The American Express Platinum Card, often heralded as the epitome of luxury in the credit card world, comes with a hefty annual fee of $695. This fee may seem huge, but for those who can leverage the cards extensive benefits, it more than pays for itself. Theres a reason why Ive held onto mine for five years and will continue to hold onto it for the future.

　　In this review, Ill dive deep into the perks that make the Amex Platinum Card a mainstay in my wallet, despite its cost. Well also touch on the downsides, including the increasing crowding in airport lounges and the recent limitations on guest access.

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　　Table of Contents

　　Toggle Benefits That Offset the Annual FeeHow I use Amex Points to Maximize ValueAirline Transfer PartnersHotel Transfer PartnersMaximizing Value Through TransfersThe Downsides: Crowded Lounges and Limited Guest AccessConclusion: Why I Keep the Amex Platinum Card Benefits That Offset the Annual Fee

　　Using my resort credit at the 5-star Prince Gallery Kioicho in Tokyo Currently the welcome offer for the Amex Plantinum is 80,000 points, which can go a long, long way. These points can be worth up to $800 or more, depending on how theyre redeemed.

　　For example, I flew in Singapore Airlines business class (how I find deals) all the way from San Francisco to Bali for 107,000 miles, so the welcome offer got me much of the way there. Heres how to make the card perks make sense.

　　Travel Credits: $200 Airline Fee Credit: This annual credit can be used for incidental fees such as baggage fees, seat upgrades, and in-flight purchases. While it doesnt cover airfare, frequent flyers will find it useful. $200 Uber Cash: Distributed as $15 per month with a bonus $20 in December, this credit can be used for Uber rides or Uber Eats orders. $100 Saks Fifth Avenue Credit: Split into $50 credits for each half of the year, this can be used for purchases at Saks Fifth Avenue, including online shopping. Not much is under $50 at Saks, so my family and I often buy my toddler clothes on there. Lounge Access: Centurion Lounges: Access to Amexs luxurious airport lounges, which feature gourmet food, premium drinks, and comfortable seating. Delta Sky Clubs: Available when flying Delta, these lounges provide a relaxing space to wait for your flight. Priority Pass: Grants access to over 1,300 airport lounges worldwide. *Despite these benefits, its worth noting that these lounges can be extremely busy, and Amex has recently limited the number of guests you can bring in, reducing the value for families and couples. Hotel Benefits: Fine Hotels Resorts Program: Cardholders receive complimentary benefits such as room upgrades, daily breakfast for two, early check-in, late check-out, and a unique amenity valued at $100 at select luxury hotels. Each year youre offered $200 off of a Fine Hotels and resorts booking. The Hotel Collection: Book two consecutive nights or more and enjoy benefits like a $100 hotel credit and room upgrades when available. Airline and Hotel Transfer Partners: Membership Rewards points can be transferred to numerous airline and hotel partners, often at a 1:1 ratio. This flexibility can lead to significant value, especially when booking premium cabin flights or high-end hotels. Travel Insurance: The card offers various travel insurance protections, including trip cancellation and interruption insurance, baggage insurance, and car rental loss and damage insurance. These can save cardholders hundreds of dollars in unforeseen circumstances. Elite Status with Hotel Chains: Automatic Gold Status with Marriott Bonvoy and Hilton Honors. This can result in room upgrades, late check-outs, and other perks during stays. Global Entry or TSA PreCheck Credit: Receive a statement credit for the application fee for Global Entry ($100) or TSA PreCheck ($85), helping you speed through security at airports. Other Lifestyle Benefits: Equinox Credit: Up to $300 annual credit for Equinox memberships or digital subscriptions. Walmart+ Membership: Receive monthly statement credits to cover the cost of a Walmart+ membership, offering free shipping, fuel discounts, and more. Entertainment Credits: Monthly credits for popular streaming services and a digital entertainment credit for services like Audible, SiriusXM, and more. Personally, I always use the Uber credits getting to the airport or on Uber eats, use the entertainment credit on our Disney+, and the Walmart+ includes free deliveries, so if I forget something at the grocery store, which is often, I can have it delivered to my house from the local Walmart without ever having to set foot inside. The Walmart+ membership also comes with Paramount+. I use the Fine Hotels and Resorts credit every year (for two nights with two different years of hotel credits in Tokyo when we visited Japan in January), and the lounges have come in handy countless times.

　　American Express also has a travel booking portal, and while you can use points to pay for things like hotels and flights, I like using this when Im looking for a cash deal, as sometimes you can find business class flights for 25%+ off. Its how we flew Japan Airlines business class to Tokyo.

　　How I use Amex Points to Maximize Value

　　Look at the extra point categories offered by Amex and see what you can maximize. I love that flights booked directly with the airline are worth 5x points, so I exclusively use our Amex to book flights (which are then insured under the cards travel insurance).

　　While you can use your points to offset a travel purchase, your points could be worth more if you transfer them to an Amex partner. For example, those 107,000 points I used for the Singapore Airlines flight would be worth $1070 toward my flight if booked through Amexs booking portal, but by transferring to Singapore Airlines, I got more than a $5000 value (the tickets list price).

　　Airline Transfer Partners

　　American Express Membership Rewards points can be transferred to several airline loyalty programs, often at a 1:1 ratio. Here are some of the key airline transfer partners and how you can use them to your advantage:

　　Delta SkyMiles: Delta is a key transfer partner for Amex, which is a partnership few other banks have. While its award pricing can be unpredictable, it offers a wide network of routes. Points transferred to Delta SkyMiles can be used for flights within the U.S., as well as international travel, often with no blackout dates. British Airways Executive Club: Transfer your points to British Airways to book award flights on Oneworld partners like American Airlines, Cathay Pacific, and Japan Airlines. The Avios program is particularly useful for short-haul flights, as it operates on a distance-based award chart. Air Canada Aeroplan: Aeroplan offers excellent value for flights on Star Alliance partners, including United, Lufthansa, and Singapore Airlines. The program has no fuel surcharges on award tickets, making it a cost-effective option for both short and long-haul flights. Singapore Airlines KrisFlyer: Singapore Airlines is renowned for its premium cabin products. Transferring points to KrisFlyer can help you book award seats in their coveted Suites Class, as well as business and first-class cabins. Emirates Skywards: Emirates offers luxurious travel experiences, especially in first and business class. By transferring points to Skywards, you can book award flights on Emirates’ renowned A380 first-class suites or business class, making for a memorable journey. ANA Mileage Club: ANA offers some of the best value redemptions for international flights, particularly from North America to Asia. Their round-trip awards are often more economical in terms of points than one-way tickets, making it a great option for those planning longer trips. Hotel Transfer Partners

　　The Grand Wailea in Maui, a Waldorf Astoria Hotel Hotel Transfer Partners In addition to airline partners, American Express Membership Rewards points can also be transferred to hotel loyalty programs. Here are the primary hotel transfer partners and how you can leverage them for high-value stays:

　　Marriott Bonvoy: Marriott Bonvoy has one of the most extensive networks of hotels globally, from budget-friendly properties to luxury resorts. Points can be transferred to Marriott Bonvoy to book stays at iconic brands like The Ritz-Carlton, St. Regis, and W Hotels. The transfer ratio is typically 1:1, allowing for easy accumulation of points for free nights. Hilton Honors: Hilton Honors points can be used at over 6,000 properties worldwide, including high-end brands like Waldorf Astoria, Conrad, and LXR. The typical transfer ratio is 1:2, meaning 1,000 Membership Rewards points equal 2,000 Hilton Honors points. This can be especially useful for booking stays at luxurious properties like the Waldorf Astoria Grand Wilea in Maui. Choice Privileges: While not as luxurious as Marriott or Hilton, Choice Hotels offers good value for mid-tier properties. The transfer ratio is typically 1:1, and points can be used for stays at brands like Comfort Inn, Quality Inn, and Cambria Hotels. Maximizing Value Through Transfers To get the most out of your Membership Rewards points, consider the following strategies:

　　Look for Transfer Bonuses: American Express occasionally offers transfer bonuses to specific partners, which can significantly boost the value of your points. For example, a 30% bonus when transferring to British Airways Executive Club can turn 10,000 Membership Rewards points into 13,000 Avios. Book Premium Cabins: Transferring points to book business or first-class flights often provides the best value. Programs like Singapore Airlines KrisFlyer and Emirates Skywards are known for their premium products, and using points for these experiences can offer outsized value compared to economy bookings. Leverage Alliance Partners: Many airline loyalty programs allow you to book flights on partner airlines within their alliances. For example, transferring points to Air Canada Aeroplan can be used to book flights on Star Alliance partners, increasing your options and potentially finding better award availability. Use for High-End Hotels: Transferring points to Marriott Bonvoy or Hilton Honors can allow you to book stays at luxury properties that might otherwise be prohibitively expensive. For instance, using points for a stay at the St. Regis Bora Bora or the Waldorf Astoria Beverly Hills can provide a memorable and lavish experience. The Downsides: Crowded Lounges and Limited Guest Access While the Amex Platinum Card offers a plethora of benefits, its not without its drawbacks. One of the main issues is the overcrowding in airport lounges. The popularity of the card and its lounge benefits has led to packed Centurion Lounges, often making it difficult to find a seat or enjoy the amenities. This can be particularly frustrating during peak travel times.

　　Additionally, American Express has recently implemented stricter guest policies for lounge access. Previously, cardholders could bring in two guests for free, making it convenient for families and couples. However, the new policy limits complimentary guest access, requiring cardholders to pay a fee for each guest. This change significantly reduces the lounge benefits value for those traveling with others, making it less family-friendly.

　　Conclusion: Why I Keep the Amex Platinum Card Despite the high annual fee and the downsides of crowded lounges and limited guest access, I find the Amex Platinum Card to be an indispensable tool in my wallet. The sheer number of benefits and credits available easily offsets the fee, and the flexibility of Membership Rewards points provides immense value. The biggest key for me is the 5x points per dollar spent on flights booked directly with the airline. Since its one of our biggest expenses, those add up quickly.

　　The cards elite status with major hotel chains, and the ability to transfer points to a wide range of airline and hotel partners further enhance its value. Even with the lounge access limitations, the convenience and comfort offered by the Centurion Lounges, Delta Sky Clubs, and Priority Pass lounges add a significant advantage to my travel experiences.

　　In essence, the Amex Platinum Card is much more than just a status symbol; its a powerful tool that, when used wisely, offers tremendous value and convenience. For frequent travelers and those who can take full advantage of its benefits, the cards annual fee is a small price to pay for the luxury, convenience, and savings it provides.