The face value of a statement credit is not automatically its value to you. The sounder number is the amount of normal spending it replaces after restrictions and extra costs.
Use replacement cost
If you would normally spend $50 and a restricted benefit makes that purchase cost $40, the practical value is $10—not the benefit’s maximum advertised amount. Give unused benefits a value of zero.
Account for friction
Reduce your estimate for inconvenient merchants, required booking channels, higher prices, enrollment, narrow time windows, and purchases made only to trigger a credit.
Compare with an alternative card
Subtract rewards and benefits you would have earned using your best realistic alternative. Then compare the resulting recurring value with the fee.
Run both conservative and optimistic cases in the Annual Fee Calculator, and verify current restrictions through the Amex Platinum card profile.
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