How to get $1,000+ yearly value from the American Express Platinum card

Everyone's purchase behaviors and lifestyles are different, but here's how I get the Amex Platinum to work for me. 

With an eye-watering $695 annual fee, the American Express Platinum card is definitely one you have to make an effort to break even on. However, with a bit of planning, you can come out on top. I re-evaluate my card strategy every year, to ensure I'm not needlessly paying for annual fees. This card has been in my wallet for 3 years now. By maximizing the American Express Platinum card's perks, I get around $1,000+ worth of value out of the $695/year card. 

Different Amex Platinum card designs. I have the flowery one. (Image from American Express site)

Sign-up bonus

At the time of writing, the sign up bonus for the American Express Platinum card is 80,000 Membership Rewards® Points after $8,000 spend in the first 6-months of card opening. The Points Guy values this SUB at $1,600 in value when redeemed. 

Amex will typically pulse the bonus points offer throughout the year. I recommend waiting until it's higher, or checking the Card Match tool to see if you have a targeted, higher bonus offer. You will need good to excellent credit to be approved for this card. 

Who doesn't love a good Sky Club? Pictured is SLC's.

Amex Platinum card benefits

There are pages and pages of benefits associated with this card; as you'd expect for a product with a $695 annual fee. Here are some of the American Express Platinum card perks that I utilize the most: 

• $200 yearly statement credit for airline incidentals (must choose 1 airline at the beginning of the year)
• $200 yearly hotel credit on pre-paid stays booked through American Express's Fine Hotels and Resorts collection (or their Hotel Collection)
• $200 yearly Uber credit broken out into $15 a month, with the exception of December which gets $20
• $189 CLEAR statement credit (which is enough to cover a yearly membership)
• $100 Global Entry credit every 4 years (or $75 TSA Pre-Check membership)
• $155 in Walmart+ credits, to cover the $13 monthly membership
• $100 Saks 5th Avenue yearly credit, broken up into 2 $50 credits
• Included Gold status with both Hilton and Marriott
• Airport lounge access, which includes: 
• American Express Centurion lounges
• Priority Pass lounges (big help for when I don't make a standby flight and am waiting for the next option)
• Delta Sky Club (when traveling confirmed on Delta)
• +more, but the above are what I use most frequently 

The above list isn't comprehensive of what the Amex Platinum provides, but it's what I use regularly. All of the other benefits are just added value at this point that I don't bother to quantify. 

Doing quick math, I'm getting at least $1,069 worth of yearly cash value from a $695/year card. That's not adding value from the multiple lounge visits I make, nor the benefits I receive as a Gold member at Hilton and Marriott properties. 

I redeem my points for ANA Business Class (B777)

Membership Rewards points utility

We haven't even touched on the points earn from this card, and it's already paid for itself. In addition to the Platinum card's sign up bonus, it has the following earn rates per dollar spent: 

• 5x on flights booked directly through the airline or American Express Travel
• 5x on hotel stays booked through AmexTravel.com 
• 1X on all other purchases

These earn rates are even applied to the airline taxes and fees I pay when flying standby on other carriers. Membership Rewards points can be used for travel or hotel stays on Amex's travel portal, or they can be transferred to airline and hotel partners. I get the most value per point by transferring. 

Some of my best points redemptions were found by transferring to Virgin Atlantic and Air Canada's loyalty programs to redeem on partners: 

• Business class on ANA (booked through Virgin Atlantic) 
• Business class on TAP Portugal (booked through Air Canada)
• Business class on Iberia (booked through Air Canada)

I love redeeming to fly on ANA since Virgin Atlantic and Amex sometimes offer points bonuses for transferring, allowing me to fly to Japan in business class for 35k points each way - a tremendous deal. 

Iberia Business Class (A350)

Closing

The American Express Platinum not only gives me options to fly comfortably, but it makes the journey to get there all that more comfortable. With CLEAR and Global Entry/TSA Pre-Check, I can spend more time at home or get more sleep before heading to the airport. Even if I'm not flying up front, I can still access a lounge to get a bite to eat and relax before my flight. Since I travel often for work, these are benefits I use at least once a month. 

Day-to-day, I can get my groceries delivered from Walmart, freeing up at least an hour a week (and saving myself from an activity I don't really enjoy). I typically use the Saks 5th Ave credit for gifts to share a bit of luxury. 

It may take some planning and adjustments at the beginning, but the American Express Platinum card easily fits into my life. By spending on things I'm already buying, the card lets me + my husband experience stylish reward travel when we otherwise wouldn't splurge. As a majority standby traveler, it's great to have these options to get to where we need to go for big family events.

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