How the Amex Platinum Can Earn You Back Thousands via Statement Credits

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When selecting the ideal travel credit card, the annual fee is a significant factor. While many travelers may prefer no-cost options—credit cards included—the greatest rewards often come from a modest investment. Take, for instance, the Platinum Card® from American Express, which carries an annual fee of $695 (see rates and fees). This fee is offset by benefits and statement credits valued in the thousands. By utilizing some of the Amex Platinum advantages and statement credits, you could potentially save over a thousand dollars a year, even after accounting for the annual fee.

The card’s airport lounge access is valued at approximately $600, which is the price of an annual membership to a legacy airline's lounge. Additionally, consider the card’s welcome offer: 80,000 Amex Membership Rewards points after you spend $8,000 within the first six months of membership. However, the abundance of statement credits can easily make the Amex Platinum worthwhile. Below, I’ll detail the value of each statement credit and share my personal experience in earning them.

$240 in credits for digital entertainment

Overview: Sign up through your Amex account to earn up to $240 each year in statement credits for select digital entertainment expenses, including streaming services and subscriptions. Eligible options encompass Disney+, the Disney Bundle, ESPN+, Hulu, the New York Times, SiriusXM, and Peacock. The credits are applied at a rate of $20 monthly over a 12-month period.

Personal experience: I receive a statement credit for my family's monthly Hulu subscription of $14.71, as well as most of my SiriusXM bill ($6.86), allowing me to fully utilize the $240 benefit each year.

$200 in Uber/UberEats Cash

Overview: Connect your Amex Platinum Card to your Uber and/or UberEats account to earn up to $200 in Uber Cash each year, distributed as $20 per month from January to November, and $35 in December. The Uber Cash is automatically credited to your Uber account on the first day of each month.

Personal experience: I love using UberEats, and I usually apply my monthly credit at the very start of each month, allowing me to easily take advantage of the full $200 in Uber Cash every year.

$200 American Express Fine Hotels + Resorts credit (and more)

Overview: Access American Express Travel to earn up to $200 in statement credits annually for prepaid reservations at properties within the Fine Hotels & Resorts (FHR) collection. This credit is also available when booking at a Hotel Collection property, with both requiring a minimum stay of two nights. Booking through Amex FHR grants you hotel benefits that rival—and often exceed—those associated with top-tier elite status, such as complimentary room upgrades (subject to availability), late checkout, daily breakfast for two, and an on-site credit for dining or spa services, typically valued at $100.

Personal experience: During a recent visit to Vienna, Austria, I booked a one-night stay at the Intercontinental Vienna through FHR for just $203/night due to a favorable exchange rate. Within three days, I saw my $200 statement credit appear. Additionally, because I booked through the FHR program, I enjoyed numerous perks, including a suite upgrade, late checkout, breakfast for two (worth $25 each), and a $100 dining credit that I used for dinner. In the end, I essentially paid $3 for the hotel and got my meals covered, thanks to the Amex Platinum—not too shabby!

$200 in annual airline fee credits

Overview: Every calendar year, cardholders can select one qualifying U.S. airline to receive up to $200 in statement credits for incidental expenses, such as checked baggage fees, seat upgrades (hello, extra legroom!), and other add-ons.

Personal experience: Since I already enjoy free luggage and seat selection with several airlines due to my elite status, this year I picked JetBlue as my qualifying airline. I used my Amex Platinum to purchase Even More Space Seats on three different flights, along with a snack box and a few cocktails. Each transaction was credited back on my monthly statement until I reached the $200 limit.

Up to $100 credits for Global Entry or TSA PreCheck

Overview: When you charge the fees for Global Entry or TSA PreCheck to your Amex Platinum, cardholders can receive up to $100 in statement credits once every four years for the Global Entry application fee, or up to $85 once every 4.5 years for TSA PreCheck. Note that you can claim credit for only one, not both. However, TSA PreCheck is included with Global Entry, making Global Entry the better option.

Personal experience: While most credits apply to an entire Amex account, this credit is available to each individual cardholder within the account. Since I have my dad, cousin, and spouse as additional cardholders, I was able to secure Global Entry for all of us, maximizing this benefit to $400. Plus, each of them gets lounge access as additional cardholders, separate from me. (In August 2023, American Express increased the fee from $175 for up to three additional cardholders to $195 each, which significantly diminishes the value of this perk.)

$189 annual Clear® Plus reimbursement

Overview: Clear® Plus is a premium service available at over 100 U.S. airports that utilizes biometric identification, allowing members to use automated kiosks to skip TSA identity checks and head directly to the security screening line. An annual Clear® Plus membership typically costs $189 and can be used alongside TSA PreCheck. After registering for Amex’s Clear Plus Benefit online, simply charge your membership fee to your Platinum card, and a statement credit for the paid amount, up to $189, will appear within days or weeks.

Personal experience: I signed up for the Clear Plus Benefit via Amex Platinum and then enrolled through Delta’s partner link to take advantage of a discounted rate ($119), which was later credited back to me. I also added a family member for $60, which was similarly reimbursed, using $179 of my annual credit.

$100 Saks Fifth Avenue statement credits

Overview: Each year, cardholders can receive up to $100 in statement credits for purchases made at Saks Fifth Avenue online or in-store (excluding Saks Off 5th). This benefit is divided into two $50 credits: one for purchases made between January and June, and another for those made from July to December.

Personal experience: Every year, I use my January–June credit to purchase two pairs of Havaianas flip-flops, totaling $55.64 after applying my $50 credit (just $5.64 after accounting for free shipping). For my July–December credit, I typically buy toys for the kids during the holidays—Saks has a surprisingly good selection of discounted toys. Overall, I consistently utilize the full $100 benefit each year.

Hundreds in Amex Offers

Overview: All American Express cards feature Amex Offers, a continually updated list of discounts and promotions tailored to your location and spending habits. However, Amex Platinum cardholders often enjoy additional, more valuable offers.

Personal experience: Since November 2018, I have saved $780 through Amex Offers on my Platinum card. In 2022 alone, my savings reached $255.

$155 Walmart+ statement credits

Overview: By using your Platinum Card to pay for your monthly Walmart+ membership fee of $12.95, you can earn up to $155 in annual statement credits, contingent on auto-renewal. Along with free shipping and grocery delivery, Walmart+ also offers a complimentary Paramount+ Essential plan (valued at $4.99 per month), plus limited-time perks like $15 Lyft credits and six-month free trials of Spotify Premium.

Personal experience: I don’t shop at Walmart, so this credit holds no value for me personally.

$300 in Equinox membership reimbursements

Overview: Enjoy $300 in annual statement credits, distributed as $25 each month, for the Equinox+ digital fitness app or qualifying Equinox club memberships (which can exceed $200 per month). Enrollment is required.

Personal experience: Since I have access to an excellent gym in my condo, I don’t require an Equinox membership. However, my gym-enthusiast friends living in Miami and New York City frequently take advantage of this credit.

How it all adds up

The Platinum Card from American Express provides thousands of dollars in annual statement credits—along with premier airport lounge access, top-notch travel credit card insurance, elite status at Hilton and Marriott just for being a cardholder, and excellent redemption opportunities with transfer partners. New cardholders can also enjoy a generous welcome bonus of 80,000 points. I received my welcome bonus a long time ago and continue to keep the card year after year, easily offsetting the $695 annual fee with credits alone.

If a cardholder maximizes all the credits in their first year, it could total at least $1,684, plus additional Amex Offers and credits for extra cardholders (which can be in the hundreds). Personally, I’m on track to earn at least $1,934 in credits for 2022, detailed as follows:

• $240 in entertainment credits
• $200 in Uber Cash
• $200 from American Express Fine Hotels + Resorts (plus $150 in food and beverage credits)
• $200 for airline fees
• $100 for Global Entry x 4 (for myself and 3 additional cardholders)
• $189 for Clear
• $100 for Saks Fifth Avenue
• $255 from Amex Offers

Even after accounting for the $695 annual fee, I’m still ahead by $1,064 this year. It’s clear that the Platinum Card from American Express is a fantastic choice for me—and for travelers who make the most of the available credits and other benefits. For those who have yet to experience the card, the attractive 80,000-point welcome offer makes it an even smarter decision.

While the offers outlined above are accurate at the time of this publication, they are subject to change at any moment and may have already changed or may no longer be available.