AwardWallet receives compensation from advertising partners for links on the blog. Terms Apply to the offers listed on this page. The opinions expressed here are our own and have not been reviewed, provided, or approved by any bank advertiser. Here's our complete list of Advertisers.
$200 hotel credit offered with The Platinum Card® from American Express applies to prepaid Fine Hotels + Resorts® or The Hotel Collection bookings made via Amex Travel. The Hotel Collection requires a minimum two-night stay.
The Platinum Card® from American Express has always been a favorite, and not just because the card looks super sick. Thanks to its amazing benefits and perks, the card has long been known for its value. Despite the hefty annual fee, the Amex Platinum is one that cardholders continue to keep because these perks more than outweigh the cost of membership.
Beginning July 1, 2021, the Amex Platinum is being revamped to add a slew of credits, including some really fantastic offers. But it's not all good news. American Express is increasing the annual fee up to an incredible $695! (Rates & Fees)
In this post, we’ll dig through the changes and help you decide if the updated Amex Platinum makes sense for you.
Summary of Amex Platinum Changes
- $200 annual hotel credit
- $300 annual Equinox Credit (Starting in 2023, statement credits for the $300 Equinox Credit benefit will be provided on an annual basis of up to $300 per year and will no longer be provided on a monthly basis of up to $25 back per month.)
- $189 annual CLEAR statement credit
- $240 annual digital entertainment credit ($20 per month)
Enrollment is required for select Amex benefits. Cashback is earned in the form of a statement credit unless otherwise noted.
- Annual fee increase from $550 to $695
Amex Platinum Annual Fee Increase
Let's knock out the bad news first. The annual fee on the Amex Platinum is going up from $550 to $695. This $145 increase kicks in on July 1, 2021, for new accounts. The fee for existing Amex Platinum cardholders will change on January 1, 2022.
This is a massive increase and the highest annual fee of any similar card on the market. But, let's see what Amex is offering and if it's enough to make up for the increase.
- Earn 80,000 Membership Rewards® Points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership. Apply and select your preferred metal Card design: classic Platinum Card®, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu.
- Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
- $200 Hotel Credit: Get up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings with American Express Travel when you pay with your Platinum Card®. The Hotel Collection requires a minimum two-night stay.
- $240 Digital Entertainment Credit: Get up to $20 back in statement credits each month on eligible purchases made with your Platinum Card® on one or more of the following: Disney+, a Disney Bundle, ESPN+, Hulu, The New York Times, Peacock, SiriusXM, and The Wall Street Journal. Enrollment required.
- $155 Walmart+ Credit: Cover the cost of a $12.95 monthly Walmart+ membership (subject to auto-renewal) with a statement credit after you pay for Walmart+ each month with your Platinum Card®. Cost includes $12.95 plus applicable local sales tax. Plus Up Benefits are excluded.
- $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to your Platinum Card®.
- $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Uber Cash and Uber VIP status is available to Basic Card Member only.
- $300 Equinox Credit: Get up to $300 back in statement credits per calendar year on an Equinox membership, or an Equinox club membership (subject to auto-renewal) when you pay with your Platinum Card®. Enrollment required. Visit https://platinum.equinox.com/ to enroll.
- $189 CLEAR® Plus Credit: Breeze through security with CLEAR Plus at 100+ airports, stadiums, and entertainment venues nationwide and get up to $189 back per calendar year on your Membership (subject to auto-renewal) when you use your Platinum Card®. Learn more.
- $100 Global Entry Credit: Receive either a $100 statement credit every 4 years for a Global Entry application fee or a statement credit up to $85 every 4.5 years for a TSA PreCheck® (through a TSA official enrollment provider) application fee, when charged to your Platinum Card®. Card Members approved for Global Entry will also receive access to TSA PreCheck at no additional cost.
- Shop Saks with Platinum: Get up to $100 in statement credits annually for purchases in Saks Fifth Avenue stores or at saks.com on your Platinum Card®. That's up to $50 in statement credits semi-annually. Enrollment required.
- $300 SoulCycle At-Home Bike Credit: Get a $300 statement credit for the purchase of a SoulCycle at-home bike with your Platinum Card®. An Equinox+ subscription is required to purchase a SoulCycle at-home bike and access SoulCycle content. Must charge full price of bike in one transaction. Shipping available in the contiguous U.S. only. Enrollment Required.
- Unlock access to exclusive reservations and special dining experiences with Global Dining Access by Resy when you add your Platinum Card® to your Resy profile.
- $695 annual fee.
- Terms Apply.
- Rates & Fees
- Earn 5X points for flights booked directly with airlines or with American Express Travel (up to $500,000 in purchases per calendar year).
- Earn 5X points on prepaid hotels booked with American Express Travel.
$200 Amex Travel Hotel Credit
American Express has offered a $200 airline incidental credit for ages. Although the credit is not as easy to use as most of us would like, it's still a fantastic perk. And thankfully, it's not going away on the Amex Platinum.
Instead, Amex is upping its travel perks and adding an annual hotel credit. Each year, cardholders receive a $200 allowance towards hotels when booking with American Express Travel at Fine Hotels + Resorts or The Hotel Collection properties. You can read more about these programs here.
$300 Equinox Credit
At-home workout streaming services have exploded in popularity as more and more people are ditching the gym for the safety and comfort of their own homes. But there are still plenty of people hitting the gym, as well.
Equinox brings the best of both worlds together. It offers brick-and-mortar locations — known as “Clubs” — with a variety of classes and other health and fitness services. Equinox also offers an online streaming service where you can access workouts, fitness trackers, and more. Now, Amex is giving Amex Platinum cardholders the chance to experience it all.
- Equinox All Access Destination — Access all Equinox clubs except for E Clubs
- E by Equinox — Access to all clubs, including E Clubs
- Equinox+ — Online streaming service, available with your on-demand fitness app
$189 CLEAR Credit
Airports have always been crowded. However, with the dam bursting from the pent-up travel demand, it's getting crazier than ever. Enter services like CLEAR that allow you to speed through security by using your biometric data to confirm your identity. CLEAR is available at 50+ airports and other venues in the U.S.
The Amex Platinum will include access to CLEAR membership in the form of a statement credit. A CLEAR membership runs $189 annually. So, the fee is completely covered by Amex each year. Up to 3 family members can be added for an additional $50/year for each person.
$240 Digital Entertainment Credit
In 2020, American Express offered temporary perks — including giving cardholders a $10 to $20 (depending on the card) monthly statement credit towards streaming services. Now, this credit is returning to the Amex Platinum. At least kinda.
Cardholders will be able to use their Amex Platinum to pay for eligible services and receive a $20 statement credit each month. Enrollment is required, so don't forget to do that first. The list of eligible merchants includes:
- Disney+ or a Disney Bundle
- The New York Times
- The Wall Street Journal
Global Dining Access by Resy
Resy gives you access to popular restaurants around the globe. Just add your Amex Platinum to your Resy profile and receive access to reservations, dining experiences, and more. You can sign up for a free Resy account here.
Amex Platinum Benefits That Aren't Changing
- up to $200 in annual Airline Fee Credits
- Centurion Lounge Access (check out the updated guest policy) and other lounges in Amex's Global Lounge collection.
- up to $200 in annual Uber Cash credits ($15 per month and plus an additional $20 in December)
- up to $100 in annual statement credits for Saks purchases (enrollment required)
- 5X points on up to $500,000 of airfare each calendar year when purchased from Amextravel.com or direct with the airline (then 1X)
- 5X points on prepaid hotels booked on amextravel.com
Amex Disclosure: To receive the Uber Cash benefit, you must add The Platinum Card® from American Express to your account in the Uber app. Please see full terms for more details.
Is the Amex Platinum Worth It?
We know that value is highly subjective and varies from person to person. But, there's a good chance that if you were able to find the Amex Platinum worth it at $550, you'll be able to continue to extract value out of the card despite the increase.
The digital entertainment credits are probably the perk that can make the most sense to the majority of the population. Most of us are spending money each month on various subscriptions. If this knocks off $20 a month on subscriptions you're already paying for, this alone can make the difference for the increased annual fee.
Other perks and their value will vary significantly from person to person. Personally, I find zero value from the Equinox subscription. The CLEAR credit is also not worth much to me. But, if you can take advantage of these then that's another ding in the annual fee.
If you are still on the fence, remember that Amex offers some other amazing benefits beyond these credits that can make the annual fee nearly negligible. If you're lucky, American Express also occasionally sends out promotions for adding authorized users.
Seeing that Amex has increased the annual fee on the Amex Platinum to nearly $700 is a hard pill to swallow. But Amex has also added a lot of value to a card that already had tons of great benefits.
For rates and fees of the cards mentioned in this post, please visit the following links: The Platinum Card® from American Express (Rates & Fees)
The comments on this page are not provided, reviewed, or otherwise approved by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.