Core Insights - The American Express Platinum Card has undergone a refresh, leading to an increase in its annual fee to $895, which is the highest for a publicly available travel credit card [3][4] - Despite the high fee, the new benefits introduced make it easier for users to derive value that offsets the cost [2][4] Benefit Analysis - **Digital Entertainment Credit**: Users can receive up to $300 annually ($25 per month) for eligible streaming services, making it a valuable benefit for those already subscribed to these services [6][7] - **Resy Credit**: The card offers up to $400 annually ($100 per quarter) for eligible dining purchases through Resy, which can be beneficial even outside major cities [8] - **Hotel Credit**: Up to $600 in statement credits is available for prepaid Fine Hotels + Resorts or The Hotel Collection bookings, providing significant value if utilized effectively [9][10] Additional Benefits - The card includes various other benefits such as airport lounge access, airline fee credits, and Uber Cash, although their utility may vary based on individual usage [11][15] - Some benefits, like the lululemon and Oura credits, may not appeal to all users, indicating a mixed reception for certain perks [13][14] Value Proposition - The total potential value from the card's benefits can exceed $2,000 annually, suggesting that for frequent users, the card can be a worthwhile investment despite its high fee [16]

Core Insights - Wealthy individuals, particularly millionaires, frequently utilize credit cards due to the numerous benefits they offer, including rewards, protections, and convenience [1][15]. Group 1: Benefits of Credit Card Usage - Millionaires earn valuable rewards through credit card usage, such as cash-back or travel points, enhancing their purchasing power without needing to spend more [2][3]. - Credit cards provide added protections and insurance coverage, which help in safeguarding purchases and managing risks associated with spending [5][6]. - Travel perks associated with credit cards, such as airport lounge access and concierge services, enhance the travel experience for wealthy individuals [13][15]. Group 2: Financial Management and Convenience - Credit cards facilitate easier tracking of spending, allowing users to sync accounts with budgeting software and manage expenses more effectively [10][11]. - The use of credit cards minimizes the need for cash or checks, providing a more convenient payment method that can be integrated with mobile payment systems [12][15]. - Millionaires benefit from the fraud protection offered by credit cards, which limits their liability in case of unauthorized transactions [8][9].