The Platinum Card® from American ExpressA premium travel rewards credit card, The Platinum Card from American Express, (a NextAdvisor advertiser) just got better, as the card just received a number of upgrades to its perks and rewards. We recently wrote about our experience attending a special event with multiple American Express representatives to learn about the new perks and rewards being added to this card, and now we’re happy to announce that the upgrades are finally here. Both longstanding cardholders as well as those who’ve been considering getting The Platinum Card from American Express will be able to enjoy these new benefits, which include complimentary access to over 1,000 airport lounges worldwide, up to $200 back annually in Uber credits and much more. However, alongside these benefits is a rather hefty annual fee of $550 — up from the previous $450 annual fee. If you’re wondering whether this credit card is worth such an annual fee, wonder no more. Keep reading to learn more about the card’s benefits and how they stack up against the annual fee.

What perks and rewards does the card offer?

To start, cardholders will earn now earn 5x Membership Rewards points on hotel stays booked through American Express Travel in addition to 5X points for airfare booked directly through an airline or American Express Travel and 1X point for every eligible $1 spent elsewhere. Next, new cardholders can earn 60,000 bonus points when they spend $5,000 on purchases within the first 3 months of card ownership. Frequent flyers will appreciate the airline fee credit for up to $200 a year they’ll receive to cover incidental costs, like bag-checking fees or in-flight meals, and world travelers will love that the card has no foreign transactions fees. Whenever you book at a Fine Hotels and Resorts property through American Express Travel, you’ll enjoy number of benefits, which hold an average value of $550, including complimentary daily breakfast for 2, guaranteed late checkout and more. On top of that, when you’re traveling, you’ll be able to relax and rejuvenate with complimentary access to more than 1,000 American Express and partner lounges in airports in 500 cities across 120 countries, including the Centurion lounge network (which costs $50 per day for all other card members with a valid American Express credit or charge card).

Fans of Uber will be thrilled to receive up to $200 in Uber credits annually when they add The Platinum Card from American Express as their payment method in the app — note that these rewards are delivered in increments of up to $15/month (plus an additional $20 bonus in December) for use on rides within the U.S. You’ll also get Uber VIP status where available. Other perks cardholders can expect include a $100 fee credit in the form of statement credit every 4 years when they apply for their Global Entry or TSA PreCheck, car rental loss and damage coverage, access to the Platinum Travel counselors, who will help them customize their itinerary, and access to the 24/7 Premium Global Assist Hotline to help with medical, legal, financial or other select travel emergencies. Rounding out the added perks are to a new Global Dining Collection, which gets you access to culinary events, exclusive reserved seating, one-of-a-kind dining experiences and more, and the ability to add complimentary additional Gold Cards to a Platinum Card membership without any extra annual fee.

Is the annual fee worth it?

In a word, yes. Although $550 a year might seem steep, when you compare this with the sheer number and amount of benefits you get from The Platinum Card from American Express — both those that have just been added as well as the existing perks — the annual fee is quickly dwarfed. For example, if you consider the $200 Uber credits, $200 airline fee credit, $100 credit for Global Entry applications, $50 per visit to a Centurion airport lounge and the complimentary benefits offered for hotel stays booked through American Express Travel (which average $550 in value), you’ve already surpassed the annual fee. Not to mention, you’ll receive 5X Membership Rewards points anytime you book airfare through an airline or American Express Travel and an additional 5X points for hotel stays booked through American Express Travel, which means you be able to earn hefty travel rewards alongside what you get by default. If you are someone who travels often, especially outside the U.S., then The Platinum Card from American Express is going to provide plenty of benefits year after year that you’ll be glad to take advantage of. Plus, if you are a current cardholder, keep in mind that your annual fee will not increase until your annual renew date, on or after Sept. 1, 2017. Visit our review of The Platinum Card from American Express to learn more or apply online.

Granted, this credit card isn’t for everyone. Those who don’t travel much will probably not see the benefits outweigh the annual fee. In that case, if you’re someone looking for a credit card that offers significant perks and rewards, you might want to look at our rewards credit card reviews to find the perfect card for your needs.

Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author’s alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This content was accurate at the time of this post, but card terms and conditions may change at any time. This site may be compensated through the credit card issuer Affiliate Program.