 2025: only 10 complimentary visits per year are included unless the cardholder spends $75,000 annually on the card.

The value of these lounges depends heavily on usage. With typical day-pass access valued around $35–$50, even a handful of trips each year can justify a few hundred dollars in savings. For frequent international travelers, the benefit can exceed $700 annually. Still, Delta’s new policy significantly reduces the Platinum’s attractiveness for more casual users.

Points Earning Rates vs. Competitors

When it comes to rewards, the Platinum excels in narrow categories but underwhelms for everyday spending. Cardholders earn 5× Membership Rewards points on flights booked directly with airlines or through Amex Travel, and on prepaid hotels booked through Amex Travel, up to $500,000 per year. All other purchases earn just 1×.

By contrast, the Chase Sapphire Reserve offers 10× on hotels and rental cars and 5× on flights through Chase Travel, 3× on dining, and a $300 annual travel credit that offsets much of its $795 annual fee.

Meanwhile, the Capital One Venture X delivers 10× on hotels and rental cars through Capital One Travel, 5× on flights booked through the same portal, and a simple 2× on everything else, all for a $395 annual fee.

Both rivals provide stronger earning power for everyday transactions, while the Platinum remains more narrowly tailored to premium travel purchases.

Welcome Bonus Comparison

The welcome bonus is often a deciding factor for new applicants, and Amex currently offers one of the most generous bonuses in the market. The Platinum Card now has a public welcome offer of 175,000 Membership Rewards pointsafter spending $8,000 in purchases in the first 6 months. By contrast, the Chase Sapphire Reserve is offering 125,000 Ultimate Rewards points after $6,000 in purchases in the first 3 months.

Meanwhile, the Capital One Venture X has a bonus of 75,000 miles after $4,000 in spending within 3 months. Amex’s top bonus still leads in absolute points, though the gap isn’t as wide now, so the Platinum’s first-year value remains high, especially for those who can meet the minimum spend.

Value Scenarios: Who Wins and Who Doesn’t

The Platinum Card delivers the most value for high-frequency travelers. Someone who regularly books prepaid hotels through Amex Travel, uses Uber each month, redeems Resy dining credits, and takes advantage of lounge access can capture between $2,500 and $3,500+ annually, well above the cost of the $895 fee.

Occasional travelers, by contrast, often end up in the $1,200 to $2,200 range. This amount moderately exceeds the fee, making the card worthwhile if they value a mix of travel benefits, lifestyle credits, and occasional lounge access.

Minimal travelers, those who rarely fly, seldom book hotels through Amex Travel, and ignore Resy, Uber, or digital entertainment benefits, typically fall below $1,200 in realized value, often not enough to justify the fee, making the Platinum an expensive misfit.

Best Alternatives in 2025

• Chase Sapphire Reserve ($795 annual fee) – With a flexible $300 travel credit, stronger base earn rates, and access to both Priority Pass and the expanding Chase Sapphire Lounges, CSR appeals to travelers who value simplicity and flexibility.

• Capital One Venture X ($395 annual fee) – A budget-friendly premium card with a $300 travel credit, anniversary bonus miles worth ~$100, and flat 2X earnings across all spending. This option is best for general travelers who want premium perks without the Platinum’s complexity.

Bottom Line

The American Express Platinum Card at $895 per year is designed for individuals who can fully leverage its expansive lineup of travel and lifestyle credits. Its unmatched lounge network, high-value welcome bonuses, and luxury travel perks make it a strong choice for frequent flyers. However, its reliance on prepaid bookings and niche credits diminishes its utility for casual or infrequent travelers.

For those who want a simpler, more flexible rewards structure, alternatives like the Chase Sapphire Reserve and Capital One Venture X provide similar benefits at lower annual costs. Ultimately, the Platinum remains a symbol of luxury and status, but its true financial upside depends entirely on how closely your lifestyle aligns with the benefits it provides.

Related: This article is part of Mooloo’s Loans & Credit Hub, covering credit scores, loans, mortgages, credit cards, and smart borrowing decisions: