American Express increased annual fee of Platinum Card to $895
Published:
American Express increased the annual fee of Platinum Card from $695 to $895.
In this post last year, I discussed my love-hate relationship with the American Express Platinum Card. When I opened the account many years ago, I recall that the annual fee was $450. Then it increased to $550 and then to $695. Now it’s $895. It has increased to the point that I need to reconsider whether it is worth keeping the card. (See also this opinion.)
The card provides various credits, but most of them are things that I won’t use or are redundant.
- $400 Resy credit ($100 quarterly): Most of the restaurants that I go anyway (Asian food) are not in Resy. To me, it makes most sense to use Resy restaurants for business (for which I get reimbursed) and get the credit, but optimizing is a mental burden.
- $600 Hotel credit ($300 semi annually): This is for Fine Hotels + Resorts or Hotel Collection, and you need to stay for two nights. Most hotels are expensive. If I can use it for business trips (for which I get reimbursed), it is worth it, but I won’t stay at these hotels for personal trips.
- The American Express Global Lounge Collection: This is a benefit I have valued in the past (to get free food, drinks, and space at airports, especially Centurion Lounges). But now that I achieved Delta Gold status (I also have One World Emerald status), its value has declined relatively.
- $200 Uber credit: This is useful when I travel. During off-season, I have to use it for Uber Eats. (Uber Eats is overpriced to begin with, so I usually order one Indian curry for pick up on Uber Eats and then order extra stuff at the restaurant directly.)
- $120 Uber One Credit ($10 monthly): The cost of Uber One is $9.99 per month, so essentially it’s free. I have just signed up for this service so I will see whether it’s useful.
- $300 Digital Entertainment Credit ($25 monthly): This is useless. I don’t use these kinds of services.
- $200 Airline Fee Credit: I use it for Delta, and in the past it helped me cover change fees or upgrades. But it’s not really necessary.
- $209 CLEAR Plus credit: CLEAR used to be useful for skipping the security line at the airport. But TSA Precheck has improved (with digital ID, etc.) and I no longer see value in CLEAR.
- Hilton Honors Gold Status: You get free breakfast for two people, but I rarely stay at Hilton.
- Marriott Bonvoy Gold Elite Status: I have a different Marriott card, so this is redundant.
- Leaders Club Sterling Status from The Leading Hotels of the World: I have never heard of this hotel chain.
- Fee Credit for Global Entry or TSA PreCheck: This is useful, but I have two other cards that provide the same benefit, so it is redundant. (I can use for family members, though.)
- $300 Lululemon credit ($75 quarterly): My wife and daughter buy stuff at Lululemon sometimes, so it could be useful.
- $100 Saks Fifth Avenue credit ($50 semi annually): I won’t shop at Saks unless there is this credit. I just buy minimal stuff like underwear that are on sale.
- $200 Oura Ring credit: I don’t know what this crap is.
- Walmart+ Monthly Membership credit ($12.95 monthly): I don’t use it.
I didn’t list all the benefits and credits, but the rest are less important. My membership renewal is next May, so I still have time to think about it.
