Is $550 Annual Fee Worth It?

The Platinum Card® from American Express can help you travel in style with luxury benefits ranging from airport lounge access to an annual $200 airline fee credit — but it comes with a high $550 annual fee. (See rates and fees.)

Card members can recoup the cost with travel, shopping and food-related credits worth upwards of $500 annually. That said, the $550 annual fee will be added to your first statement. You’ll want to know ahead of time a) whether you can afford this expense; and b) how you’ll offset the cost with perks.

To help you decide, we break down key benefits of the Amex Platinum Card so you can add up the perks you would use and decide if the $550 annual fee is worth it for you.

• Up to $200 airline fee credit: Receive up to $200 in statement credits annually for airline incidentals, such as checked bags and in-flight refreshments. To benefit, you must first select an eligible airline, like JetBlue or Delta.
• Up to $200 per year in Uber Cash: Receive a $15 credit each month (plus a bonus of $20 in December) for Uber Eats orders and Uber rides in the U.S. You must add your card as a payment method in your Uber account.
• Up to $100 credit at Saks: Get up to $100 in statement credits annually ($50 awarded on a semi-annually basis) for purchases at Saks Fifth Avenue or Saks.com. Enrollment is required to benefit.
• Up to $100 credit at eligible hotels and resorts: Stay a minimum of two consecutive nights at a property in The Hotel Collection, to receive a $100 credit toward qualifying activities, like dining and spa costs. The qualifying activities vary by property.
• Up to $100 for Global Entry or TSA PreCheck: Receive a statement credit for the application fees associated with either Global Entry (currently $100, every 4 years) or TSA PreCheck (currently $85, every 4.5 years). Learn how to apply for Global Entry.
• Complimentary year of Uber Eats Pass ($119 value): Uber Eats Pass membership provides unlimited $0 delivery fees and 5{b530a9af8ec2f2e0d4045baab79c5cfb9bfdc23e498df4d376766a0b44d3f146} off orders over $15 at eligible restaurants (taxes and service fees may apply and do not count toward order minimum). You can also benefit from no delivery fees on grocery deliveries over $30 in select markets. After the complimentary year, you’ll be auto-billed at the then-current monthly rate (currently $9.99 per month). Enrollment is required by 12/31/21. Learn more about the Uber Eats Pass benefit.
• Amex Offers (value varies): These shopping offers provide you with the opportunity to earn a statement credit or points on eligible spending at a variety of retailers, like restaurants, hotels and department stores. Offers must be activated before you shop. The value varies by card member, though combined Amex card members have saved over $931 million since January 2010.

The simplest way to offset the annual fee is through the statement credit offers. Add up the $200 airline fee credit, $200 Uber Cash and $100 Saks credit, and you’re just $50 shy of making up the $550 annual fee. Currently, these three credits are available on an annual basis, so you can count on using them every year.

Tack on some of the other credits, like The Hotel Collection’s $100 credit (which can be used multiple times) and you can more than recoup the card’s annual fee.

And if you plan on earning the crazy-good 75,000-point welcome bonus, you can offset the annual fee for one year. Spend $5,000 on purchases within your first six months of card membership to earn the welcome bonus.