There's no doubt that the Platinum Card comes with a steep annual fee that might immediately turn some people away. But with all of the benefits that come with it, the card is more than worth it -- but only if you're able to take advantage of all the card perks.
First, the card's welcome bonus alone can be worth nearly twice the high annual fee if you use it on travel expenses, either directly through the airline or hotel or by booking your travel through American Express Travel.
Many of the other card benefits combined can equal significantly more than the annual fee -- those benefits include the $200 hotel credit, $200 airline credit, $300 Equinox credit, $200 Uber Cash, $240 digital entertainment credit, $100 Saks statement credits, and more.
That being said, if you don't find yourself taking advantage of many of the card perks, then the $695 annual fee isn't worth the Membership Rewards you might earn with the card. And since some of the card benefits require you to spend money to earn the reward, it may not be worth it if you end up having to spend money you otherwise wouldn't have to earn the rewards.