American Express is a well-renown financial institution that offers the best financial services to its customers. One main financial service American Express is known for is its exquisite line of credit cards. The credit cards come with great benefits, rewards, and offers to cardholders, making them one-of-a-kind for all cardholders. Thus, any American Express credit card will meet all needs of any applicant.
One of the best, most exclusive, and most luxurious American Express credit cards is the Platinum Card from American Express. The card is loaded with amazing rewards and benefits and maintains exclusivity to the few who can afford it. The $695 annual fee charged on the card may be unsuitable for many, but the benefits make up for the annual fee.
Therefore, this article will look deep into the types of benefits the rewards credit card offers its cardholders.
Key Takeaways
· The Platinum Card from American Express is the most exclusive credit card in the market
· The Amex Platinum Card carries many benefits, including rewards, annual statement credits, and complimentary access to exclusive spaces
· The American Express Platinum Card has a steep $695 annual fee, one of the highest in the market
Points and Rewards
The Platinum Card from American Express is a rewards credit card, meaning cardholders earn points for spending using the card. Usually, most credit cards offer rewards programs to their cardholders in the form of miles, points, or cash back, depending on the credit card issuer. The Platinum Card offers the cardholder Membership Rewards points per dollar spent, which they can redeem later.
The cardholder can redeem the points earned after they meet a certain threshold to maximize the value of the credit card. Additionally, the cardholder can transfer their points from different American Express credit cards to one account, redeemable for travel.
Once you earn points, they will remain viable and expire once you close your credit card account. It is an advantage that the Membership Rewards points have over other rewards points earned from other competing credit cards. Therefore, you can pile up your points and redeem them for travel or partnering retail, such as Saks Fifth Avenue.
However, it is important to know what purchases will give you more Membership Rewards points while spending using the Platinum Card. The maximum number of points earned for a purchase is five points for every dollar spent on that purchase.
How to Earn Membership Rewards Points using the Amex Platinum Card
The Platinum Card allows cardholders to earn the Membership Rewards points depending on the purchases made. The Platinum Card is specially tailored for frequent travelers who spend big on travel purchases annually. Therefore, the cardholder will earn the most Membership Rewards points on travel and other travel purchases, including prepaid hotels.
That way, the credit card will encourage the cardholders to spend more on travel to earn more points.
Cardholders will earn 5X Membership Rewards points for flights and prepaid hotels booked directly through the airlines. Also, the cardholder will earn 5X Membership Rewards points for flights or prepaid hotels booked through Amex Travel. That means the cardholder must meet the preset conditions for the cardholder to earn the five points per dollar spent.
The cardholder should book flights or prepaid hotels without using a third-party platform or book through American Express Travel. Also, the cardholder should spend up to $500,000 on travel every calendar year to receive the five points.
Any amount spent above the limit will earn the cardholder one point per dollar spent on the purchases. Amex Travel is a program that allows cardholders of American Express credit cards to make travel purchases through the American Express website. Thus, American Express encourages cardholders to use their website for more points and offers.
Additionally, cardholders will get a chance to receive more offers from Amex Offers, available to all cardholders of American Express credit cards.
Cardholders will also earn two points per dollar on other eligible purchases made while booking through American Express Travel. Cardholders will earn one point per dollar for all other purchases made using the Platinum Card from American Express. Thus, the Amex Platinum Card is best suited for frequent travelers who make more travel purchases than frequent daily spending.
Those who travel less and spend more on daily shopping may look for more suitable options like the Gold Card from American Express.
How to Redeem or Transfer Membership Rewards Points
When redeeming points, cardholders should look for the best options to maximize the value of their points. Usually, the points are worth between 0.5 cents to one cent for every point, depending on the method you choose for redemption. The cardholder will get the most value of the points when redeeming through travel or gift card redemption.
Gift card redemption usually earns the cardholder one cent for every point, although it depends on the retailer. However, if you are redeeming against a statement credit, then the value of the point drops to 0.6 cents for every point.
Alternatively, you can choose to transfer the points, which offers even up to two cents per point, depending on the airline. Transferring points to partnering airlines allows cardholders to utilize travel loyalty programs, which have benefits such as upgrades during travel. Choose a partnering airline or hotel that offers a 1:1 transfer ratio for a better deal and worth of your points.
Airlines such as Emirates, Hawaiian Airlines, British Airways, and hotels such as the Choice or Marriott Hotels offer a 1:1 transfer ratio.
Welcome Offer
The welcome bonus offer given by the Platinum Card during account opening is one of the best bonus offers. The cardholder will receive 80,000 Membership Rewards points after spending $6,000 within six months of card membership. However, spending $6,000 within several months after account opening may be too much for many to afford.
Thus, the card maintains its exclusivity based on those who can afford it, especially to receive the welcome bonus. Also, other competing credit cards offer the same amount of points for spending a lesser and more affordable amount.
The points are $800 in value, which are only available for the first year and can cover the initial $695 annual fee. However, the offer occurs once in a lifetime, meaning there are preset conditions to receive the offer once. American Express will notify the cardholder whether or not they are legible for the welcome offer.
Therefore, not all new cardholders will receive the 80,000 Membership Rewards points even after spending $6,000 in the set time. You can call the number on the back of your Amex Platinum Card for further assistance concerning your bonus offer.
You can only receive the Membership Rewards points once in a lifetime for every cardholder using an eligible card account. If you apply for one of the other American Express credit cards, you will not receive the bonus points. Also, you cannot receive the offer if you have any version of the Marriott Bonvoy credit card from American Express.
However, you can log in to your American Express account and check whether American Express will offer a notification concerning your bonus. Check all the terms and conditions to see whether you are legible for the welcome bonus offer.
Big Travel Rewards
As seen earlier, the Platinum Card from American Express offers the best and most exclusive rewards for travel. First cardholders will earn the most Membership Rewards points from travel or any travel purchases. While other purchases bring in one or two points per dollar spent, travel will give the cardholder five points per dollar.
Thus, the more you travel, the more Membership Rewards points you will receive, which you can redeem for an almost equal value. The redeeming potential of the Platinum Card is among the many factors that make the card a high-value credit card.
The cardholder receives more benefits on travel, including access to airport lounges, trip insurance, and emergency services. Additionally, cardholders will not require an extra co-branded card to access these benefits, including a complimentary gold elite status on hotels. The annual statement credits on hotels, entertainment, and fitness clubs, among others, are worth more than $1500 every calendar year.
Also, cardholders can choose to redeem or transfer their points to upgrade their travel, earning themselves more luxury during travel. Thus, the cardholder receives the best benefits and rewards that other competing credit cards fail to offer.
Credits
A statement credit is a reward a credit card issuer will offer the cardholder as a means of lowering their credit card balance. Thus, the cardholder will pay less than the amount issued on the statement credit, especially on a specific category. The Amex Platinum Card offers statement credits annually on different purchases made by the cardholder using the Platinum Card.
American Express has partnered with different companies to give its cardholders more rewards in the form of statement credits. Some partnering companies offer exclusive benefits, including statement credits unattainable for most people.
For example, the Equinox fitness club is one of the most exclusive fitness clubs that American Express Platinum cardholders can receive access. Additionally, cardholders receive a $300 statement credit, which also covers membership and the Equinox+ application membership. Also, the Amex Platinum Card offers statement credits towards retail, including Walmart and Saks Fifth Avenue.
The statement credit for Walmart+ is worth $155, which covers the monthly $12.95 membership fee and any applicable local sales tax. Cardholders will receive a $100 statement credit for Saks Fifth Avenue, divided in half and used within the first half and last half of the year.
The list below shows in detail the types of statement credits offered by the Amex Platinum Card.
Annual Credit for Airlines
There is a $200 annual statement credit on the airline incidental fees for anyone who purchases on one qualifying airline. The annual credit covers incidental fees such as baggage fees, refreshments bought during the flight, and seat selection fees. However, it will not affect the airfare since it only applies to incidentals made during a flight.
Also, there is prior enrollment required for the cardholder to receive the statement credit on one select qualifying airline. The statement credit covers all incidental fees made every calendar year, that is, for all charges accumulated in all flights throughout the year.
Uber Cash back
Uber Rides or Uber Eats can earn Amex Platinum cardholders a $200 statement credit. However, the cardholder must add the Platinum Card from American Express as the main card on their Uber account. The cardholder will receive $15 monthly in Uber Cash and up to $35 in December for Uber Rides or Eats.
Also, the Basic Card Member is automatically enrolled in the Uber VIP status, which allows cardholders to be matched to the highest-rated drivers.
TSA PreCheck and Global Entry
The cardholder also enjoys statement credits on their preferred traveler programs, which are CLEAR, Global Entry, or TSA PreCheck. There is prior enrollment required from the cardholder to enjoy the statement credits offered by the Platinum Card. Cardholders can receive up to $189 statement credits for CLEAR, $85 for TSA PreCheck, and $100 for Global Entry.
However, the reimbursements on Global Entry or TSA PreCheck application fees come once every four years or four and a half years, respectively.
Annual Hotel Credit
Cardholders receive a $200 statement credit on prepaid hotel bookings, aside from the 5X Membership Rewards points earned by booking through Amex Travel. Alternatively, cardholders can earn the statement credit with The Hotel Collection bookings or prepaid Fine Hotels Resorts. Thus, the cardholder can access over 1000 properties from the American Express Fine Hotels Resorts or The Hotel Collection.
However, the cardholder must book a minimum two-night stay for the prepaid hotels booked through Amex Travel to receive the credits.
Lounge Access
The Platinum Card from American Express has one of the most elaborate airport lounge access programs offered by credit cards. Cardholders can access over 1300 different airport lounges worldwide since the Amex Platinum Card is used globally. The Platinum Card offers lounge access to all American Express Global Lounge Collection partners at any airport.
Therefore, the cardholder can enjoy luxurious lounge access without prior enrollment in some airport lounges. For example, Platinum cardholders can only access the Delta Sky Clubs airport lounges when flying Delta.
Other exclusive airport lounges include the Centurion Lounge Network and the Priority Pass Select Lounges through the Priority Pass Select membership. These lounges offer airport lounge access as authorized user benefits for Platinum Card users only, making them more exclusive. The Plaza Premium Lounge access offers complimentary access to the cardholder and two additional guests.
The Lufthansa Business Lounges offer exclusive access to cardholders regardless of their ticket class, while Lufthansa Senator Lounges offer access for business class.
There are only two American Express Business Lounges in the world found in convention centers in the US. One is found at the Las Vegas Convention Centre, while the other is at the Jacob J. Javits Convention Center in New York. The lounges offer cardholders access to snacks, unlimited Wi-Fi, and electronic outlets for all electronics. Individuals only need to show their Amex Platinum Card to enjoy lounge access and benefits.
Thus, the Amex Platinum cardholder will not have to pay extra to receive such an exclusive lounge access offer.
Hotel Benefits
Earning statement credits and Membership Rewards points for booking prepaid hotels through American Express Travel are not the only hotel benefits offered. Cardholders will receive extra benefits, especially for prepaid hotels booked through the Fine Hotels Resorts and The Hotel Collection. Additionally, cardholders will receive more gifts, including complimentary gold elite status on partnering hotels such as the Hilton and Marriott Hotels.
However, there are a few conditions to meet before receiving the extra gifts and hotel benefits, even when paying through the Platinum Card.
When you book prepaid hotels through The Hotel Collection bookings with the Platinum Travel service, you receive a $100 statement credit. Additionally, you will receive an upgrade if there is an available room in the property or hotel you have paid for. However, you will need to book a minimum two-night stay to receive the benefit from The Hotel Collection.
The benefit is an authorized-user benefit, meaning only cardholders with the Amex Platinum Card can receive the benefit.
Fine Hotels Resorts also offer welcome gifts and benefits for cardholders who enjoy their stay in over 1000 properties in the program. The cardholder will receive a room upgrade if available in the hotel or resort you pay for. Also, cardholders receive late check-out, as late as 4 pm, and noontime check-ins, if available.
A guaranteed two-person breakfast is available daily, unlimited complimentary Wi-Fi, and resort activities, including spa, beverage, and food credit worth $100.
Complimentary Gold Elite Status
Earning a gold elite status, especially in big hotels, such as the Hilton Hotels, requires much effort, including spending big. Additionally, most hotels require an individual to have a co-branded credit card to access certain benefits. However, the Amex Platinum Card can access such offers without requiring extra credit cards to receive the benefits.
Also, you will not have to pay extra, but you will have to meet the preset requirements to receive the benefits.
For example, just owning an Amex Platinum Card gives cardholders a mid-tier elite status from the Hilton and Marriott Hotels programs. For a gold elite status in the Hilton Hotels, cardholders must spend a minimum of 28 nights paid for by the Amex Platinum Card. All Hilton Honors Gold status members receive an 80% bonus on points for paid stays, including beverage and food credit in the US.
The Marriott Hotels requires cardholders to have a minimum 25 nights stay to receive the Marriott Bonvoy Gold elite status. Additionally, cardholders will receive 25% bonus points, as well as room upgrades and late check-outs.
Exclusive Experiences
Cardholders of the Platinum Card from American Express will enjoy unique and exclusive experiences just by being cardholders. For example, cardholders can enjoy “By Invitation Only” sports, entertainment, fashion, or art events. Also, cardholders will receive open invitations, presale tickets, discounts, and more for special events with Membership Experiences.
Usually, most of these exclusive offers are authorized-user benefits, only available to Amex Platinum cardholders. You can get coveted front-row seats to concerts or entertainment events by getting first dibs on the best seats in a stadium.
Frequent travelers are included when receiving unique and exclusive offers, experiences, and benefits. You can get discounts on purchases made for a Delta Private Jets Card, Aircraft Management program, or Sky Access membership. However, all discounts are accessible when paying only through the Platinum Travel Service.
Thus, the cardholder will enjoy unique private air travel benefits through their Amex Platinum Card.
To maintain its exclusivity, American Platinum has partnered with two well-renown artists to design the stainless-steel credit card. Thus, the cardholder can choose their preferred metal card design from three options: classic Platinum, Platinum x Julie Mehretu, or Platinum x Kehinde Wile. Aside from the card design, cardholders will enjoy exclusive global dining access by Resy, a platform that offers the most exclusive restaurants.
Thus, cardholders will have access to exclusive world-renowned chefs, culinary events, and special table access in various restaurants.
Services
Cardholders will receive a $240 digital entertainment credit for select subscription services, including the Disney Bundle, ESPN+, and New York Times. The $240 digital entertainment credit is divided into $20 every month that the cardholder receives for the subscription services.
The Amex Auto Purchasing Program connects the cardholder to over 10,000 car dealers that accept the Amex Platinum Card. The dealers on the program’s website can accept a minimum purchase required of $2,000, or the full purchase price of your desired car.
The Amex Platinum Card offers free two-day shipping, including free return shipping on specific qualifying items using ShopRunner. You must sign in for the program membership using your Platinum Card to receive the benefit.
Cardholders who enjoy cruises are included since they will receive a $300 shipboard credit per stateroom using the Cruise Privilege Program. You should use the Platinum Card to book five nights or longer through the Amex Travel service to enjoy your reward.
Cardholders can also enjoy low fare rates while using the Amex International Airline Program to book air tickets. The offer is applied to the cardholder and another travel companion after booking premium class tickets. You can access the program through the American Express Travel program on the American Express website.
The Amex International Airline Program allows cardholders to book first-class international, premium economy class, or business-class flight tickets.
Protection
American Express usually has an elaborate insurance policy set up, ensuring travelers have the best travel experience. All the insurance claims are covered by the New Hampshire Insurance Company, a partner of American Express. The insurance cover includes reimbursements over eligible claims made by the cardholder.
However, the insurance company will require checking all claims made to verify the claim’s legitimacy.
The Amex Platinum cardholders will receive insurance on some main categories, including primary coverage on rental cars. However, cardholders will receive secondary coverage for car rental loss and damage, which covers theft and damage except in select countries. Additionally, you can receive a baggage insurance plan that covers damage or loss of baggage up to $3,000.
You will need to pay for the entire cost of travel using your Amex Platinum Card to receive coverage.
Also, the Amex Platinum Card will cover any trip delay as you travel through trip delay insurance. The Platinum Card would offer reimbursements of up to $500 per person if the delay were more than six hours per flight. There is also trip cancellation insurance and interruption insurance that offers up to $10,000 for non-refundable flights.
That way, the cardholder is well-covered during travel without fearing losing value in their goods or time.
Other forms of protection offered to cardholders include purchase protection and return protection. Purchase protection ensures eligible purchases made through the card are protected from damage, theft, and loss within 120 days from the purchase date. The protection covers up to $10,000 per incident and up to $50,000 every calendar year.
Return protection allows cardholders to receive a refund from American Express within 90 days if the merchant refuses to accept the item. The cardholder will receive $300 per item purchased with the card and up to $1,000 every calendar year, excluding shipping costs.
Emergency Services
The Premium Global Assist Hotline is available for all Amex Platinum Card members traveling more than 100 miles from home. The program covers emergency services, including emergency medical transportation assistance, emergency money transfer, and emergency legal interventions. Cardholders call the number available 24/7 if their luggage, credit card, or passports are missing or stolen.
Additionally, the program helps cardholders plan for their trip by providing important information on passports, foreign exchange policies, and vaccinations. The Global Assist Hotline is free for all Amex Platinum cardholders, but they are liable for extra charges by third parties.
Aside from the Premium Global Assist, cardholders can receive Premium Roadside Assistance in partnership with American Express. Thus, you can call the number on the back of your card for emergency assistance when traveling with your personal car. Some emergency services offered include towing a broken-down car for up to 10 miles or jump-starting a dead battery.
American Express is partially liable for the services and will pay for them up to four times within a year. However, it is important to check the terms and conditions surrounding the Premium Roadside Assistance service since some exclusions apply.
Extra Benefits
Aside from the benefits mentioned above, the Platinum Card from American Express offers even more benefits. For example, all cardholders of American Express credit cards are legible to receive Amex Offers. However, anyone having a premium card, such as the Platinum Card, will receive better offers more often than other cardholders.
Some offers from the Amex Offers program include select merchant discounts and travel discounts. The offers usually change frequently; thus, the cardholder should keep checking the American Express website for updates.
Cardholders who use their Amex Platinum Card to pay their wireless phone bills can receive a cell phone cover. Thus, cardholders can receive protection from theft or spoilage, with up to two claims every calendar year. Additionally, cardholders are entitled to an $800 reimbursement in case of any costs incurred during repair or loss.
However, terms and conditions apply to be legible to receive cell phone insurance coverage.
The Platinum Card from American Express was initially a charge card since cardholders pay the full monthly balance. However, American Express introduced two payment plans that allow cardholders to pay off the balance at extended terms. The Pay It plan allows the cardholder to pay back all eligible purchases made using the card at a monthly fee.
The cardholder uses the Pay Over Time plan on eligible purchases using interest determined during account opening. All other purchases must be paid back in full, or cardholders face a 30% APR penalty and a negative credit report.
The Platinum Card from American Express lacks foreign transaction fees, meaning you can use the card globally without charge. Many competing premium credit cards have high transaction fees, which is an advantage for the Platinum Card. Additionally, cardholders can have their annual fee waived aside from redeeming and using their welcome bonus points.
Being active in the military will ensure the cardholder does not pay the annual fee under the Military Lending Act. Also, applying for the different versions of the Platinum Card will ensure the annual fee is waived, but the cardholder should meet the preset conditions.
Conclusion
The Platinum Card from American Express is one of the best credit cards of its kind in the market. It has been associated with a luxurious lifestyle because many cardholders are high spenders to receive maximum benefits. The $695 annual fee makes it unattainable to many since only some can afford it.
However, the Platinum Card carries rewards, benefits, and offers that can recover the annual fee if fully utilized. The cardholder will receive statement credits worth more than double the annual fee every calendar year.
Those who benefit the most from the Amex Platinum Card are frequent travelers who spend on travel and travel purchases. If you travel less and spend more on daily purchases, there are better credit cards for you than the Platinum Card. Since the Platinum Card is more of a charge card than a credit card, cardholders do not have a preset credit limit.
However, American Express will set a limit depending on the creditworthiness of the cardholder, their payment history, and overall credit history. Thus, cardholders can enjoy unlimited benefits on different categories, especially those related to travel and travel purchases annually.
FAQs
How many lounges can I access with the Amex Platinum Card?
Cardholders will enjoy complimentary access to over 1300 different lounges worldwide since the Platinum Card is used globally. Therefore, as long as you are a Platinum Card cardholder, you will not require prior enrollment to access the lounges. The American Express Platinum Card gives complimentary entry to much more exclusive lounges, such as the Priority Pass Select Lounges.
Since many other competing credit cards offer access to the airport lounges, the Platinum Card offers a Priority Pass Select membership for further exclusivity. Other airport lounges you can access while using the Platinum Card include the Centurion Lounges and Lufthansa Lounges.
How to qualify for the Amex Platinum Card
The Amex Platinum Card is not an easy credit card to qualify for since it has an exclusive reputation to keep up. First, the applicant should have a minimum credit score of 700, meaning they should have a good or excellent credit score. Additionally, American Express will look into extra factors such as the applicant’s income and age of credit accounts.
That way, American Express will determine whether the applicant can afford the credit card in the long run. Therefore, ensure you have an unblemished credit history, an excellent credit score, and an extra credit card, preferably from American Express.
How many Uber credits do I get with the Amex Platinum Card?
The Platinum Card from American Express offers a $200 statement credit for Uber Cash to a Basic Card Member. The annual credits offered by the Platinum Card can be divided into $15 every month and up to $35 in December. Therefore, the cardholder will receive statement credits whenever they use Uber Rides, and Uber Eats at any time within the month.
Additionally, the cardholder will enjoy the Uber VIP status if they use the Platinum Card to pay. The cardholder will not pay for the Uber VIP status since using the Platinum Card from American Express is a benefit.
