3 Reasons to Get the Amex Platinum Instead of the Amex Gold Card

For travel cards with an annual fee, few cost more than The Platinum Card® from American Express. In fact, with a sticker price of $695 (see rates and fees), only two cards really outprice it: the Centurion Card from American Express ($5,000) and the Mastercard Gold Card ($995).

That annual fee might make you shy away from this card, or pick up its less expensive alternative, the American Express® Gold Card. This card also has a hefty annual fee ($325, see rates and fees), but has far better earning rates at U.S. supermarkets and restaurants worldwide (terms apply).

To be sure, both of these Amex cards have a place in the right person's wallet. However, if you're making your decision based on the annual fee alone, I think it's a mistake to choose the Amex Gold Card over the Platinum. Here's why.

1. Amex Platinum Card's value is more than double the cost

The Amex Gold Card can offer you up to $424 in annual spending credits. These break down to $120 in annual Uber Cash of $120, $84 in annual Dunkin' credits, $100 in annual Resy credits, and $120 in annual dining credits at participating restaurants (terms apply). If you use all these credits, your card would essentially pay you $99.

The Amex Platinum Card, however, can offer you more than $1,500 in value. That's more than double its annual fee. These perks break down into the following:

• $200 hotel credit: $200 in statement credits annually when you book certain hotels through American Express Travel.
• $240 digital entertainment credit: $20 in monthly statement credits for eligible subscriptions, such as Disney+, ESPN+, Hulu, Peacock, The New York Times, and The Wall Street Journal.
• $200 in Uber Cash: $15 monthly in Uber Cash for U.S. rides, plus a $20 bonus in December.
• $200 airline fee credit: $200 each calendar year to cover incidentals, such as in-flight meals, on an eligible airline that you select.
• $199 CLEAR Plus credit: Up to $199 in annual statement credits to cover the cost of a CLEAR Plus membership, excluding applicable taxes and fees.
• $100 Saks Fifth Avenue statement credit. $100 in statement credits each year for Saks Fifth Avenue or saks.com.
• $155 Walmart+ credit: $12.95 monthly statement credit after you pay for a monthly Walmart+ membership.
• $300 Equinox credit: Up to $300 each year on a digital subscription or Equinox club membership.
• Up to $120 credit for Global Entry or TSA PreCheck. You can receive a statement credit every four years when you apply for Global Entry (up to $120) or every 4.5 years when you apply for a five-year membership for TSA PreCheck (up to $85).
• Terms apply; enrollment may be required.

If you were to take advantage of all these benefits, your card would pay you $999 annually after accounting for the annual fee. Let that sink in for a second.

2. The perks aren't exclusive to dining

The Amex Gold Card has a well defined audience: foodies who like to travel (or travelers who like to eat out). If you don't travel frequently, or you don't have a big eating out budget, the card won't be much help for you.

The Amex Platinum Card is also a travel card. But its perks aren't limited to restaurants, Dunkin', and Uber Eats. As noted above, it has several credits, from entertainment to shopping. It also comes with complimentary access to over 1,400 airport lounges (terms apply), which isn't included with the Amex Gold Card. While I wouldn't say the card has something for everyone, its intended audience does seem wider than that of the Amex Gold Card.

3. A bigger welcome offer

The Amex Platinum Card offers one of the biggest welcome offers for a personal card. You can earn 80,000 Membership Rewards® Points Membership Rewards points for spending $8,000 on purchases within the first 6 months (terms apply). While I've seen bigger welcome offers for this card (up to 175,000 points), 80,000 is the standard.

The Amex Gold Card doesn't have a bad welcome offer. In fact, its offer is also one of the best for a rewards card. You can earn 60,000 Membership Rewards® points when you spend $6,000 in the first 6 months (terms apply).

Finally, don't read this as a slam against the Amex Gold Card. It's an excellent travel card that deserves a place in any foodies' wallet. In fact, it might beat out the Amex Platinum Card for you, especially if you prefer dining credits. When all is said and done, get the card that saves you the most money. That could be a free credit card, or one of these exclusive cards from American Express.