Condé Nast Traveler has partnered with CardRatings for our coverage of credit card products. Condé Nast Traveler and CardRatings may receive a commission from card issuers. We don’t review or include all companies, or all available products. Moreover, the editorial content on this page was not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are entirely those of Condé Nast Traveler’s editorial team.

The Platinum Card from American Express has long been a favorite for travelers. Its perks range from a $100 credit towards Global Entry or TSA PreCheck applications to automatic gold elite status with both Marriott Bonvoy and Hilton Honors programs (enrollment required, terms apply), among others. And today, the card is adding even more perks, worth an additional combined $1,400 in value each year.

Those perks include a $200 annual statement credit for bookings made through American Express’s travel platform at Fine Hotels + Resorts or The Hotel Collection properties; a $179  annual statement credit that covers your CLEAR membership for access to expedited airport security (enrollment required, terms apply); and a limited time $20/month statement credit to put towards streaming services like Audible, Peacock, and even the New York Times (enrollment required, terms apply). Plus, Platinum cardholders will now get access to exclusive reservations and events at some of the world’s top restaurants through Resy’s Global Dining Access program (enrollment required, terms apply) and a $300 annual credit for in-person or digital Equinox memberships (enrollment required, terms apply). 

The big kahuna—especially if you’re looking to skip out on hectic airports and crowded planes this year—is the new Wheels Up perk. Platinum cardholders will get access to up to 40 percent off Wheels Up memberships and up to $2,000 in flight credits to book private charter flights in the first year of membership with the private jet charter company (enrollment required, terms apply). (Wheels Up’s lowest tier of membership—called Core—has a $2,995 initiation fee plus annual dues of $2,495.)

Platinum cardholders will continue to earn five points per dollar spent on flights and hotels booked through AmEx’s travel platform and five points per dollar on flights booked directly with airlines. It earns one point per dollar on other eligible purchases. The $200 statement credit for airline fees like checked bags and in-flight purchases will also still be available (enrollment required, terms apply), as will the $200 Uber Cash statement credit that covers Uber rides and Uber Eats deliveries (enrollment required, terms apply). 

But as of July 1—and in light of the new perks—the card’s annual fee is rising $145 to a whopping $695 (see rates and fees). It begs the question: Is the AmEx Platinum Card still worth it?

In our opinion, yes—if you’re the right kind of traveler for the card. If you’re someone who’s planning to jump into international travel and would take advantage of the Centurion Lounges and Priority Pass lounge access the card provides (enrollment required, terms apply), the CLEAR membership, the TSA or Global Entry membership, and hotel elite status multiple times a year, you’re well on your way to savings. But to really maximize the card, you should be committed to testing out the Wheels Up private jet membership—at least for a year—to make the most of the offered perk.

But the card doesn’t just have perks for jetsetters while they’re on the road. A COVID-era trend that seems to be making its way permanently into card’s perk lineups, the streaming, Uber, and Equinox statement credits can be used at home—and add up to $740 in value. If you just cash in on those alone (which, admittedly, you should not), you’re already saving a little money off the annual fee. 

Long story short, if you’re prepared to maximize each of the card’s perks, it’s well worth the new $695 price tag. (Note, existing cardholders will see the fee change on their annual renewal dates on or after January 1, 2022.) If you’re a more passive points earner who’s not planning to book a private jet or at least a business-class ticket anytime soon? Consider switching to one of our other favorite travel cards. 

If you’ve been in the market for a new travel-friendly credit card, know that The Platinum Card from American Express currently has a welcome offer of 75,000 rewards points when you spend $5,000 on purchases in the first six months. You can also earn 10 points per dollar on up to $15,000 in spending at U.S. supermarkets and U.S. gas stations in the first six months—in addition to all of the other perks above.

Learn more about The Platinum Card from American Express here. 

See rates and fees for the AmEx Platinum Card.

Condé Nast Traveler has partnered with CardRatings for our coverage of credit card products. Condé Nast Traveler and CardRatings may receive a commission from card issuers.

Source: Read Full Article