The American Express Platinum card is a world-class credit card known for its many perks, premium benefits, and, of course, its hefty annual fee. If you’re reading this, you might be wondering: Can I pay that big, scary fee with Amex Membership Rewards points? Let’s dive in, but don’t worry—we’ll keep things light and simple!
What’s the Annual Fee for the Amex Platinum?
First, let’s talk about the cost. The American Express Platinum comes with an annual fee of $695 (as of this writing). Yep, that’s a lot of cash! But the card offers so many benefits—travel credits, lounge access, hotel upgrades, and more—that many people still see value in it.
Now to the big question: Can you pay that $695 fee using your points? The short answer is: No, you can’t directly pay the annual fee with Membership Rewards points. But wait! Don’t lose hope just yet. There are clever ways to use your points that *indirectly* cover the cost. Let’s break it all down below!
Why Can’t You Use Points to Pay the Fee?
American Express does not allow you to directly apply Membership Rewards points to cover annual fees. It’s simply not an option. Unlike using rewards to book travel or redeem gift cards, annual fees must be paid with real money.
But here’s the good news: Membership Rewards points are still super powerful, and with a little strategy, you can completely offset the cost of the fee. Let’s see how that works!
How to Use Points to Offset the Annual Fee
Here are some popular ways to make your points work for you:
- Book Travel: Use your Membership Rewards points to book flights, hotels, or rental cars. Depending on how you redeem them, you could get a value of 1 cent per point or even more. If you’re a frequent traveler, you’ll save hundreds of dollars—even enough to justify the annual fee!
- Statement Credits: In some cases, you can use points to cover specific purchases as a statement credit. However, this rarely offers the best value. Amex tends to give a lower value per point (like 0.6 cents), so it’s not the smartest way to use your rewards.
- Transfer Points: Transfer your points to partnered airline or hotel programs. This often gives you significant rewards. For example, a flight booking through a transfer partner could save you $700+, effectively cancelling out the fee!
Pro Tip: Maximize the Welcome Bonus
If you just got your Amex Platinum, you likely have a hefty welcome bonus coming your way. Some offers give you up to 100,000 points or more when you meet the spending requirements. That’s a LOT of value—enough to pay for flights, hotel stays, or even splurge on luxury travel.
Think of the welcome bonus as a way to cushion the blow of the annual fee. You may end up feeling like you’re not paying at all, thanks to all the rewards you can reap!
But Is the Amex Platinum Even Worth It?
We know $695 is a big fee (ouch!). But it’s all about what you get in return. Here are some of the standout benefits of the card:
- Up to $200 airline fee credit per year.
- Access to Centurion Lounges and Priority Pass lounges (hello, luxury!).
- $200 in Uber Cash, split monthly.
- Clear and TSA PreCheck credits.
- Elite status for hotel programs like Hilton and Marriott.
- $100 Saks Fifth Avenue credits.
Add all that up, and you’re easily looking at over $1,400 in potential annual value—well worth the $695 price tag for cardholders who use the perks.
Final Thoughts
While you can’t directly pay the Amex Platinum’s annual fee with points, you can absolutely use those points to offset the cost. Travel rewards, transfers, and statement credits can make the fee feel like a bargain if you use your card strategically.
So, think about how you spend and travel. If you can take advantage of the card’s many benefits, the Amex Platinum might just be your golden ticket to cashing in on luxury without breaking the bank!
