If you’re looking for a luxury rewards credit card with plenty of perks, The Platinum Card® from American Express is a great fit. While this card comes with a hefty annual fee, savvy cardholders can more than cover the cost through a combination of rewards, hotel and airline credits and more.

Best suited for high spenders and frequent travelers, this travel credit card comes with plenty of additional perks and benefits for users, like access to airport lounges around the world and automatic Gold Elite status from Marriott Bonvoy and Hilton Honors.

Amex Platinum airline benefits

Up to $200 in airline fee credits

In order to qualify for this perk, you’ll need to select one qualifying airline. You’ll then receive up to $200 in statement credits per calendar year for airline incidentals like checked bags and in-flight refreshments. Keep in mind that this credit can’t be applied to the cost of a plane ticket itself.

Up to $189 in Clear membership statement credits

You can get up to $189 in statement credits annually if you purchase a Clear membership with your card, which helps you expedite the process of airport security.

Global Entry or TSA PreCheck application credit

Cardholders can receive a statement credit of up to $100 for Global Entry or $85 for TSA PreCheck every four years.

Global Lounge Collection access

For a premium airport experience, cardholders get access to airport lounges across the world, including Amex Centurion Lounges, Delta Sky Clubs (when you fly with Delta), Priority Pass Select lounges, International American Express Lounges and more.

Trip delay insurance

The Platinum card also comes with trip delay insurance. Amex Platinum cardholders can receive up to $500 per trip (up to two claims every 12 months) to cover the cost of expenses if their flight is delayed for a qualifying reason.

Trip cancellation and interruption insurance

If your trip is canceled, Amex will reimburse you up to $10,000 per trip or $20,000 per card (each year) in trip cancellation insurance.

Baggage insurance plan

If your baggage is damaged, lost or stolen, this perk will cover you for up to $2,000 for checked luggage and up to $3,000 for checked and carry-on luggage.

Amex Platinum hotel benefits

Up to $200 in hotel credits

Cardholders can earn up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts or The Hotel Collection bookings with American Express Travel. Requires a minimum two-night stay.

$100 credit on qualifying hotel purchases

Book at least a consecutive two-night stay with The Hotel Collection via Amex Travel and enjoy a $100 credit to use toward experiences like spa treatments or snorkeling at your resort, for example.

Marriott Bonvoy Gold Elite status

Cardholders get automatic Marriott Bonvoy Gold Elite status, which includes benefits like room upgrades and late checkouts.

Hilton Honors Gold status

The card also comes with Hilton Honors Gold status. Perks of this status include room upgrades, food and beverage credits and more.

Additional Amex Platinum travel benefits

No foreign transaction fees

The Amex Platinum charges no foreign transaction fees, meaning you can use the card when traveling abroad without incurring any additional expenses.

Platinum Card Concierge

Need help planning your travels? Amex provides complimentary travel services through American Express Platinum Concierge, including helping cardholders with itineraries and customized recommendations. But you can also use this service for things like dinner reservations and securing tickets for events.

Premium car rental status

Cardholders can enjoy Amex Platinum rental car benefits like premium status at a number of major rental car companies, including Avis, Hertz and National Car Rental.

Car rental loss and damage insurance

With this card, you don’t need to pay extra for rental car insurance. Through this secondary coverage, you’re automatically protected against damage or theft of your rental vehicle.

Global Assist Hotline

When traveling more than 100 miles from home, cardholders have 24/7 access to medical, legal, financial or other select emergency coordination and assistance services.

Amex Platinum entertainment benefits

Up to $240 in digital entertainment credits

With enrollment, cardholders can get up to $240 in statement credits (up to $20 each month) for entertainment-related purchases, like subscriptions to Hulu, Peacock, Audible and The New York Times.

Up to $300 in eligible Equinox membership credits

Another Amex Platinum card benefit is an up to $300 statement credit anually for Equinox in-club or digital membership fees, including Equinox All Access, Destination, E by Equinox or Equinox+ (enrollment required – see terms for details). Starting in 2023, statement credits for the $300 Equinox Credit benefit will be provided on an annual basis of up to $300 per year and will no longer be provided on a monthly basis of up to $25 back per month.

$300 SoulCycle credit

Enjoy a $300 credit for a single, eligible SoulCycle At-Home bike purchase. In order to qualify for this credit, you must make the purchase with your Platinum card through Amex’s provided link.

Up to $100 in Saks Fifth Avenue credits

Cardholders can get up to $100 in statement credits ($50 semi-annually) when they shop at Saks Fifth Avenue.

Up to $155 in Walmart+ credits

This credit covers the cost of a monthly Walmart+ membership when you pay with your Platinum card.

Up to $200 in Uber Cash

Amex Platinum cardholders receive $15 in Uber Cash for rides and deliveries every month (plus an extra $20 in December).

Additional Amex Platinum protection benefits

Cellphone protection

When you pay for your cellphone bill with your Amex Platinum, you can get reimbursed up to $800 (up to two claims per year) for damage or theft to your device.

Return protection

If you try to return an eligible item within 90 days from the date of purchase and the merchant won’t take it back, American Express may refund you up to $300 per item (excluding shipping and handling), with a maximum of $1,000 per calendar year for each account.

Purchase protection

New purchases are protected for up to 90 days if they’re lost, damaged or stolen. American Express purchase protection covers up to $10,000 per occurrence and $50,000 per year.

Extended warranty protection

The Amex Platinum allows you to extend your warranty protection for longer, matching the original warranty for up to an additional year. The warranty protection covers up to $10,000 per item and $50,000 per year.

What benefits do Amex Platinum authorized users get?

Amex Platinum cardholders can add an authorized user to their account. It costs $175 to add up to three authorized users and $175 for each additional Platinum card thereafter.

While authorized users don’t get as many benefits as primary cardholders, some Amex Platinum authorized user benefits include airport lounge access, elite statuses with Marriott Bonvoy and Hilton Honors, various shopping, travel and entertainment credits and more. Our guide to Amex Platinum authorized user benefits covers this more in depth.

How to maximize the perks and benefits offered by the Amex Platinum

Take advantage of credits

The most important thing to keep in mind when maximizing Amex Platinum benefits is that you should take advantage of as many of the annual credits as you can, given it’s one of the best credit cards with annual credits and comes with a hefty annual fee.

Amex Platinum travel benefits, like the hotel and airline fee credits, are especially valuable since they’re relatively easy to qualify for if you travel often. Use as many of these credits as possible to make the most of the card — potential credits are worth up to $1,709, which more than covers the $695 annual fee.

Steer clear of unnecessary purchases

Cardholders shouldn’t feel obligated to sign up for pricey services like Equinox just because it comes with the card. If you find yourself spending more money than you otherwise would for a product that you don’t feel strongly about, it’s a good sign that the purchase isn’t worth the cost. That said, there are many credits (like those for digital entertainment services, Walmart+ and Uber) that make certain purchases essentially free.

Maximize rewards earnings

To maximize your rewards earnings, it’s a good idea to book all flights and hotels using this card. American Express Membership Rewards points are worth approximately 2.1 cents each according to Bankrate valuations, and you can redeem them for statement credits, gift cards, travel, loyalty programs and more.

Claim freebies

The number of perks and benefits that come with this card can be overwhelming, but it’s worth spending time reviewing everything to make sure you take advantage of all the free stuff offered. Taking advantage of complimentary perks like airport lounge access, premium status at hotels and more can make your travel experience a little more luxurious.

The bottom line

The Platinum Card from American Express comes with a hefty annual fee, but it’s relatively easy for frequent travelers to recover that fee thanks to the card’s generous welcome bonus, impressive array of annual credits and various travel and purchase protections.

While there are a few extraneous benefits that the average cardholder may not end up taking advantage of, this card offers an impressive value and can certainly be worth it. If you’re looking for a luxury rewards credit card with great travel perks, the Amex Platinum won’t disappoint.