Why I will keep the Amex Platinum card despite its outrageous annual fee

Why I Will Keep the Amex Platinum Card Despite its Outrageous Annual Fee

Many people have been taken aback by the sky-high annual fee for the American Express Platinum card – an eye-popping $550. But for me, the benefits far outweigh the cost. Here are just a few of the perks that make keeping the card worth it:

Travel Coverage

  • Free access to 1,200 airport lounges worldwide
  • Trip cancellation, interruption, and delay insurance
  • Secondary rental car insurance, plus up to $100 in reimbursements for incidental charges

Spending Rewards

  • Generous rewards programs, including 5x points on flights and hotels booked through the American Express Travel portal
  • Up to $200 per year in statement credits for airline incidental fees

Additional Benefits

  • Access to exclusive events and experiences
  • No foreign transaction fees
  • Comprehensive fraud protection

For me, the real value lies in the travel coverage, since I travel regularly for both business and pleasure. The reimbursement for airline incidentals and free access to airport lounges is worth the fee all by itself. Factor in the additional benefits and spending rewards, and it’s clear why I’m more than happy to pay the annual fee to keep this card in my wallet.

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