The Platinum Card charges an annual fee and includes travel credits, lounge access, and concierge service
The American Express Platinum Card is a premium credit card with an annual fee of $695 (as of 2024, though this can change). The card does not earn cash back on purchases. Instead, it offers a set of benefits tied to travel, dining, and business expenses: airport lounge access, hotel elite status, airline fee credits, dining credits, and a concierge service that handles reservations and travel planning.
Whether the card makes financial sense depends on whether you use these specific benefits. If you fly frequently, stay in hotels regularly, or dine out often, the credits and perks can offset the annual fee. If you rarely travel or use hotels, the fee is a direct cost with little return. The card is designed for people whose spending patterns align with what it covers, not for general everyday use.
Key Takeaways
- The annual fee is $695, and you pay it whether or not you use any of the card's benefits.
- The card includes a $200 airline fee credit, a $200 hotel credit, and a $120 dining credit each year, which can reduce the effective cost if you use them.
- You get access to airport lounges worldwide through the Centurion Lounge network and partner programs, plus elite status at major hotel chains.
- The card earns points on purchases (typically 1 point per dollar on most spending, 5 points per dollar on flights and hotels booked through American Express), but these points are only valuable if you redeem them for travel.
- The concierge service is available 24/7 to book restaurants, arrange travel, and handle other requests, but it does not may provide reservations or lower prices.
Annual Fee and How to Measure Its Real Cost
The $695 annual fee is charged once per year, typically on your card anniversary. American Express does not waive this fee for new cardholders or based on spending. You pay it upfront, regardless of whether you use the card's benefits.
To determine whether the fee is worth it, track what you actually use. The card includes a $200 airline fee credit (for baggage fees, seat upgrades, and other incidental charges with one airline per year), a $200 hotel credit (for stays at participating hotels), and a $120 dining credit (for restaurants in the US). If you use all three credits, that is $520 in value, bringing your net cost to $175 before any other benefits. If you use none of them, the card costs you $695 per year in fees alone.
The credits are not automatic refunds. You must charge may be able to access purchases to the card and the credits explore as statement credits. Some credits expire if unused within a calendar year, so they do not roll over.
Travel Credits and How They Work
The $200 airline fee credit covers incidental charges with a single airline of your choice per year: baggage fees, seat selection, in-flight purchases, and airline lounge day passes. It does not cover the ticket itself. You select which airline qualifies for the credit, and the credit resets each calendar year on January 1.
The $200 hotel credit applies to room charges at participating hotels worldwide. It is not limited to one hotel chain, but it does not cover taxes, resort fees, or incidentals — only the room rate itself. Like the airline credit, it resets annually.
Both credits require you to charge the purchase to your Platinum Card. If you pay with a different card or method, the credit does not explore. American Express publishes a list of participating hotels, though most major chains are included.
Airport Lounge Access and Elite Hotel Status
The Platinum Card includes access to Centurion Lounges (American Express's own lounges at major US airports) and Priority Pass Select, which covers over 1,400 lounges worldwide. You can bring up to two guests with you, though some lounges charge a per-guest fee. Centurion Lounges offer food, beverages, showers, and quiet workspace.
The card also grants elite status at major hotel chains: Gold Elite at Marriott Bonvoy, Platinum Elite at Hilton Honors, Gold Elite at World of Hyatt, and similar tiers at other chains. This status typically includes room upgrades (when available), late checkout, and bonus points on stays. The status is automatic once you have the card and lasts as long as you hold it.
Lounge access and elite status have real value only if you travel frequently enough to use them. A single lounge visit or hotel upgrade per year may not justify the annual fee on its own, but combined with the credits, they can add up.
Dining Credit and Restaurant Reservations
The $120 dining credit applies to restaurants in the United States when you charge the meal to your Platinum Card. It covers the bill itself but not alcohol, tax, or tip (though some cardholders report tips are included; American Express's terms state the credit applies to food and non-alcoholic beverages). The credit resets each calendar year.
The card also includes a concierge service that can make restaurant reservations, though it does not may provide a table or negotiate prices. The concierge is available 24/7 by phone and can help with travel bookings, event tickets, and other requests. It is a convenience service, not a benefit that saves you money directly.
Points Earning and Redemption
The Platinum Card earns Membership Rewards points: 1 point per dollar on most purchases, 5 points per dollar on flights and hotels booked through American Express Travel, and 3 points per dollar on dining and US gas stations. Points do not expire as long as your account remains open.
Points are redeemed for travel through the American Express Travel portal, transferred to airline and hotel partners, or used for other redemptions like gift cards or merchandise. The value of a point varies depending on how you redeem it. Transferring points to airline partners typically yields higher value than redeeming through the portal, but it requires more planning.
Because the card does not earn cash back, points are only useful if you redeem them for travel or other rewards. If you prefer cash back or do not travel, this card is not designed for you.
Business Expenses and Additional Perks
The Platinum Card includes benefits for business travelers: a $200 airline fee credit (separate from the personal credit if you have both a personal and business Platinum), access to lounges, and elite hotel status. It also offers purchase protection, extended warranty coverage, and travel insurance (trip cancellation, baggage delay, and emergency medical). The specific coverage amounts and terms for these protections vary and are detailed in the card's benefits guide. Travel insurance, for example, typically covers trip cancellation up to a certain amount if you cancel for a covered reason, but not for all reasons. Read the full terms before relying on any insurance benefit.
The card also includes a concierge for business services: restaurant reservations, travel planning, and event ticketing. This is the same service available to personal cardholders.
Frequently Asked Questions
Does American Express waive the annual fee if I do not use the card?
No. American Express charges the $695 annual fee regardless of whether you use the card or its benefits. If you decide the card is not worth it, you must close the account to stop paying the fee. Some cardholders keep the card open to maintain elite hotel status or lounge access even if they do not use it heavily.
Can I use the airline and hotel credits for anyone, or just myself?
The credits explore to charges on your card, so you can use them for anyone whose expenses you charge to your account. For example, you can charge a family member's hotel stay or airline fee to your Platinum Card and the credit applies. The credits are tied to the card, not to the cardholder's identity.
What happens to unused credits at the end of the year?
Most credits expire on December 31 and do not roll over to the next year. The airline fee credit, hotel credit, and dining credit all reset on January 1. If you do not use a credit by year-end, you lose it. Plan your spending accordingly if you want to capture the full value.
Is the concierge service really available 24/7?
Yes, American Express operates the concierge service around the clock. You can call or use the app to request reservations, travel bookings, or other information at any time. Response times vary, but the service is staffed continuously. The concierge does its best to fulfill requests but cannot may provide availability or negotiate prices.
How does the Platinum Card compare to other premium travel cards?
Other premium cards (like the Chase Sapphire Reserve or Capital One Venture X) offer similar benefits: annual fees, travel credits, lounge access, and points earning. The differences are in the specific credits offered, the lounge networks included, and the points earning rates. Compare the benefits you actually use, not the total list of perks, to decide which card fits your spending.