The credit card that costs $695 in fees... but is still incredible value
The American Express Platinum Card has traditionally been seen as a premium credit card reserved for the ultra-wealthy.
Made of stainless steel, the card, which turned 40 this year, is seen by many as a status symbol.
But while it may have a pricey annual fee of $695, the Platinum Card offers more than $1,500 in perks to members a year, according to the company.
This includes credits for airline tickets, money off Uber rides or Walmart shopping, credits for major streaming services and access to airport lounges across the world.
'With more than 40 premium benefits, The Platinum Card offers tremendous value, connects Members to what they love across travel, dining, entertainment, retail, and wellness, and offers unparalleled access to one-of-a-kind experiences,' said Howard Grosfield, president of US Consumer Services for American Express.
When it was first introduced in 1984, it was available by invitation only. The company named it after the metal on the basis that it was considered 'little known but highly valuable' at the time.
Now, Americans must just have a good or excellent credit score to qualify for the card, and it has gained new generations of fans.
'It remains one of our most successful products and has become the Card for a whole new generation of Millennial and Gen Z customers.'
Made of stainless steel, the card, which turned 40 this year, is seen by many as a status symbol
The Platinum Card has 'become the Card for a whole new generation of Millennial and Gen Z customers,' said Howard Grosfield, president of US Consumer Services for American Express
With the Platinum Card, cardholders can get up to $200 in credits for qualifying airlines, as well as $200 in credits for select hotels.
If users add the card to their Uber account, they will automatically get $15 in credit each month which can be used on rides or on Uber Eats - plus a $20 bonus in December.
Customers can also get up to $20 a month in statement credits when they use their card to pay for eligible streaming services including Disney+, ESPN, Hulu and Peacock, according to the company.
If they sign up for a Walmart+ membership, they can also get $155 a year back in statement credit.
And for many Americans, access to airport lounges is a key perk when considering if it is worth paying an annual fee for a credit card.
Travelers with the Platinum Card can access American Express lounges at more than 1,400 airports in 140 countries - a perk which is worth over $500 in value.
They also have access to the ultra luxurious 'Centurion Lounge' in airports in cities such as Atlanta, New York, San Francisco and Philadelphia.
American Express also recently introduced a new online waitlist feature for all Centurion Lounges in the US, which means cardholders do not have to wait in line to get into popular lounges.
Customers had complained about paying hundreds of dollars a year for a credit card promising lounge access, only to struggle to get in.
Many users have spoken up on social media about whether they think the perks are worth the price of the card each year.
'Could I live without it? Yes of course. Do I want to? No, I do not,' said one commenter on a Reddit thread.
'The credits for Clear, Uber, airlines, and streaming are all things I use anyway. That's $829 before we talk about Saks, lounge access, hotel status, points, or Amex offers.' they wrote.
Customers have access to the ultra luxurious 'Centurion Lounge' in airports in cities such as Atlanta, New York, San Francisco, Los Angeles and Philadelphia
UK blogger Tamara Kalinic at the opening of the American Express Centurion Lounge at Hong Kong international airport in 2017
With the Platinum Card, cardholders can get up to $200 in credits for qualifying airlines, as well as $200 in credits for select hotels
Another user commented that it can be 'very valuable to have' for those who travel often.
'While many will say that there are cards that will earn more in rewards or cash back, I have yet to find a card that gives the massive amount of travel related benefits that the platinum card offers,' they wrote on the thread.
However other users noted that they find it difficult to get the value of the annual fee out of the card.
'The airline credit is really hard to use because it's locked to one airline and you can only select that airline once a year,' one user commented.
While they said that the monthly Uber credit is 'good,' they added: 'I use it on Uber eats mostly, but $15 isn't much when the prices are so inflated.'
Another person said that they do not manage to offset the annual fee with the credits, but 'the lounge access and the other travel perks are good enough that it makes it worth it for my family.'
They added: 'We also have had excellent experience with customer service.
'It's a lot easier to justify the card if you have a higher income. We're not rich, but we make enough that the annual fee isn't a big deal. We wouldn't be able to justify the cost of the card otherwise.'
The card's $695 annual fee, which increased from $550 in 2021, is among the highest in the industry, according to NerdWallet.
It comes as a powerful consumer watchdog is taking aim at credit card companies, including American Express, Bank of American and JPMorgan Chase, over a major grievance for millions of Americans - the devaluing of rewards points and airline miles.
Customers said on social media that they thought the Uber credit, which includes Uber Eats, was a worthwhile perk
The American Express Platinum Card celebrated its 40th anniversary this year
Since the Covid-19 pandemic, the value of credit card points has steadily declined, as inflation has eroded their purchasing power, leaving many cardholders feeling shortchanged.
The Consumer Financial Protection Bureau (CFPB) warned earlier this month that major credit card companies could be violating the law over the practice.
It accuses these issuers of luring customers with promises of enticing perks and rewards - only to fail to deliver on those promises.
Credit card companies that obscure the terms for earning or retaining rewards in fine print may be engaging in illegal practices, it said.
