Let me be completely honest with you upfront - this card isn't for everyone, and if you're not a frequent traveler, you're probably going to hate paying that $695 annual fee.

The Earning Structure: Great for Travel, Terrible for Everything Else

Let's start with how you actually earn points with this card. The Platinum gives you 5x Membership Rewards points on flights booked directly with airlines or through American Express Travel, up to $500,000 on these purchases per calendar year. You'll also get 5x points on prepaid hotels booked on amextravel.com. Now here's the catch - and this is important - everything else only earns 1x points per dollar.

And so if you're thinking this is going to be your daily driver for groceries, gas, and dining out, you're going to be disappointed. This is strictly a travel card, and that's exactly how you should use it.

Lounge Access: The Largest Portfolio, But Quality Varies

One of the biggest reasons I love this card is the airport lounge access. The American Express Global Lounge Collection gives you access to more than 1,400 airport lounges across 140 countries. That's the largest lounge portfolio of any credit card out there, and it includes some pretty solid options.

You'll get access to American Express Centurion Lounges, which are genuinely excellent. You'll also get access to Delta Sky Club lounges when you're flying an eligible Delta flight, select Lufthansa lounges when flying Lufthansa, Plaza Premium lounges, and Escape Lounges. Plus, you can enroll in Priority Pass Select for even more options.

Now, the thing is, not every lounge is going to blow you away. Some Priority Pass lounges can be pretty crowded or basic, but having options is always better than sitting at the gate for three hours during a layover.

The Statement Credits: How to Get Your Annual Fee Back

Here's where this card gets interesting. Despite that $695 annual fee, you can actually get over $1,500 in value from the various statement credits if you use them strategically. Let me break down each one:

Airline Fee Credit ($200 annually)You get up to $200 in statement credits per calendar year when incidental fees like checked bags and in-flight refreshments are charged by one selected airline to your Platinum Card. You need to select your airline, and American Express relies on the airlines to submit the correct information to identify these purchases. If you don't see a credit after 8 weeks, you'll need to call the number on the back of your card.

Hotel Credit ($200 annually)This one gives you $200 back in statement credits each year on prepaid Fine Hotels + Resorts or The Hotel Collection bookings through American Express Travel when you pay with your Platinum Card. The Hotel Collection requires a minimum two-night stay, so keep that in mind.

Uber Credits ($200 annually)You'll get up to $200 in annual Uber savings with $15 in Uber Cash for US rides each month, plus a bonus $20 in December. Terms apply, and you'll also become an Uber VIP with access to top-rated drivers where available.

Digital Entertainment Credit ($240 annually)This is a pretty solid one - you get up to $240 per year, which breaks down to $20 per month, when you use your Platinum Card to pay for eligible purchases at Disney+, The Disney+ Bundle, ESPN+, Hulu, The New York Times, Peacock, and The Wall Street Journal. Enrollment is required for this benefit.

Saks Fifth Avenue Credit ($100 annually)You can get up to $100 in statement credits annually for purchases at Saks Fifth Avenue or saks.com. It's split into up to $50 from January through June and up to $50 from July through December. No minimum purchase required, but enrollment is required.

Equinox Credit ($300 annually)If you're into fitness, you can get up to $300 in statement credits each year for eligible Equinox memberships paid with your card.

Walmart+ Credit ($12.95 monthly)Use your Platinum Card to pay for a monthly Walmart+ membership and get up to $12.95 plus applicable taxes back on one membership each month, excluding Plus Ups.

CLEAR Plus Membership ($199 statement credit)You can get up to a $199 statement credit to help cover your CLEAR membership costs.

Global Entry or TSA PreCheck ($120 or $85)This is a one-time benefit - you'll get a statement credit of $120 for your Global Entry application fee or $85 for your TSA PreCheck application fee. This is for a 5-year plan only and must be through a TSA PreCheck official enrollment provider. If you get Global Entry, you'll also receive TSA PreCheck access at no additional cost.

Additional Travel Benefits Worth Mentioning

Beyond the credits, you get some solid travel perks. The card comes with complimentary Marriott Bonvoy Gold Elite status and Hilton Honors Gold status, which gets you benefits like late checkouts, room upgrades, and complimentary in-room Wi-Fi.

You'll also get access to the Fine Hotels + Resorts program, which includes daily breakfast for two, room upgrades when available, and a unique amenity valued at $100. With The Hotel Collection, you need a minimum two-night stay, but you'll get a $100 hotel credit and room upgrades when available.

The card also includes car rental loss and damage insurance, baggage insurance, no foreign transaction fees, and 24/7 Platinum Club Concierge service.

The Bottom Line

Look, the math on this card is pretty straightforward. If you travel frequently and can use most of these credits, the Platinum easily pays for itself. Just the Uber credits ($200), digital entertainment credits ($240), and airline fee credits ($200) give you $640 in value, which gets you pretty close to covering that annual fee.

But here's the thing - you need to actually use these benefits. If you don't fly often enough to justify the earning structure, don't use Uber regularly, or won't take advantage of the hotel and lounge benefits, then you're basically paying $695 for a fancy piece of metal.

This card is designed for frequent travelers who can maximize both the earning potential and the extensive benefits package. If that describes you, the Platinum is honestly one of the best travel cards out there. If you're more of a casual traveler or you want strong everyday spending rewards, you'll probably want to look at other options.

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