Why I'm (mostly) excited about the Amex Platinum changes

Before the refresh of American Express Platinum Card®, everyone (myself included) wondered whether the benefits would provide enough value to justify paying the card's annual fee.

We knew the annual fee was going up. With premium travel credit cards, that seems to be standard operating procedure every few years. Would I have ever guessed I'd be paying $895 a year for a credit card when I got into this hobby-turned-profession over a decade ago? Definitely not.

But here I am, doing just that. Why? Because in my opinion, the new Amex Platinum Card changes have made it easier than ever to get more than enough value to offset the cost.

That massive annual fee

There's no two ways about it: $895 is a huge fee. In fact, it's the highest-ever annual fee we've seen on a publicly available travel credit card. For many people, that's all you need to know about the Amex Platinum to know it's not the right card for you.

And rightfully so; this card isn't meant for everyone.

However, it does make sense for a lot of people, even with the high price tag. I was less than enthused to see the fee go up again, but I was happy to see that some of the new benefits are quite good.

Related: If membership costs aren't your thing, check out no-annual-fee credit cards

How I plan to get value from the card

The Amex Platinum has quite a few perks and benefits that many people, not just ultra-premium travelers, can use. Why is that? I'm not sure, but it seems like American Express has done some soul-searching over the years and found that not every person can take advantage of various premium travel perks because not everyone travels 365 days a year.

The solution? Amex added easily accessible lifestyle perks along with its many travel-related benefits. So, we now have this hybrid premium travel and lifestyle card that just kind of … works.

At least, it works for me. Let's break down a few of the benefits that help me easily recoup the cost I'm paying each year.

Up to $300 digital entertainment credit

The benefit: You can get up to $300 annual digital entertainment credit (up to $25 back per month) on eligible streaming services purchases, including Disney+, a Disney+ bundle, ESPN+, Hulu, the New York Times, Paramount+, Peacock, the Wall Street Journal, YouTube Premium, and YouTube TV. Enrollment is required.

Getting up to $25 per month in statement credits for streaming services I already pay for makes this benefit a home run. That's an easy $300 back per year on something I would pay for anyway. It's especially useful to be able to pay for a Disney+ bundle and still receive the credit.

Up to $400 Resy credit

The benefit: You can get up to $400 in annual Resy credit (up to $100 per quarter) on eligible Resy purchases. Enrollment is required.

I don't live near a major U.S. city like New York or Los Angeles, but there are still more than enough Resy restaurants in my area, and I can easily use this credit each quarter. This won't be the case for everyone, but it makes sense for me.

Read more: Best credit cards for restaurants

Up to $600 hotel credit

The benefit: You can get up to $600 back in statement credits each year (up to $300 back semi-annually) on prepaid Fine Hotels + Resorts or The Hotel Collection bookings made through Amex Travel. The Hotel Collection bookings require a two-night minimum stay.

Personally, I don't find this benefit quite as easy to use as others, mainly because the hotel options don't always align with my travel plans, but even if I only use it once a year, that's another $300 of value. If I use it twice a year, that's $600 of value added on top of the $300 digital entertainment credit and the $400 Resy credit.

So, either $1,000 or $1,300 of value from only three benefits, which more than offsets the $895 annual fee.

Read more: Best hotel credit cards

Other worthwhile benefits

I don't plan on stopping the value train on the Amex Platinum by only using three of its benefits. I do plan on using or continuing to use these benefits:

• Receive access to Amex Global Lounge Collection (Priority Pass Select, Delta Sky Club, Centurion Lounges, and more)

• Get up to $200 annual airline fee statement credit

• Get up to $219 annual CLEAR+ statement credit

• Get up to $155 annual Walmart+ statement credit ($12.95 plus applicable taxes per month)

• Get up to $200 annual Uber Cash ($15 in Uber Cash per month for Uber rides or Uber Eats orders, plus a $20 bonus in December)

• Get up to $120 Uber One membership credit each calendar year for an auto-renewing Uber One membership in the U.S.

• Note: Select benefits require enrollment

The airport lounge access benefit isn't great for me because I don't spend enough money for complimentary guest access to get my family in, but it still comes in handy now and then. I use all the other benefits on this list.

Other so-so benefits

• Receive Marriott Bonvoy Gold Elite status

• Receive Hilton Honors Gold elite status

• Get up to $300 annual lululemon credit (up to $75 per quarter)

• Get up to $200 annual Oura credit on Oura Ring purchases

• Receive Leaders Club Sterling Status from The Leading Hotels of the World

• Note: Select benefits require enrollment

I already have Hilton Honors Diamond elite status, and I don't tend to stay at many Marriott hotels, so having elite status there doesn't matter much to me.

The new lululemon credit isn't great for me because it's not a store I've ever shopped at, so I would be going out of my way to use it. The Oura credit seems pointless because it only works on Oura Ring purchases, not subscriptions. Also, I doubt I will get any benefit from having Leaders Club Sterling elite status.

Still a sad rewards rate

Apart from using your credits or booking flights directly with airlines, there's little to no other reason to use the Amex Platinum card on purchases. Its rewards rate falls extremely flat compared to other rewards credit cards, including many popular travel credit cards.

You would think Amex would enhance the rewards rate somewhat with this recent refresh, but sadly, that's not the case.

Still, I can see myself potentially earning over $2,000 in value from the Amex Platinum each year through the card's many benefits.

Read more: American Express Platinum Card review: An elite travel card with first-class benefits

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