I Just Renewed My Amex Platinum Card for the Third Year. Here's Why I Still Love It

Even when I know it's coming, there is always that moment of concern when I see my Amex balance after the $695 annual fee hits (see rates and fees). Because even though it's "just" my annual fee, that is a big honkin' number worthy of pause.

Despite the annual arrhythmia, however, I'm never too sore about paying that huge balance. In a lot of ways, the annual fee for The Platinum Card® from American Express is a gentle giant that provides me with at least as much value as I give it in return.

With credits, it pays for itself

Each year, when that fee haunts my thoughts, I find myself turning to my handy dandy spreadsheet. In there, amidst a sea of purchase and credits, is all the evidence I need to reassure myself I'm coming out ahead.

Without too much extra work, I can maximize at least these credits:

• $240 annual digital entertainment credit: Hulu/Disney+ are the main streaming services my family uses year-round, so we'd pay for this anyway.
• $200 annual Uber Cash: Getting food delivery once or twice a month is a splurge we all enjoy, and we'd do it with or without the credits.
• $200 annual airline fee credit: I travel by air at least a few times a year, so this is simple enough to use up.
• $200 annual hotel credit: This is the one that I arguably don't use as "organically" as the others, since I only use it up when I splurge on a Fine Hotels & Resorts weekend. But I would use the FH&R program even without this credit, so I consider it full value.
• Terms apply; enrollment may be required

Right there, I've not only broken even on the annual fee, but I've come out ahead.

Spare change from sporadic credits

For the other credits, some I don't use at all, and some I don't use to their fullest. The Walmart+ credit, for instance, does get used each month. But I don't consider it worth the full advertised value since I only really use it to get Paramount+ (which I'd normally only keep a few months). Still, I estimate it saves me around $25 a year. Terms apply; enrollment required.

As for the Saks Fifth Avenue credit, I've only used it up organically for full value once in three years. At this point, I don't count it as a credit so much as a fun way to treat myself to something fun (like fancy toothpaste).

The perks make travel more enjoyable

If all this card had were credits, I probably wouldn't bother keeping it, despite technically coming out ahead. Luckily, this card is so much more than a coupon book of credits. It's also one heck of a travel card.

The Fine Hotels & Resorts program I mentioned above is one of my favorite underrated Amex perks. I use it for occasional splurge weekends in fancy hotels, and I've really enjoyed the benefits that come with it.

And who doesn't love airport lounge access?! (Well, aside from the folks who complain about all us cardholders taking up space in "their" lounges.) It makes every layover more tolerable. Last year, lounge access alone nearly paid for my annual fee. Terms apply.

Rewards are icing on the cake

When we talk about the Amex Platinum Card, you may notice a lot of people -- myself included -- talk about its rewards almost like an afterthought. This is likely because it's really not a super impressive credit card for purchase rewards.

Yeah, you get the 5X points on flights (booked directly with the airline or through Amex Travel, terms apply), but most folks aren't putting many other purchases on this card. There are simply better cards for travel rewards.

That being said, I consider the rewards icing on the cake. The credits make up for the annual fee and the perks make the card worth the hassle. The fact that I can also use my rewards to book free trips (or FH&R nights) is just one more reason I still love this card.