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- American Express Platinum Review
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With a focus on luxury and premium benefits, American Express credit cards sit mostly in the high-end category. And you don't get much higher end than The Platinum Card® from American Express. It's a feature-rich product that earns rewards points at impressive rates and has a list of perks you'll need a long break to read. In the credit card world, you often get what you pay for, which holds true for this card. Is it worth the money, especially considering many of its travel perks won't be as useful during the coronavirus pandemic? Find out in our detailed The Platinum Card® from American Express review.
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On American Express' Secure Website.
The Platinum Card® from American Express
Apply Now
On American Express' Secure Website.
Great for: Premium travel and welcome offer
Rating image, 4.5 out of 5 stars.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Bottom Line
The high annual fee is justifiable for frequent travelers who can take full advantage of a deep bench of valuable perks, including the big welcome bonus, robust rewards, and lucrative annual travel credits.
Rewards
10 points per $1 for U.S. gas station and supermarkets purchases made in the first six months ($15,000 spending cap), 5 points per $1 on flights booked with airlines, American Express Travel, and certain hotels booked through amextravel.com, 1 point per $1 on all else
Annual Fee
$550
Foreign Transaction Fee
None
Intro APR
Purchases: N/A
Balance Transfers: N/A
Ongoing APR
See Pay Over Time APR
Welcome Bonus
75,000 Membership Rewards® points after spending $5,000 within 6 months
Highlights
- Earn 75,000 Membership Rewards® Points after you spend $5,000 on purchases on your new Card in your first 6 months of Card Membership.
- Earn 10x points on eligible purchases on your new Card at U.S. Gas Stations and U.S. Supermarkets, on up to $15,000 in combined purchases, during your first 6 months of Card Membership. That’s an additional 9 points on top of the 1 point you earn for these purchases.
- Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Uber Cash and Uber VIP status is available to Basic Card Member and Additional Centurion Cards only.
- Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel. Starting January 1, 2021, earn 5X points on up to $500,000 on these purchases per calendar year.
- 5X Membership Rewards® Points on prepaid hotels booked on amextravel.com.
- Enjoy complimentary access to the Global Lounge Collection, the only credit card airport lounge access program that includes proprietary lounge locations around the world.
- Receive complimentary benefits through American Express Travel with an average total value of $550 with Fine Hotels & Resorts® program at over 1,100 properties . Learn More.
- Get up to $100 in statement credits annually for purchases at Saks Fifth Avenue on your Platinum Card®. That’s up to $50 in statement credits semi-annually. Enrollment required.
- $550 annual fee.
- Terms Apply.
Full Amex Platinum review
This credit card is a good fit for: Luxury travelers who want to save on high-end bookings. Those interested in upgrading their travels will find this card's lengthy list of benefits extremely valuable.
Pros
- Big welcome bonus offer
- Substantial spending credits
- Airport lounge access
- Hotel benefits
- Flexible travel points
Cons
- Annual fee
- Limited bonus categories
Top perks
75,000 bonus points: You earn this welcome offer after you make $5,000 in qualifying purchases on the card within the first six months of opening it. The offer amount and spending minimum are fairly competitive with the sign-up bonuses other premium credit cards offer.
Up to 10 points per $1: This card earns bonus points in an array of categories:
- 10 points per $1 for U.S. gas station and supermarket purchases ($15,000 spending cap) in the first six months.
- 5 points per $1 on flights booked directly with airlines, flights booked through American Express Travel, and prepaid hotels booked on amextravel.com. This extremely high rate helps you maximize your credit card rewards even with modest travel spending.
- All other spending earns 1 point per $1.
Up to $40 per month on streaming and wireless phone service: Lasting from May through December 2020, The Platinum Card® from American Express offers spending credits of up to $20 per month on both select U.S. streaming subscriptions and on wireless phone service charges made directly with U.S. service providers. This adds quite a bit of value to the card while travel is restricted, because these are both credits you can use to save money on regular monthly expenses.
$200 annual Uber credit: Doled out in monthly installments of $15 each (plus an extra $20 in December), American Express reimburses cardholders for Uber rides and automatically bumps them up to VIP status. To make it even better, you can also use your monthly credit for Uber Eats orders. The only frustrating part about this benefit is that any unused credit amount won't roll over to the next month, so you need to use Uber frequently to get the most from this benefit.
$200 annual credit for incidental airline fees: Incidental fees don't include tickets, but this credit will cover anything the airline classifies as a fee, such as checked luggage charges and in-flight food or beverages. Note, this credit is confirmed to be removed at a currently undisclosed date.
$100 annual credit with Saks Fifth Avenue: You'll get up to $100 per year in statement credits for purchases at Saks Fifth Avenue and saks.com. This credit is distributed as $50 between January and June and $50 between July and December.
Global Entry/TSA PreCheck credit: The Platinum Card® from American Express will reimburse your membership fee for Global Entry (a $100 value) or TSA PreCheck (an $85 value). The Global Entry membership isn't just a better deal because it's a larger credit amount -- that program also includes TSA PreCheck, so you can get a two-for-one deal.
Airport lounge access: Several travel credit cards offer airport lounge access, but The Platinum Card® from American Express has arguably the best airport lounge access in the business. You'll get a Priority Pass membership for access to over 1,300 lounges worldwide. This card also gets you access to Delta Sky Club® lounges, International American Express Lounges, and American Express Centurion® lounges. The latter are known for being more luxurious than the typical airport lounge.
American Express Membership Rewards points: A travel rewards card is only as good as its rewards program, and this one doesn't disappoint. Few programs can rival the number of airline and hotel partners in the American Express Membership Rewards program, and having all those partners means you will have more high-value redemption opportunities for your points. Used correctly, Membership Rewards points can easily be worth $0.02 per point. With some shopping around and a little luck, you could even find redemptions where you get $0.05 per point or more.
Hotel and resort benefits: Through this American Express card and the Fine Hotels & Resorts® program, you'll receive complimentary benefits at over 1,000 properties. These benefits can include:
- Room upgrade (when available)
- Free wifi
- Daily breakfast for two
- Late (4 p.m.) checkout
- 12 p.m. check-in (when available)
- One "unique" amenity (such as a one-way transfer or food/beverage credit)
Complimentary elite status with Marriott Bonvoy and Hilton: Being a cardholder entitles you to automatic Marriott Bonvoy™ Gold Elite Status and Hilton Honors Gold Status, so you'll get all the benefits associated with those.
No foreign transaction fees: As you probably expected, American Express won't be dinging you with a foreign transaction fee when you use this card internationally.
What could be improved
Limited bonus categories: While the fact that this card earns 5 points per $1 on certain transactions catches the eye, the truth is that its bonus categories are limited. Some competitors offer broader bonus categories, such as travel, entertainment, or dining. There are also cards that simply offer far more bonus categories.
Less value when you aren't traveling: This is a travel credit card, so the fact that it focuses on travel perks normally wouldn't be an issue. But these aren't normal times, and with travel heavily restricted and discouraged due to COVID-19, many features of The Platinum Card® from American Express have lost their luster. Here's an idea of the benefits you may not be able to use as much or at all for now:
- Earning 5 points per $1 on flights booked directly with airlines or through American Express Travel and prepaid hotels booked through amextravel.com.
- $200 annual spending credit towards incidental airline fees
- Airport lounge access
- Hotel and resort benefits
- Global Entry/TSA Precheck credit
Priority Pass doesn't include restaurant spending credits: The Priority Pass airport lounge program also has several dozen airport restaurants in its network. If you're a Priority Pass member, you can visit these restaurants and use your membership to get a spending credit on your meal. These credits vary by restaurant but are often quite generous, with the most common amount being $28, and you can get multiple credits if you're dining with guests.
One curious thing about The Platinum Card® from American Express is that the card issuer decided to cut this feature. Other premium travel cards with Priority Pass memberships offer that restaurant credit, but The Platinum Card® from American Express doesn't.
Suggested credit score
Since this is one of the most luxurious credit cards on the market, The Platinum Card® from American Express is targeted at consumers with good or preferably excellent credit. A FICO® Score of at least 670 is recommended, and above 720 is even better. Keep in mind that your credit score is just one of many factors American Express will consider, so that alone doesn't guarantee an approval or a denial.
Is the annual fee worth it?
The Platinum Card® from American Express has more than enough benefits to justify its $550 annual fee, but right now, the coronavirus pandemic is having a big impact on the card's value.
Under normal circumstances, you can get over $500 in value per year from this card's spending credits alone. American Express also estimates that cardholders get an average of $550 in annual value from the Fine Hotels & Resorts® program. And if you're making lots of travel bookings with this card at 5 points per $1, those rewards will also help outweigh the annual fee.
On the other hand, if you've understandably put travel on hold and you don't know when you'll start again, you might not get your money's worth. You'll only earn 1 point per $1 on purchases, since you won't be booking any trips. And you won't be able to take advantage of the card's many travel benefits, which are its biggest selling point.
Alternatives to consider
- If you want easier-to-use benefits: The Chase Sapphire Reserve® has a $300 annual travel credit that applies to any travel purchases you make, which many consumers find more useful than Uber and airline fee credits. And while Chase has plenty of transfer partners where you can send your points, it also lets you redeem them through the Chase travel portal at $0.015 per point, a higher rate than American Express offers on fixed-rate redemptions.
- If you want a more affordable American Express card: You can get the American Express® Gold Card for a more reasonable $250 annual fee. Despite the lower cost, this card still offers hundreds of dollars in spending credits and an excellent rewards rate, including 4 points per $1 at U.S. supermarkets (up to a $25,000 annual spending cap) and restaurants, including takeout and delivery.
As of Jan. 05, 2021
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| Chase Sapphire Reserve® | American Express® Gold Card |
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Rating image, 4.5 out of 5 stars.
4.5 stars
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. |
Rating image, 4.5 out of 5 stars.
4.5 stars
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. |
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Apply Now
On Chase's Secure Website. |
Apply Now
On American Express' Secure Website. |
| Read Full Review | Read Full Review |
| Rates & Fees | |
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Credit Rating Requirement: |
Credit Rating Requirement: |
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Welcome Bonus: 50,000 points after spending $4,000 within 3 months |
Welcome Bonus: 60,000 Membership Rewards® Points after spending $4,000 within 6 months |
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Rewards Program: 3X points on travel immediately after earning your $300 travel credit. 3X points on dining at restaurants & 1 point on all other purchases. |
Rewards Program: 4x points for dining worldwide and U.S. supermarkets purchases ($25,000 annual spending cap), 3x points for travel booked with airlines or amextravel.com, 1x on all else |
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Intro APR: Purchases: N/A Balance Transfers: N/A |
Intro APR: Purchases: N/A Balance Transfers: N/A |
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Regular APR: 16.99%-23.99% Variable |
Regular APR: See Pay Over Time APR |
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Annual Fee: $550 |
Annual Fee: $250 |
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Foreign Transaction Fee: None |
Foreign Transaction Fee: None |
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Highlights:
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Highlights:
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Apply Now
On Chase's Secure Website. |
Apply Now
On American Express' Secure Website. |
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This credit card is right for you if:
The Platinum Card® from American Express is designed for frequent travelers who have high monthly spending and prioritize luxury travel experiences. Given the current travel situation, you may need to wait before you can make the most of this card. But you'll probably love it if most or all of the following describe your typical lifestyle:
- You spend at least $5,000 to $10,000 per year on travel.
- You like to stay in nice hotels or resorts on your trips.
- You fly a half-dozen times or more each year.
- You live in an urban area and use Uber on a regular basis.
About the Author
Lyle Daly is a personal finance writer who specializes in credit cards, travel rewards programs, and banking. He writes for The Ascent and The Motley Fool, and his work has appeared in USA Today and Yahoo! Finance. He was born in California but currently lives as a digital nomad with a home base in Colombia.
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. The Motley Fool has a Disclosure Policy. The Author and/or The Motley Fool may have an interest in companies mentioned.
The Motley Fool recommends Amex.
