American Express Platinum Fee: Is it Worth the Cost?

American Express Platinum is one of the most prestigious credit cards in the market. It offers a wide range of benefits and perks that cater to the needs of frequent travelers and luxury seekers. However, with great rewards come great fees. The American Express Platinum fee is one of the highest among credit cards, and it raises the question: is it worth the cost?

Let’s break down the American Express Platinum fee and see what you get in return.

Annual Fee

The American Express Platinum annual fee is $695, which is significantly higher than most credit cards. However, the card offers a $200 annual travel credit, which can be used for eligible travel expenses such as flights, hotels, and car rentals. This credit alone can offset a big chunk of the annual fee.

Moreover, the card offers a range of benefits that can save you money and enhance your travel experience. For example, you get access to the American Express Global Lounge Collection, which includes over 1,200 airport lounges worldwide. This can save you money on airport food and drinks, and provide a comfortable and quiet space to relax before your flight.

Other benefits include a $100 credit for Saks Fifth Avenue purchases, a $100 credit for CLEAR membership, and a $100 credit for Global Entry or TSA PreCheck application fees. These benefits can add up to hundreds of dollars in savings, making the annual fee more reasonable.

Foreign Transaction Fee

The American Express Platinum foreign transaction fee is 0%, which means you can use the card abroad without incurring any additional fees. This is a great perk for frequent travelers who often use their credit cards overseas.

However, it’s worth noting that American Express is not as widely accepted as Visa or Mastercard, especially outside of the US. This means that you may encounter some merchants who don’t accept American Express, which can be inconvenient.

Interest Rates

The American Express Platinum interest rate is variable and can range from 15.99% to 22.99%, depending on your creditworthiness. This is a high-interest rate compared to other credit cards, but it’s not a big concern if you pay your balance in full every month.


The American Express Platinum fee is high, but it comes with a range of benefits and perks that can make it worth the cost. If you’re a frequent traveler who values luxury and convenience, the card can provide you with a lot of value. However, if you don’t travel often or don’t use the card’s benefits, the annual fee may not be worth it. Ultimately, it’s up to you to decide if the American Express Platinum fee is worth the cost.

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