Streaming was supposed to be the low cost way to cable. It has become something of a line item on its own these days. Whether you're on Netflix or Disney+, Hulu or HBO Max, or any other service you've subscribed to in the past, it's not hard to spend more than $100 a month without realizing it particularly if you add up all of those services that slipped their prices up over the past year or two.

Which is why one particular benefit on the Platinum Card® from American Express is one of my favorite methods for reducing the high annual fee. I'm able to save over $400 annually with each of the two benefits that my card offers, so I don't need to pay for entertainment gossip subscriptions that I would've anyway.

Why streaming can end up costing you more than you think

Perhaps it's good to put some actual figures to it as the total does accumulate quickly. Let's take a quick look at the basic pricing (usually the ad-supported version) for some of the most popular platforms:

• Amazon Prime Video: Also available for $14.99/month with Amazon Prime
• Apple TV: $12.99/month
• Disney+: $11.99/month
• ESPN Select: $12.99/month
• HBO Max: $10.99/month
• Hulu: $11.99/month
• Netflix: $8.99/month
• Paramount+: $8.99/month
• Peacock: $7.99/month
• Discovery+: $5.99/month

So if all you want are just those ten base plans, it'll cost you north of $100 per month or $1,200 or more a year before you get to the point of having seen any actual content. Most homes don't have "all" of them, but the Amex Platinum's entertainment benefits are designed to cover a lot of these.

The First Layer: Amex's Digital Entertainment Credit

The Platinum Card will provide up to $300 per year for digital entertainment, which is allocated in monthly steps of up to $25, as long as you sign up for the benefit in advance of your statement. That final part is key: This credit doesn't count for past months without a subscription to the card, so you need to sign up in your Amex account prior to the month of your subscription, otherwise you end up with no credit.

The process of enrollment takes just a few minutes. Login to your Amex account, go to Rewards & Benefits then click over to the Benefits tab and scroll down to Digital Entertainment Credit. After that, by clicking on “Get Started”, the benefit kicks in from the next day.

Many streaming platforms aren't included on the list, though only those that Disney has pre-approved: Disney+, the Disney+ Bundle, streaming services on ESPN, Hulu, The New York Times, Paramount+, Peacock, The Wall Street Journal, YouTube Premium and YouTube TV. They're not eligible if they're bought via the provider's mobile app, and any unused amount of a month's $25 credit is non-refundable and cannot be carried over to the next month.

I personally put my New York Times and ESPN Select subscriptions on the card and once I got in place, those two take up the whole $25 credit per month, which means I get the entire $300 benefit a year, and don't even think twice. All my non-EL purchases go on another card that's more appropriate for streaming stuff.

A recent change to note: American Express updated the terms and Peacock bundles no longer count for this credit, as the terms can change periodically, so make sure to double check the eligible list.

A Streaming Perk Hiding in the Walmart + Credit

This is something that many Platinum cardholders miss out on altogether. The card also includes up to $155 a year to add a Walmart+ membership to your Amex account, or through Walmart's special registration page, which includes the standard $12.95 monthly fee, plus applicable taxes and fees.

The real value of Walmart+ goes beyond grocery delivery and free shipping, though: Walmart+ members have the option to have one of two complimentary streaming subscription options as part of their membership: Paramount+ Essential or Peacock Premium. Both are included in your Walmart+ for FREE and you can switch between either of them every 90 days if you change your mind.

On Walmart+ you can sign up for $8.99 a month with Paramount+ Essential and $10.99 a month with Peacock Premium; I signed up with Peacock Premium and linked it directly to my Walmart+ account, making that $10.99/ month charge Walmart's. That's about $132 in additional savings I was not receiving elsewhere in the year, added on top of the $300 entertainment credit.

Doing the Math on the Annual Fee

Let's add it all up and I'm saving more than $400 a year from these two, overlapping benefits alone. That's almost half the cost recovered via subscriptions I already pay for before I ever got the Platinum Card, without paying any new bills, just routing them to the right card.

It is a fine example of one of the advantages of travel cards: the annual fee sticker price isn't necessarily as significant as it sounds. Access to the airport lounges and hotel and airline statement credits are also provided, and now these entertainment benefits, too, make it seem like most cardholders will be able to cover the cost of the fee with benefits they would be enjoying regardless of how they get to the airport.

Final Thoughts

The Amex Platinum tends to get pigeonholed as a card for people who live in airport lounges and rack up frequent-flyer miles and it certainly excels there. But its lifestyle benefits, particularly around streaming and entertainment, deserve just as much attention. Between the up to $300 digital entertainment credit and the streaming subscription tucked inside the up to $155 Walmart+ credit, it's possible to knock out a meaningful chunk of the annual fee with a few minutes of enrollment and zero change to your actual spending habits.

If you already hold this card and haven't set up these benefits yet, it's worth logging in today. The savings are sitting there waiting you just have to opt in.