Is the Platinum Card from American Express worth it?

The break-even math

Its printed statement credits ($2,994/yr) already exceed the $895 fee on paper — a net of $2,099 before you earn a single point. The catch is that credits only count if you'd have spent that way anyway: a twice a year credit you forget to use is worth nothing.

The credits you'd need to use

• Hotel Credit (Fine Hotels + Resorts / The Hotel Collection) — $600/year (twice a year)
• Airline Fee Credit — $200/year (annual)
• Uber Cash — $200/year (monthly)
• Uber One Credit — $120/year (annual)
• CLEAR Plus Credit — $219/year (annual)
• Resy Credit — $400/year (quarterly)
• Digital Entertainment Credit — $300/year (monthly)
• lululemon Credit — $300/year (quarterly)
• Walmart+ Credit — $155/year (monthly)
• Oura Ring Credit — $200/year (annual)
• Equinox Credit — $300/year (annual)

Credits with a monthly or quarterly cadence expire if unused — that's where most of the printed value quietly disappears.

The verdict

Worth it if you'll actually use the credits. Line up each credit below against how you really spend — if you'd buy those things anyway, the card pays for itself and the rewards are pure upside. If not, you're pre-paying for perks you may skip.

If the answer is no, downgrade — don't cancel

You do not have to choose between paying $895 and closing the account. The Platinum Card from American Express can normally be product-changed to two lower-fee cards in the American Express Membership Rewards family, though only one of them keeps Amex Membership Rewards — the cheapest is Blue Cash Everyday Card from American Express at no annual fee, saving $895 a year while the account, its age and its credit line stay on your report.

The catch on that one: No fee, but it earns cash back, not Membership Rewards. Only choose this if you hold another MR card or are done with Membership Rewards.

What does the Platinum Card from American Express downgrade to? See all 2 options →

Compare it head-to-head

• The Platinum Card from American Express vs American Express Gold Card — which earns more?
• The Platinum Card from American Express vs Sapphire Reserve for Business — which earns more?

Other fees worth questioning

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• Is the Platinum Card from American Express Exclusively for Morgan Stanley worth $895?