4 Things Amex Platinum Cardholders Should Do Every Year

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KEY POINTS

  • A lot of card benefits require enrollment, but many only need it once.
  • Most of the regular tasks involve using your various statement credits.
  • Before paying your annual fee each year, make sure the card is still worth the cost.

A lot of the extra perks from The Platinum Card® from American Express require some type of activation or enrollment. This is a minor inconvenience in most cases, as you typically only need to enroll once after you open your new card.

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Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Recommended Credit Score required for this offer is: Good/Excellent (670-850)
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Good/Excellent (670-850)

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Rewards Circle with letter I in it. Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel. Earn 1X Membership Rewards® Points on other purchases. Terms and limitations apply.

1X-5X Membership Rewards® Points

Annual Fee

$695

Welcome Offer Circle with letter I in it. Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership.

80,000 Membership Rewards® Points

  • This luxury travel card has some of the most prestigious perks you'll find — access to over 1,400 airport lounges, elite status with Hilton and Marriott Bonvoy (enrollment required), and spending credits worth over $1,500 in value every year. Just be ready for the hefty annual fee, which can be offset in the first year with a welcome bonus worth $800 in points. Terms apply.

    • Big welcome offer
    • Substantial spending credits
    • Airport lounge access
    • Hotel benefits
    • Flexible travel points
    • Annual fee
    • Limited bonus categories
    • Spending credits can be complicated to manage
    • Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership.
    • Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
    • $200 Hotel Credit: Get up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings through American Express Travel using your Platinum Card®. The Hotel Collection requires a minimum two-night stay.
    • $240 Digital Entertainment Credit: Get up to $20 back in statement credits each month on eligible purchases made with your Platinum Card® on one or more of the following: Disney+, a Disney Bundle, ESPN+, Hulu, The New York Times, Peacock, and The Wall Street Journal. Enrollment required.
    • The American Express Global Lounge Collection® can provide an escape at the airport. With complimentary access to more than 1,400 airport lounges across 140 countries and counting, you have more airport lounge options than any other credit card issuer on the market. As of 03/2023.
    • $155 Walmart+ Credit: Save on eligible delivery fees, shipping, and more with a Walmart+ membership. Use your Platinum Card® to pay for a monthly Walmart+ membership and get up to $12.95 plus applicable taxes back on one membership (excluding Plus Ups) each month.
    • $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to your Platinum Card®.
    • $200 Uber Cash: Platinum Card® Members can get out and about and explore their local area with $15 in Uber Cash for US rides each month, plus a bonus $20 in December. That can be up to $200 in annual Uber savings. Simply download the Uber app and add your Platinum Card® to your Uber account to get started. Available to Basic Card Member only. Effective 11/8/2024, an Amex Card must be selected as the payment method for your Uber or Uber Eats transaction to redeem the Amex Uber Cash benefit.
    • $199 CLEAR® Plus Credit: CLEAR® Plus helps to get you to your gate faster at 50+ airports nationwide and get up to $199 back per calendar year on your Membership (subject to auto-renewal) when you use your Card. CLEARLanes are available at 100+ airports, stadiums, and entertainment venues.
    • Receive either a $120 statement credit every 4 years for a Global Entry application fee or a statement credit up to $85 every 4.5 years for a TSA PreCheck® (through a TSA official enrollment provider) application fee, when charged to your Platinum Card®. Card Members approved for Global Entry will also receive access to TSA PreCheck at no additional cost.
    • Shop Saks with Platinum: Get up to $100 in statement credits annually for purchases in Saks Fifth Avenue stores or at saks.com on your Platinum Card®. That's up to $50 in statement credits semi-annually. Enrollment required.
    • Unlock access to exclusive reservations and special dining experiences with Global Dining Access by Resy when you add your Platinum Card® to your Resy profile.
    • $695 annual fee.
    • Apply with confidence. Know if you're approved for a Card with no impact to your credit score. If you're approved and you choose to accept this Card, your credit score may be impacted.
    • Terms Apply.
Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Trip delay and cancellation insurance and cell phone protection underwritten by New Hampshire Insurance Company, an AIG Company. Extended warranty, purchase protection, car rental insurance, and baggage insurance underwritten by AMEX Assurance Company.

However, not everything about your Amex Platinum Card will be set it and forget it. Here are some of the tasks you'll want to manage every year.

1. Select a preferred airline

Cardholders are eligible to earn up to $200 in statement credits for covered airline fee purchases (terms apply) with their preferred airline -- and only with their preferred airline. To start earning this credit, you need to select a preferred airline. You get to choose it right after you open your account, then again each January.

If you don't change your airline choice in January, your pick will default to your previous choice (assuming you've picked an airline before). So, technically, this could be a set-it-and-forget-it feature if you always use the same airline for this perk.

(Anecdotally, people have reported success changing their preferred airline later in the year through Amex customer service, though only if they haven't used any of the credit yet that year.)

2. Maximize your statement credits

The main yearly chore for any Amex Platinum Card holder is maximizing all those "coupon book" statement credits that we all love to hate (or is it hate to love?).

All of your statement credits are use them or lose them, and they each have a different frequency, so let's look at them by how often you need to put them to use.

Monthly credits

  • Digital entertainment: Once enrolled, the easiest way to use this up each month is to just set up your eligible monthly streaming subscription to autopay using your Amex Platinum Card.
  • Uber Cash: This shows automatically in your Uber account as long as you've activated the benefit and connected your Amex Platinum Card to your Uber account. (Just make sure to use your Amex card to pay any overages.)
  • Walmart+ membership: This credit is easy to earn by simply paying your Walmart+ membership with your Amex Platinum Card every month. (Note that some of the Walmart+ features, like free Paramount+ Essential, will require separate activation through your Walmart membership.)
  • Terms apply, enrollment may be required.

Biannual credits

  • Saks Fifth Avenue: Once enrolled, you'll need to make at least two Saks purchases each year, one in January through June, the other in July through December. (Buying gift cards online won't work, but I've heard reports of people buying them in-store and getting the statement credit.)
  • Terms apply, enrollment may be required.

Annual credits

  • Airline fee: Once you enroll and pick a preferred airline, this statement credit works for a variety of purchases, including seat upgrades, lounge passes, and change fees, when these purchases are in a separate transaction from the airfare purchase.
  • Hotel: Once enrolled, just use your Amex Platinum Card to make an eligible Fine Hotels & Resorts or The Hotel Collection booking. (Hint: This could be an excellent way to splurge on an anniversary or staycation.)
  • CLEAR Plus: Similar to other credits, you can simply enroll in CLEAR and use your Amex Platinum Card to pay the annual fee.
  • Equinox: Easily used up if you already have an Equinox membership by paying with your Amex Platinum Card. You can also use it on the Equinox mobile app subscription if you pay with your card.
  • Terms apply, enrollment may be required.

Other credits

  • Global entry/TSA PreCheck: This credit can be used for Global Entry every four years or with TSA PreCheck every 4.5 years (this coincides with its renewal periods), by paying for the fee with the eligible Amex Platinum Card.
  • Terms apply, enrollment may be required.

If you're interested in perks like these, but aren't sure about the Amex Platinum Card, check out some of our other top travel rewards cards. You can find a lot of travel cards with similar benefits -- or cards with different perks entirely that better match your needs.

3. Update yourself on changes to perks and benefits

Issuers make changes to their credit cards all the time, and this is especially true for the luxury cards with lots of perks and partner benefits.

You should generally get emails (or even snail-mails) announcing the bigger card changes and updates. But smaller updates -- or ones that take something away -- may fly a bit more under the radar if you aren't looking for them.

At the least, visit Amex's website now and then to see if there are any important changes you missed. And maybe open those emails you get to make sure you aren't assuming important notices are just spam.

4. Do a value audit to make sure it's still worth it

At $695 each year (see rates and fees), the Amex Platinum Card is one of the most expensive cards I've seen. While some folks can absolutely get that value back (and then some), it's not for everyone -- or for ever.

Every year, before your next annual fee hits, take some time to go over your credits, rewards, and benefits used, to see if you really got your annual fee's worth. If you find that you're not getting enough value from your Amex Platinum Card, it might just be time to say goodbye.

Don't worry about parting sorrows, though, there are plenty of plastic fish in this sea! Explore our top credit cards to find your new favorite card.

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