The Platinum Card® from American Express

In-Depth Review: The Platinum Card® from American Express

Superior features, earning potential, and cardholder perks elevate the American Express Platinum Card® to a distinctly different level than other travel rewards cards. Granted, such exclusive treatment will cost a pretty penny – a $695 annual fee, to be exact – but for those who like to travel in style, this card easily recoups the upfront cost with a bevy of statement credit opportunities and complimentary upgrades.

Choose Your Design

American Express gives Platinum Cardholders exclusive access to two unique cards in lieu of the classic Platinum design. The lender launched the new designs in collaboration with Harlem’s renowned gallery, The Studio Museum.

How to Earn Rewards with The Platinum Card

Welcome Offer

The Platinum Card typically offers welcome offers of up to 150,000 Membership Rewards points or more for meeting minimum spending requirements within the first six months. Unfortunately, Amex has switched to a “dynamic” welcome offer format, meaning you’ll never know what your offer is until you apply and are approved.

How to Earn Membership Rewards Points

Despite its frills, this American Express Platinum Card boasts a forthright rewards system that makes earning points painless. Regarding earning potential, the American Express Platinum Card® provides 5X points on flights booked directly with any airline. You also earn 5X points for flights and prepaid hotels booked with American Express Travel. Bookings can be made over the phone or online with American Express Travel. All other purchases earn 1X points per dollar.

How to Redeem Amex Membership Rewards

Like other loyalty programs, Amex Membership Rewards points apply to various redemption options. Those redemption options include:

American Express Membership Rewards points also transfer to more than a dozen leading hotel and airline loyalty programs, including the following:

Note: You may need to have a minimum amount of points to start redeeming, depending on your redemption option. For example, you need at least 5,000 points to redeem with American Express Travel. After cashing in your welcome bonus, you’ll need to spend about $1,000 to build your points back up to this level.

Airport Benefits

If you want to upgrade your trip from start to finish, The Platinum Card won’t disappoint. In addition to improving your in-flight experience, this card offers perks before you board the plane.

Security Fast Pass

For starters, you can skip the check-in line with a $100 credit for Global Entry or an $85 credit for TSA Pre✓® – whichever is charged to the card account first (after enrolling). It’s also worth noting that Global Entry includes TSA PreCheck, so it’s worth the extra $15 if you travel internationally often. These credits are renewable every 4 or 4.5 years since you must reapply.

The card also features a $189 CLEAR statement credit. CLEAR® uses biometrics to assign users a touchless ID, allowing members to move faster through security at select airports and stadiums across the United States. This credit makes travel at airports (and other events) smooth sailing.

Lounge Access

Thanks to the American Express Global Lounge Collection, your airport experience becomes even more enjoyable once you’re through security. Lounge access is one of the standout features of the American Express Platinum credit card, as it requires no minimum spending, unlike traditional airline cards. With this benefit, you can enter over 1,200 airport lounges in 130 countries, including The Centurion® Lounge, International American Express, Delta Sky Club, and Priority Pass’s list of lounges (see full terms for more details).

Airline Fee Credit

Each year, you can select an eligible carrier for which you’ll enjoy a $200 airline fee credit. You can put this credit toward baggage fees and other incidentals if you use your card to pay. Qualifying companies include but aren’t limited to Hawaiian Airlines, Delta, Spirit, Southwest, and Alaska Airlines.

This flexibility means you may miss out on loyalty perks that dedicated airline cards typically provide, such as complimentary tickets or in-flight discounts. However, you can put your points toward the carrier with the best price for your travel plans.

Hotel Benefits

The Platinum Card also comes with an assortment of hotel benefits for cardmembers. For example, cardholders enjoy automatic Marriott Bonvoy® Gold Elite status. Additionally, you’ll enjoy automatic Hilton Honors™ Gold status. Both these perks provide late check-out, potential upgrades to enhanced rooms upon check-in when available, and more.

Hotel Fee Credit

The Platinum Card also features a $200 hotel credit to match its $200 airline incidentals credit. The hotel statement credit applies each year towards prepaid bookings for hotels in the Fine Hotels + Resorts® and The Hotel Collection portfolios. Note that to qualify for the credit, your booking must be paid with The Platinum Card, which must be at least two nights.

Other Statement Credits

The Platinum Card also features a variety of other statement credits to help offset the steep annual fee:

• Streaming and Digital Entertainment Credit: Members get up to $20 back each month when they use their card to pay the subscription fee for Audible, New York Times, Peacock, Disney+, The Disney Bundle, ESPN+, Hulu, or SiriusXM subscription costs. Enrollment is required for each of these services.
• Equinox Credit: Platinum Cardholders can receive up to $300 per year in statement credits for eligible Equinox membership charges to their card. Equinox is an upscale private gym with locations in major cities across the U.S.
• Walmart+: Cardmembers receive a $12.95 statement credit when using the Platinum Card to purchase a Walmart+ subscription. Enrollment in Walmart+ is required.
• SoulCycle: Cardmembers receive up to a $300 credit when purchasing a SoulCycle bike with the Platinum Card (up to 15 per year).
• SAKS Fifth Ave.: Get two $50 statement credits each year for Saks Fifth Avenue purchases, with no minimum required (Enrollment required)

Other American Express Platinum Card® Benefits

When sizing up that American Express Platinum Card annual fee, you’ll want to analyze all the perks this card offers. Luckily, this card boasts many other benefits besides those available for travel and hotel stays. Some of the most notable perks include:

• No foreign transaction fees
• Access to Resy, offering exclusive access to tables and events when using the Platinum Card
• Platinum Card Concierge to help you organize your reservations or tickets to an event
• Exclusive events organized by American Express for Platinum cardholders
• Preferred seating at events when available
• InCircle Points can be redeemed for $100 gift cards to Neiman Marcus and other high-end stores
• Year-end summaries, which can make it easy to prepare for tax season

Other Versions

American Express offers different versions of the Platinum Card for accountholders of select investment firms. Currently, there are two other personal Platinum Cards:

• The Platinum Card® from American Express for Charles Schwab
• The Platinum Card® from American Express exclusively for Morgan Stanley

Comparisons

Amex Platinum Vs. Chase Sapphire Reserve

	The Platinum Card®	Sapphire Reserve®
Rewards rate	Earn 5X Membership Rewards points on flights booked directly with airlines of Amex Travel, 5X on prepaid hotels booked thorugh AmexTravel.com, and 1X on all other purchases	Earn 5X on flights through Chase Ultimate Rewards, 10X on hotels and car rentals through Ultimate Rewards, 10X on Chase Dining, 3X on all other travel purchases, 3X on dining, and 1X on all other purchases
TSA Precheck	Yes	Yes
Lounge access	Priority Pass Select, Centurion Lounge	Priority Pass Select
Travel credits	$400/year	$300/year
Annual fee	$695	$550

Amex Comparison

What We Like About the Platinum Card

One of the best benefits of The Platinum Card® from American Express is the access to airport lounges it provides. The card lets you enjoy complimentary access to over 1,200 lounges worldwide, though this benefit is reduced at Delta lounges. Despite this, the lounges provide a comfortable and luxurious environment where you can relax, enjoy delicious food and drinks, and catch up on work or entertainment before your flight.

Another great feature of The Platinum Card® from American Express is its airline and hotel credits. Cardholders receive an annual travel credit of up to $400 per year, which can be used towards travel expenses such as airline incidental fees, baggage fees, and in-flight purchases. This credit can help offset the cost of your travels and make your trips more affordable.

Things to Consider

While The Platinum Card® from American Express offers an impressive array of benefits, it’s critical to understand the potential downsides or limitations of the card fully.

First is the high annual fee. While the benefits and rewards can offset this cost for frequent travelers or those dedicated to squeezing as much value from statement credits as possible, those who don’t travel frequently may find it challenging to justify the fee. Assessing how much you’ll use some of the benefits is essential before applying.

Another aspect to consider is that the card is a “Pay In Full” card – a fancy way of saying “charge card.” You can’t carry a balance with the Platinum Card; save for the single purchase you can add to the Plan It program. Essentially, this isn’t a card you necessarily want to carry a balance with if you can help it.

American Express Ratings

How does American Express rate as a bank and issuer? Here is a selection of ratings for the bank from consumers and experts:

Should You Apply for The Platinum Card®?

If you’re still wondering, “Is the American Express Platinum Card worth it?” it helps to take a step back. With an annual fee of $695, you’ll want to take advantage of all the statement credits and other perks the card offers to make it worthwhile.

The $200 hotel and airline fee credits, combined with $100 for Global Entry, $200 in Uber Cash, and the $100 hotel credit, already give you a value of $600 in your first year. During years when you can’t cash in on Global Entry, you’ll have a difference of about $50. Add to that the CLEAR credit and the card is a versatile – and powerful – travel card.

Add 5X points for flights and prepaid hotels; you can likely make up that difference just by booking one international trip. This doesn’t include the value of your lounge access, discounts on exclusive events, or any of the other hidden perks this card offers.

If you’re not quite ready for such a hefty annual fee, compare the American Express Gold Card® vs Platinum. The Gold Card offers 4X points on dining and groceries and 3X points for travel, for $250 annually. This could be a great way to work up to Platinum one day, since customers who carry both have the Gold Card’s annual fee waived.