The American Express Platinum Card earns Membership Rewards Ascent Premium points. Out of all Amex reward points, these are considered the most valuable due to their transfer options to all the major frequent flyer programs including Cathay Pacific Asia Miles, Singapore Airlines KrisFlyer, Thai Royal Orchid and Qantas Frequent Flyer.

In addition to that you can also transfer your points to Air New Zealand, Emirates Skywards, Malaysia Airlines Enrich, Etihad Guest and Virgin Atlantic Flying Club. If hotels are more important to you, you can also transfer to Hilton Honors (however, we would classify this as a poor use of points) or Marriott Bonvoy.

Amex Platinum Cardmembers get access to the Amex Experiences App which highlights the card benefits and features and gives notifications about exclusive ticket pre-sales as well as information on which restaurants you can book to redeem your dining credit. The app is available via Google Play and the Apple App Store.

As a new Card Member, you will receive 150,000 bonus Membership Rewards points when you apply online, are approved and spend $5,000 on your new Card within the first 3 months. T&Cs apply. New Card Members only.

Flight Hacks Value: $750

Each year you hold the Amex Platinum card you will receive a $450 travel credit which can be used to book flights, hotels and car rentals via Amex travel. The benefit of booking through Amex travel is that you will not pay any credit card fees, on top of that you also get bonus points. More complex travel itineraries are harder to price up online, but I find that A to B flights are always the same price compared to booking direct + you save on credit card surcharges applied by airlines and travel agencies. Note that the travel credit must be used in its entirety, if not you'll forfeit the difference.

Flight Hacks Value: $450

The Amex Platinum Card also has access to the Platinum Travel Service team. This is a service exclusive to Platinum Card customers, and the reason I’m mentioning this benefit here is because they can get discounted business and first-class tickets for Card Members.

On a recent quote I got for Qatar Airways, Amex Platinum Travel came back with a fare that was $400 cheaper compared to the cheapest I could find on Google Flights.

Flight Hacks Value: Variable, only if you pay for business class flights.

Amex FH&R is a luxury travel program for over 1,300 iconic 5-star properties worldwide. It’s only available to Platinum Card members and offers additional benefits such as guaranteed 4 PM checkout, complimentary breakfast for two, upgrades (subject to availability) and special amenities at each property, such as US$100 food and beverage credit or massage for two.

The benefits vary between properties, but for those that seek out unique 5-star properties, it’s a win-win most of the time. I’m saying “most of the time” because of course you should always compare the prices to other booking sites and see if you’re actually getting a benefit by booking through FH&R. It’s similar to Virtuoso but more seamless since you can book online and the benefits are usually guaranteed (such as upgrades and late checkout). Assuming that people who go for the Platinum Card would usually spend money on luxury hotels, I will value this benefit as well, based on a 1-night stay in 12 months.

Flight Hacks Value: $200

The Hotel Collection is a similar program to Amex FHR but usually features a range of different properties. Amex Platinum Card members get up to USD$100 hotel credit on qualifying charges and a room upgrade if available when you book The Hotel Collection through American Express Travel. The only catch is that it’s valid for bookings of 2 nights or more. You can research the available properties when logged into your Amex account and by clicking the “book travel online” link.

Flight Hacks Value: $50

The Amex Platinum Card now comes with a complimentary Accor Plus membership (primary card member-only). Personally, I pay for this each year, so it’s a great addition. I wrote an Accor Plus Ultimate guide here so go check that out for the full details. Essentially you get 1 free stay each year, 50% off your food bill for 2 people and instant Accor Silver status + much more. The Accor Plus membership would cost $399 per year if you were to subscribe to it like me.

The free night can be redeemed for properties that easily go for $400+ a night, so it’s a win-win, add dinner for 2 to your hotel bill (50% discount), and you will easily save another $100 on that too.

Flight Hacks Value: $399

No airline status? No problem! Priority Pass is a global network of more than 1,400 airport lounges that offer access to its members based on a paid subscription. Fortunately for Amex Platinum Card members, Priority Pass is free and unlimited (with the exception of Priority Pass Restaurants).

To further maximise the value, you can gift a second priority pass membership to one of your additional Platinum Card Members ( you can have 4 additional Card Members in total).

As part of the membership, you can also take a guest with you so in total you could get lounge access for up to 4 people when travelling together.

To enrol into Priority Pass you just need to call Amex on 1800 673 760 (option 3) since it’s not available online. The Priority Pass membership is valued at $531 per annum; however, our personal valuation below is based on “normal use”. If you’re a frequent flyer then this value will be higher for you.

Flight Hacks Value: $300

Your shiny Amex Platinum Card also acts as your membership card to all the Virgin Australia domestic lounges. This is unlimited, and you can take 1 guest in with you. This benefit is limited to the primary Card holder.

Annual Virgin Lounge memberships retail $420 + a $330 joining fee so we’ll value this benefit somewhere in the middle. Of course, you will need to be flying with Virgin Australia to take advantage of this benefit.

Flight Hacks Value: $350

American Express now has its own lounges in both Sydney and Melbourne, as a Platinum Card holder you get unlimited access for both yourself, additional Card Members + 2 guests to The Centurion Lounge.

You will also get complimentary access to international Centurion Lounges, a large number are found in the U.S, and there’s also a brand new one in Hong Kong.

Flight Hacks Value: $150

When travelling with Delta airlines, both the primary and additional Card Members get access to the Delta Skyclub.

Flight Hacks Value: variable

Platinum Card members now get access to both the Munich and Frankfurt lounges. Both Business class lounges and Senator Lounges are up for grabs if you meet the following conditions: Lufthansa Business Lounges when flying in any class with Lufthansa, Swissair and Austrian Airlines. Lufthansa Senator Lounges when flying in Business class with Lufthansa, Swissair and Austrian Airlines.

Flight Hacks Value: variable

The American Express Platinum Card comes with some of the most comprehensive travel insurance policies attached to a credit card. In addition to travel insurance, it also comes with comprehensive car rental insurance and Smartphone Screen Cover (I’ve personally used this multiple times already; easy claims process and the claimed amount was paid within days). As always, it’s hard to go into detail when it comes to insurance since everyone’s circumstances are different.

Therefore I would highly recommend you spend 15 mins reading through the PDS to see if it’s suitable for you. The Amex Platinum Card now also covers up to 4 additional Card Members, so it’s no longer just your immediate family/spouse that are covered.

This is a great benefit as you can now extend an additional card to friends or family members. Keep in mind that you are required to book your return tickets using the card to be fully covered by insurance.

Flight Hacks Value: $300

Apart from the hefty annual fee, there are a few other things that could be improved upon. For example, the 3% surcharge when spending in foreign currencies seems excessive considering this is a card for those who travel a lot. It’s slightly offset by the 2.25 points per dollar earn rate overseas, but ideally, we would like to see no FX rates on this card.

There’s a good reason for Amex to limit additional cards to only 4 (of course there is no cost to adding additional cards) on the Amex Platinum Card and that’s because they get pretty much all the same benefits as the primary cardholder. That includes most hotel statuses and lounge access plus insurances.

Note: Only 1 additional Card Holder gets Priority Pass while Accor Plus is limited to the Primary Card holder only.

If we add up all the benefits, we come to a total of $4,599. Extracting the cost of the card we’re left with $3,149 worth of upfront value. (Although our aim is to redeem the points for much more!) Of course, everyone will have their own valuation, so it’s essential to go through the benefits yourself and see if this card makes sense for you. Our valuation doesn’t include any points earned from using this card so you will have to account for that as well.

As you can see, there are plenty of benefits that justify the high annual fee for this card. That being said, it certainly isn’t for everyone, especially if you don’t travel or see no value in lounge access, hotel status etc. Especially for the first year, this card is an absolute no-brainer if you’re remotely interested in luxury travel thanks for the sign-up bonus of 150,000 Membership Rewards points .