Here's how much value you can get from the Amex Platinum card in your 1st year

16.08.2024 - 19:10 / thepointsguy.com

One of my first major decisions after beginning my points and miles education was to finally get my first premium travel card, The Platinum Card® from American Express. I documented my journey through a series of stories last year on my favorite benefits, my love of airport lounges and booking my first big points redemption on a business-class flight to Europe.

Now that I've gleaned a year's worth of data (and travel memories) to look back on, it's time to determine if the Amex Platinum's benefits outweigh the high $695 annual fee (see rates and fees), earning it a permanent spot in my wallet.

In my opinion, the value of a credit card can't be determined solely using math. Certain things, like alleviating stress at the airport or the comfort of a lie-flat seat on a transatlantic flight, cannot be measured in numbers alone.

For the sake of this exercise, however, I will focus mostly on the monetary value of the Amex Platinum card.

I added up the money I saved on things like grocery delivery through Amex's partnership with Walmart+, programs like Clear Plus and Global Entry that expedite airport security wait times, and the extra hotel perks I enjoyed by booking trips through Amex's The Hotel Collection and Fine Hotels + Resorts (minimum two night stay).

Taking it a step further, I included savings on complimentary food and drinks at airport lounges that I would have otherwise spent money on and the monetary value of the card's generous welcome offer.

However, I didn't include things like the up to $200 in airline fee statement credits because I used mine for upgraded Southwest boarding, which I wouldn't have spent my own money on.

This demonstrates that this card's value – or any card's, really – will vary from person to person. A long list of perks is meaningless if you can't use them. My advice is: Before applying for a card, read through the benefits to make sure you will actually take full advantage of the card.

Enrollment required for some benefits.

The Amex Platinum consistently has one of the most valuable welcome offers out there. Currently, you can earn 80,000 Membership Rewards points after spending $8,000 during your first six months of card membership.

You could also be targeted for a higher bonus through the CardMatch tool (although offers through CardMatch are not guaranteed and are subject to change at any time).

According to TPG's August 2024 valuations, American Express Membership Rewards points are currently worth 2 cents each. That makes this welcome offer worth $1,600, which can be used toward flights and hotels booked through the American Express Travel portal.

The welcome bonus alone outweighs the card's annual fee (see rates and fees), but you obviously have to spend $8,000 to