Is the The Platinum Card® from American Express Worth the $895 Annual Fee?
On rewards alone, the The Platinum Card® from American Express never out-earns the no-fee Hilton Honors American Express Card — its $895 fee has to be justified by credits and perks, not the earn rates.
Rates verified 2026-07-28.
Method: we compare what the The Platinum Card® from American Express earns against the best no-annual-fee card in the same category — the Hilton Honors American Express Card — because the alternative to paying a fee is not earning nothing, it is a good free card. Full methodology.
Three spending levels
| Profile | The Platinum Card® from American Express | Hilton Honors American Express Card | After the $895 fee |
|---|---|---|---|
| Light spender ($1,200/mo) | $144/yr | $542/yr | −$1,293 behind |
| Typical spender ($2,400/mo) | $288/yr | $1,082/yr | −$1,689 behind |
| Heavy spender ($4,500/mo) | $540/yr | $2,030/yr | −$2,385 behind |
The breakeven curve
| Monthly spend | Margin vs. Hilton Honors American Express Card (after fee) | Verdict |
|---|---|---|
| $500 | −$1,061 | keep the free card |
| $1,000 | −$1,226 | keep the free card |
| $1,500 | −$1,392 | keep the free card |
| $2,400 | −$1,689 | keep the free card |
| $3,500 | −$2,053 | keep the free card |
| $5,000 | −$2,550 | keep the free card |
| $7,500 | −$3,378 | keep the free card |
Caveats that can move this math: 5X on flights and prepaid hotels via Amex Travel. Statement credits and perks are not counted unless you would have spent that money anyway.