Is the Platinum Card worth $895 a year?

A fee card has to beat the best no-fee card by more than its fee before it earns you anything. Below is the annual spend, category by category, where the Platinum Card’s extra rewards clear the $895. American Express Membership Rewards points are valued at 1.25¢ each; transfer partners can beat that, cashing out won't.

Categories can combine: spending across several bonus categories clears the fee sooner than any single row suggests. Portal-only rates and perks (credits, lounges) are excluded — this is the rewards math only.