For years, the shiny metal Amex Platinum card has been the card you pulled out to feel like you had made it. Airport lounge access, elite status vibes, and a fat annual fee that you could justify because you were a traveler. Now in 2025, many people are asking a different question: is the Amex Platinum still a travel card, or is it really a lifestyle club that happens to earn points? In light of these considerations, one might wonder, is the Amex Platinum still worth it?

That is exactly what host DeAndre Coke dug into with guest Nick Serati, co-founder of Thrifty Traveler, on the Revolutionizing Your Journey podcast. They broke down how Amex has reshaped the Platinum into a membership product, how it stacks up against the Chase Sapphire Reserve, Citi Strata Elite, and Capital One Venture X, and how to decide if you are paying for value or paying for prestige.

Meet Nick Serati and Thrifty Traveler

Nick lives in Minneapolis but grew up in Fargo, North Dakota. Thrifty Traveler actually started from a college friendship: he and founder Jared Kamrowski were roommates at the University of North Dakota.

• They were both traveling a lot for work after college and learning airline and hotel programs on the company’s dime.
• Around 2010 to 2011, Nick opened his first real travel card, the Chase Sapphire Preferred, and the bonus opened his eyes to what points could do, much like Amex’s Membership Rewards points.
• Friends kept asking how they were taking these trips so early in their careers, which led to the idea for a site.

In 2015, Jared launched Thrifty Traveler, with Nick helping in the background. Nick started writing in 2016, they launched Thrifty Traveler Premium in 2017, and by 2018 both had quit their jobs to run the business full time.

Today, Thrifty Traveler sends out daily flight deals, both cash and award, and surfaces some of the wildest “unicorn” redemptions on the internet. If you are trying to decide whether the Platinum’s perks are worth it, pairing it with a deal service like Thrifty Traveler Premium makes the card a lot more interesting.

How Amex Turned Platinum Into a Membership Club

The big idea that sparked Nick’s article, “The Amex Platinum card is not a travel card anymore. It is a club membership,” came from an unlikely place: a Costco case study.

The Costco epiphany

Nick was listening to an episode of the Acquired podcast about Costco. One stat jumped out at him. Costco membership fees make up something like 80% of the company’s profit. Selling goods in the warehouse is almost secondary. The real product is the membership.

He started to see the same pattern with the Amex Platinum card. Over the last decade, Amex has loaded the card with more and more statement credits for lifestyle perks. It went from a travel card with a few side perks to what people jokingly call a metal coupon book.

Here is how the Platinum fee and focus have shifted over time:

Every few years, the fee went up and the card got more “stuff,” but less of that stuff had to do with flights or hotels.

If you want a clean breakdown of the current math, DeAndre already did a deep dive on Amex Platinum card benefits and fee analysis.

Why the Platinum Feels Less Like a Travel Card

When Nick first got the Amex Platinum card, it was simple. The fee was lower, there was very little competition at the top end, and the perks were almost all travel related.

In 2025, the card still has strong travel value:

• Global Lounge Collection access and partner lounges
• Delta Sky Club access if you are flying Delta (now capped at 10 visits per year)
• Fine Hotels + Resorts hotel credit that can take the sting out of luxury stays

But the newest wave of perks looks different:

• Uber credit
• Monthly or annual Lululemon credit
• Resy dining credit
• Credits tied to brands like Aura Ring
• Fitness perks such as Equinox credit, which many cardholders simply cannot use

These are real perks, but they are not travel perks. You can build a very nice lifestyle stack without ever leaving your home airport.

At the same time, Amex left the earn rates untouched. You still get:

• 5x Membership Rewards points on flights booked directly with airlines or through American Express Travel
• 5x on prepaid hotels booked through American Express Travel
• Just 1x on pretty much everything else

So the card is packed with benefits but is still a weak everyday earner compared to something like the Amex Gold, Citi Strata Elite, or Venture X.

The Prestige Factor: Why People Still Want the Card

Even with the $895 annual fee, people keep signing up for the Amex Platinum card. A lot of that has nothing to do with math.

Nick talked about friends who proudly pull out the Platinum at restaurants even though it earns only 1x points on dining. They are not thinking about optimization. They are thinking, “I am a Platinum cardholder.” They like being part of the club.

For years, the Platinum sat just below the Centurion “Black Card” in terms of perceived status. It was heavy, rare, and made a statement when you set it on the table. That prestige has faded as more luxury travelers have the card, but the psychology is still there.

So the real question becomes, are you paying for points or paying for prestige?

Costco Club Or Country Club?

Nick sees the Amex Platinum card as a mix of two membership models.

On one side, it feels like Costco, Sam’s, or BJ’s. You accept some friction and coupon style credits in exchange for real savings on something you use a lot, in this case travel.

On the other side, at $895 per year, it now looks a lot like a country club membership. It is aimed at affluent cardholders who care about:

• Priority at the airport and lounge access
• A sense of status when they pay
• Perks that fit a high spend lifestyle

Those travelers will tolerate unused credits because the value they do use is still worth it to them.

Do Most Cardholders Even Use Their Credits?

If you are deep in points and miles, you probably treat every credit like a mini welcome bonus when maximizing benefits. DeAndre gave examples of timing a Resy date night, maximizing the airline fee credit, and ducking into Lululemon before a deadline to squeeze out full value from the Lululemon credit.

Most people simply do not operate that way.

Amex loves to market that the Platinum has over $3,500 in total value. Even for pros like DeAndre and Nick, it is hard to use every single perk. Some will always slip through the cracks.

That unused value, often called breakage, is a big part of why the model works for Amex.

How merchant-funded credits change the game

Nick shared something interesting from an Amex CFO talk at a Barclays financial conference. Many of those brand-name statement credits, like Saks Fifth Avenue or Lululemon, are not fully paid for by Amex.

In many cases, merchants are footing the bill or at least subsidizing it heavily because:

• They want access to Amex’s affluent customer base
• They are happy if you come in to spend $200 while feeling like you “saved” $75
• They know many cardholders will not time the credit perfectly

The mechanics behind the scenes are not public, but the outcome is clear. Amex can raise the fee, add more shiny perks, and not actually increase its own cost by that much.

Two Kinds of Platinum Cardholders

Nick sees two main groups using the Amex Platinum card today.

• Maximizers: Frequent travelers who track every credit, aim for perfect redemptions, and buy things like a $78 item at Lululemon so the $75 credit leaves them paying $3. They understand transfer partners, lounge rules, hotel elite status, and renewal math.
• Status seekers: They like the look and feel of the card, enjoy walking into lounges, and maybe use some credits by accident. Many do not know half the benefits they pay for.

Nick mentioned people in his own life who are shocked when they see the higher fee, yet still are not sure what the card does. That is the power of branding.

If you have pets, there is even a virtual vet benefit tied to Walmart+ (not to mention the Uber One Credit) that many Platinum holders ignore. If that is you, it is worth seeing how the virtual vet access perk for Amex Platinum cardholders actually works.

Why The Platinum Is A Terrible Starter Card

Nick did not mince words here. For beginners, the Amex Platinum card is usually the wrong move.

A better entry point for most people is something like the Chase Sapphire Preferred. The fee is low, the credits are easy to use, and the earning structure is simple.

That is not true for the Amex Platinum card. It has:

• A high fee
• Complicated credits and travel protections with different rules and calendars
• Weak earnings outside of flights and Amex Travel hotels

There was also no big welcome offer bump tied to the 2025 refresh. The public and targeted offers around 175,000 points have been around for a while. Amex focused the refresh on benefits, including high-value perks like Global Entry and TSA PreCheck that beginners often overlook, not points.

If you want a simple path into nearly free travel, you will probably be better off starting with cards like the Preferred, then working your way up. BoldlyGo’s start-here guide to nearly free travel can help you map that out.

Where Business Platinum Actually Got Better

While the personal Platinum did not see earning upgrades, the Business Platinum did pick up a few solid changes.

• The 1.5x rate on big purchases became 2x on the first $5,000 in certain categories. For business owners running payroll through platforms like Zil Money, that extra half point on large chunks of spend adds up.
• Business cardholders now share in the Fine Hotels + Resorts style credits, which used to be a sore spot if you only had the business version.

Even then, Nick and DeAndre both treat the Business Platinum as a card that needs a clear plan and an exit strategy. It is not a “set it and forget it” product.

How Sapphire Reserve, Strata Elite, And Venture X Compare

Amex is not the only bank chasing this membership model.

Chase Sapphire Reserve

Chase watched the Platinum’s success and tried to match it in one big swing. The Sapphire Reserve jumped from $550 to $795 and added:

• More credits beyond the already excellent $300 travel credit
• A growing lounge network
• Extra partners and benefits

The problem is that Chase cardholders were not slowly trained to expect this complexity. The change felt abrupt, and many people saw it as a downgrade in simplicity compared to the original Reserve that launched in 2016.

Citi Strata Elite

Citi’s Strata Elite is a newer entrant, and Nick has been pleasantly surprised after opening it.

Highlights he called out:

• A 100,000-point welcome offer for $6,000 in spend in 3 months at launch
• A $200 “splurge” credit you can use with American Airlines or Best Buy
• 3x on dining that jumps to 6x between 6 p.m. and 6 a.m. on Friday and Saturday nights

Citi also issues American Airlines cards now, so Strata points can transfer to AAdvantage, which is big if you value AA miles. The fee is high, but it is still a cleaner package than the Platinum for many people.

Capital One Venture X

Nick called Venture X the last true premium travel card that is still about travel first.

For a $395 fee, you get:

• A $300 travel credit when you book through Capital One Travel
• A 10,000-mile anniversary bonus every year you renew, worth at least $100
• 2x everywhere, which is perfect for partners or family members who do not want to juggle cards

If you use the credit and the anniversary miles, you are effectively at break-even before you even count lounge access or the points you earn. It is the card Nick gives his wife for almost all her everyday spending.

Capital One will likely raise the fee at some point, but right now Venture X is still the easiest “yes” in the premium space.

Staying Smart With Premium Cards

With all these options, it is easy to get caught up in hype. Nick’s filter is simple: match cards to your real travel habits to maximize travel benefits.

Ask yourself:

• Do you live in a Delta hub and fly Delta a lot? Then Amex Platinum or Green plus SkyMiles strategy might fit.
• Do you hate tracking lots of credits and categories? Then Venture X or Sapphire Preferred will feel better.
• Do you care more about first-class flights and unicorn award deals than lifestyle credits? Then pairing strong earners with tools like Thrifty Traveler Premium makes more sense than chasing the fanciest coupon stack.

To keep all these perks straight, Thrifty Traveler built a free tracking tool. It is an offline spreadsheet that lets you:

• Log which cards you and your partner have
• Track annual fee dates
• Check off credits as you use them
• See at a glance whether you have used at least as much value as you paid in fees

That simple check can save you hundreds of dollars a year in wasted benefits.

If you want more structure, tools like Card Pointers and Travel Freely can also help you know which card to use where and when to open or close products.

Final Take: Membership Or Travel Tool?

The Amex Platinum card used to be a clear choice for frequent travelers who wanted lounge access and strong travel perks. In 2025, it looks a lot more like a lifestyle membership with travel benefits attached.

For some people, that is perfect. They will use the lounges, stack statement credits like Fine Hotels & Resorts, Uber credit, Resy, Lululemon, pet perks, and more, and easily beat the $895 fee. For others, it is a very expensive way to feel like part of a club while leaving hundreds of dollars in value on the table.

If you are not sure which camp you fall into, start by mapping your goals and current cards. BoldlyGo offers a free 30-minute points and miles consultation and a weekly newsletter with current deals and strategies to help you build a plan that fits you, not the marketing.

In the end, asking “Amex Platinum worth it” comes down to this: does the card give you more value than its statement credits and perks cost, both in money and in mental energy? If the answer is no, the Platinum might be a beautiful club you simply do not need to join.

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