Is the Amex Platinum Worth $695 a Year?

The $695 Question: Is the Amex Platinum Card Worth It in 2025?

So, you’re navigating a busy airport, passport in hand, when you spot the entrance to an exclusive lounge. With a quick flash of The Platinum Card® from American Express, you’re welcomed into a quiet haven of plush seats and cappuccinos.

Moments like these feel priceless, but they come at a very real cost: a $695 annual fee. In 2025, the Amex Platinum is packed with perks – Amex touts over $1,500 in annual credits and benefits – yet the card’s sky-high fee begs the question: Is it truly worth it?

This travel review will dissect the Platinum’s perks, compare it to rival premium cards, explore how different travelers might fare with it, and trace how its value proposition has evolved over four decades.

Amex Platinum’s 2025 Perks and Lifestyle Credits

The Amex Platinum has earned its reputation as a luxury travel card, thanks to a long list of benefits that help soften the sting of its $695 fee. To evaluate its worth, let’s break down all the major 2025 perks and credits it offers:

Travel & Lifestyle Credits (Over $1,500 Value)

The Platinum Card comes with a veritable coupon book of credits across travel, entertainment, and shopping. If maximized, these can far exceed the annual fee (though not everyone will use them all). Key credits include:

• $200 Airline Fee Credit: Each calendar year, you can get up to $200 back in statement credits for incidental fees (checked bags, seat selection, lounge day-passes, etc.) on one airline of your choice. Note: It doesn’t cover actual airfare – only extras – so its value depends on whether you pay for things like baggage or in-flight snacks. This is a use-it-or-lose-it yearly credit tied to a single airline (chosen in advance).
• $200 Hotel Credit: Get $200 back each year on prepaid bookings at select luxury hotels (Fine Hotels + Resorts or The Hotel Collection) made through Amex Travel. This essentially subsidizes a fancy hotel night if you book through Amex’s portal. It’s great for those who enjoy upscale hotels; less useful if you prefer Airbnb or accommodations outside Amex’s network.
• $200 Uber Cash: The Platinum card delivers up to $15 per month in Uber credits (automatically in your Uber app) plus a $20 bonus in December, totaling $200 annually. These credits apply to U.S. Uber rides or Uber Eats orders. If you frequently use Uber or food delivery, this can effectively cover ~$200 of your spend (just remember the monthly use-it-or-lose-it cadence). As a bonus, adding the Platinum to your Uber account also grants Uber VIP status, pairing you with top drivers when available.
• $240 Digital Entertainment Credit: To keep you entertained, Amex provides up to $20 per month in credits for select streaming and news subscriptions. In 2025, eligible services include Disney+ (and the Disney+/Hulu/ESPN bundle), ESPN+, Hulu, Peacock, The New York Times, and The Wall Street Journal. If you already subscribe to one of these, the Platinum essentially foots the bill for $240 worth of your annual streaming/news habit (enrollment required).
• $100 Saks Fifth Avenue Credit: Indulge in a bit of shopping on Amex – you get $100 annually in credits at Saks Fifth Avenue (up to $50 in the first half of the year, and $50 in the second). There’s no minimum purchase, so this can be an easy perk (think of it as two “free” $50 treats a year at Saks). Enrollment is required, and you must remember to use it in each window.
• $199 CLEAR® Plus Credit: For the frequent flyers who value speed through security, the Platinum refunds up to $199 per year on your CLEAR Plus membership. CLEAR uses biometrics to whisk you through airport security lines faster. Combined with TSA PreCheck or Global Entry (which the Platinum also credits – more on that soon), you can significantly cut down airport waiting time.
• $155 Walmart+ Credit: If you enroll in Walmart’s membership program with your Platinum Card, Amex will cover the monthly fee (up to $12.95 + tax per month) – about $155 a year. Walmart+ offers benefits like free shipping, grocery delivery perks, and fuel discounts. This is a more niche perk – great if you already use Walmart+, but it won’t appeal to all cardholders (especially those who don’t live near a Walmart or use its services).
• Global Entry/TSA Pre✓ Credit: Like many premium cards, Amex Platinum will reimburse your application fee for Global Entry (worth $100) or TSA PreCheck ( ~$85) every 4 to 4.5 years. If you haven’t enrolled in these trusted traveler programs yet, this credit effectively makes it free to get expedited security or immigration clearance. Even better, additional Platinum cardholders on your account also get this fee credit, meaning your family or partner can also apply without paying the fee.

Airport Lounge Access – Global Lounge Collection

This is the flagship benefit that draws many travelers to the Platinum. Amex Platinum’s Global Lounge Collection is unparalleled, providing entry to 1,400+ airport lounges in 140+ countries.

This includes:Lounge access recap: If you’re a frequent traveler, this perk can significantly enhance your airport experience – saving you money on food/drinks and providing a calm space. Given that lounge day-passes can cost $50+ per visit, a Platinum cardholder who uses lounges often can recoup a lot of value here.

However, if you rarely fly or typically travel through small airports without lounges, this benefit might be less impactful (and crowded lounges are occasionally a complaint). Also, remember that bringing travel companions may cost extra unless they’re added cardholders on your account.

• Centurion Lounges: Amex’s own upscale lounges found in many major airports (with expanding locations). Enjoy chef-driven food, premium bar drinks, showers, and quiet work areas. Platinum cardholders (and their qualifying guests) can access Centurion Lounges before departures or during layovers. (Note: Starting from Feb 2023, Platinum cardholders can bring guests for free only if they spent $75,000 on the card in the prior year; otherwise, each guest incurs a $50 fee. This policy was introduced to reduce overcrowding, but it’s a potential drawback for family travelers.)
• Delta Sky Clubs: When flying Delta Air Lines, your Platinum grants access to Delta’s network of Sky Club lounges (just for you, not free guests). This is valuable if you’re a Delta frequent flyer – you get a nice lounge to wait in for domestic trips that would otherwise require a Delta Sky Club membership or elite status.
• Priority Pass Select: The card comes with a Priority Pass membership (enrollment required) that lets you into 1,300+ lounges worldwide. Unlike some other cards’ Priority Pass, the Amex’s version excludes the restaurant credits in the Priority Pass network (since 2019, Amex stopped covering those partner restaurants). You still get access to traditional airport lounges in the network, just not the airport restaurant deals. (Competitor note: This is one area where Chase Sapphire Reserve still allows those restaurant credits with its Priority Pass.)
• Partner Lounge Networks: Beyond Centurion and Priority Pass, Amex Platinum also gets you into various independent lounges: Plaza Premium lounges globally, Escape Lounges – The Centurion Studio Partner (found in some U.S. airports), select Lufthansa Lounges when flying Lufthansa in certain classes, and more. In essence, if there’s a lounge at your airport, chances are the Platinum can get you in somehow, making long layovers far more bearable.

Hotel Elite Status (and Benefits)

The Platinum card smooths out your hotel stays by granting complimentary elite status in two major programs: Hilton Honors Gold and Marriott Bonvoy Gold Elite (enrollment required).

These mid-tier statuses come with perks like room upgrades when available, late checkout, and bonus points on stays. For example, Hilton Gold is especially valuable – it’s known to provide free breakfast at many Hilton properties (a perk even a family can appreciate) and space-available upgrades. Marriott’s Gold Elite is a bit more basic (bonus points, late checkout, occasional upgrades) but still better than being a regular guest.

While these are not top-tier statuses, getting them free with the card is a nice touch – particularly for travelers who hop between brands and might not earn status organically.Additionally, Platinum cardholders can book hotels through Amex’s Fine Hotels + Resorts (FHR) program, which isn’t exactly a status but functions like one. FHR bookings (available on a curated list of luxury hotels worldwide) come with VIP perks: typically free breakfast for two, a $100 property credit (spa or dining), early check-in and late checkout when available, and a space-available room upgrade.

These extras can easily be worth $200+ on a single stay. If you leverage the $200 hotel credit on an FHR stay, you’re effectively getting a taste of five-star treatment on Amex’s dime. (There’s also The Hotel Collection for upscale hotels with a two-night minimum, offering $100 credits and upgrades.) All told, the Platinum’s hotel benefits can pamper those who enjoy luxury accommodations.

Rental Car Perks

Road warriors get some love too. The Amex Platinum grants elite status with several car rental agencies – notably Hertz President’s Circle and National Car Rental Emerald Club Executive, plus Avis Preferred Plus.

These statuses typically require substantial rentals to earn, but Platinum cardholders can enroll for free. What do they get you? Faster service, upgrades to nicer cars when available, and sometimes fee waivers.

For example, Hertz President’s Circle (the top tier of Hertz) can mean more likely car upgrades and a guaranteed vehicle even when sold out. National Executive lets you choose any car in the Executive aisle when renting midsize (often a nicer, larger car for the price of a midsize).

These perks are fantastic for frequent renters – you’ll travel in more comfort and skip lines. Even if you only occasionally rent cars, it’s convenient to have status that might snag you a better vehicle on a road trip.

Concierge Service

The Platinum Card’s 24/7 Concierge is like having a personal assistant on call. Need hard-to-get dinner reservations in Paris, help finding a last-minute gift, or tickets to a Broadway show? The Amex Platinum concierge can assist. While results vary (they’re not magicians, but they often can pull strings), this service exemplifies the luxury lifestyle aspect of the card.

In a storytelling sense, imagine you’re traveling and want to plan a surprise for your partner – one call to the concierge could have champagne and roses waiting in your hotel room or seats at a fully booked restaurant. It’s an intangible benefit, but one that many Platinum users cherish for the VIP treatment.

Additionally, Amex’s partnership with Global Dining Access by Resy gives cardholders exclusive access to coveted restaurant reservations and culinary events, adding to the Platinum’s foodie appeal.

By Invitation Only Experiences

Amex curates special events – think celebrity chef dinners, luxury sports or fashion experiences, VIP packages at cultural events – reserved exclusively for Platinum (and Centurion) members.

These By Invitation Only events (often at an extra cost) are another lifestyle perk, underscoring that the Platinum is as much about status and special access as it is about tangible rebates. While not every cardholder will use this, it’s part of the Platinum’s aura of exclusivity.

Membership Rewards Points (Earning Potential)

Beyond the perks buffet, the Platinum is a rewards card earning Amex Membership Rewards points. Its earning structure is focused on travel: 5X points per dollar on airfare (when booked directly with airlines or via Amex Travel, up to $500,000 in spend per year) and 5X on prepaid hotels booked through Amex Travel.

All other purchases earn a standard 1X point per dollar. This means the Platinum is phenomenal for booking flights – few cards offer a 5% return in points on airfare. If you spend a lot on flights (and can book them in a way that triggers the 5X earning), the rewards add up fast. However, the Platinum is not a great everyday spender for general purchases (1X is low compared to many no-fee cards that offer 1.5X or 2X on everything).

Most users pair the Platinum with a good everyday card for non-travel spending.Point Redemptions: Membership Rewards points are highly flexible and valuable. The real value shines if you transfer points to airline partners for award flights. Amex has 20+ airline and hotel partners (Delta, Emirates, Singapore Airlines, British Airways, Marriott, and many more). A savvy traveler can transfer, say, 60,000 points to an airline and get a business class ticket worth several thousand dollars – this is how Platinum cardholders supercharge the value of their rewards.

Alternatively, you can use points on Amex’s travel portal at a flat rate (typically 1 cent per point for flights, which is decent but not spectacular) or even pay with points on Amazon (not recommended due to low value). The key is that Platinum’s points are as valuable as you make them; frequent flyers who know the points game can easily get 1.8 – 2 cents or more per point in value by leveraging transfers, whereas a casual user might settle for 1 cent per point using the travel portal or gift cards.

In short, the Platinum’s points program rewards knowledge – it’s great for experienced travelers, but beginners might need to learn to unlock its full potential. (For comparison, the Chase Sapphire Reserve’s points can be used at 1.5 cents each through Chase’s portal, a very straightforward option, whereas Amex’s 1 cent portal rate puts more onus on the user to find better value via transfer partners.)

Travel Protections and Purchase Insurance

Historically Amex Platinum lagged behind some competitors in travel insurance, but in recent years it has beefed up its protections.

As of 2025, if you pay for travel with your Platinum, you get benefits like Trip Delay Insurance (reimburses expenses up to $500 if your flight is delayed 6+ hours), Trip Cancellation/Interruption Insurance (covering non-refundable bookings if your trip is canceled or cut short for covered reasons, up to a certain limit), Baggage Insurance (for lost or damaged luggage), and Secondary Car Rental Collision Insurance (coverage for rental car damage/theft, though note it’s secondary to your personal insurance unless you purchase Amex’s premium car rental policy).

These protections bring Platinum on par with other premium cards for peace of mind. Additionally, for shopping, the Platinum offers strong Purchase Protection (coverage if an item you bought gets stolen or damaged, up to $10,000 per item in many cases), Return Protection (Amex may refund you if a store won’t take a return, up to a few hundred dollars), and Extended Warranty (adds extra year of warranty on eligible purchases).

These hidden perks can save you significant money in a pinch, fitting the Platinum’s ethos of premium service.

With the above smorgasbord of benefits, it’s clear the Platinum Card strives to deliver luxury and value across travel, dining, and lifestyle. If you can utilize most of these perks, the card pays for itself and then some. However, it’s also clear that fully exploiting the Platinum requires a certain lifestyle: frequent travel, comfort with upscale services, and organizational skills to use all those monthly credits.

This has earned the Platinum some criticism: detractors nicknamed it a “coupon book” of perks – incredibly valuable if you clip and use the coupons, but perhaps less so if you don’t. To really judge worth, one must also compare the Platinum to its peers and consider what type of traveler stands to gain the most. So, let’s pit this metal card against its fiercest competitors.

Platinum vs. Sapphire Reserve vs. Venture X: A Showdown of Premium Travel Cards

The luxury travel credit card market in 2025 is a battleground of heavyweights. The Amex Platinum may have been the pioneer (launched in 1984 as the first ultra-premium card), but today it faces strong rivals, chiefly the Chase Sapphire Reserve and the Capital One Venture X.

Each of these cards carries a high annual fee and a promise of outsized travel rewards. Let’s see how they stack up on key features:

Where Each Card Excels: In summary, the Amex Platinum is the choice for maximum luxury perks – unmatched lounge access, hotel statuses, a trove of credits, and elite services. It’s ideal if you crave first-class experiences and can utilize those many credits (especially if you value luxury hotels and airfare rewards).

The Chase Sapphire Reserve, on the other hand, shines as an all-rounder: it has a lower net fee (easy $300 credit), broad 3X earning on travel and dining, and very flexible points for both beginners and point enthusiasts (the 1.5¢ portal value is a big selling point). CSR is often favored by travelers who want solid premium benefits without the “homework” of Amex’s credits – its perks are straightforward and its travel protections top-notch.

Meanwhile, the Capital One Venture X stands out by offering almost premium benefits at a bargain price: effectively $95 net cost (after credit and anniversary miles) for a card with lounge access and solid rewards. It’s the newest player (launched late 2021) and targets those who want premium travel perks but balk at $400–$700 fees.

Venture X is excellent for families (free authorized users and easy lounge access in 2025) and for folks who like simplicity (flat 2X earning and no complex coupon book). However, it doesn’t quite match Amex on ultra-luxury perks or Chase on dining rewards – rather, it strikes a middle ground.

Choosing between them often comes down to your lifestyle: If you love luxury hotels, lounges, and can maximize myriad credits, the Platinum can return far more than $695 in value. If you want one card that “just works” for most travel and dining and gives great protections, the Sapphire Reserve is a compelling pick (and its upcoming 2025 refresh may sweeten the deal further, though possibly at a higher fee).

If you want premium-lite at a lower fee, Venture X is almost a no-brainer – especially while its lounge access policy remains generous. Notably, many avid travelers carry multiple of these cards to combine strengths (for example, pairing Platinum for lounges/airfare and Sapphire Reserve for 3X dining and easier point redemptions).

But for this article, we’re focusing on the Platinum’s worth, which also means understanding who benefits most from its glittering array of perks – and who might not.

Who Benefits Most? The Platinum Card for Different Traveler Types

Every traveler is unique, and the Amex Platinum can be fantastic for some and overkill for others. Let’s step into the shoes of various traveler profiles to see how the Platinum Card measures up for each:

1. The Road Warrior

Meet Alex: a management consultant who jets off weekly for work and racks up dozens of flights a year. For a frequent flyer like Alex, the Platinum Card is almost a tailor-made tool.

Airport lounge access alone is a godsend – Alex can enjoy a hearty breakfast and shower in a Centurion Lounge during a layover, or pop into a Delta Sky Club on a work trip. Over a year, those lounge visits could easily save hundreds of dollars in food, coffee, and Wi-Fi, not to mention reduce travel fatigue. Alex also checks a bag often and likes an aisle seat, so the $200 airline fee credit gets fully used covering baggage fees or seat upgrades.

With flights as a constant, Alex maximizes the 5X points on airfare – every work trip turns into a pile of Membership Rewards points that can later fund first-class vacations. The Platinum’s elite hotel statuses mean that when Alex checks into a Hilton for a project, there might be a room upgrade or free breakfast waiting (Hilton Gold’s free breakfast benefit is especially great during long stays).

Even the CLEAR credit and Global Entry help Alex speed through security and immigration, which is invaluable when rushing to client meetings. Essentially, a frequent traveler can leverage almost every Platinum perk: the Uber credits for rides to the airport, the hotel credit for a nice break at year-end, the Saks credit for gifting, etc. Business travelers also appreciate the Platinum’s strong travel protections – if a flight is canceled, Alex knows the card’s trip interruption insurance can cover rebooking costs, and if a trip runs long, the trip delay coverage kicks in.

Lastly, consider the concierge: Alex might use it to snag a reservation for a client dinner or secure event tickets in an unfamiliar city – an impressive way to entertain clients. For frequent flyers, the Platinum’s $695 fee can be justified many times over by convenience, comfort, and rewards. In fact, for high-flying professionals, the Platinum often feels like a must-have.

The only caution: many road warriors already have top-tier airline and hotel statuses from their travels, so the Platinum’s mid-tier statuses (Hilton/Marriott Gold) might be redundant if, say, Alex is already Marriott Platinum or an airline elite. Even so, the lounge access and credits stand independent. Verdict for Frequent Flyers: The Platinum is worth it and then some – it was practically designed for you.

2. The Luxury Connoisseur

Meet Bella: a luxury leisure traveler who takes four or five lavish vacations a year – think business class flights, five-star hotels, gourmet dining. Bella isn’t necessarily traveling constantly, but when she does, she spares no expense. For someone like her, the Amex Platinum card is a perfect companion in the pursuit of pampering.

Fine Hotels + Resorts benefits add significant value to her hotel stays: on a recent anniversary trip, Bella booked a resort through FHR, used the $200 hotel credit, and enjoyed a free room upgrade with ocean view, daily champagne breakfast, and a $100 spa credit – perks worth perhaps $300, all complementary to her Platinum membership.

She arrives refreshed to these hotels because her Platinum got her and her husband into the Centurion Lounge pre-flight for a spa massage (select Centurion lounges even have spa services!). Bella loves that the Platinum grants Hilton Gold status – on a getaway to the Maldives, that meant free breakfast and the occasional upgrade to a better villa, elevating an already luxe vacation.

The Platinum’s concierge might help her secure a table at a newly Michelin-starred restaurant in London through the Global Dining Access program, adding exclusive touches to her itineraries. While the $695 fee is steep, Bella easily justifies it because the Platinum enhances every aspect of her trips: airport, airline, hotel, and local experiences.

Even lifestyle perks like Saks credit come in handy – she can buy high-end travel accessories or skincare essentially on Amex’s tab. One could argue that a luxury traveler like Bella, who often flies business/first class, might already get lounge access via her tickets and upgrades via her hotel loyalty, making some Platinum perks less critical.

That’s true to an extent – for example, if Bella flies first class, she’s in the airline’s lounge regardless. But even so, Amex Centurion Lounges can outshine some airline lounges, and having the Platinum ensures she has a VIP lounge even when flying economy on, say, a short regional hop. Moreover, the psychic benefit of Platinum matters to luxury users: it’s a status symbol.

Bella enjoys the prestige of using the Platinum Card – it’s heavy metal, recognized globally, and aligns with her luxury lifestyle brand. Verdict for Luxury Travelers: The Platinum is definitely worth it – it’s almost an essential lifestyle accessory that adds comfort, VIP treatment, and value at every turn of a high-end trip.

3. The Digital Nomad

Meet Carlos: a freelance web developer who has been hopping between countries every few months, working from wherever has a good Wi-Fi and a great view. As a digital nomad, Carlos lives and works abroad continuously. The Platinum Card offers him a mixed bag of pros and cons.

On one hand, global lounge access is a lifesaver: with frequent long-haul flights and layovers, Carlos relies on Priority Pass and Centurion Lounges to have a quiet space to work or even take a shower between flights. The sheer breadth of lounges (1,400 worldwide) means no matter if he’s in Singapore, São Paulo, or Stockholm, he can find a lounge to recharge in.

Also, benefits like Global Entry (which comes with TSA PreCheck) make re-entering the U.S. smoother whenever he comes home for visits. He also appreciates the 5X on airfare – flying internationally is one of his bigger expenses, so earning tons of points for those flights is fantastic. He then transfers those points to airline partners for yet more flights (effectively subsidizing his nomadic life).

Now, on the flip side, some Platinum perks are very U.S.-centric and harder for Carlos to use abroad. The Uber credits are primarily for Uber in the U.S., and while Uber is global, the credits only automatically apply to U.S. Uber accounts (Carlos keeps a U.S. Uber account active to use them when possible). The Walmart+ credit is essentially useless to him abroad – he’s not having Walmart groceries delivered to his Bali villa.

The digital entertainment credit could be useful for news or streaming on the road (Disney+ is global), so that one he does utilize to unwind with movies after work. CLEAR is only in U.S. airports, so if he’s bouncing around Europe or Asia, that credit is moot. This highlights a challenge: Platinum’s value skews heavily toward U.S.-based lifestyle perks, which a true globetrotter might not fully utilize.

Acceptance of Amex abroad is another consideration – while Amex is widely accepted in many countries, it’s still not as universally taken as Visa or Mastercard. Carlos finds that in some remote locales or small merchants, his Platinum is declined, so he always carries a backup Visa (like the Venture X, perhaps). Nonetheless, travel insurance on the Platinum gives him peace of mind as he books far-flung trips – knowing cancellations or delays have some coverage.

Another often overlooked perk for someone like Carlos is the Global Assist Hotline: if he’s in a tricky situation abroad (medical or legal referral needed, lost passport, etc.), Amex can help coordinate. In terms of cost, $695 is a lot on a nomad’s budget, but if he values the lounge access and flight points highly, it can be worth it.

Some digital nomads might instead opt for cards like Sapphire Reserve or Venture X for lower fees and more universally usable perks; however, the Platinum remains the king of international lounge access, which is a priority for many remote workers on the go. Verdict for Digital Nomads: Possibly worth it. If you’re flying frequently and can use the lounges and pile up points, the Platinum is a powerful travel tool.

Just be aware that several credits might go underutilized if you’re rarely in the States, which reduces the card’s value. Many nomads weigh the Platinum for its travel perks versus a lower-fee global card – it often comes down to how often you’re in airports and premium hotels versus off-the-beaten-path locations.

4. The Family Traveler

Meet Dana and Sam: a couple with two young kids, who take maybe two big trips a year – one to visit family on the East Coast, and one vacation to a resort or theme park. Can the Platinum Card make sense for a family like this? The equation is a bit tricky.

On one hand, the Platinum’s airport perks are wonderful for families: getting the clan into a lounge means space for the kids to relax, free snacks (instead of shelling out for overpriced airport food), and perhaps even a kids’ play area (some Centurion lounges have family rooms).

Over a long travel day, this can save money and stress. However, the new guest policy is a snag – Platinum cardholders must pay $50 per guest (over age 2) in Centurion Lounges unless they hit that $75K spend threshold.

So, Dana would either have to pay $100 to bring the two kids in, or add Sam as an authorized Platinum user for $195 (which then lets Sam get in on their own card and each adult can bring one kid as a guest). Families can work around it, but it’s not as effortlessly family-friendly as it once was when two guests were free.

This is where alternate cards shine: the Venture X currently allows free guesting in lounges for authorized users at no cost, and the Sapphire Reserve’s Priority Pass allows 2 free guests in regular lounges. So the Platinum’s lounge benefit is still usable but potentially costly for a four-person family unless you invest more. Outside the lounge, consider the credits: does a family use them? The $200 airline fee credit might go towards checked bag fees (families often have lots of luggage or maybe a pet in cabin).

The $200 Uber credit could be great for the occasional Uber Eats family dinner or Uber rides (maybe to the airport or around town on vacation). The $240 entertainment credit can cover Disney+ and Hulu – which, let’s face it, if you have kids you probably subscribe to Disney+ (score one for Amex there, essentially paying your Disney+ bill each month).

Walmart+ membership paid for by Amex can help with grocery deliveries or free shipping on diapers and household items – busy parents might love that convenience (plus Walmart+ includes Paramount+ streaming, another source of kids’ shows!). So, surprisingly, a chunk of the Platinum’s lifestyle credits do align with family needs – if the family takes advantage of them, that’s significant savings (~$595 total across Uber, streaming, Walmart – nearly the whole annual fee).

The Saks credit could even be used to buy kids’ clothes or gifts twice a year. On vacations, the Platinum’s hotel perks like FHR could be leveraged for a nicer family resort stay with free breakfast for the kids and a $100 resort credit (perhaps covering a dinner or activity).

And the Hilton Gold status gives free breakfast when the family stays at a Hilton, which for four people might save $50+ per day. These are real, family-friendly savings.

However, two things might hold back a moderate-travel family from Platinum:

The learning curve. Maximizing all these perks requires effort – juggling monthly credits, remembering to enroll in Walmart+, etc. Busy parents might not have the bandwidth to track coupons.

If the family’s travel is infrequent (say 1–2 trips a year), the lounge access and hotel upgrades are nice but maybe not pivotal enough to warrant $695. A card like Sapphire Reserve, with its easy $300 credit and strong insurance, or even a mid-tier card with no fee might seem more practical.

Notably, active-duty military personnel can get the Platinum’s fee waived, which is why many military families hold Platinum cards (a special case where it’s absolutely worth it due to no fee).

For civilian families, it’s a cost-benefit analysis: if you will utilize the credits (especially those that offset everyday expenses like streaming, rideshares, groceries) and you want those premium travel comforts on your limited trips, the Platinum can work out.

Plus, your kids will think you’re so cool when you whisk them off to a fancy lounge or a suite upgrade – travel becomes more memorable. Verdict for Families: It can be worth it, but it’s a close call. Families who travel a fair amount or highly value travel comfort can extract good value (the card can essentially subsidize family travel experiences).

But if your travel is occasional and you doubt you’ll use the lifestyle perks, a lower-fee card might be a better fit until your travel frequency rises. Always weigh the real usage: will you order Uber Eats $15 every month? Will you use Disney+? If yes, Platinum starts to make sense.

5. The Occasional Wanderer

Meet Erin: she travels maybe once or twice a year for vacation or a special event, and most of her spending is on everyday bills, dining out, and maybe some online shopping. Erin is intrigued by the Platinum Card’s glamorous perks but isn’t sure if she’d utilize them fully.

For someone who is an occasional traveler, the Platinum can actually be a costly overkill. Let’s imagine Erin’s year: She takes one trip to the Caribbean for a friend’s wedding and a domestic trip for the holidays. Does she need a $695-a-year card for that?

The lounge access will certainly make those trips nicer (a pre-flight mimosa and buffet at the Centurion Lounge before flying to the beach is a nice touch), but she might visit a lounge just 2–3 times in the year – not a huge cumulative value. She might use the airline fee credit to check luggage for the wedding (maybe $50 saved), and the hotel credit if she books a fancy resort through Amex (though if her friend already chose a venue or a group rate, she might not get to use FHR).

The array of credits like Uber, Saks, etc., if Erin’s lifestyle aligns, could offset the fee – but if she doesn’t routinely use those services, she may feel forced to spend on things she otherwise wouldn’t, just to “get her money’s worth.” This is a classic trap: a less frequent traveler might end up buying $100 of stuff at Saks they don’t need, or subscribing to a streaming service they didn’t want, purely because the credit is there.

That’s not true savings if it’s not natural to her. Also, the Platinum’s 1X points on most daily spending is a waste for someone like Erin who spends more on dining and groceries than airfare. She’d be better off with, say, an Amex Gold (4X on dining/supermarkets) or Chase Sapphire Preferred (2X on travel/dining for $95/year) for her everyday use.

Occasional travelers might struggle to justify Platinum unless they have a big once-in-a-lifetime trip coming and plan to cancel the card after one year. In fact, many people get the Platinum for a huge signup bonus and one year of benefits to juice a major trip (for example, get the bonus -> book flights in business class with points -> use lounges on trip -> use hotel statuses, then downgrade or cancel the next year).

That strategy can make it “worth it” for a trial year, but long-term, if you’re not traveling often, it’s hard to repeatedly find value. Erin might be better served by cards with lower fees and more flexible cash-back or simpler rewards. The Platinum is designed for people who actively engage in the travel & lifestyle ecosystem.

If you’re just dabbling in travel, a $700 commitment is significant. Verdict for Occasional Travelers: Probably not worth it in the long run. Unless you’re prepared to consciously maximize credits and you deeply value a luxury touch on your rare trips (and have the disposable income to justify it), you might find the Platinum’s glitter doesn’t justify its cost. Consider a lower-tier travel card; you can always upgrade to Platinum later if your travel picks up.

From Exclusive to “Coupon Book”: The Platinum Card’s Evolution Over Time

To fully appreciate whether the Platinum Card is worth it today, it helps to look at how its value proposition has changed over the years. The Platinum Card has a storied 40-year history, and its journey mirrors the evolution of luxury travel itself:

• 1980s – The Birth of a Status Symbol: American Express introduced the Platinum Card in 1984 as an “ultra-exclusive” charge card for the affluent traveler. Back then, it was invitation-only, carried a $250 annual fee (a lot at the time), and immediately became a prestige icon. The benefits in the early days were revolutionary for that era: a 24/7 concierge, a global assist hotline, some hotel perks, and higher spending limits. Simply having a Platinum Card signified you’d “made it.” There were no points (Membership Rewards came later) – it was all about service and status.
• 1990s – Early 2000s – Steady Prestige: Over the next couple of decades, Amex gradually opened up Platinum applications to more people (no more invite requirement) and added benefits like Membership Rewards points earning, airport lounge access (partner lounges and eventually their own Centurion lounges starting 2013), and co-branded programs (like Fine Hotels & Resorts was established). The fee rose gradually. The Platinum was the gold standard of premium cards until…
• 2010s – Competition Heats Up: Enter rivals like the Chase Sapphire Reserve in 2016. Sapphire Reserve’s smash success (it offered a then-$450 fee with a $300 easy travel credit, 3X points on travel/dining, Priority Pass, top-notch insurance, etc., and a giant bonus) was a wake-up call to Amex. Suddenly, a younger generation was flocking to a Chase card for premium travel. Amex responded by supercharging Platinum’s rewards:
  • In late 2016, Amex added the 5X points on flights and hotels to Platinum, leaping ahead in points earning for airfare.
  • In 2017, they added the $200 Uber credit and 5X on hotels via Amex, and bumped the fee from $450 to $550.
  • They also started making the card flashier: metal card design (to match Sapphire’s metal cool factor) and targeted more lifestyle perks like events and dining.
• Late 2010s – More Perks, More Competition: Other competitors emerged (Citi had a Prestige card with 5X dining and some unique perks, though it later closed to new applicants). Luxury card options grew. Amex Platinum stayed competitive with its lounge network (especially opening new Centurion Lounges – which became a hallmark benefit). However, by 2019, one devaluation snuck in: Amex dropped the Priority Pass restaurant benefit, which made some travelers upset (this was an area Chase and Citi still provided value). Why? Possibly cost management – those credits were getting popular (and expensive for issuers). Platinum also continued to lack broad bonus categories (no dining bonus, etc.), leaning on its niche of travel purchase rewards.
• 2021 – The Big Refresh (“Coupon Book” era begins): The travel slowdown in 2020 (pandemic) meant card issuers had to rethink value. In July 2021, Amex launched a major Platinum overhaul. The annual fee jumped from $550 to $695, and in return a slew of new credits appeared:
  • The $240 Digital Entertainment, $300 Equinox gym credit (this one is a bit niche – Equinox is a luxury gym; not all got use from it), $155 Walmart+, $200 hotel credit, and an increase of CLEAR credit to full cost.
  • They also gave a temporary Resy dining credit and other limited offers to entice users. Essentially, Amex doubled down on the strategy: load the Platinum with specific perks to justify a higher fee.
  • This is when critics coined the term “coupon book” for the Platinum – you now had a lot of coupons to use to break even. If you used them, great; if not, the card got pricier for “nothing.”
  • Notably, the core travel perks remained (lounge, airline credit, etc.) but didn’t expand to, say, include a dining or grocery points bonus (some hoped for that, but Amex left daily earning to the Gold card and others).
• 2022–2023 – Adjusting and Enhancing: Amex likely saw a surge of new Platinum cardholders in 2021-2022 due to huge welcome bonuses (often 100k+ points offers) and pent-up travel demand. They also saw lounge overcrowding become a major issue – Centurion Lounges were often full, with lines to enter. The tough decision came: effective Feb 2023, Platinum cardholders must pay for guests in Centurion lounges (unless they are big spenders). This was controversial, especially among families used to bringing spouses/kids for free. But Amex reasoned it would improve the lounge experience for cardholders themselves (fewer guests means less crowding – a policy similar to what Delta did with their Sky Club access). Around this time, Capital One’s Venture X entered the scene (late 2021) undercutting the Platinum’s fee significantly – but Amex bet that their richer perks and brand cachet would keep people onboard. They might have been right; Platinum continued to grow, reportedly, as many were willing to pay for premium travel in the revenge-travel era post-COVID.
• 2025 – On the Cusp of Change: Now we’re in 2025, and the rumor mill is buzzing that another Platinum revamp is coming in the fall. American Express itself has announced “major updates” to Platinum later this year. We don’t have details yet, but speculation includes possibly even higher fees (some worry it could cross the $695 mark into $750+ or even $995 territory in future), or a restructuring of credits to be more flexible. Amex’s president of U.S. consumer services was quoted saying they’ll take the card “to a new level” in travel, dining, lifestyle, and even how it “looks and feels” – hinting perhaps at new card materials or designs. Importantly, Chase is also refreshing the Sapphire Reserve in 2025. The premium card space is extremely dynamic right now. Each issuer is trying to outdo the other: more lounges (Chase is opening Sapphire Lounges, Capital One launching their lounges), more credits (Chase might add perks, Capital One trimmed lounge generosity to manage crowds/costs by 2026). For the Platinum to remain worth $695 or more, Amex will likely add or tweak benefits. Some card-watchers hope for more flexible credits (for instance, instead of so many specific ones, maybe a broader travel credit – but Amex historically likes the partner-specific credits because it drives customer behavior to those partners). There’s also talk of Platinum targeting younger customers (Millennial and Gen Z make up 35% of Amex’s spending now), so maybe we’ll see perks for that demographic (festival ticket perks? more dining experiences? streaming services etc.).

In essence, the Platinum Card today is a very different beast than in 1984. It went from a simple, exclusive travel charge card to a comprehensive lifestyle product. Its value used to lie in intangibles and cachet; now it’s a math game of maximizing credits and points.

Has it lost some of its old exclusivity? Perhaps – it’s certainly far more available and heavily marketed now. But it still carries prestige and continues to innovate. Understanding this evolution helps one appreciate that “worth” is not static. In the 1980s, it was worth it to a select few for status.

In 2016, it had to prove worth against a bold newcomer (CSR). In 2025, it has to prove worth to a customer base that might be tiring of juggling coupons. Will it remain on top? Time (and the next refresh) will tell.

Conclusion

So, is the Amex Platinum worth its $695 annual price tag in 2025? The answer, like the card itself, is multifaceted. If you’ve read this far, you’ve seen that the Platinum Card can deliver tremendous value — but only if it aligns with your spending habits, travel frequency, and ability to utilize perks.

The information in this article is based on current benefits and terms for the Amex Platinum Card in 2025, as documented by American Express and expert analyses. Key details on credits and perks are confirmed via American Express’s own benefit disclosures.

Competitive comparisons draw on data from trusted travel resources like The Points Guy and CNBC (e.g., upcoming Platinum and Sapphire Reserve refresh news, and relative card features).

Historical context is gleaned from Amex’s press info and industry retrospectives, noting the Platinum Card’s 1984 launch and evolution. All efforts were made to ensure accuracy and relevancy for 2025, but readers should always check the latest terms as card offerings can change. Safe travels!