Amex Platinum - What Surprised Me

I was basically born a Capital One Venture X fanboy. It was my first premium rewards card, and I loved the simplicity and the perks. 2x on everything, awesome protections and insurance, and of course, lounge access. It got even sweeter when Capital One introduced its flagship lounges. I'm a fan.

I've been more cautious about the Amex Platinum and the Chase Sapphire Reserve. As I've been churning credit cards, I picked up the welcome offers for the Amex Green and then the Gold. And I told myself I'd open the Platinum if I ever got the 175k offer.

And so I did. After being in pop-up jail for almost a year, I signed up through the no-lifetime-language link that floated around a few weeks ago. Thanks, Doctor of Credit.

It's only been a month with the Amex Platinum, and as someone who's mostly here for the points and not the perks, these are my takeaways.

1) The Amex lounge network is impressive.

My impression was always that this card “just” had Priority Pass and Centurion Lounges, but Plaza Premium lounges and Delta Sky Clubs are a nice touch. Priority Pass also includes “experiences,” like Minute Suites, which I used on my last trip out of JFK. Not life-changing, but the lounge selection is really good for a non-airline card.

2) I enjoy the Walmart+ membership.

Walmart has really cheap shelf-stable groceries available for delivery, and it helps me keep my grocery bills low. An extra streaming subscription isn't so bad either.

3) The Resy and Uber credits are really easy to use.

Especially living in NYC, where there's a Resy restaurant on every corner. I wouldn't go out of my way to get this card for these credits, but they're a very easy way to offset the fee.

4) Now, the credits I don't like.

Airline incidental fee credit: Too much of a hassle. You have to plan ahead, pick an airline, and figure out which charges qualify. I usually book main cabin, so seat assignment fees don't mean that much to me. I also often fly internationally, where meals and drinks are included. And I'm not loyal to any airline, so picking one ahead of time isn't ideal.

Lululemon credit: Too much work to get good value out of it. I ended up buying an item on final sale, returning it for store credit, and saving that to stack with next quarter's credit. I wish I could just load up my wallet with $75 gift cards and use it that way.

Digital entertainment credit: Maybe it's because I already have a lot of the services offered, but I don't see much extra value here. I already get Disney+, Paramount+, YouTube Premium, and Peacock through other benefits. Getting a credit toward The New York Times is nice, but it's not changing my life.

Oura and Equinox credits: Both are way too niche for me, and getting substantial value requires spending more than the credit covers. The exception is the Equinox+ app, which isn't great and isn't something I personally value.

5) The hotel credit is just mid for me.

You can find some good value. I was able to fully cover a two-night Hotel Collection stay in Buenos Aires using the credit, but it depends on where you're traveling and how expensive the options are. Not always a good deal, but sometimes you luck out.

6) The other travel perks are nice extras.

CLEAR+ is a nice add, but I'd never spend money on it myself. The TSA PreCheck/Global Entry credit is nice too, but as you know, a lot of cards already cover that benefit. Uber One is a nice touch, but again, not necessary.

Overall review

The Platinum beat my expectations, but the bar was really low. I love the lounge network. It's one of the best out there.

For me, the $400 in Resy credits and $200 in Uber Cash add up to $600 in value on a card with an $895 annual fee. The other perks aren't personally worth the remaining $295, even if I enjoy some of them.

For year one, with 175k points? Totally worth it. But for me, this is a one-and-done.

What do you think? Let me know!