Here's What It Takes for the Amex Platinum Card's $695 Annual Fee to Pay Off

Among credit card enthusiasts and Amex loyalists, the number "$695" is indelibly connected with the annual fee on The Platinum Card® from American Express (see rates and fees). Only two cards have an annual fee heftier than this. One is the most exclusive card on the market (the notorious Amex Black Card, at $5,000), and the other is made of 24-karat gold (the Mastercard Gold Card, $999). Surely, for an annual fee of $695, you'd expect nothing short of benefits, perks, and luxury, right?

Correct. And, for the most part, that's what Amex Platinum Card holders get. Although it's pricey, it's packed with perks that can more than pay for the fee itself. If you're wondering what it takes to make up the Amex Platinum Card's $695 annual fee, read on to find out.

A suite of credits that outweigh the cost

The Platinum Card® from American Express earns 1X points on purchases, 5X points on flights booked directly with airlines or through American Express Travel (up to $500,000 in purchases per calendar year), and 5X points on prepaid hotels booked through AmexTravel.com (terms apply).

Considering that the best credit cards can earn 3% to 6% back on certain spending categories, these rates are pretty lackluster. But where the Amex Platinum Card falls short in potential earnings, it shines in its perks and partnership benefits. In fact, the card has over $1,500 of value built into it from the get-go. As a cardholder, here's what the card entitles you to:

• $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.
• $189 CLEAR Plus credit: Up to $189 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.
• Terms apply; enrollment may be required.

Adding these credits together, the card offers $1,584 of value. Factoring in airport lounge access, its value could be worth even more than that sum. If you were to take advantage of all these credits, you would save $889 each year by paying for the Amex Platinum Card.

Now, let's assume you don't use all these services, which, to be fair, you probably don't. The card could still justify its fee if any combination of these surpasses $695. A few examples might include:

• $200 hotel credit + $200 airline fee credit + $200 Uber cash + $240 digital entertainment credit = $840 of value
• $200 hotel credit + $200 airline fee credit + $155 Walmart+ credit + $240 digital entertainment credit = $795
• $200 hotel credit + $200 airline fee credit + $200 Uber cash + $155 Walmart+ credit = $755

Hmm, seems like a good deal. Does it have a welcome bonus?

You bet it does. In fact, if you're lucky, you might get an offer for 150,000 Membership Rewards Points after you spend $8,000 in the card's first 6 months (Spending requirements vary by specific offer. Terms apply.)

But when I say "lucky," I mean it. This offer isn't available to everyone. It's not even clear who the offer's target audience is, as Amex's algorithm appears to be picking people at random. But even if you don't get this offer, the card's standard bonus is 80,000 Membership Rewards® Points points after you spend $8,000 in 6 months. That's still one of the best welcome bonuses you'll find on any card.

The welcome bonus alone could help pay for the Amex Platinum Card's $695 annual fee for the first year. But starting in the second, you'll have to combine its statement credits in some manner to come out ahead. It's certainly doable -- most people could probably benefit from the first four alone -- but if you're skeptical, that's okay. There are plenty of other great travel cards out there that might be a better value for you.