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The Platinum Card? from American Express: Level-Up Your Travel

The Platinum Card? from American Express review
KEY TAKEAWAYS
  • The Platinum Card? from American Express offers over $1,500 in statement credits for things like hotel stays, a Walmart+ membership, Uber Cash, and more.
  • What we think: The annual fee of the Amex Platinum Card is exorbitant, at $695, but it has the potential to be tremendously valuable in return. If you’re willing to plan how to track and utilize the specific statement credits and other perks, this card could make an exceptional addition to your wallet.
  • Platinum Card members get free American Express travel insurance* benefits and complimentary hotel elite status with Marriott and Hilton.
  • If you’re approved for the American Express Platinum Card, expect to pay an annual fee of $695.
  • The Platinum American Express Card gives you access to airport lounges in New York, Miami, Seattle, Los Angeles, and other major cities.
  • To qualify for the Platinum Card, you must have a high credit score of about 700 or better.
SUMMARY

With thousands of dollars in statement credits available, valuable travel benefits, and a high reward potential on eligible travel purchases, The Platinum Card? from American Express offers some seriously generous perks.

We created this Amex Platinum Card review to give you an in-depth look at its benefits and details.

Pros & Cons

Pros

  • Excellent rewards rate for travel purchases
  • Qualify for $1,500+ in statement credits
  • Very generous welcome offer

Cons

  • High annual fee of $695
  • Many statement credit offers are too specific and hard to use
  • Non-travel-perks aren’t spectacular
The Platinum Card? from American Express
LEARN MORE
Key Information
Earn 5X Membership Rewards? points for flights booked directly with airlines or with American Express Travel (on up to $500,000 per calendar year), 5X points on prepaid hotels booked with American Express Travel, and 1X points on other eligible purchases. $695 annual fee.

Is The Platinum Card? from American Express worth it?

The Platinum Card from American Express is well worth it if you travel frequently and are dedicated enough to use more than $695 worth of benefits each year.

Nearly $700 per year for a credit card may seem outlandish, but the Amex Platinum Card offers plenty of value in return. With over $1,500 worth of statement credits available, along with valuable travel perks like airport lounge access and hotel elite status, this card easily packs enough punch to outweigh the fee if you can commit yourself to it.

Unlike some premium travel credit cards with flexible credits and a focus on earning rewards, The Platinum Card is meant to provide high-end travelers with even higher-end benefits. So if you fall into that category, then yes— The Platinum Card? from American Express is worth it.

The Platinum Card? from American Express: Benefits & perks

Credits

Travel benefits

Airport lounge access

American Express maintains a Global Lounge Collection with more than 1,400 airport lounges.

Amenities vary by location, but airport lounges typically offer a comfortable place to relax while you wait for your flight to board.

Included lounges are:

Hotel benefits

Car rental benefits

American Express is one of just a few card companies offering rental car insurance to its members. If you have this credit card, you’re eligible for rental loss and damage coverage, which pays certain expenses related to accidental damage and vehicle theft.

To use this Amex benefit, you must pay for the rental car with your Platinum Card.

Note: Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by Amex Assurance Company.

Military benefits

The Amex Membership Rewards program includes additional benefits for active-duty servicemembers.

For example, if you’re deployed after you’re approved for an American Express credit card, the company may waive your $695 annual fee or provide other protections available under the Servicemembers Civil Relief Act. American Express may also reduce your interest rate while you’re on active duty, making it easier to manage your finances.

Other perks

When you have a Platinum credit card, you have access to even more perks, such as concierge service, invitation-only events and preferred seating.

If you use the concierge service, you’ll connect with an experienced professional who can help source tickets to concerts and other performances, make transportation arrangements, recommend local restaurants, arrange for pet care and assist you with many other travel-related tasks.

The Invitation Only program gives every American Express member with an eligible credit card the chance to participate in curated experiences. In most cases, Amex doesn’t make these packages available to the general public.

With Preferred Seating, you have access to premium seats for sporting events, musical performances and other special events.

The Platinum Card? from American Express: Rewards

Welcome offer

The amount of the welcome offer varies based on your credit score, income and other factors. Currently, the Classic Platinum Card comes with 80,000 bonus points if you spend $8,000 within your first 6 months of membership. You may qualify for a better bonus offer through the American Express website or by using a tool like CardMatch.

Depending on how you use your Membership Rewards points, the bonus has anywhere from $560 to $800 in cash value, which means you could make back your annual fee in as little as a few months.

Earning rewards

Every time you use your Amex Platinum card, you earn even more reward points. Here’s how much you can earn for each type of purchase:

If you use American Express Travel to buy a round-trip airline ticket worth $900, you’ll receive 4,500 points (900 x 5). The same rule applies to a hotel stay worth $1,200. If you make your reservation with American Express Travel, you’ll receive 6,000 rewards points (1,200 x 5).

Redeeming rewards

You have several options for redeeming your Amex Platinum rewards points. Most notably, you can:

Fees, rates & limit

Fees

Interest rate

Card limit

There’s no preset American Express Platinum card limit. If you want to spend $5,000 one month and $20,000 the next, you can, as the lack of a credit limit gives you unmatched flexibility. You just have to pay the $695 annual fee.

How do I become an Amex Platinum card member?

To become an Amex Platinum member, you must have a high credit score and plenty of income to cover your purchases. In fact, you shouldn’t apply unless you have a credit score of at least 700. If you’re interested in improving your credit score, you might find useful tips in our guide on how to raise your credit score.

Because it has no preset credit limit and comes with a host of luxury benefits, it’s difficult to become a Platinum member.

If you’re confident that you meet the eligibility criteria, you can learn more about the Amex Platinum and choose to apply online.

How The Platinum Card? from American Express compares to other cards

The Platinum Card? from American Express vs. Chase Sapphire Reserve?

The Amex Platinum Card is better for frequent travelers, but the Chase Sapphire Reserve? is better if you’re looking for points on everyday purchases. Both cards have high annual fees but the Platinum’s is slightly higher, at $695, while the Chase Sapphire Reserve charges $550. Both cards have exceptional reward rates and travel perks. The Platinum offers more statement credits but the Reserve offers a flexible $300 annual travel credit.

Read more in our comprehensive comparison of Chase Sapphire Reserve vs Amex Platinum.

The Platinum Card? from American Express vs. American Express? Gold Card

The Amex Platinum Card is ideal for frequent travelers, while the American Express? Gold Card is better for everyday spending. If you’re a frequent traveler, we recommend Platinum, as its travel rewards and statement credits are extremely valuable. If you don’t travel super often but tend to dine out or shop at U.S. supermarkets, the Gold could be a better option for you. They both have lucrative welcome offers and both earn Membership Rewards Points. The annual fee of the Amex Gold card is decently lower than the Platinum, at only $250 per year (see rates and fees).

Read more in our comprehensive comparison of Amex Gold vs Platinum.

The Platinum Card? from American Express

The Platinum Card? from American Express
LEARN MORE Rates & Fees / Terms Apply on Bankrate's secure site
Key Information
Earn 5X Membership Rewards? points for flights booked directly with airlines or with American Express Travel (on up to $500,000 per calendar year), 5X points on prepaid hotels booked with American Express Travel, and 1X points on other eligible purchases. $695 annual fee.
Show More Show Less

Chase Sapphire Reserve?

Chase Sapphire Reserve?
LEARN MORE on Bankrate's secure site
Key Information
Earn 10X points on hotels and car rentals booked through Chase Travel, 10X points on Chase Dining purchases, 5X points on flights booked through Chase Travel, 3X points on non-Chase travel and dining, and 1X points on all non-bonus spending. $550 annual fee.
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American Express? Gold Card

American Express? Gold Card
LEARN MORE Rates & Fees / Terms Apply on Bankrate's secure site
Key Information
Earn 4X points at U.S. supermarkets (on up to $25,000 per year in purchases, then 1X) and restaurants (plus takeout and delivery in the U.S.), 3X points on flights booked directly with airlines or on amextravel.com, and 1X points on other eligible purchases. $250 annual fee.
Show More Show Less

Who should get The Platinum Card? from American Express?

You should get the Platinum Card if you have a high credit score and plan to use more than $695 in benefits each year.

Although you don’t have to be a millionaire to qualify for this card, you do need plenty of income to support your spending. Because it’s made of metal and comes with so many benefits, Amex Platinum is one of the most prestigious cards available.

If you’re loyal to a particular airline, you may benefit from an airline credit card. You can read more in our comprehensive review of Delta Reserve vs. Amex Platinum.

The Platinum Card? from American Express: FAQs

Is The Platinum Card? from American Express a luxury card?

Amex Platinum qualifies as a luxury credit card because it’s designed for people who travel frequently or purchase expensive items. For example, one of the many membership rewards is a $300 statement credit to help cover the cost of an Equinox membership. Equinox is one of the most expensive fitness clubs in the world, with membership fees starting at nearly $200 per month.

Another reason Amex Platinum qualifies as a luxury card is that you must have a good credit score to qualify for one. American Express doesn’t issue the Platinum Card to anyone with poor or fair credit.

What is the annual fee for The Platinum Card? from American Express?

The Amex Platinum Card has an annual fee of $695.

Is The Platinum Card? from American Express metal?

Yes. The Platinum Card is made with stainless steel, making it heavier and feel more luxurious than a credit card made with traditional plastic.

Is The Platinum Card? from American Express a black card?

No. The American Express Black Card is an invitation-only product available to individuals with high net worth. Anyone can apply for the Platinum Card. Whether you’re approved depends on your income, credit score and other factors.

Is The Platinum Card? from American Express better than Chase Sapphire Reserve??

Both of these luxury travel cards have many benefits. The Chase Sapphire Reserve gives you more bonus points on everyday categories, while the Amex Platinum Card gives you more points on flights.

The best card for you depends on your shopping and travel habits. Read more in our Amex Platinum vs. Chase Sapphire Reserve review.

Does The Platinum Card? from American Express have foreign transaction fees?

No, the Amex Platinum Card does not charge foreign transaction fees.

Is CLEAR free with The Platinum Card? from American Express?

Yes! The Platinum card is one of the only credit cards with a $189 yearly statement credit to cover your CLEAR Plus application fee.

What credit score do you need for The Platinum Card? from American Express?

The Platinum Card from American Express requires good to excellent credit to qualify. We recommend that your FICO credit score is 700 or higher before applying.

American Express is more than just a credit card issuer

The first step in growing and maintaining consistent savings is to understand your personal finances through checking and savings accounts, credit cards, and more.

If you want to save and grow your money, consider the following Amex products:

Leigh Morgan
Leigh Morgan Personal Finance

Leigh Morgan is a seasoned personal finance contributor with over 15 years of experience writing on a diverse range of professional legal and financial topics. She specializes in subjects like navigating the complexities of insurance, savings, zero-based budgeting and emergency fund development.

In the last five years, she’s authored over 300 articles for credit unions, digital banks, and financial professionals. Morgan is also the author of “77 Tips for Preventing Elder Financial Abuse,” a book focused on helping caregivers protect the elderly from financial scams.

In addition to her writing skills, she brings real-world financial acumen thanks to her previous experience managing rental properties as part of a $34 million real estate portfolio.

* Opinions expressed here are those of the LA Times Compare Cards Team and have not been reviewed or approved by any advertiser or entities included within this content. See our editorial policy for more details.

All products or services are presented in this content without warranty. The information, including card details such as rates and fees, is accurate at the time of publish. Please visit each bank's website directly for the most current information.

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