So long as you've got good rental car insurance protection otherwise, you may have no reason to keep the card. I recently had an experience using the Amex protection on a rental. Easily $1000 in damage, taken care of by my annual fee and the $19.95 for the entire two-week rental period. Worth every penny.

Keep in mind though that many in the Amex forum have reported that airline gift card purchases have been reimbursed in the airline credit program--so that effectively reduces your annual fee to $250:http://www.flyertalk.com/forum/ameri...-strategy.html.

I've also found the SPG Gold elite status beneficial. I'm no big fan of Delta, but if SkyMiles are valuable to you, Amex has had frequent transfer bonuses, including status qualification, to Delta as well. I'm assuming BA has no attraction for you.

I've had a Platinum for 20 years, long before FF programs became that important to me. I've always appreciated their level of service, but that's just not quantifiable, and certainly different people may value that benefit differently.