For many Americans, the American Express Platinum Card has become synonymous with luxury, rewards, and a certain cachet in the world of premium credit cards. But with an annual fee that now stands at a staggering $895 as of October 6, 2025, the card’s value proposition is a hot topic for both seasoned travelers and everyday consumers alike. Is it worth the hefty price tag? The answer, as it turns out, depends a lot on how you use it—and how well you know the card’s many perks.
According to Money Digest, the Amex Platinum is best known for its travel and lifestyle rewards. Cardholders enjoy access to a global network of airport lounges, annual dining credits, and the American Express Membership Rewards program, which allows points to be redeemed for flights and hotels. There’s also Uber cash, a TSA PreCheck credit, streaming rebates, and complimentary hotel status upgrades. The card’s biggest rewards come from flight and hotel purchases, making it a favorite among frequent travelers who can easily offset the annual fee with these perks.
But for those who don’t travel as much, the calculus changes. While the card offers a variety of shopping credits and lifestyle benefits, casual users may find it tough to justify the nearly $900 annual cost. As Money Digest puts it, “Whether the American Express Platinum Card’s benefits outweigh its high costs really comes down to how you use the card.”
One of the most talked-about (and sometimes misunderstood) perks is the Saks Fifth Avenue statement credit. As detailed by Eye of the Flyer, Amex Platinum members can earn up to $100 in annual statement credits for eligible purchases at Saks Fifth Avenue. The benefit is split into two: $50 from January through June and another $50 from July through December. But there’s a catch—enrollment is required, and the credits don’t roll over. If you don’t use each $50 credit within its half-year window, you lose it for good.
Making the most of the Saks benefit requires a bit of planning. Eligible purchases must be made at Saks Fifth Avenue stores or on SaksFifthAvenue.com, but exclusions abound: gift cards, purchases at Saks OFF 5TH, restaurant purchases within the store, online bill pay for Saks Credit, and online purchases shipped outside the U.S. are all ineligible. Only consumer and personal Amex Platinum cards (and their co-branded counterparts) qualify—business and Delta co-branded Platinum cards are left out in the cold.
Despite some grumbling from cardholders who lament that “Saks is expensive!” or “There’s nothing for me at Saks!”, savvy users have found creative ways to maximize the benefit. As Eye of the Flyer suggests, you can use the credit toward essentials like socks, underwear, or even cologne. Others use it to treat a loved one or donate clothes to charity. And for those who like to stack rewards, eligible Saks purchases can also earn cashback through shopping portals like Rakuten or Top Cashback. Occasionally, Amex offers bonus points or additional statement credits for Saks purchases, sweetening the deal even further.
But the Saks credit is just one piece of a much larger puzzle. As Upgraded Points senior features editor Stella Shon recounts, the Amex Platinum has helped her turn special moments into unforgettable experiences. For a recent birthday weekend in Park City, Utah, she leveraged the card’s hotel and travel perks to minimize out-of-pocket costs. The Platinum Card’s Fine Hotels + Resorts program, for example, now offers a prepaid hotel credit worth up to $600 per year—split into two $300 credits, one for each half of the year. This is a major upgrade from the previous $200 annual credit that was in place until September 17, 2025.
Shon’s experience at the Grand Hyatt Deer Valley is a case in point. By booking through Fine Hotels + Resorts, she enjoyed perks like a room upgrade, a $100 property credit, complimentary breakfast, and late checkout. “We essentially stretched our stay by an extra 8 hours—an underrated but huge win,” she writes. After applying the available credit, her out-of-pocket cost for a luxury hotel stay was just $36. Even after incidental charges like a pet fee and valet parking, the total came to $136—a fraction of what a similar experience would cost without the card’s benefits.
Travelers aren’t the only ones who can benefit. The Platinum Card’s statement credits now span a wide array of lifestyle categories, including up to $400 in Resy credits at U.S. Resy restaurants, $300 in lululemon credits, $120 in Uber One credits, $200 in Oura Ring credits, $600 in hotel credits, $300 in digital entertainment credits, a $155 Walmart+ credit, and the aforementioned $100 Saks Fifth Avenue credit. Many of these benefits require enrollment, and some are split into quarterly or semi-annual credits, so keeping track is key.
The card’s rewards structure is also a major draw. Cardholders can earn as high as 175,000 Membership Rewards Points after spending $8,000 on eligible purchases within the first six months of membership. Flights purchased directly with airlines or via AmexTravel.com earn five times the points per dollar (up to $500,000 per year), as do prepaid hotel bookings. For frequent travelers, these points can quickly add up to significant savings—or even free luxury trips.
Airport lounge access remains a signature perk. With more than 1,550 lounges worldwide—including Centurion Lounges, Priority Pass (enrollment required), and Plaza Premium Lounges—the Platinum Card arguably offers the best lounge access of any credit card on the market. Complimentary hotel elite status, a $200 airline fee credit for incidental charges, and a $209 CLEAR® Plus credit further round out the travel-focused benefits.
Of course, all these perks come at a price. As Upgraded Points notes, “The Amex Platinum card is a premium card with a premium price tag.” For those who maximize the benefits—especially travelers who value luxury, convenience, and flexibility—the annual fee can easily pay for itself. But for others, especially those who don’t travel often or don’t use the credits, the cost may outweigh the rewards. There are other premium credit cards out there, many with lower fees, that might better match certain spending habits.
Ultimately, the American Express Platinum Card isn’t for everyone. But for those who take the time to understand—and use—its many perks, it can unlock a world of value, savings, and memorable experiences. As the landscape of credit card rewards continues to evolve, one thing’s for sure: the Platinum Card remains a heavyweight contender in the world of premium plastic.
