10 things to do when you get the Amex Platinum

HOSTED BY: 1 AIR TRAVEL

Editor’s note: This is a recurring post, regularly updated with new information. 

The Platinum Card® from American Express is one of the best premium rewards cards on the market thanks to its extensive benefits, from lounge access to monthly statement credits. These perks come at a cost, though — the card’s annual fee is $695 (see rates and fees), making it among the most expensive of all consumer cards to carry.

If that has you second-guessing whether to get the Amex Platinum Card, remember that the potential value of its many benefits can far outweigh that fee if you take full advantage of them.

If you open the Amex Platinum Card or already carry it, here are the 10 best ways to take advantage of all of its perks.

Official application link: The Platinum Card from American Express with 80,000 points after you spend $6,000 on purchases in the first six months of card membership.

Use the $200 hotel credit

One of the principal benefits of the Amex Platinum is the up-to-$200 annual statement credit on prepaid Fine Hotels + Resorts or The Hotel Collection bookings (the latter has a minimum two-night stay, enrollment is required). The FHR program gets you the following perks:

The Hotel Collection’s perks include a room upgrade at check-in when available, up to a $100 hotel credit for qualifying dining, spa and resort activities, and the ability to use Pay with Points on prepaid bookings.

Register for your annual airline fee credit

You’ll get an annual up-to-$200 airline fee statement credit for the airline of your choice. Select your desired airline on the Amex website before making a purchase, and you’ll get to use the credit for fees such as lounge passes, seat assignments, onboard snacks and checked bags. Note that the airline credit won’t apply for new reservations or taxes and fees on award bookings. Enrollment is required.

Since you only get to pick one airline annually, we recommend choosing one with which you don’t already hold elite status. An airline you often fly — but not enough to have elite status — will be a strong contender.

One of the greatest travel perks of the Amex Platinum is its unparalleled lounge access — the best on any premium card available. Here are the lounges that participate in the Amex Global Lounge Collection (enrollment is required):

Amex Platinum cardholders get up to $15 in Uber Cash each month, plus an additional up to $20 in December. While Uber Cash doesn’t roll over month to month, that adds up to $200 in Uber Cash each calendar year (for U.S. services). Enrollment is required

To get your Uber Cash, you need to link your card(s) to your Uber account. To do this, head to your wallet on the Uber app and add your card as a payment method.

When you enroll in these trusted traveler programs with your Amex Platinum Card, you’ll get a statement credit for up to $100 to your account to cover the application cost (and again upon renewal) once every four years. Global Entry also gives you automatic access to TSA PreCheck, making it much easier to go through airport security checkpoints.

Sign up for Clear

The Amex Platinum also offers a statement credit for a Clear membership, normally costing $189 annually.

Clear has a separate line to handle travelers’ identity verification and security screening via a fingerprint or iris scan. Once approved, you’re escorted by a Clear employee to the head of the TSA PreCheck line (or regular security line if you don’t have PreCheck) to an agent for final approval. As TSA checkpoint lines continue to lengthen, having both Clear and TSA PreCheck can save you a lot of time at the airport.

Request hotel gold status

Having the Platinum Card means you are eligible for Gold status with both the Hilton Honors and Marriott Bonvoy loyalty programs, which give you perks such as bonus points and potential room upgrades. You can enroll for these on the Amex website.

Sign up for car rental elite status

Elite status can sometimes be the difference between being able to reserve a vehicle or not, depending on where you’re trying to rent. In addition to hotel elite status, carrying the Amex Platinum means you are also eligible for status with the following car rental programs (enrollment is required):

You can enroll for each program on the Amex website.

Sign up for a Walmart+ membership

The Amex Platinum also offers an annual up-to-$155 Walmart+ statement credit, which covers the entire cost of a Walmart+ membership ($12.95 plus applicable sales tax) each month. Plus Ups are excluded. Just charge the membership fee to your card and you’ll receive a statement credit each month.

If you live near a Walmart store, this membership will get you free delivery from that store as quickly as the same day on orders of $35 or more, plus steep discounts on prescriptions. You can also save 5 cents per gallon at Walmart and Murphy gas stations and access member pricing at Sam’s Club fuel centers — a great perk with fuel costs steadily rising. Even if you’re not a frequent in-store Walmart shopper, you’ll enjoy free next-day and two-day shipping on eligible items from Walmart.com with no minimum purchase required.

Consider these other small-but-mighty benefits

While we’ve outlined nine of our favorite benefits from the Amex Platinum, there are plenty of other enticing perks worth looking into:

Scoop up your digital entertainment credits

The Amex Platinum offers an up-to-$240 digital entertainment statement credit, broken down to up to $20 in monthly statement credits when you pay for participating subscription services. They include Audible, The New York Times, SiriusXM, Peacock, Disney+, Hulu, ESPN+ and the Disney Bundle. Enrollment is required.

Treat yourself with an annual up-to $100 statement credit for Saks Fifth Avenue

This Saks Fifth Avenue benefit is broken down to $50 in statement credits from January through June and up to $50 from July through December. Enrollment is required.

Fitness lovers, grab this annual $300 statement credit for Equinox

This Equinox credit applies to monthly Equinox All Access, Destination and E by Equinox membership fees as well as for the Equinox+ fitness app. Enrollment is required.

Want an at-home fitness bike? Get a $300 SoulCycle statement credit

If you’re in the market for an at-home bike, you can get up to a $300 statement credit when you purchase a SoulCycle bike. While it’s unlikely that you would ever buy more than one bike, this statement credit is applicable to up to 15 bikes per year. You must have an Equinox+ membership to purchase a SoulCycle bike. Enrollment is required.

You can add up to three authorized users to your Platinum Card for a total of $175 per year (see rates and fees), which can really help you maximize the value you’re already getting from being a cardholder. Authorized users are eligible for many of the same benefits as the main accountholder, including lounge access, Global Entry/TSA PreCheck reimbursement, hotel elite status and Fine Hotels + Resorts benefits. However, authorized users don’t get their own Uber credit or separate airline incidental credits.

Not just Amazon: Get free two-day shipping at thousands of stores with ShopRunner

You’ll get free two-day shipping and free return shipping when you pay for eligible items with your Amex Platinum at participating online stores through the ShopRunner program.  You can enroll for the service here.

Bottom line

Sure, there’s a colossal $695 annual fee on the Amex Platinum. But after you take a deep dive into all of the card’s benefits, the annual fee isn’t so intimidating. If you can maximize every statement credit on the Amex Platinum, you’re looking at a value of easily more than $1,400 annually. Even if you can’t use every credit on the card — and nobody expects you to — accessing the Amex Global Lounge Collection alone is key for frequent travelers.

Official application link: The Platinum Card from American Express with 80,000 points after you spend $6,000 on purchases in the first six months of card membership.

Check the CardMatch tool to see if you’re targeted for a 125,000- or 150,000-point Platinum Card offer. These offers are subject to change at any time.

Additional reporting by Ryan Wilcox and Stella Shon.

For rates and fees of the Amex Platinum Card, click here