At $895 a year, American Express's flagship Platinum card isn't a casual purchase — but The Points Guy's latest review argues that frequent flyers who actually use the credits can get far more back than they pay. The card earns a four-and-a-half star rating from TPG's editors, who value its Membership Rewards points at 2 cents each as of September 2026.
The headline perk is lounge access through the Amex Global Lounge Collection. That includes Centurion Lounges, Aspire lounges, complimentary Priority Pass Select membership with two free guests, and 10 annual visits to Delta Sky Clubs when flying Delta (unlimited visits kick in after $75,000 of annual spending). Free Centurion guest access also requires hitting that $75,000 threshold, so couples should check the fine print before counting on it.
The real offset to the fee is the stack of statement credits, which TPG says is among the most generous of any travel card. The big ones: up to $600 a year toward prepaid Fine Hotels + Resorts or Hotel Collection bookings made through Amex Travel, $200 in airline incidental fees, $400 spread across Resy restaurants in quarterly $100 chunks, and $200 in Uber Cash. Add Clear+ coverage ($219), a digital entertainment credit ($300 annually), plus credits for Equinox, Oura, Lululemon and Walmart+, and the theoretical value tops $2,000 — if you'd spend on those things anyway.
Earning rates are solid but narrow: 5 points per dollar on airfare booked directly with airlines or via Amex Travel (up to $500,000 a year) and on prepaid hotels through Amex Travel, then just 1 point on everything else. That's why TPG suggests pairing the Platinum with another Membership Rewards card for dining, groceries and gas. Points transfer to a wide roster of airline and hotel partners, where the best value lives — redeeming through Amex Travel at 1 cent apiece is the easy option, not the smart one.
The catch, and the review is honest about it: this card rewards the organised. Credits land on different schedules — monthly, quarterly, biannual — and many require advance enrolment or use at specific merchants. Miss a deadline and the value quietly evaporates. Perks like complimentary Hertz President's Circle, Avis Preferred Plus and National Executive status, plus Sterling status with Leading Hotels of the World, sweeten the deal for road warriors. Trip protections and Amex Offers add further value.
Who should skip it? Anyone who travels once or twice a year and won't chase a dozen credits. Who should look twice? Regular flyers who already pay for lounge access, checked bag fees and hotel bookings — for them, the maths works quickly.
Story via The Points Guy.
