Value of our American Express Platinum Card

After signing up for an AmEx Platinum card in June of 2022, we made decent use of it the first year. In my estimation we more than recouped the lofty fees the card commands. In year two, however, we experienced what I characterized as a “mild failure.” It wasn’t that we didn’t use the card’s benefits, but rather that we just didn’t maximize them in a strategic manner.

That put us at an inflection point. We needed to decide whether the card made sense going forward, especially since the DCA Centurion Club was about to open. We figured we’d get some major pre-flight value out of that.

Year three proved to be a better performance but still not an exceptional one. We paid fees of $695 for the primary user card (Hanna) and $175 for the second authorized user (me). That second card was necessary for me to have lounge access, both when I’m traveling with Hanna and when I’m alone. By my conservative estimates, we got just around $1,200 of value out of the card. Below is the recounting of the year:

What Benefits Did We Get?

The first benefit that’s easy to use is the Uber credit. I’d say that we drive to the airport and park there around half the time we fly, and take an Uber the other half. They provide an Uber credit of $15 per month, with an end-of-year bonus credit. We took advantage of the offer in eight of 12 months, including the bonus month, for a value of $140.

With the opening of the DCA Centurion Club, it gave us a slight incentive to travel out of DCA (versus IAD) especially when I was coming from my downtown office. I was surprised to learn that we only used the lounge five times – twice together and three times just me by myself. I didn’t assign a specific value to those visits, but tried to estimate what we would have spent otherwise. So, for example, when I just had a drink and a snack before a mid-afternoon flight to South Carolina, I ascribed a value of $5. Meanwhile, when we had a full breakfast for two I counted it as $30. For a dinner for two (which we never had at DCA this year, but did enjoy at the Houston Centurion Club) I estimated we would have otherwise spent $50 at an airport restaurant.

While the DCA Centurion Club was a valuable player, albeit one used slightly less than expected, we got value out of lounges in Greenville (SC) and DFW. In Guatemala, our Priority Pass membership covered lunch for us and another couple, including multiple alcoholic drinks, which I conservatively estimated as an $80 value. In Panama, our entry to The Lounge for us and another couple was worth about $50 in my mind – perhaps more so because their flight was delayed and they got a few more hours of space, peace, wi-fi and food and drink. In Punta Cana, we used the lounge on the day our flight was scheduled and then again the next day when the initial flight was canceled. We didn’t eat or drink a whole lot, but it got us into heavy-duty A/C, provided wi-fi, and a bit of space to cool our jets. We also got a single visit to the Etihad Lounge at Dulles.

Overall, I estimated what we would have spent in restaurants had we not had the lounge access at $410. That’s probably on the low side.

Hanna took advantage of the biannual Saks Fifth Avenue credits of $50 apiece.

She also used her granted Avis Preferred Club status on a couple of rentals. I think that got us faster checkout and an upgrade, but I don’t count that as any real savings, even though it was nice.

We also got a $120 reimbursement for Global Entry renewals, $199 towards our CLEAR membership, a Walmart+ membership and $20 a month digital entertainment credit. The latter used to pay for our Sirius XM, but we shifted it to other expenses, including the New York Times, after that option went away. I don’t think we got $155 of value out of the Walmart+ membership, but the other benefits were well-used.

Casa Del Ron Priority Pass Lounge La Aurora Guatemala

What Did We Fail to Maximize?

Once again, we did not make good use of the airline fee credit (to be used for baggage, snacks, etc., not the tickets themselves). We typically flew American or United where other credit cards gave us free checked bags, or bought tickets with that benefit. Nor did we need or use any of the hotel benefits that are associated with the card. I feel like if we’d targeted those, we could have gotten a few hundred dollars of value out of them. Next year we have several family trips planned, or extensions of fishing trips in which we’ll need nice/r hotels, and we’ll need to remember to avail ourselves of those benefits.

Benefits of American Express Platinum Saks Clear Global Entry

So What’s the Plan Going Forward?

I expect 2026 to be our most ambitious and busy travel year to date. We have a ton of trips already planned, and I hope to add numerous others for work assignments. That keeps us hooked on the AmEx Platinum.

If all goes right, I think we could and should get at least $2,000 worth of value out of it.

That’s good, because I fully expect that AmEx will announce a higher annual fee in the coming months. They’ve promised “major updates,” which is often a euphemism for the customer getting the shaft. They’re adding new Centurion Lounges in Newark, Salt Lake City and Tokyo. I don’t envision myself visiting more than one of those next year, and even then the benefit will be marginal. If they increase the “coupon” style benefits, however, with my increasingly frequent short hops I could be a beneficiary. That’s a long way of saying that I’m cautiously optimistic that the card still makes sense for our lifestyle. Your mileage may vary.