NOTE: Excellent insight and tips in the 1st comment (click on comments) from Tootalltofly! Please check it out.
Well, the easy answer is: it depends how much discretionary income you have these days. Just in case that statement is too vague, I will give you a few examples of when the card was useless and 1 instance when it was priceless. While I have not carried the card in a while, friends and family who travel frequently often ask me if the Amex Platinum Card is worth the relatively steep $450 annual fee. The two main features (among several ancilary ones) of the card are:
1) complimentary international airfare for a companion when you purchase a first or business class ticket
2) complimentary airline lounge access
Of course, these features only apply to the airlines that are part of the AMEX Platinum program; roughly 20 airlines around the globe.
The challenge with the complimentary air program is that the paid ticket must be purchased in whatever the “full fare” class is on a particular airline in Business or First. The full fare class can be, in many instances, significantly more than a discounted business or first class fare.
Airfare
For instance, my wife and I wanted to go to Thailand. The full business class fare that was eligible under the American Express Platinum Card was a little over $5,000. If I purchased this ticket, I would receive the complimentary ticket. However, when I contacted a travel agent, the discounted business class fare was $2500 per person. It was cheaper for us to buy 2 discounted business class fares than 1 full fare business class fare.
Another drawback: I called the AMEX Platinum travel desk in late August to make air reservations for January. I was told that not all of AMEX’s airline contracts been renewed yet for the following year, so there was only 1 carrier available for my destination and the fare was astronomical; again, over double the price of a discounted business class fare.
Lounge Access
One can only access an airline’s lounge with the Platinum Card if they are flying on that particular airline, but you don’t have to be flying in business class. So, if you are flying on Delta and there is no SkyClub, you are S.O.L.
Concierge
There is also something called Concierge, that is supposed to be able to arrange, well, stuff that concierges arrange: flower deliveries, helicopter tours (I was quoted $25,000 for helicopter transport from Tahiti to Bora Bora) I asked the concierge to get me tickets to the DMB concert in Piedmont Park. At first, it seemed not to be a problem, but I wound up having to make several follow up phone calls, send faxes and talked to managers as I never received the tickets. In fact, I didn’t receive the tickets until the day before the concert.
Success
The original reason I obtained the card was to buy business class tickets to Tahiti on Air France. In this instance the card worked like a charm. I bought one business class ticket at full price (the same as the lowest fare on Air France’s website) and my wife received a complimentary business class ticket. The card paid for itself (and then some) that year.
Conclusion
If you are getting the card solely for complimentary companion international airfare, it may not be worth the annual fee, depending on how many trips you plan on taking. If you are not interested in bargain hunting or shopping for airfare and just want your (and your companion’s) but in an upper class seat, go for the Platinum Card.