Should You Get the Amex Platinum? A Realistic Guide for Travelers Over 55
It costs $695 a year. It's one of the most prestigious credit cards in America. And whether it's right for you depends on exactly three things. Let's do the math together.
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Meta Title: Should You Get the Amex Platinum? A Realistic Guide for Travelers Over 55 | WanderWise
Meta Description: The Amex Platinum costs $695/year. Is it worth it for travelers over 55? An honest breakdown of the benefits, the math, and who should — and shouldn't — carry this card.
Slug: /blog/should-you-get-amex-platinum-realistic-guide-travelers-over-55
Let's start with the number everyone fixates on: $695.
That's the annual fee for the American Express Platinum Card. Six hundred and ninety-five dollars, every year, charged to your card whether you use the benefits or not.
If your first reaction is "that's absurd" — I understand. That's a reasonable reaction. It's also the reaction of about 80% of the people who ask me about this card.
But here's what I've learned after talking with hundreds of WanderWise readers about their credit card decisions: the annual fee is the wrong place to start the conversation. It's not about whether $695 is a lot of money — it is. The question is whether the card returns more than $695 in value to you personally, based on how you actually travel.
For some people, the answer is clearly yes. For others, it's clearly no. And for a meaningful number, it's "not yet, but maybe next year."
Let's figure out which category you're in.
What the Amex Platinum Actually Gives You
The Platinum Card comes with an extensive list of benefits. I'm going to focus on the ones that matter most for travelers in our audience — the perks you'll actually use, not the ones that look good in a marketing brochure.
The Big Five Benefits
1. Airport lounge access ($500+ annual value for frequent travelers)
This is the benefit most Platinum cardholders cite as their primary reason for keeping the card. The Platinum gives you access to:
- American Express Centurion Lounges — Amex's own lounges, widely considered the best in the domestic network. Complimentary food, cocktails, and a genuinely pleasant environment. Currently available at 14 U.S. airports and growing.
- Priority Pass lounges — a network of 1,400+ lounges worldwide. Quality varies, but access is included.
- Delta Sky Clubs (when flying Delta)
- Escape Lounges, Plaza Premium Lounges, and Lufthansa Lounges in select locations
If you travel through airports three or more times per year, this benefit alone can be worth $150 to $500 annually — depending on how many lounge visits you'd otherwise purchase. For a deeper look at which lounges are worth your time, our airport lounge guide covers the landscape.
For travelers with mobility challenges, lounges provide an additional practical benefit: a calm, comfortable, accessible space to wait before your flight. Our accessible travel guide explains why this matters more than most people realize.
2. $200 annual airline fee credit
Each year, you select one airline and receive up to $200 in statement credits for incidental fees — baggage fees, seat selection, in-flight purchases, and lounge day passes. This doesn't cover the ticket itself, but for most travelers, $200 in airline fees over the course of a year is realistic.
Practical tip: If you fly one airline primarily, this credit will likely trigger automatically on qualifying purchases. Set it and forget it.
3. $200 annual hotel credit (through The Hotel Collection and Fine Hotels + Resorts)
When you book stays of two or more nights at participating properties through Amex's Fine Hotels + Resorts (FHR) or The Hotel Collection, you receive a $200 annual statement credit. FHR bookings also include:
- Room upgrades when available
- Guaranteed 4 p.m. late checkout
- Complimentary breakfast for two
- A property credit (often $100–$125 per stay)
These are genuine luxury experiences at properties that typically cost $400 to $1,000+ per night. The $200 credit, combined with the FHR benefits, can offset a significant portion of a premium hotel stay.
4. $200 annual Uber credit ($15/month + $20 in December)
You receive $15 per month in Uber credits, usable for rides or Uber Eats, plus a bonus $20 in December. That's $200 per year. If you use Uber even occasionally — for airport rides, dinners out, or grocery delivery — this adds up. If you live somewhere Uber isn't practical, this credit may go unused, and that matters in the math.
5. Global Entry or TSA PreCheck credit (every 4.5 years)
The card reimburses the application fee for Global Entry ($100, which includes TSA PreCheck) or standalone TSA PreCheck ($85). This applies to your own application and can be used for a family member's application as well. Once every 4.5 years, that's roughly $22 in annual value — modest, but it removes a real friction point from travel.
The Other Benefits Worth Noting
- Amex Membership Rewards points: The Platinum earns 5x points on flights booked directly with airlines or through Amex Travel, and 5x on prepaid hotels booked through Amex Travel. Everything else earns 1x — which is unremarkable. This is not a strong everyday earning card.
- Trip cancellation and interruption insurance: Covers up to $10,000 per trip for covered reasons. Useful, though not a replacement for comprehensive travel insurance. Our travel insurance guide explains the gaps.
- Car rental loss and damage coverage: Secondary coverage (primary when renting for business), up to $75,000.
- Purchase protection and extended warranty: 90 days of purchase protection against damage or theft, plus 2 years of extended warranty beyond the manufacturer's.
- Concierge service: A 24/7 phone line for restaurant reservations, event tickets, travel arrangements, and gift sourcing. Quality varies, but for complex requests — like finding accessible restaurants in an unfamiliar city — it can save you time and frustration.
For a broader view of how Amex Membership Rewards points work and where to use them, our Amex MR guide covers the program in detail.
The Math: Does the Amex Platinum Pay for Itself?
Here's where we get honest. Let's add up the tangible credits and see how close we get to $695:
| Benefit | Annual Value | Difficulty to Use |
|---|---|---|
| Airline fee credit | $200 | Easy (if you fly at least once/year) |
| Hotel credit (FHR/Hotel Collection) | $200 | Moderate (requires booking specific properties) |
| Uber credit | $200 | Easy (if Uber available in your area) |
| Global Entry/PreCheck | ~$22 | Easy (one-time enrollment) |
| Subtotal of statement credits | ~$622 | |
| Remaining gap to $695 | $73 |
With just the statement credits, you're $73 short of breaking even. But those credits aren't automatic — they require you to actually use them. Let's be realistic about each:
The airline credit ($200): If you fly at least once per year on your selected airline, you'll almost certainly use this. Call it $200. ✅
The hotel credit ($200): This requires a two-night stay at an FHR or Hotel Collection property. If you take at least one nice hotel trip per year, it's usable. If your travel is primarily rentals, extended stays, or non-luxury hotels, you may not trigger this naturally. Call it $200 if it fits your travel style, $0 if it doesn't.
The Uber credit ($200): $15 per month, use-it-or-lose-it. If you live in an area with Uber service and use it for rides, food delivery, or grocery delivery at least once a month, you'll capture most of this. If Uber isn't part of your life, this credit evaporates. Call it $150 realistically (accounting for some months you might forget or not need it).
Conservative realistic total: $372 to $622, depending on your lifestyle.
The Lounge Factor
The gap between $622 and $695 is just $73 — easily covered by a single Centurion Lounge visit that saves you from buying a $25 airport meal and a $15 glass of wine. Two or three flights a year through Centurion-equipped airports, and the lounge benefit alone closes the gap and then some.
If you fly three to four times per year, the lounge access adds $150 to $400 in practical value. If you fly once or twice — it's pleasant but not a financial game-changer.
What the Math Actually Tells You
- If you fly 3+ times per year AND use the Uber credit AND take at least one upscale hotel trip: The card pays for itself comfortably. The effective annual fee is likely zero or negative.
- If you fly 1–2 times per year AND use most of the credits: The card roughly breaks even. It's a defensible choice if you value the intangible benefits (lounge comfort, concierge, insurance).
- If you fly rarely, don't use Uber, and don't stay at luxury hotels: The card costs you real money for benefits you won't use. A $95-annual-fee card like the Chase Sapphire Preferred is almost certainly a better fit.
Who Should Get the Amex Platinum
You should seriously consider it if:
- You fly three or more round trips per year (domestic or international)
- You value airport lounge access highly — either for comfort, for the calm environment, or for accessibility reasons
- You take at least one upscale hotel trip per year where Fine Hotels + Resorts properties are available
- You use Uber or Uber Eats regularly
- You already earn American Express Membership Rewards through another card (like the Amex Gold) and want to accelerate your earning on flights
- You book business class flights on points and want the 5x earning rate on airline purchases
You should probably pass if:
- You fly fewer than twice per year
- Your travel is primarily road trips, cruises, or stays with family
- You don't use Uber and don't stay at luxury hotels
- You'd need to force yourself to use the credits just to justify the fee
- The $695 causes financial stress — this card should never feel like a burden
- You're just starting with points and would benefit more from a simpler, lower-fee card
You should wait if:
- You're planning to increase your travel frequency in the next year (maybe take the card when your travel picks up)
- You want to start with a Chase Sapphire Preferred or Amex Gold and see how you use points before committing to a premium card
- You're not sure how much you'd use lounge access — try a Priority Pass from another card first, or buy a single-visit pass to test the experience
The Amex Platinum vs. Other Premium Cards
If you're open to paying a premium annual fee but aren't sold on the Amex Platinum specifically, here are the main alternatives:
| Card | Annual Fee | Best For |
|---|---|---|
| Amex Platinum | $695 | Lounge access, airline benefits, Amex MR ecosystem |
| Chase Sapphire Reserve | $550 | Restaurant dining (3x), travel flexibility, Chase UR ecosystem |
| Capital One Venture X | $395 | Lower fee with lounge access, simple flat-rate earning |
The Chase Sapphire Reserve earns 3x points on dining and travel (compared to the Platinum's 1x on dining), has a $300 travel credit that's easier to use (it applies to any travel purchase), and provides access to Priority Pass lounges. It doesn't offer Centurion Lounge access, but its lower fee and stronger everyday earning make it the better choice for many travelers. Our Chase Ultimate Rewards guide covers the details.
The Capital One Venture X offers Priority Pass and Capital One lounge access at $395 per year, with a $300 annual travel credit. It's the simplest premium card and the easiest to justify financially. Our Capital One guide has the full breakdown.
For a broader comparison of all these options, our guide to the best travel credit cards for adults 55+ evaluates them side by side.
Frequently Asked Questions
Can I get the Amex Platinum if I already have another Amex card?
Yes. You can hold multiple American Express cards simultaneously. In fact, pairing the Platinum (strong for flights and lounges) with the Amex Gold (strong for dining and groceries at 4x) is a popular strategy for maximizing Membership Rewards earning across different spending categories.
What's the sign-up bonus?
The Platinum's welcome bonus varies but typically ranges from 80,000 to 150,000 Membership Rewards points after meeting a minimum spending requirement (usually $6,000 to $8,000 in the first six months). At a conservative valuation of 1.5 cents per point, that's $1,200 to $2,250 in travel value — which more than covers the first year's annual fee.
For more on how to approach sign-up bonuses practically, our sign-up bonus guide covers the process.
Will the annual fee ever go up?
It might. Amex has raised the Platinum's annual fee several times over the past decade (it was $450 as recently as 2021). They've added benefits each time to justify the increase, but the trend is clearly upward. This is worth considering — you should evaluate the card based on its current benefits, not the assumption that they'll improve.
Is this card worth it for someone who mostly takes cruises?
Generally, no. The Platinum's strengths are airport lounges, flights, and luxury hotels — all areas that don't overlap much with cruise travel. A card that earns strong points on everyday spending (like the Chase Sapphire Preferred or Amex Gold) and lets you use points flexibly is typically a better fit for cruise travelers.
My spouse and I both travel. Should we each get one?
The Platinum allows you to add authorized users for $195 each (for up to three additional Platinum cards). Authorized users get their own lounge access but don't receive separate statement credits. If lounge access for both of you is the goal, one primary card plus one authorized user ($695 + $195 = $890) is less expensive than two separate Platinum cards ($1,390).
The Bottom Line
The Amex Platinum is an outstanding credit card for the right person. It's also an expensive mistake for the wrong one.
The difference comes down to one question: will you actually use the benefits? Not "could you" — will you? If the answer is a confident yes because you fly regularly, enjoy lounge access, stay at nice hotels at least once a year, and use Uber — the card pays for itself and then some. The effective annual fee drops to zero or below, and you get a meaningfully better travel experience.
If the answer requires mental gymnastics, creative accounting, or the phrase "I'll try to use it" — save the $695. A Chase Sapphire Preferred at $95 per year or a Capital One Venture X at $395 per year will serve you well and leave $300 to $600 in your pocket.
There's no wrong answer here. Only an honest one.
Not sure which card tier fits your travel habits? Our Travel Score Quiz takes about 60 seconds and gives you a personalized recommendation based on how you actually spend and travel.
WanderWise helps adults 55+ travel smarter using credit card points and travel rewards. Our recommendations are based on independent research. If you apply for a credit card through one of our links, WanderWise may receive a referral commission — but our recommendations are never influenced by compensation. We'd recommend the right card even if we didn't earn anything from it — and we'd tell you to pass on a card even if we did. That's our policy, and it's non-negotiable. Read our full editorial policy.