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The Platinum Card® from American Express and its huge list of features could save you thousands of dollars. You'll get elite status with multiple hotels, the best airport lounge access on the market, and all kinds of spending credits. But all that comes with a steep annual fee -- find out if it's worth it for you in this 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, 4.50 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. Terms apply.
Rewards
5x points on flights booked with airlines, American Express Travel, and certain hotels booked through amextravel.com, 1x points 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 3 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 with American Express Travel.
- 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 charge card is a good fit for: Luxury travelers who want to save on high-end bookings. If you want to upgrade your travels, you'll get value from this charge card's lengthy list of benefits.
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
Spend $5,000 on qualifying purchases within the first six months of opening to earn this welcome offer. The offer and spending minimum are fairly competitive with other sign-up bonuses. Terms apply.
Up to 10 points per $1
This charge card earns bonus points in an array of categories:
- 10 points per $1 for U.S. gas station and supermarket purchases (up to a spending cap of $15,000 in combined purchases) in the first six months
- 5 points per $1 on flights booked directly with airlines and through American Express Travel
- 5 points per $1 on prepaid hotels booked on amextravel.com
- 1 point per $1 on all other purchases
High rates on flights and hotels, plus that fantastic welcome offer on gas and groceries, all help to maximize your rewards. Terms apply.
$30 monthly PayPal credit
You can get up to $30 in monthly statement credits when you check out through PayPal with eligible merchants. This offer lasts through June 30, 2021. Terms apply.
$200 annual Uber cash and Uber VIP status
American Express cardholders get cash toward Uber rides and an automatic bump up to Uber VIP status. The cash is doled out in monthly installments of $15 each (plus an extra $20 in December). You can even use your Uber Cash for Uber Eats orders. The only frustrating part is that any unused cash amount won't roll over to the next month, so you need to use Uber frequently to get the most from this benefit. Terms apply.
$200 annual airline fee credit
This airline fee credit covers anything an airline classifies as a fee, such as checked luggage charges and in-flight food or beverages. Just keep in mind that the credit won't cover airfare. Terms apply.
$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 split: You'll get $50 between January and June and $50 between July and December. You'll need to enroll online to activate this perk. Terms apply.
Global Entry/TSA Precheck credit
The Platinum Card® from American Express will reimburse your membership fee for Global Entry (four-year membership is worth $100) or TSA PreCheck (five-year membership is worth $85). The Global Entry membership is a better deal because it's a larger credit amount and you get two-for-one -- Global Entry also includes TSA PreCheck. Terms apply.
Airport lounge access
Several travel cards offer airport lounge access. However, none can top the The Platinum Card® from American Express's lounge access. Your Priority Pass membership opens the doors to over 1,300 lounges worldwide, enrollment required. You'll also be able to access Delta Sky Club® lounges, International American Express Lounges, and American Express Centurion® lounges. The latter are known to be more luxurious than the typical airport lounge. For a frequent flyer, airport lounge access is a great way to upgrade your travels. Terms apply.
American Express Membership Rewards points
A charge card is only as good as its rewards program, and this one doesn't disappoint. Few issuers can rival American Express's list of airline and hotel partners. And all those partners add up to more high-value redemption opportunities for your points. Used correctly, American Express Membership Rewards points can easily be worth $0.02 per point. With some shopping around and a little luck, you could even find a redemption option that gives you $0.05 per point or more.
Hotel and resort benefits
You'll receive complimentary benefits at over 1,000 properties with this American Express card and the Fine Hotels & Resorts® program. Benefits can include:
- Room upgrade (when available)
- Free wifi
- Daily breakfast for two
- Late checkout (4 p.m.)
- 12 p.m. check-in (when available)
- One "unique" amenity (such as a one-way transfer or food/beverage credit) Terms apply.
Complimentary elite status with Marriott Bonvoy and Hilton
Being a card member entitles you to automatic Marriott Bonvoy™ Gold Elite Status and Hilton Honors Gold Status, so you'll get all the associated benefits. Terms apply.
Travel and purchase protections
American Express cards generally have robust travel and purchase protections. Here are the complimentary protections that apply to every eligible purchase made with The Platinum Card® from American Express (terms apply):
- Car rental loss and damage insurance
- Trip delay insurance
- Trip cancellation and interruption insurance
- Return protection
- Purchase protection
- Extended warranty coverage
No foreign transaction fees
Avoiding extra fees is a must, especially when you're a frequent traveler. As you probably expected, American Express won't ding you with a foreign transaction fee when you use this card internationally.
What could be improved
$High annual fee
The The Platinum Card® from American Express benefits carry a high price tag. It's one of the most expensive charge cards (see rates and fees). To decide whether that fee is worth paying, you'll need to look at how many of the benefits you can use. You could get thousands of dollars in value every year in spending credits, rewards, and travel and shopping perks. If you don't think those features will fit your lifestyle, you should look for a different charge card.
Limited bonus categories
Although a rewards rate of up to 10 points per $1 on certain transactions catches the eye, the truth is that opportunities for bonus points with this Amex charge card are limited. Some competitors offer broader bonus categories, such as travel, entertainment, or dining. There are also offers that simply offer far more bonus categories. You may want to compare cards to see if there are other options that will earn you more on your regular spending.
Priority Pass doesn't include restaurant spending credits
The Priority Pass airport lounge network includes several dozen airport restaurants. Priority Pass members can visit these restaurants and use spending credits. Credits vary by restaurant, but they're often quite generous -- the most common amount is $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 cut this feature. The Priority Pass memberships with premium travel cards offer that restaurant credit, but The Platinum Card® from American Express doesn't.
Suggested credit score
Since this is one of the most luxurious charge 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.
Alternatives to consider
- If you want easier-to-use benefits: The Chase Sapphire Reserve® charges a high annual fee as well, but its $300 annual travel credit applies to any travel purchases. Many consumers find this more useful than Uber and airline fee credits. And while Chase has plenty of transfer partners, it also lets you redeem points through the Chase travel portal at $0.015 per point. This is more than American Express offers on fixed-rate redemptions.
- If you want a more affordable American Express option: You can get the American Express® Gold Card for a more reasonable annual fee (see rates and fees). Despite the lower cost, this card still offers hundreds of dollars in spending credits and an excellent rewards rate. It pays 4 points per $1 at U.S. supermarkets (up to a $25,000 annual spending cap) and restaurants, including takeout and delivery. Terms apply.
As of May. 24, 2021
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| Chase Sapphire Reserve® | American Express® Gold Card |
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Rating image, 4.50 out of 5 stars.
4.50 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, 4.50 out of 5 stars.
4.50 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: 60,000 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 at restaurants 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. |
Show More
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This charge 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. You'll probably love it if most or all of the following describe your 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 can make the most of the wide array of credits offered.
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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The Motley Fool recommends Amex.
