Amex Platinum Review 2026: Is the $695 Fee Still Worth Carrying?
The Amex Platinum Card (now $895/year after the 2024 price increase) remains the most feature-rich premium travel card on the market. But with each fee increase, the question becomes sharper: does the value still justify the cost?
Quick verdict: For frequent travelers who can use the credits organically, the Amex Platinum still delivers exceptional value — $2,000+ in credits against an $895 fee. But the card requires active management to break even. If you're not willing to track quarterly credits, the Capital One Venture X ($395) or Chase Sapphire Reserve ($550) may be better fits.
Annual Fee vs. Credits
| Credit | Value | Ease of Use |
|---|---|---|
| Uber Cash | $200/year | Automatic |
| Resy Dining | $400/year | Manual (quarterly) |
| Lululemon | $300/year | Manual (quarterly) |
| Digital Entertainment | $300/year | Automatic |
| Equinox | $300/year | Requires membership |
| Hotel Credit | $400/year | Semi-automatic |
| Airline Fee Credit | $200/year | Manual |
| CLEAR+ | $219/year | Automatic |
| Total Credits | ~$2,319/year |
Earning Rates
| Category | Rate | Notes |
|---|---|---|
| Flights (direct or Amex Travel) | 5X | Best in class |
| Prepaid hotels (Amex Travel) | 5X | Includes FHR/THC |
| Everything else | 1X | Weak for daily spend |
Lounge Access
The Platinum's lounge access is best-in-class:
- Centurion Lounges (23 locations)
- Priority Pass Select (1,500+ lounges)
- Delta Sky Club (10 visits/year)
- Escape/Plaza Premium lounges
Pros and Cons
Pros:
- Best lounge access of any card
- Exceptional hotel benefits (FHR, THC)
- Strong welcome bonus
- Uber, dining, entertainment credits offset fee
- Extensive transfer partner network
Cons:
- $895 annual fee is steep
- 1X on everyday spending
- Credits require active tracking
- No longer includes Walmart+ (2025 change)
- Limited dining and gas earning
Who Should Get It?
- Frequent flyers who value lounge access
- Luxury hotel guests who use FHR/THC
- High spenders who can maximize credits
- Transfer partner users optimizing for premium cabin redemptions
Skip it if: You prefer cash back, want high earning on everyday spend, or don't travel frequently enough to use the credits.
Frequently Asked Questions
Is the Amex Platinum worth the $895 fee?
Yes, if you can use $800+ in annual credits. The Uber, digital entertainment, and airline fee credits alone can offset most of the fee.
How does the Amex Platinum compare to Chase Sapphire Reserve?
The Platinum wins on lounge access and hotel benefits. The Reserve wins on travel credits (easier to use) and everyday earning.
Can you get the annual fee waived?
American Express does not waive the Platinum annual fee, but retention offers may offset part of the cost.
What is the best Amex Platinum benefit?
The Centurion Lounge access is the single most valuable benefit, followed by Fine Hotels & Resorts.