American Express has been at the forefront of producing the best cards that cater to all the cardholder’s financial needs. From charge cards to credit cards and debit cards, American Express has it all to maintain customer satisfaction. One of the best premium cards from American Express is the Platinum Card from American Express.
The Platinum Card is originally a charge card but can function as a traditional credit card due to its hybrid features. The Platinum Card is the best choice for cardholders who are frequent travelers since the card carries benefits best for travel.
The American Express Platinum Card is a luxurious and exclusive card in its own right, especially because of the high annual fee. The steep $695 annual fee is quite unachievable for most people, but the benefits make it worth it. The Platinum Card is a premium rewards card, meaning cardholders can earn Membership Rewards points with the highest value than other competing cards.
Cardholders will also receive benefits such as statement credits, complimentary benefits, and complimentary access to exclusive spaces, including airport lounges. Stick around to see more benefits, advantages, and disadvantages of the American Express Platinum Card from the review below.
Key Takeaways
· The Platinum Card from American Express is a premium, high-value card that carries the best benefits for those who travel frequently
· The Amex Platinum Card carries many advantages, including no transaction fees, and a few disadvantages, including the hefty annual fee
· The Platinum Card is a rewards credit card allowing cardholders to earn Membership Rewards points which can be redeemed at a high value
Pros and Cons of the American Express Platinum Card
The Amex Platinum Card has advantages and disadvantages over other premium cards in the market. The Platinum Card is best suited mainly for frequent travelers spending on travel purchases annually, earning the most benefits from the card. Cardholders who mainly use their cards for daily shopping or dining may find the card not meeting their particular needs.
Thus, the cardholder must check the pros and cons of the card before applying for the card. That way, cardholders can weigh the card’s benefits, affordability, and whether it meets their needs.
Pros of the Amex Platinum Card
· Statement credits worth over $1500 every calendar year offered by the Platinum Card can justify the high annual fee.
· Complimentary benefits, including travel insurance, purchase protection, airport lounge access, and rental card benefits.
· High reward potential on prepaid hotels and flights booked through the American Express Travel program.
· Unlike other charge cards, payment flexibilities allow cardholders to pay their balance over time on eligible purchases only.
· Automatic elite status for partnering hotels such as Hilton and Marriott Bonvoy Hotels and luxury hotel benefits through American Express Travel booking programs.
· One of the highest value rewards points redeemed through various redemption options, including transfer to partnering airline and hotel loyalty programs.
· Exclusive benefits that match the card’s status, for example, access to exclusive and most sought-after restaurants.
· Access to emergency services through the Premium Global Assist program.
Cons of the Amex Platinum Card
· One of the highest annual fees of $695 compared to other competing premium cards in the market.
· Some exclusive benefits, such as the Premium Private Jet program and Equinox Fitness statement credit, only apply to a few cardholders.
· The bonus category for earning Membership Rewards points is limited to travel-related purchases through Amex Travel or direct bookings.
· No non-travel-related categories can earn cardholders high rewards since the card is primarily a travel card.
· Applicants must have a good to excellent credit score, a positive credit report, and a credit history before a card application.
Amex Platinum Full Review
The Platinum Card from American Express offers luxury and exclusivity to its cardholders, making it one of the best in the market. Most competing premium cards cannot offer half of the perks and benefits the Platinum Card offers to its cardholders. The Amex Platinum benefits offers flexibility, extensive opportunities, and upgraded premium offers to all cardholders.
Thus, the Platinum Card is considered the favorite travel card among cardholders, mostly travelers. Although the card carries a steep annual fee, cardholders can maximize the card’s benefits to receive maximum benefits.
From a massive welcome bonus to extra Amex Offers, the Platinum Card benefits remain unbeatable. Below is a breakdown of the American Express Platinum Card benefits:
Welcome Bonus
The Platinum Card from American Express has the most coveted welcome bonus offers of all time. Usually, the cardholder will receive 80,000 Membership Rewards points after spending $6,000 within six months of the card membership. Thus, cardholders must spend big to receive the 80,000 Membership Rewards points, valued at over $800, depending on the redemption options.
As stated by American Express, you will only receive the rewards points after you make the minimum purchase requirement. Although the welcome bonus is a reduction from the original 100,000 Membership Rewards points, the current bonus has a high value.
American Express allows cardholders to earn over 80,000 Amex Membership Rewards points welcome bonus. Cardholders can earn either 100,000 points, 125,000 points, or 150,000 points depending on the available offer upon card membership. For example, a new cardholder can earn 100,000 points after using a referral link to apply for a new card through the Refer-a-Friend program.
The referee will also receive an extra 30,000 Membership Rewards points after the referred individual is approved for their Platinum Card. Targeted offers will earn the referee 45,000 Membership Rewards points per referral when the referred individual is approved for the card through the link.
Alternatively, cardholders can check for targeted mailings and offers or an elevated welcome offer through their Amex account before applying for a Platinum Card. The elevated welcome bonus offers can earn new cardholders between 100,000 points to 125,000 points. However, the targeted offers and mailings are available to select card applicants for a limited time.
Additionally, new cardholders can use the CardMatch tool to check whether they are qualified for up to 150,000 points as a welcome bonus. The CardMatch tool will offer a higher bonus when the new cardholder applies through the tool other than the official American Express website.
Earning Points with the Amex Platinum Card
The Amex Platinum Card is a rewards card allowing cardholders to earn Membership Rewards points while using their card. The Platinum Card offers different categories in which cardholders can earn points, earning them different points depending on the category. However, the Platinum Card offers limited categories for cardholders to earn bonus points aside from travel and dining purchases.
Thus, cardholders must spend on travel purchases to earn bonus points per dollar spent using their card. The more points the cardholder earns, the more they can redeem for more perks, such as room upgrades or booking flights.
Cardholders will receive 5X Membership Rewards points for airfare and prepaid hotels booked directly without third-party platforms. Also, cardholders can earn the same five points per dollar spent for flights and prepaid hotels booked through American Express Travel. However, there is a $500,000 yearly cap for the five-point-per-dollar reward since purchases made above the cap will be awarded one point per dollar. Other eligible purchases, which include dining and booking rental cars, will also receive one point per dollar spent.
Thus, cardholders will receive the highest points through travel, making it a poor choice for everyday shopping.
Redeeming Points with the Amex Platinum Card
American Express offers several options for cardholders to redeem their Membership Rewards points. The Membership Rewards points are worth the highest compared to other competing cards in the market. The most current points value may vary from 0.5 to 2.2 cents per point, making the Platinum Card high-value.
Additionally, American Express has the highest number of partners, from airlines, hotels, and retailers. Thus, the cardholder has various options when redeeming their points for money.
You can redeem points through Amex Travel by booking flights at one cent per dollar, allowing you to upgrade your flight at no charge. Also, you can redeem points through Amex Travel by booking prepaid hotels, cruises, and rental cars at 0.7 cents per point. Alternatively, cardholders can transfer their points to airline and hotel loyalty programs at a 1:1 transfer ratio.
Transferring points will earn cardholders 2.2 cents per point, the highest value in all redemption options for upgrading during travel. Some airline and hotel partners include Choice Hotels, Marriott Bonvoy Hotels, Delta Airlines, Air Canada, and Air France/KLM.
Cardholders can redeem their points through the partner retailers by redeeming through gift cards and checking out. Gift card redemptions usually offer cardholders one cent per point, while purchasing against a statement credit offers 0.6 cents per point. Checking out at partnering retailers earns the cardholder about 0.7 cents, which can be more or less depending on the retailer.
Some major retailers partnering with American Express include Saks Fifth Avenue, Amazon, Best Buy, and Walmart. Alternatively, cardholders can choose the Pay with Points option while checking out at stores that accept payments by using points.
Amex Platinum Card Benefits
The Amex Platinum Card carries huge benefits for the cardholder, especially in annual statement credits. A statement credit is a reward a credit card issuer offers to reduce the remaining card balance. For example, if you spend $100 on an eligible purchase with a $50 statement credit, you will pay $50 on your balance.
Thus, statement credits are the best way to encourage cardholders to use their card for eligible purchases. Cardholders must make eligible purchases using their Amex Platinum Card in full to receive the rewards and statement credits.
Some of the statement credits and other notable benefits offered by the Platinum Card include the following:
· $200 statement credits every calendar year on prepaid Fine Hotels & Resorts or Hotel Collection bookings. Cardholders must make a minimum two-night stay on the properties booked through Amex Travel to receive the statement credit.
· Other hotel benefits include automatic elite gold status while staying at the Hilton and Marriott Bonvoy Hotels, with prior enrollment required. Cardholders will also receive a fee credit worth $100 and other welcome gifts for prepaid Fine Hotels & Resorts.
· $155 statement credits for Walmart+, which covers the $12.95 monthly membership fee and an applicable local sales tax.
· $200 Uber Cash statement credits and cardholders enjoy Uber VIP status available automatically to Basic Card Member only. Uber VIP status ensures cardholders receive drivers with the highest ratings where applicable for the cardholder’s convenience. The statement credit is divided into $15 monthly statement credits and up to $35 in December for Uber Eats and rides.
· $240 digital subscription credit divided into $20 monthly statement credits for select digital subscriptions. Cardholders will benefit from select subscriptions such as Disney Bundle, Disney+, New York Times, and Hulu.
· A $300 statement credit every calendar year towards eligible Equinox Club memberships or the Equinox+ fitness app.
· A $100 statement credit for purchases made towards Saks Fifth Avenue, divided into $50 every six months, with prior enrollment required.
· A $200 airline fee credit covers all incidental fees charged during the flight, such as checked baggage fees. The airline fee credit only applies to a qualifying airline every calendar year.
· Cardholders can choose a preferred metal card design during account opening, including classic Platinum Card, Platinum x Julie Mehretu, and Platinum x Kehinde Wiley.
· Cardholders will also receive exclusive Global Dining Access by Resy, which offers reservations in the most exclusive restaurants worldwide.
· Cardholders will receive complimentary benefits such as Platinum Concierge services and elite status on select rental car companies. In emergencies, cardholders will get access to the Premium Global Assist service that offers help to Platinum cardholders worldwide.
Amex Platinum Card Lounge Access
Cardholders will receive access to the American Express Global Lounge Collection, available in over 100 airports worldwide. The Platinum cardholders will have access to the most exclusive Centurion Network, which includes Centurion Lounges and Studio locations worldwide. Other airport lounges cardholders have access to include the Priority Pass Lounges, Delta Sky Club when flying Delta, and Plaza Premium Lounges.
Most airport lounges will also offer complimentary guest access for up to two guests in participating lounges, such as Plaza Premium Lounges. Additionally, authorized users under the primary Platinum Card will receive the same airport lounge access benefit.
Usually, cardholders must show their same-day boarding pass paid for by their eligible Platinum Card to access the lounges. However, the Priority Pass Lounges require cardholders to show the Priority Pass Card, which Platinum cardholders apply for and receive upon account opening. Others, such as the Delta Sky Club, will only allow cardholders access when flying Delta, as seen on their boarding pass.
Lufthansa Lounges offer access depending on the ticket, with Lufthansa Business Lounges offered to all, while Lufthansa Senator Lounges are offered when flying business class. Thus, cardholders need to abide by the regulations set by each airport lounge to receive the complimentary benefit.
TSA PreCheck/Global Entry Credit
Cardholders will receive statement credits when applying for the TSA PreCheck and Global Entry security programs. Additional Cards will also receive the same benefits when they pay for the membership through the card. Thus, all cardholders will receive statement credits worth $85 for TSA PreCheck every 4.5 years and $100 for Global Entry every four years.
Cardholders must pay for a five-year membership package through any Authorized Enrollment Provider. If the cardholder qualifies for TSA PreCheck, they are also qualified for Global Entry and vice versa.
Also, cardholders will receive a statement credit worth $189 towards the CLEAR security program available in over 100 stations. Unlike the TSA PreCheck and Global Entry programs, cardholders will receive the CLEAR statement credit every calendar year. Therefore, cardholders have a variety of security programs to choose from while traveling within and outside the country.
Amex International Airline Program
The Amex International Airline Program is a travel program that allows cardholders to purchase tickets at a lower fee than normal. Cardholders can receive up to 20% off for airfares on multiple high-class airlines across several destinations worldwide. Cardholders must book Business, First, or Premium Economy class tickets using their Platinum Card to enjoy the benefits.
Also, lower fares are available when cardholders book between one to eight tickets booked through the Platinum Travel Service. Partnering airlines include Singapore Airlines, Emirates, Qatar Airways, Etihad Airways, Virgin Atlantic, Delta Airlines, United Airlines, and Air Europa.
Amex Platinum Card Travel Protection and Insurance
The complimentary travel insurance offered by the American Express Platinum Card is one of the most extensive travel insurance plans available. Cardholders are not required to pay extra under the complimentary benefit but can purchase the stand-alone comprehensive travel package. The stand-alone package includes extra perks and benefits not found in the complimentary package.
Additionally, cardholders can customize the stand-alone package depending on their flight, destination, and airfare. Thus, American Express offers the best travel insurance plans due to its flexibility, even for packages paid for by the cardholder.
The complimentary travel insurance offers more than enough packages for a normal traveler. For example, the insurance plan includes trip cancellation and interruption insurance, trip delay insurance, and baggage insurance for lost luggage. Additionally, cardholders will receive rental car insurance for protection in case of damage or theft for car rentals.
Cardholders will receive hefty reimbursements once they follow the right course of action while filing a claim in a case covered incidents occur. However, cardholders must pay fully for flights or car rentals using their Platinum Card to receive maximum reimbursements.
Amex Platinum Authorized Users Benefits
An authorized user is any individual added to a primary Platinum Card account by the main cardholder who manages all charges. American Express allows authorized users to use the additional card for purchases and earning benefits as the primary cardholder. However, the benefits available to authorized users are usually limited and few compared to those the primary cardholder receives.
The annual fee for three additional Platinum Cards is $175, while each additional card above three cards will be charged $175 each. An additional Gold Card will not attract any annual fee but will have much lesser authorized user benefits.
It is important to note that the additional Gold Card differs from the popular Amex Gold Card. The two cards do not earn similar benefits since one is an additional card to a primary Platinum Card account. Some of the authorized user benefits for additional cards include:
· Access to the Centurion Lounge Network and Priority Pass Lounges under specific conditions. As of Feb 1st, 2023, Platinum cardholders and their guests must pay for the Centurion Lounge access. However, adding Platinum Cards will remove this hurdle, and cardholders and their authorized users will get in for free. Since Priority Pass Lounges require previous membership, cardholders, and each authorized user will receive a Priority Pass card.
The authorized user benefit is only available to additional Platinum Cards and not additional Gold Cards.
· A $100 hotel credit for booking a minimum two-night stay through The Hotel Collection program under the Platinum Travel Service. All eligible cardholders and authorized users will receive room upgrades if available, and complimentary breakfast. However, additional Gold Card users will receive lesser benefits than additional Platinum Card users.
· A fee credit towards TSA PreCheck and Global Entry application for the main cardholder and additional users. Thus, they will receive up to $100 in reimbursements, depending on the security program they use.
Amex Platinum Compared with Other Cards
The Amex Platinum Card is a premium card that earns its spot as a high-value card, even among its competitors in the market. However, some competing cards may seem like an alternative to the Platinum Card. The comparisons below show how the Amex Platinum Card stacks against other competing cards:
The Platinum Card from American Express vs. American Express Gold Card
The Gold Card is an American Express card originally rolled out as a charge card like the Platinum Card and Green Card. The American Express Gold Card is the best alternative to the Platinum Card, especially for daily spenders cardholders. The Gold Card has a $250 annual fee, allowing cardholders to earn four Membership Rewards points on U.S. restaurants, deliveries, and takeout. Also, cardholders can earn four Membership Rewards points on U.S. supermarkets up to $250,000 every calendar year, then one point.
Flights booked directly or through Amex Travel will receive three points per dollar and one point on other purchases. The main drawback of the Gold Card is the lack of exclusive travel perks like those offered by the Platinum Card. Thus, the Amex Gold Card is not suitable for cardholders who spend more on travel and less on daily shopping and dining.
The American Express Platinum Card vs. Capital One Venture X Rewards Credit Card
The Capital One Venture X Card is a rewards credit card, one of the highest competing cards with the Platinum Card. The Capital One Venture X Card is also a travel card with a low annual fee of $395 but fewer statement credits. Thus, it is much cheaper than the Amex Platinum Card, with more categories to earn miles from while using the card. Cardholders of the Venture X Card earn ten miles per dollar on prepaid hotels and car rentals booked through Capital One Travel.
The cardholders will also receive five miles per point on flights booked through Capital One Travel and two miles for eligible purchases. However, the Capital One Venture X Card offers much more limited rewards, especially for airport lounge access.
The American Express Platinum Card vs. Chase Sapphire Reserve Card
The Chase Sapphire Reserve Card is another contender against the Amex Platinum Card, carrying a $550 annual fee. The card carries a $300 annual travel credit, airport lounge access, and partnering hotel benefits. The Sapphire Card is also a rewards card, allowing cardholders to earn points from different categories. Cardholders receive ten points per dollar on car rentals and hotels and five points per dollar on flights booked through Chase Ultimate Rewards.
Cardholders will also receive three points per dollar on travel and dining purchases and one point on other purchases. However, the Sapphire Card has lesser perks and benefits towards travel, with fewer partnering airlines than the Amex Platinum Card.
Key Features of the Amex Platinum Card
The American Express Platinum Card carries great benefits, from a huge welcome bonus to exclusive travel perks. Additionally, the card offers better benefits and more access to luxurious perks than its competitors. Thus, the American Express Platinum Card is ranked higher than most competing cards. Some of the card’s key features that stand out include the following:
· A hefty annual fee of $695, one of the highest among exclusive travel cards. However, the benefits and statement credits worth over $1,500 can justify and make up for the high annual fee.
· The Platinum Card does not carry foreign transaction fees, making it cheaper to use the card internationally.
· No APR is charged when cardholders pay back the monthly credit balance unless they activate the Pay Over Time feature. The Pay Over Time feature is a payment plan allowing cardholders to stretch out the balance on eligible purchases at an interest.
· Cardholders can access bonus offers, including Amex Offers, frequently available to premium cards like the Platinum Card.
· Access to the most exclusive spaces and programs, discounts, complimentary benefits, hotel benefits, and many other never-seen-before travel perks.
· Cardholders will earn Membership Rewards points for using the card on eligible purchases, which can be redeemed later, saving the cardholder money.
· The Platinum Card offers luxury and exclusivity since few can be approved for the card after a card application.
Benefits of the Amex Platinum Card
The Platinum Card from American Express benefits are many, some of which cardholders remain unaware of. The Platinum Card is a stainless-steel card weighing about 18 grams, which may seem to equate to the benefits it carries. The card has gained popularity over the years for some of the main hard-to-beat benefits it can offer.
It has been a traveler favorite, even for those making transactions outside the country. All variations of the card, including the Amex Business Platinum Card, will receive more or less the same major benefits.
The major benefits associated with the American Express Platinum Card include the following:
· An 80,000 Membership Rewards point welcome bonus, estimated to be over $1,000 if redeemed at the highest value.
· 5X Membership Rewards points are received when cardholders book airfare and prepaid hotels directly or through Amex Travel.
· Gold elite status for cardholders who frequent Hilton Hotels and Marriott Bonvoy Hotels, with prior enrollment required.
· Complementary benefits include complimentary travel insurance, concierge services, and elite status for specific car rental companies.
· Exclusive access to airport lounges worldwide, such as the Centurion Network, and access to exclusive restaurants through Global Dining Access by Resy.
· $200 airline fee credit that covers incidental fees every calendar year for a select qualifying airline.
· Authorized user benefits, including access to the Priority Pass Select Lounges, The Hotel Collection benefits, and Global Entry/TSA PreCheck fee credit.
· Several redemption options include transfer to airline and hotel loyalty programs where cardholders enjoy premium benefits.
Is the Platinum Card from American Express Worth It?
As seen earlier, the American Express Platinum Card is one of the greatest cards ever produced as a travel card. The Platinum Card carries extensive benefits, some of which cardholders do not know exist but are part of the main benefits. Despite the high annual fee, the card is a game-changer, which may seem too high for many. However, American Express maintains that the high annual fee is to maintain the exclusive status of the card.
The Platinum Card was originally rolled out as a charge card, meaning it is too expensive to maintain for many.
Unlike other competing cards, the main drawback of the Amex Platinum Card is the few categories to earn bonus points from. However, the Platinum Card is primarily a travel card, and cardholders will be pushed to make travel purchases. The card is inconvenient for people who spend more daily shopping and dining out than traveling.
Ultimately, the Platinum Card is best for travel, and cardholders must check whether the card’s benefits match their needs.
Conclusion
The American Express Platinum Card is a card of its kind, especially regarding travel and travel purchases. The amazing benefits and extensive statement credits outweigh the card’s steep $695 annual fee. Cardholders do not have to pay foreign transaction fees when using the Platinum Card outside the U.S.
The Amex Platinum Card is only worth it if you are a big travel spender to maximize its benefits. Ensure you read the fine print and understand how the card works to receive the best and avoid penalties.
FAQs
What are the rewards on the Amex Platinum Card?
The Platinum Card is a travel card, meaning it is best suited for frequent travelers who can maximize all its benefits. The card is best suited for frequent travelers over people who use their cards for everyday purchases. Cardholders will receive 5X Membership Rewards points towards flights or prepaid hotels booked directly or through American Express Travel.
Thus, cardholders are discouraged from using third-party platforms and enjoy more rewards points from American Express Travel.
What are the perks of an Amex Platinum Card?
Cardholders will not be charged a foreign transaction fee when making transactions outside the country as they travel. Also, cardholders receive complimentary benefits such as travel insurance which cardholders do not pay extra for. Cardholders will receive statement credits on eligible purchases, including retailers like Saks Fifth Avenue.
The card also carries hotel benefits and perks when cardholders book through Fine Hotels & Resorts or The Hotel Collection.
Do you have to pay off your Amex Platinum bill every month?
Paying off your Amex Platinum balance every month greatly depends on whether you have activated the Pay Over Time feature. The Platinum Card is originally a charge card that requires cardholders to pay off their balance in full monthly. However, American Express introduced a payment plan allowing cardholders to pay their balance over time.
The cardholder must follow the terms and conditions of using the feature to avoid penalty charges on their card.
