The Platinum Card® from American Express is truly a classic and mainstay of ultra-premium travel credit cards. It offers a ton of value in exchange for the $695 annual fee as well as unmatched travel-related benefits.

You might experience sticker shock at its $695 annual fee (see rates and fees), but fear not, you can get double your money’s worth or more from using this card’s perks to their fullest.

Let’s look at how to squeeze every last drop of value out of your Amex Platinum Card.

Earn the Welcome Offer

The Platinum Card from American Express welcome offer varies and you will earn the welcome bonus after meeting the minimum spending requirements, typically within the first six months of card membership.

Earning the welcome offer on any credit card is one of the most crucial aspects of maximizing your rewards, and it’s no different when it comes to the Amex Platinum.

Welcome offers give you the greatest bang for your buck when it comes to points earned per dollar spent. For instance, the typical welcome offer on the Amex Platinum might earn you the equivalent of 12.5X to 13.4X points per dollar spent—a points multiplier you’d never find on standard bonus spending categories.

While a minimum spending requirement might sound high, keep in mind that it’s broken down over a period of six months. That means you’d need to spend typically less than $1,500 every month to earn the Amex Platinum’s welcome offer. If you use the card for everyday spending, from groceries to gas, as well as for recurring expenses such as utility bills and mortgage payments, you’ll earn the welcome offer in no time.

And if you’re still having trouble hitting the minimum spend, think about prepaying bills or vacations to bring more of your regular annual spending closer to the welcome offer time frame.

Once you’ve earned the Amex Platinum’s welcome offer, you can use it for a wide array of redemptions, either through the American Express Travel® portal or by transferring your points to partner airlines and hotels.

Take Advantage of Bonus Spending Categories

While the Amex Platinum Card’s bonus spending categories are limited in scope, they still offer lucrative spending opportunities. This is particularly so when it comes to booking through American Express Travel®.

You’ll earn 5X points per dollar spent on flights booked through American Express Travel® or directly with the airline, on up to $500,000 per calendar year. You’ll also earn an unlimited 5X points per dollar spent on prepaid hotel bookings made through American Express Travel®.

So, if cash prices are running low, paying for your flight or hotel booking through American Express Travel® is an excellent way to rack up thousands of points.

Transfer Your Points to Amex’s Hotel and Airline Partners

Thanks to Amex’s extensive network of hotel and airline partners, you can travel anywhere in the world with Membership Rewards points.

Amex has more than 20 airline partners, as well as three hotel partners, to choose from. You’ll get the best value out of your Amex points by redeeming them on long-haul international flights. Your Membership Rewards points can take you anywhere, from Tokyo to Budapest or even around the world.

Hotel Credit

Maximize the Annual Credits

The Amex Platinum is unmatched when it comes to annual credits. By taking advantage of its wide range of credits, you can offset its annual fee by more than double.

Let’s take a look at every credit on offer and how to maximize them.

$200 Hotel Credit

The Amex Platinum Card offers up to $200 in credits annually on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings that are made through American Express Travel®.

Unlike with other statement credit perks, you can redeem any part of this credit at any time throughout the year. This makes it easy to take advantage of.

If you book with The Hotel Collection, keep in mind that a minimum stay of two nights is required for the credit to apply.

$200 Airline Credit

As an Amex Platinum cardholder, you can receive up to $200 worth of statement credits toward airline incidental fees annually. The credit can be used with one pre-selected qualifying airline from the following list:

  • Alaska Airlines
  • American Airlines
  • Delta Air Lines
  • Hawaiian Airlines
  • JetBlue Airways
  • Spirit Airlines
  • Southwest Airlines
  • United Airlines

To take advantage of this credit, you’ll need to choose your airline in January of each year. Think about which airlines you’re most likely to fly with over the coming year and what sort of incidental fees you might end up paying. Seat assignment fees, in-flight food and beverage purchases and checked baggage fees can all be reimbursed using the statement credit.

$200 Uber Cash Credits

The Amex Platinum Card comes with up to $200 annually in Uber Cash credits.

You’ll receive $15 in Uber Cash credits every month with a $20 bonus in December. You’ll then be able to use these credits for Uber Eats and Rides across the United States.

You’ll need to ensure that you have the latest version of the Uber App downloaded and that your Amex Platinum Card is selected as your payment method.

To take full advantage of this credit, you’ll need to spend at least $15 every month, and $35 in December, on Uber Eats or Rides. That’s because your Uber cash credit expires at the end of each calendar month, preventing you from rolling it over to the next.

CLEAR® Plus Membership Statement Credit

Amex Platinum cardholders can enjoy a statement credit that covers the cost of CLEAR® Plus membership every year.

CLEAR Plus membership opens the doors to expedited identity verification processing at 59 airports nationwide. CLEAR Plus members can swap the TSA lines for dedicated CLEAR Plus kiosks, saving time and energy.

Simply charge the membership fee to your Amex Platinum Card and you’ll have the cost reimbursed.

TSA Precheck

Global Entry or TSA PreCheck® Statement Credit

Airport perks don’t stop with CLEAR Plus membership. Amex Platinum cardholders can also enjoy a statement credit that covers the cost of Global Entry or TSA PreCheck® application fee.

Global Entry—which includes TSA PreCheck—enables its members to enjoy expedited security processing and immigration clearance, giving you more time to relax in the airport lounge.

To benefit from the statement credit, you’ll need to apply through an official enrollment provider and pay the application fee using your Amex Platinum Card.

$100 Statement Credit With The Hotel Collection

The Amex Platinum Card offers a $100 credit toward eligible charges with every booking with The Hotel Collection of two or more nights made through American Express Travel®.

Amex Platinum cardholders are also eligible for a range of exclusive benefits with The Hotel Collection, such as late checkout, noon check-in and room upgrades, subject to availability.

$240 Digital Entertainment Statement Credit

The Amex Platinum Card comes with a digital entertainment statement credit of up to $240 annually, issued in $20 monthly credits.

The credits can be used for eligible purchases with select streaming and entertainment services.

While this is one of the trickier Amex Platinum credits to maximize, it’s easy to take advantage of if you have an ongoing subscription with one of the eligible services.

$155 Walmart+ Membership Statement Credit

If you’re a frequent shopper with Walmart, the Amex Platinum Card has you covered.

You’ll enjoy up to $155 in annual statement credits, issued in $12.95 monthly credits, toward your Walmart+ membership.

If you can make the most of this credit, you’ll reap even more value from the Amex Platinum Card.

$100 Saks Fifth Avenue Statement Credit

Fans of Saks can enjoy a statement credit of up to $100 annually toward purchases with saks.com or Saks Fifth Avenue.

The credit is issued in biannual $50 increments. That means you’ll need to spend at least $50 with Saks every six months to fully maximize the credit.

Saks Fifth Avenue

Take Advantage of Elite Status

Equipped with the Amex Platinum Card, you’ll be eligible for complimentary Marriott Bonvoy® Gold Elite status as well as Hilton Honors Gold status™.

Usually, you’d need to stay a minimum of 25 nights per year at qualifying Marriott Bonvoy properties to earn Gold Elite status. Likewise, to earn Hilton Honors Gold status, you’d need either 40 nights, 20 stays or 75,000 Base Points.

That alone makes these status perks hugely valuable.

Gold Elite members benefit from the following perks when staying with Marriott:

  • 25% points bonus on stays
  • 2 p.m. late checkout (subject to availability)
  • Guaranteed welcome gift (bonus points)
  • Enhanced room upgrades, subject to availability

Similarly, Gold status members with Hilton enjoy the following perks:

  • 80% Bonus Points on stays
  • Space-available room upgrades
  • Daily Food and Beverage Credit (U.S. hotels only) or Continental Breakfast (non-U.S. hotels) Milestone Bonuses

The complimentary status perks don’t stop with hotels. Amex Platinum cardholders also benefit from elite status with Avis, Hertz and National. Specifically, you’ll enjoy Avis Preferred®, Hertz Gold Plus Rewards® and National Car Rental® Emerald Club status.

So if you need to rent a car, take advantage of your status benefits and choose Hertz, National or Avis. That way, you’ll reap even more value out of your Amex Platinum Card.

airport lounge

Use The American Express Global Lounge Collection

It’s no secret that The Platinum Card from American Express offers the most comprehensive airport lounge access of any card. The American Express Global Lounge Collection offers complimentary access to the following airline and independent lounge networks:

  • The Centurion® Lounge
  • Escape Lounges – The Centurion® Studio Partner
  • Delta Sky Club®*
  • Lufthansa Lounges
  • Plaza Premium
  • Priority Pass™ Select

For airline lounges such as Lufthansa and Delta Sky Clubs, you’ll need to have a same-day boarding pass with the same airline or one of their eligible partners. For example, you can access Lufthansa lounges with a same-day boarding pass for flights with Lufthansa, Swiss or Austrian Airlines.

For certain independent lounge networks, such as Priority Pass, you’ll need to first enroll with them before you can access their lounges.

* Amex Platinum cardholders will receive 10 visits per Medallion year to Delta Sky Clubs or to Grab and Go when traveling on a same-day, Delta-operated flight. To receive unlimited visits, card members will need to charge a total of $75,000 to their card within the previous calendar year.

Check Out Amex Offers

If you’re new to the American Express ecosystem, you’ll find that Amex has discounts with dozens of merchants, some of which you probably never heard of and some of which will be very familiar. These are known as Amex Offers.

To take advantage of a discount, you’ll need to first add the offer to your card. Amex won’t display more than 100 offers at a time, so keep adding offers to your card even if you don’t intend to use them. That’ll free up space for new offers to load.

Amex Offers earns you additional points or cash back with certain merchants, which can add up when used frequently.

Final Thoughts

The Platinum Card from American Express is unparalleled when it comes to statement credits, complimentary elite status and airport lounge access. By maximizing these cardholder perks, you can get more than double the annual fee back in value.

That’s not to mention the Amex Platinum’s other top tier features, such as credit card travel insurance perks.

So if you’re worried about that $695 annual fee, put the card’s perks to work and start reaping its benefits.