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I've had the American Express Platinum Card® for years, and I am questioning how valuable it is for me at this point in my life. I used to travel extensively for my career and loved the access to airport lounges. Why would I need this card now? (This question has been edited for clarity and brevity.)
Depending on how long Brad has had his American Express Platinum Card®, he may have gone through multiple updates to the card's benefits and increases in the annual fee, which now sits at a hefty $895 (see rates and fees). There's plenty of value available to make the Amex Platinum worth it, but it's a complicated endeavor. And if you're not traveling as much, many of the best perks aren't as useful.
It makes sense that Brad is questioning whether to keep this card. What makes his situation a bit more complicated is that he has an American Express Membership Rewards® balance of around 300,000 points. If he doesn't have a plan to use those points, he could lose them if he closes the account. For someone in a situation like Brad's, downgrading an expensive credit card has advantages over closing it.
The American Express Platinum Card® is a premium card loaded with annual statement credits, entertainment benefits, extensive airport lounge access, elite status perks and more. (Enrollment required for select benefits mentioned)
- Access to 1,550+ airport lounges, including Priority Pass™ Select lounges (enrollment required) and Amex Centurion lounges
- Statement credit offers worth up to twice what the annual fee costs
- Elite status perks for hotels and rental cars (Enrollment required for select benefits mentioned)
- High annual fee
- Many statement credit offers are complicated and are earned in increments or limited to specific purchases
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- You may be eligible for as high as 175,000 Membership Rewards® points after you spend $12,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you're approved and find out your exact welcome offer amount – all with no credit score impact. If you're approved and choose to accept the Card, your score may be impacted.
- Get more for your travels with 5X Membership Rewards® points on all flights and prepaid hotel bookings through American Express Travel®, including Fine Hotels + Resorts® and The Hotel Collection bookings. You earn 5X points on flights purchased directly from airlines or through American Express Travel® on up to $500,000 on these purchases per calendar year.
- With over 1,550 airport lounges - more than any other credit card company on the market* - enjoy the benefits of the Global Lounge Collection®, over $850 of annual value, with access to Centurion Lounges, 10 complimentary Delta Sky Club® visits when flying on an eligible Delta flight (subject to visit limitations), Priority Pass Select membership (enrollment required), and other select partner lounges.* As of 07/2025.
- $200 Uber Cash + $120 Uber One Credit: With the Platinum Card® you can receive $15 in Uber Cash each month plus a bonus $20 in December when you add your Platinum Card® to your Uber account to use on rides and orders in the U.S when you select an Amex Card for your transaction. Plus, when you use the Platinum Card® to pay for an auto-renewing Uber One membership, you can get up to $120 in statement credits each calendar year. Terms apply.
- $300 Digital Entertainment Credit: Experience the latest shows, news and recipes. Get up to $25 in statement credits each month when you use your Platinum Card® for eligible purchases on Disney+, a Disney+ bundle, ESPN streaming services, Hulu, The New York Times, Paramount+, Peacock, The Wall Street Journal, YouTube Premium, and YouTube TV when you purchase directly from one or more of the providers. Enrollment required.
- $600 Hotel Credit: Get up to $300 in statement credits semi-annually on prepaid Fine Hotels + Resorts® or The Hotel Collection* bookings through American Express Travel® using the Platinum Card®. *The Hotel Collection requires a minimum two-night stay.
- $400 Resy Credit + Platinum Nights by Resy: Get up to $100 in statement credits each quarter when you use the Platinum Card® to make eligible purchases with Resy, including dining purchases at U.S. Resy restaurants. Enrollment required. Plus, with Platinum Nights by Resy, you can get special access to reservations on select nights at participating in demand Resy restaurants with the Platinum Card®. Simply add your eligible Card to your Resy profile to book and discover Platinum Nights reservations near you.
- $209 CLEAR+ Credit: CLEAR+ helps get you to your gate faster by using your face to verify you are you at 55+ airports nationwide. You can cover the cost of a CLEAR+ Membership* with up to $209 in statement credits per calendar year after you pay for CLEAR+ with your Platinum Card®. *Excluding any applicable taxes and fees. Subject to auto-renewal.
- $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees, such as checked bags and in-flight refreshments, are charged by the airline to the Platinum Card® Account. American Express relies on airlines to submit the correct information on airline transactions to identify incidental fee purchases. If you do not see a credit for a qualifying incidental purchase on your eligible Card after 8 weeks, simply call the number on the back of your Card. Qualifying airlines are subject to change. See terms & conditions for more details.
- Start your vacation sooner, and keep it going longer. When you book Fine Hotels + Resorts® through American Express Travel®, enjoy noon check-in, when available, and guaranteed 4PM check-out.
- $300 lululemon Credit: Enjoy up to $75 in statement credits each quarter when you use the Platinum Card® for eligible purchases at U.S. lululemon retail stores (excluding outlets) and lululemon.com. That's up to $300 in statement credits each calendar year. Enrollment required.
- $155 Walmart+ Credit: Receive a statement credit* for one monthly Walmart+ membership (subject to auto-renewal) after you pay for Walmart+ each month with the Platinum Card®.* Up to $12.95 plus applicable local sales tax. Plus Ups not eligible.
- Whenever you need us, we're here. Our Member Services team will ensure you are taken care of. From lost Card replacement to statement questions, we are available to help 24/7.
- $895 annual fee.
- Terms Apply.
- See Rates & Fees
Balance transfer fee
N/A
Foreign transaction fee
None
When downgrading is better than canceling your Amex Platinum Card
If you cancel your Amex Platinum Card and don't have another American Express card that earns Membership Rewards® points, you risk losing all of your hard-earned rewards. Before canceling, you could redeem your rewards to avoid losing them. However, you can sidestep that problem altogether by calling the number on the back of your card and asking to downgrade your account.
You'll need to have the account open for at least 12 months to be able to downgrade (aka product change), and you can only product change to select Amex cards. The good news is, you can convert your Amex Platinum to a cheaper card that earns more rewards on everyday spending.
Cheaper, more rewarding options
The Amex Platinum's Achilles heel is that it's not especially rewarding for everyday spending. You'll earn:
- 5X points for flights booked directly with the airline or through American Express Travel®, up to $500,000 per calendar year
- 5X points on prepaid hotels booked via American Express Travel®
- 2X points on travel purchased through AmexTravel.com or the Amex Travel App and cruises booked and paid through AmexTravel.com.
- 1X points on other eligible purchases
Compare that to two downgrade options: the American Express® Gold Card and the American Express® Green Card. The Amex Gold earns:
- 4X points at restaurants worldwide, on up to $50,000 in purchases per calendar year (then 1X points)
- 4X points at U.S. supermarkets, on up to $25,000 in purchases per calendar year (then 1X points)
- 5X points on prepaid hotel stays booked through AmexTravel.com or the Amex Travel App
- 3X points on flights booked through AmexTravel.com, the Amex Travel App or purchased directly from airlines
- 2X points on prepaid car rentals booked through AmexTravel.com or the Amex Travel App and cruises booked and paid through AmexTravel.com
- 1X points on all other eligible purchases
And the American Express® Green Card earns:
- 3X points on travel
- 3X points on transit
- 3X points on dining at restaurants worldwide (including takeout and delivery in the U.S.)
- 1X points on other purchases
Unless you spend a significant amount on specific Amex Travel bookings, the Amex Gold and Amex Green are likely to earn you more points. They're both more rewarding for dining, and the Amex Gold is one of the best options for supermarkets.
The American Express Gold Card is great for earning valuable Membership Rewards® points at restaurants worldwide and U.S. supermarkets.
- You can earn $400+ in dining and rideshare credits every year (Enrollment required for select benefits mentioned)
- Exceptionally rewarding for eligible restaurant and U.S. supermarket purchases
- No foreign transaction fees
- Larger annual fee
- Credits are more complicated, you earn them monthly or semi-annually
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $8,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you're approved and find out your exact welcome offer amount – all with no credit score impact. If you're approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- New! Earn 5X Membership Rewards® points on prepaid hotel stays booked through AmexTravel.com or the Amex Travel App.
- Earn 3X Membership Rewards® points on flights booked through AmexTravel.com, the Amex Travel App, or purchased directly from airlines.
- Earn 2X Membership Rewards® points on prepaid car rentals booked through AmexTravel.com or the Amex Travel App and cruises booked and paid through AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- Pay It® lets you tap in the American Express® App to quickly pay for small purchase amounts throughout the month and still earn rewards the way you usually do. Plan It® gives you the option to split up big purchases into equal monthly payments with a fixed fee. You'll know upfront exactly how much you'll pay.
- Updated! $120 Dining Credit: Earn up to a total of $10 in statement credits monthly when you pay with the Gold Card at Grubhub (including Seamless), Buffalo Wild Wings, Five Guys, The Cheesecake Factory, and Wonder. This can be an annual savings of up to $120. Enrollment required.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year at over 10,000 qualifying U.S. Resy restaurants after you pay for eligible purchases with the American Express® Gold Card. That's up to $50 in statement credits semi-annually. Enrollment required.
- $84 Dunkin' Credit: Earn up to $7 in monthly statement credits after you pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment required.
- $120 Uber Cash on Gold: Enjoy up to $120 in Uber Cash annually with your Gold Card. Just add your Card to your Uber account and you'll get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an Amex Card for your transaction.
- New! As an American Express® Gold Card Member, you can enjoy complimentary Hertz Five Star® Status. Enjoy benefits like skipping the counter at select locations, adding an additional driver at no additional cost*, and vehicle upgrades**. Benefit enrollment and Hertz Gold+ registration are required. *Additional drivers must meet standard rental qualifications and must be a spouse or domestic partner to qualify as complimentary. Other additional drivers subject to fees. **Benefits are subject to availability and vary by location. Additional Hertz program Terms and Conditions including age restrictions apply.
- Take advantage of a $100 credit towards eligible charges* at over 1,300 upscale hotels worldwide when you book The Hotel Collection through AmexTravel.com or the Amex Travel App **. *Eligible charges vary by property. **The Hotel Collection requires a two-night minimum stay.
- Book your travel through the Amex Travel App with added peace of mind – backed by American Express® service and support. Only for American Express® Card Members.
- Whenever you need us, we're here. Our Member Services team will ensure you are taken care of. From lost Card replacement to statement questions, we are available to help 24/7.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.
- See Rates & Fees
Foreign transaction fee
None
On top of the extra rewards, both cards have much lower annual fees and still provide enough benefits to justify the cost. The Amex Gold has a $325 annual fee (see rates and fees) and over $400 in yearly value through credits for Resy, dining, Dunkin' and more.
The Amex Green has a $150 annual fee (see rates and fees) but fewer perks, which makes sense for someone who isn't traveling as much. With it, you can receive an annual $209 CLEAR+ membership fee credit (subject to auto-renewal), which helps you speed through security at dozens of airports.
The American Express® Green Card is geared toward those who frequently travel and eat out often, but don't want to shell out on a premium card.
- Up to $199 credit for a CLEAR® Plus membership each year (subject to auto-renewal)
- Earns flexible rewards you can transfer to 20+ airline and hotel loyalty programs
- No foreign transaction fees
- $150 annual fee
- No ongoing non-travel statement credit offers
Keep your points
Aside from the lower annual fee and increased rewards rates, perhaps the biggest reason to downgrade is that you can still keep your points.
If you decide canceling your Amex Platinum makes the most sense, there are many ways to easily redeem your rewards. The problem is, the simplest redemptions are usually the least valuable. You can pay with points at checkout (with select retailers), redeem for statement credits or cash them out for gift cards — but nearly all of those options net a return of 0.6 cents to 0.85 cents per point. Using points to pay for travel through Amex Travel can return a value of 1 cent per point, but only for flights and Fine Hotels & Resorts bookings.
Amex has an incredible list of transfer partners, and you could easily move all of your Amex points to an airline or hotel you love before canceling your card. This isn't a bad option, and it's probably what I would do if I needed to cancel an Amex card.
However, a big part of the value of American Express points is the options and flexibility you have. When you transfer points to an airline or hotel, you can't transfer them back, and if that program makes negative changes, your points could lose value or become less useful. If you downgrade, you keep your options open and maintain your flexibility.
Polish your credit score
If you downgrade your Amex Platinum, you can keep the same account number, and the account remains open on your credit reports. That makes the transition simple since you won't need to update subscriptions or recurring bills charged to your card.
It also has a small added benefit for your credit score. The age of your accounts or length of credit history comprises 15% of your FICO Score, which is one of the most popular credit score models. While closing the account won't necessarily crush your credit score (especially if you have lots of other accounts or older accounts), keeping it open will help maintain it.
Why your Amex Platinum may be worth keeping
There's no arguing that the Amex Platinum is expensive and valuable; the issue with that value is that it's complicated. You can receive $1,000s in benefits every year, but much of it is doled out in monthly, quarterly or semi-annual increments (some of which require enrollment).
That said, even if you aren't intentionally maximizing every perk, you may be utilizing benefits without realizing it — and you may also qualify for a generous retention offer. When you call to cancel the card, you'll typically get transferred to the retention department. Their job is to convince you to keep the card, and they may offer incentives to do so. These offers are highly targeted.
In my experience, you're more likely to receive a retention offer if you call close to when your annual fee is due. Amex generally will refund an annual fee within 30 days of it posting to your account, so you have leeway with this.
Online reports suggest you could be targeted for several hundred dollars in statement credits or 15,000 to 50,000+ points. Your offer may require a minimum amount of spending to earn, but these deals can easily make it worth keeping the card for another year. In the past, I received an Amex Platinum retention offer for 30,000 points after spending $4,000 within three months.
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Read more
For rates and fees of the American Express® Gold Card, click here.
For rates and fees of the American Express Platinum Card®, click here.
For rates and fees of the American Express® Green Card, click here.
