I won't name my company, even though I think I can, but here's how our "free" Amex Platinum works. I'll tell you why it was a great deal, and why it's now not such a great deal imo, even though I still do it personally.
To get a credit that offsets the $695 annual fee, one must have:
1. At least $25k cash in a lower yielding checking account.
2. A premium cash management type of account, which is actually pretty good, imo. I like the nearly unlimited ATM rebates worldwide.
3. At least $5k per month direct deposit, or social security of any amount.
Why it was a great deal...
A few years ago, money markets and checking/savings accounts were paying next to nothing, so to have $25k in a very low yielding checking account was no biggie, as rates were lousy everywhere so you weren't giving up much.
Also, until recently, the annual fee that was rebated was under $600, so no reporting of the credit of the annual fee to the IRS.
Why it's now not nearly as good of a deal...
Interest rates are much higher. Our preferred (new money) savings account is currently at 5%.
So to have even $25k earning next to nothing, is a bigger deal. If rates remained at 5%, interest on $25k is $1,250/yr, so that's more interest credited than the benefit from the card. As mentioned, the checking account required to get a rebate of the fee pays close to nothing, interest-wise.
Since AMEX increased the fee to over $600/yr ($695), the rebated fee is now reported to the IRS, which means most will pay tax on it. In other words, given where things stand today, and certainly they could change, but you'd potentially give up $1,250 in interest and pay tax on the $695 rebated fee, so indirectly you're paying more than the $695 rebated.
Again, I still do it, and I like the fact I can get the GF an authorized user card for no extra cost. Once interest rates come down, the deal will probably look more attractive again. But I hate the fact that the credited fee must be reported to the IRS as taxable income!