5 Perks of the Amex Platinum Card You Probably Aren't Using -- but Should

The most touted perks of The Platinum Card® from American Express are the generous welcome bonus and the ability to earn 5 points per $1 on flights and prepaid hotel stays. Terms apply. But those benefits come at a significant cost: The card's annual fee is a hefty $695 (see rates and fees).

But the card also has several lesser-known perks. If you already have the Amex Platinum Card, you'll definitely want to take advantage of these five benefits. And if you're considering the card, be sure to weigh these perks to determine if the annual fee is worth it.

>> Apply now for the The Platinum Card® from American Express. <<

1. Digital entertainment credit: $240

If you have multiple digital subscriptions, The Platinum Card® from American Express could pay off. You can get up to a $20 monthly credit statement on eligible digital entertainment purchases made for the following using your Amex Platinum Card:

• Disney+,
• Disney Bundle
• ESPN+
• Hulu
• The New York Times
• Peacock
• The Wall Street Journal

You'll need to enroll through American Express to access this benefit and make your purchase directly through the provider. This benefit can save you up to $240 each year, plus you'll occasionally get exclusive access to special perks. Terms apply.

>> Apply now for the The Platinum Card® from American Express. <<

2. Walmart+ credit: $155

Walmart+ members get a host of benefits, including free shipping with no minimums on eligible items shipped by Walmart, plus free same-day grocery delivery. When you use your Amex Platinum Card to pay for a membership, American Express will issue a $12.95 statement credit to cover the cost -- a $155 value over a year. Terms apply.

>> Apply now for the The Platinum Card® from American Express. <<

3. Uber Cash: $200

Amex Platinum Card members get $15 Uber Cash each month to use on rides or eligible Uber Eats orders, plus a $20 bonus in December. That adds up to $200 in savings over a year. You also become an Uber VIP, which matches you with top-rated drivers in cities where this service is available. Terms apply.

>> Apply now for the The Platinum Card® from American Express. <<

4. Equinox Credits: $300

You can get up to $300 in statement credits if you purchase an Equinox+ digital subscription or become a club member and pay with your Amex Platinum Card. You can also receive a $300 statement credit if you purchase a SoulCycle at-home bike, which requires an Equinox+ membership, using your card. Terms apply.

>> Apply now for the The Platinum Card® from American Express. <<

5. Cellphone protection

Cellphone insurance often costs $100 a year or more. But with The Platinum Card® from American Express, you can waive this expense because you get cellphone protection from New Hampshire Insurance Company, an AIG Company.

Members can get reimbursed for up to $800 if they need to repair or replace a stolen or damaged phone (cracked screens are included) up to twice a year. A $50 deductible applies to each claim. To make a claim, you'll need to have paid the previous month's cellphone bill with your Amex Platinum Card or another qualifying card. Terms apply.

>> Apply now for the The Platinum Card® from American Express. <<

Is The Platinum Card® from American Express worth it?

There are a lot of great rewards credit cards out there, so how do you know if The Platinum Card® from American Express is worth it? Though the perks listed above are pretty sweet, they probably won't be enough to justify a $695 annual fee on their own for most people. That said, the card could be a good fit for you if:

• You can spend at least $8,000 in the first 6 months, which is required to qualify for the card's welcome bonus of 80,000 Membership Rewards® Points points.
• You travel frequently and would use the card to book flights and hotels.
• You have good to excellent credit.

If the criteria above apply to you, the lesser-known credits and perks could tip the scales in favor of the Amex Platinum Card and its annual fee.

>> Apply now for the The Platinum Card® from American Express. <<