Is a $695 Annual Fee Worth It?

travel hacking Apr 12, 2024

I was just approved for the American Express Platinum card last week.

The annual fee is $695.

Am I crazy?

Maybe a little - haha!

For me, as I calculated the benefits I’d receive from the card, I found that I would receive far more in benefits from the card than the $695 fee I would pay this year.

Here are a few of the benefits that are valuable to me:

  • 100,000 welcome bonus = ~$2,000 in free travel
  • 30,000 referral bonus (from my wife referring to me) = ~$600 in free travel
  • $200 in statement credits for hotels = $200 in value
  • $200 airline fee credit for incidental fees = $200 in value
  • $12.95/mo Walmart+ Credit ($0.10 reduction in gas at certain stations + free grocery/online delivery) = $155 in value (not including gas savings)
  • $20/mo Entertainment Credit (can be used toward my Hulu subscription) = $240 in value
  • $15/mo Uber cash + $20 in December (which we’ll use to cover some of our regular eating out budget each month) = $200 in value
  • $189 in statement credits toward my CLEAR membership = $189 in value
  • $50 twice a year to online shopping at Saks = $100 in value
  • Centurion Lounge access (2 visits throughout the year) = ~$100 in value

Total Value for me in Year 1 = $3,984

Is the $695 annual fee worth it?

No brainer for me!!

While I recommend getting Chase cards first, if you decide to get this card at some point, would you use our referral link? You can get an additional 20,000 point welcome bonus (100,000 instead of the 80,000 public offer) & we get points for referring you — win/win!

When a card has a high annual fee, don’t write it off immediately. Look at the benefits & see if the rewards you’ll use will outweigh the fee.

You may be surprised.


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