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In 2026 the fee for an American Express Platinum card is increasing to $895 a year. That sounds expensive even though AMEX added some extra benefits. I hadn’t utilized all the benefits before but I am pretty sure I am close to maximizing them now. The primary reason I signed up for the card was the ability to access airport lounges due to my desire to “see-the world”. I have owned the card for a few years and it has taken me a while to grasp all the other benefits offered by the card.
First having a Schwab account reduces the fee by $100-$200 depending on asset balance. Second I can use the card to get reimbursed $25/month for streaming services which is another $300 offset. Similarly I can get $15/month for Uber OR Uber Eats and an additional $20 in December for another $200 offset. I also use it to pay for better seats on American Airlines which gets me another $200 reimbursed. Those 4 actions actually offset the $895 out of pocket expense.
Since I am traveling I can use $300 twice a year to stay at specific premium hotels (AND get 2 free breakfasts per day) which adds another $600 . AMEX added a $100/ quarter restaurant offset at select restaurants totaling another $400. Therefore the hotel and restaurant offsets brings me from break-even to a $900 benefit before adding my lounge access! (There are other offsets for Clear, TSA , LuLulemon etc to further increase the benefit. )
Of course the primary reason I wanted the card was to access lounges worldwide. Unfortunately the AMEX Centurion Club access is limited to the cardholder BUT “sister club”-Priority Pass lounges allow me to bring an additional 2 guests free. In the last 2 months alone this year my wife and I accessed airport lounges at DFW, Seoul, Bangkok, Chiang Mai, Hong Kong, Manila and Seoul a second time. Access to these 7 lounges for two people including food and drinks was complimentary.
The initial hassle of understanding the AMEX offset system is worth it to me as I can defray the$895, pocket over $1000 complimentary benefits and get access for 2 additional people at lounges worldwide. I just have to make sure I don’t leave home without it.
I had an amazing experience in the Air France lounge at JFK. With my Priority Pass, I had to pay $35, show my boarding pass for my Royal Air Maroc flight and my Priority Pass, plus wait about 30 minutes for other lounge visitors to leave for their flights. It was all well worth it. The $35 “purchased” much, much more than the less-desirable items available outside the lounge. I spent about an hour enjoying the hot buffet and open bar, then passed on the mediocre dinner served on board my flight. Advance research is warranted: the Priority Pass lounges only accept travelers on certain airlines. For example, since RAM doesn’t have its own lounge at JFK, I could choose either the Air France or the Turkish Airlines lounges. I love Turkish food, but their lounge doesn’t serve alcohol, so I went with AF. Also, some lounges require an advance reservation. Neither of these did. I wasn’t allowed to enter more than three hours before my departure. The time researching and planning was worth it, and now I know. Wasn’t able to avail myself on my return due to a too-short layover in Casablanca and no lounges that I could find at the Marrakech airport (a very boring wait at the gate with pitiful vending machines. Glad I had brought my own snacks so only needed to buy a beverage 🙁).
I agree that lounge access is highly desirable, especially if you’ve spent the day sightseeing after checking out of your accommodation and want to shower. But it also comes with business class tickets, and I have done all my long haul flights in business using American frequent flyer miles from a Citibank MasterCard, usually with no fee.
Clearly, the math works for you, but I don’t use Uber or stay in fancy hotels or pay $300/year for streaming services. I don’t have a Schwab account either, although I have been thinking of moving my travel account there from Capital One.
I understand the perk of $300 fancy hotels might seem unusable but I was able to use the credit for 2 nights in Macao at the Four Season and pay $156 total. And the extra benefit provided is 2 breakfasts per day per room which was spectacular.
If you want lounge access then the card you should open is the Capital One Venture X card, it has a $395 annual fee, that is offset by a $300 travel credit every year plus 10k miles which is equal to another $100 towards travel, making it a fee free card.
So, if you are not traveling biz class you will get lounge access through Priority Pass and to Capital One lounges.
Plus, reimbursement for Global Entry or TSA Precheck,trip cancellation and trip delay insurance, plus other benefits. This way you you don’t have to worry about all the hoops that Amex makes you go through with the ways they have “couponized” their cards.
I have that card and Priority Pass – just gave up my Delta AMEX this year, but this post had me ask ChatGPT if it would be worthwhile for a trip to Portugal and Spain next year:
Given how you travel:
Centurion Lounges shine when:
That is not how you travel.
Joe they are pretty comparable. I just checked and in February 2026 will have to pay $35 per guest to use Priority Pass lounges with Capital One Venture X whereas AMEX still lets me bring 2 guests.
True, but the primary still gets in free so for a solo traveler or a couple who each have the card, it remains almost a free way of getting access especially if you don’t fly biz class, or most of your travel is domestically done without flying upfront.
You did a great job explaining the benefits and how they work for you, this is more just for someone who doesn’t travel the way you do. I’ve had the regular Amex Platinum for 12 years and while I also max out the benefits, it gets harder every year to make sure you use them each quarter– unfortunately all the premium cards are now following Amex’s lead.
The other thing I find useful is the Amex offers with each card, both my wife’s and my card had a $200 dollar off any Conrad hotel if you spend 1K, which we took advantage of, usually has some cruise offers with the same criteria and a lot of retail stores on it too.
I have the Morgan Stanley Amex Plat which come with free additional card. MS rebate my membership fee for my last 4 years.
You should google MS Amex Plat card if you wanted one.
Some of the credit are useless. So make sure it is worth the 895 you paid. Or watch youtube about the card. Or this link from flytalk
https://www.flyertalk.com/forum/american-express-membership-rewards/2064833-morgan-stanley-american-express-platinum-card-2.html
I love my Amex Plat and like it even better with the new benefits, despite the increased fee.
But tell me about this Schwab benefit. I have my rollover IRA there.
And with Schwab I can access ATM’s for foreign currency with great exchange rates and get the ATM fee reimbursed.
You’ll receive a $100 card statement credit each year if your holdings with Schwab are at least $250,000. If your Schwab accounts total $1 million or more, you’ll earn an annual $200 statement credit. If your holdings at Schwab total $10 million, you’re eligible for a $1,000 credit. These credits can help significantly defray or even completely offset the cost of the card’s annual fee.
Wow, I’ll have to look into that, thanks!
That’s an incredible benefit to having the AMEX Platinum card. Did you get your card directly from AMEX, or through a bank or brokerage, or some other source? When using it at airport lounges, do just flash the card as you enter the lounge?
I believe my card was acquired through Schwab which links to AMEX. At the Centurion lounges they need your :AMEX card, boarding pass and I.D. At Priority Pass lounges they need your Priority Pass card and your boarding passes.
Thanks for explaining how that works with the lounges.
One additional benefit you didn’t mention that is provided by your card (and that I consider useful) is the trip cancellation insurance. That’s actually kind of pricey if purchased separately, and included (up to a limit) for tickets purchased with the card (if the cancellation is for an approved reason). I have a different card that also provided it and it saved me a tidy sum when I unexpectedly had to cancel due to an approved medical reason.
I think with any membership fee, you just have to do the math. I know many who won’t buy a Costco or Amazon Prime membership. For us, however, those membership fees easily pay for themselves.
Your travels sound amazing!
Macao is a beautiful city funded by Chinese gamblers. Makes Las Vegas look like a dump.
James, thank you for your post.
It’s analysis like this that is one of thr big reasons I visit HD everyday.