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The Platinum Card® from American Express has a huge list of features that could save you thousands of dollars. You'll get elite status with multiple hotels, great airport lounge access, and all kinds of spending credits. Select enrollment required and terms apply. But all that comes with a steep annual fee (see rates and fees) -- find out if it's worth it for you in this The Platinum Card® from American Express review.
On American Express' Secure Website.
Terms apply
On American Express' Secure Website.
Terms apply
Good/Excellent (670-850)
Intro APR
Purchases: n/a
Balance Transfers: n/a
Regular APR
See Pay Over Time APR
Rewards Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel. Earn 1X Membership Rewards® Points on other purchases. Terms and limitations apply.
1X-5X Membership Rewards® Points
Annual Fee
$695
Welcome Offer Earn 80,000 Membership Rewards® Points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership.
80,000
This luxury travel card has some of the most prestigious perks you'll find — access to over 1,400 airport lounges, elite status with Hilton and Marriott Bonvoy, and spending credits worth over $1,500 in value every year. Just be ready for the hefty annual fee, which can be offset in the first year with a welcome bonus worth $800 in points. Terms apply.
We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.
Offer | Our Rating | Welcome Offer | Rewards Program | APR | Learn More |
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Rating image, 5.00 out of 5 stars.
5.00/5
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.
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.
= Best = Excellent = Good = Fair = Poor |
Discover will match all the cash back you’ve earned at the end of your first year. N/A | 1% - 5% Cashback Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically. |
Intro: Purchases: 0%, 15 months Balance Transfers: 0%, 15 months Regular: 17.24% - 28.24% Variable APR |
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Rating image, 5.00 out of 5 stars.
5.00/5
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.
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.
= Best = Excellent = Good = Fair = Poor |
Up to $300 cash back Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel, 4.5% on dining and drugstores, and 3% on all other purchases. | 1.5% - 5% cash back Enjoy 5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases |
Intro: 0% Intro APR on Purchases and Balance Transfers for 15 months Purchases: 0% Intro APR on Purchases, 15 months Balance Transfers: 0% Intro APR on Balance Transfers, 15 months Regular: 20.49% - 29.24% Variable |
Apply Now for Chase Freedom Unlimited®
On Chase's Secure Website. |
|
Apply Now for Chase Sapphire Preferred® Card
On Chase's Secure Website. |
Rating image, 4.50 out of 5 stars.
4.50/5
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.
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.
= Best = Excellent = Good = Fair = Poor |
60,000 bonus points Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Travel℠. | 5x on travel purchased through Chase Travel℠, 3x on dining and 2x on all other travel purchases Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more. |
Intro: N/A Purchases: N/A Balance Transfers: N/A Regular: 21.49%-28.49% Variable |
Apply Now for Chase Sapphire Preferred® Card
On Chase's Secure Website. |
This card is a good fit for: Luxury travelers who want to save on high-end bookings. If you'd like to upgrade your travels, you'll get value from this card's lengthy list of benefits.
You probably won't find a card more feature-packed than The Platinum Card® from American Express.
You'll earn a welcome offer of 80,000 points for spending $8,000 on purchases within the first 6 months of Card Membership. The offer and spending minimum are fairly competitive with popular welcome offers. Terms apply.
The Platinum Card® from American Express earns:
It's not exactly a big earner compared to other cards. But it at least offers high rates on flights and hotels, so you can maximize your rewards in those two categories.
This American Express card has all kinds of travel, entertainment, and dining credits. Here's what it offers each year:
You can also get a statement credit every four years covering a Global Entry or TSA PreCheck membership. Terms apply.
If you're looking specifically for access to airport lounges, this card is tough to beat. In my opinion, it has the best airport lounge access in the business. It includes complimentary access to more than 1,400 lounges. These include the following types of lounges:
It's worth mentioning that lounges can get crowded, and there are sometimes long waits to get in. That's especially true with Centurion Lounges, which are known for their quality. But this is an issue you could run into with any cards that offer airport lounge access.
A 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 wisely, American Express Membership Rewards points can easily be worth $0.02 per point or more. Terms apply.
LEARN MORE: A Complete Guide to American Express Membership Rewards Points
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. There aren't many travel rewards cards offering elite status with multiple hotel loyalty programs. Enrollment required. Terms apply.
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:
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. (See rates and fees.)
Even the top card in the American Express lineup has a few drawbacks.
The Platinum Card® from American Express benefits carry a high price tag. With a $695 annual fee, it's one of the most expensive cards. 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 other credit card options.
For all its benefits, this American Express card has a lackluster rewards rate. It only has two bonus categories, and neither of them are on everyday spending categories, such as gas and groceries. If your goal is to earn as many points as possible, there are better rewards cards available.
COMPARE OPTIONS: Best Rewards Credit Cards
At first, over $1,500 in annual spending credits seems like an incredible deal. But they're also credits that not everybody is going to be able to use, and some are doled out in monthly increments, making them even more difficult. Some have even referred to this card as an expensive coupon book.
If you see several spending credits that you're sure you'll use, then this card could be well worth it. It's also a great choice for people who are organized and don't mind keeping track of all their card's benefits. On the other hand, if the credits aren't in places where you'd normally spend money, then you might not get your money's worth from this card. In that case, keep reading more credit card reviews to find a match.
Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.
A FICO® Score of at least 670 is recommended when applying for The Platinum Card® from American Express, and a score of 720 or higher is even better. Since this is one of the most luxurious cards, it's targeted at consumers with good or preferably excellent credit. 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.
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:
At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.
We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.
The Platinum Card® from American Express doesn't have a credit limit or a preset spending limit. The amount you can spend is flexible based on factors that include your purchase, payment, and credit history. If you want to see if a large purchase will be approved, American Express offers a tool to check your spending power in your online account and its mobile app.
The Platinum Card® from American Express is hard to get if you don't have good or excellent credit. Most approved applicants have a FICO® Score in the 700s.
Yes, you can use The Platinum Card® from American Express internationally, and it doesn't charge a foreign transaction fee.
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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, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
*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. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.
**Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.
***Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details.
****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.
For rates and fees for the The Platinum Card® from American Express, click here
The Motley Fool recommends Amex.