My Amex Platinum Year 1 Review: $695 Fee, $2,500+ Back – But Am I Keeping It?
Hey friends, what's up? Phillip here with Points with Phillip.
Today, we're diving deep into my first year with the American Express Platinum card. I paid $695 for the personal card and an additional $195 for an authorized user, totaling $890. And in return? I received a staggering $2,476.72 in actual, usable value. Not theoretical points blog valuations, but real money saved through credits and benefits I genuinely utilized.
The headline is simple: I earned thousands of dollars just by holding this card. While some credits proved more valuable than others, they all added up to significant savings. But here’s the kicker: even with this incredible value, my decision for Year 2 might surprise you.
Let's break down exactly how I maximized the American Express Platinum card and why, despite the math, I might be letting it go for now.
The Platinum Card: A Quick Overview of Its Evolving Cost
For those who know the American Express Platinum, its annual fee recently increased from $695 to $895. This change is coming in February, and it forces a re-evaluation for many cardholders, including me. While my first year's math worked overwhelmingly in my favor, the new fee structure and current life circumstances are making me reconsider.
So, what exactly did I get for my investment?
Lounge Access: A Priceless Perk (Not Included in My $2,500 Tally!)
One of the biggest draws of the Platinum card is its comprehensive lounge access. My wife and I visited Centurion Lounges three times together this past year, and I made an additional two solo visits. Was I routing flights through Atlanta with longer layovers specifically for lounge time? Absolutely! But the value of a comfortable space, shower suites, a free bar (hello, whiskey bar!), and quality food is undeniable. This benefit alone, though not directly monetary, significantly enhanced our travel experience.
It's also worth noting that I utilized my Delta Sky Club access heavily, having only three day passes left before my allowance refreshes in late January/early February.
The Sign-Up Bonus: An Untouched Goldmine of Value
My $2,476.72 calculation doesn't even include the sign-up bonus I received. After being in "pop-up jail" for a direct Platinum application, I secured an American Express Gold card. A year later, Amex offered me an upgrade to Platinum with a fantastic bonus: 125,000 points after meeting the spending requirement. Valuing these points at a conservative 1 cent each (though I typically redeem them for much higher value), that's an additional $1,200 in value. Add that to the $2,500, and we're looking at close to $3,700!
Breaking Down the Credits: Where the Real Savings Happened
Here’s a detailed look at the credits I leveraged:
Airline Fee Credit ($400): This $200 annual credit (for incidental fees with a chosen airline) was a powerhouse.
2025: I maxed it out on Delta for Sky Club guest access and point redemption fees.
2026: I used it for United Travel Bank ($100 increments) towards a first-class cash flight for my wife and me to Washington Dulles. This allowed us to earn United miles for future travel.
Total: $400 in actual savings (since I held the card across two calendar years).
Digital Entertainment Credit ($300): This credit, recently revamped to $25/month, was easily maxed out. My wife and I already paid for subscriptions to Wall Street Journal, Barron's, Washington Post, Disney+ (including Hulu), and Peacock. By simply putting Disney+ on my Platinum card, I effectively got refunded for services we were already using.
Saks Fifth Avenue Credit ($150): The $50 semi-annual Saks credit was used three times (for the second half of 2025 and first half of 2026). While I scored some socks, a Ralph Lauren polo shirt, and an "activated charcoal workout towel," I'll admit the value perception of some items was questionable. Still, $150 credit used is $150 saved.
Hotel Credit ($800): This credit was particularly lucrative due to the card's refresh.
Original Credit: The initial $695 annual fee version came with a $200 annual credit for Fine Hotels + Resorts (FHR) or The Hotel Collection (THC) bookings. I used this for a trip to Palm Beach.
Refreshed Credit: When the card was revamped, I gained access to a new $300 FHR/THC credit for the latter part of 2025 and another $300 for the first half of 2026. I used these for two separate nights at The Kemp in Edinburgh, effectively getting two nights nearly free.
Total: A phenomenal $800 in hotel savings! (Remember, these hotel and airline credits often reset by calendar year, not card member year, allowing for double-dipping).
Resy Credit ($200): A newer addition, this credit offers $100 back every quarter at eligible Resy restaurants. I used it for two quarters in 2025, getting $200 in value, and have a third $100 available to use before February.
Uber One Membership & Uber Cash ($320+): I received a free year of Uber One ($120 value) and utilized the $15 monthly Uber Cash ($200 annually). Combined with my Gold card's Uber Cash, this covered many of my work lunch take-out orders, effectively getting American Express to pay for my meals!
The Surprising Conclusion: Why I Might Not Keep It (For Now)
So, with all this incredible value – nearly $2,500 in direct savings, plus invaluable lounge access and a huge sign-up bonus – you'd think I'd be shouting about keeping the Platinum card forever. But that's not the case.
There are a few big reasons for my decision:
Life Changes: My wife and I are on the verge of finalizing an adoption. With a new baby boy joining our family soon, our travel plans will be significantly restricted for the next few months. We have some planned trips in July and an international trip in November, but for the immediate future, we won't be flying much. There's no reason to "play the game" if I'm not actively traveling.
Alternative Lounge Access: We also hold cards like the Ritz-Carlton card, which provides Priority Pass access, and I have access to Chase Sapphire Lounges. This means we still have comfortable lounge options even without the Platinum's specific benefits.
The High Annual Fee: An $895 annual fee, plus $195 for an authorized user, is a substantial sum, especially as we navigate the financial aspects of an adoption. It's a lot to pay when the immediate utility of the card's premium travel benefits is diminished.
My plan for now is to downgrade the Platinum card to the American Express Green card. This will allow me to keep my Clear subscription active and maintain my relationship with Amex. I'll reconsider re-upgrading later, perhaps closer to the summer, especially if Amex offers a compelling upgrade bonus again.
What kind of value did you get from your American Express Platinum card? Did it make it worthwhile, or do you find it's too much work? Let me know in the comments below!