American Express is one of the largest financial institutions working globally to provide the best financial services. Thus, American Express has a line of credit cards, charge cards, and debit cards, among others, readily available to customers. Therefore, American Express is at the forefront of providing the best financial products by encouraging consumers to use their cards.
There are a variety of credit cards readily available for everyone, as long as they meet the set requirements for each card.
The Platinum Card from American Express is a highly coveted credit card offered by American Express. Amex Platinum card is a rewards credit card that offers rewards points after spending on different goods and services. The Platinum Card comes with exclusive perks and ultimate rewards and offers even for a basic card member.
The article below offers more insight into the benefits, rewards, pros, and cons of having the Amex Platinum Card.
Key Takeaways
· American Express offers a variety of credit cards, including the Amex Platinum Card, which is a rewards credit card
· The Platinum Card has one the best rewards program when it comes to travel and to make other eligible purchases
· The card offers exclusive membership rewards points, which are redeemable in multiple ways, including travel.
The Platinum Card from American Express
People living a luxurious lifestyle will immediately identify with a credit card that equally matches their lifestyle. The Amex Platinum rewards credit card is a highly acclaimed card with great points and rewards. Although its annual fee increased from $550 to $695 as of 1st July 2021, the rewards points are unbeatable.
It is most suitable for frequent travelers who enjoy travel rewards and more travel benefits than competing credit cards. Thus, the card is associated with the rich, especially those earning six figures or more annually.
Although Amex rolled out the Amex Platinum card as a charge card, it offers them a hybrid form. Charge cards are almost similar to credit cards, but they do not charge interest and allow unlimited spending. Additionally, they have more rewards and benefits, including statement credits and extra points on eligible purchases.
However, the cardholder must pay all the credit in full each month since the payment failure is reposted to the credit bureaus. The Platinum card carries a 30% interest if payment is not made in full due to the Pay Over Time APR.
Ultimately, the Amex Platinum card is the best go-to credit card for maximum rewards, including exclusive access to luxury brands.
Main Benefits of the Platinum Card from American Express
Cardholders will receive a welcome bonus of 80,000 Membership Rewards points after spending $6,000 within six months of account opening. They receive 60,000 points after spending $6,000 within three months of card membership and 20,000 points within 14 and 17 months of account opening.
Cardholders can select their preferred metal card design; the classic Platinum Card, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu. Kehinde Wiley and Julie Mehretu are world-renowned artists partnered with American Express for their credit card designs.
Cardholders will earn 5X Membership Rewards points for flights and prepaid hotels booked directly with airlines or the American Express Travel program. The 5X Membership Rewards points are only legible for travel purchases up to $500,000 every calendar year.
Cardholders will receive a $200 statement credit on all prepaid fine hotels resorts or The Hotel Collection bookings for a minimum two-night stay. However, you must book prepaid hotels through American Express Travel to receive the statement credit.
Cardholders with the premium card receive Priority Pass Select membership on different lounges worldwide. During airline travel, there is complimentary access to Centurion Lounge and Studio locations worldwide, among other select lounges. Additionally, cardholders will receive complimentary entry to Delta Sky Clubs when flying Delta.
Cardholders can enjoy up to a $240 digital entertainment credit, including a $300 statement credit for Equinox or a digital subscription for Equinox+. Monthly entertainment credit is valid on select subscriptions such as Hulu, The Disney Bundle, New York Times, and Audible.
Cardholders will receive annual credits for retail, such as a $155 statement credit for Walmart+, which pays for the Walmart+ membership. The total cost will include the membership fee and the applicable local sales tax for the premium membership.
Cardholders will enjoy Uber VIP status and $200 savings on Uber rides and Uber Eats every calendar year. However, the Uber cash offer is only available to the Basic Card Member, and there is enrollment required to receive such benefits.
Cardholders receive statement credits for clearance lanes such as Global Entry in airports, entertainment spots, and stadiums. Users will receive a statement credit for every calendar year for security checks, including TSA PreCheck and CLEAR membership.
Pros of the Amex Platinum Card
The Amex Platinum Card has great benefits for users, airline fee credits and including 5X Membership Rewards points for travel. The Membership Rewards points are redeemable, with their value depending on how you redeem the points. Additionally, you can transfer your points, allowing you to maximize the points earned for your welcome bonus.
Alternatively, you can choose to redeem points as statements credits as annual statement credits to avoid carrying a credit balance. All points earned through travel are easily redeemable and will not expire as long as the account remains open.
The welcome bonus of 80,000 Membership Rewards points is among the highest and most lucrative welcome offers. Other benefits include having elite status in some hotels, travel insurance, car rentals, and rewards on other eligible purchases. Since the Amex Platinum Card is a premium, high-value card, you will not require a co-branded credit card to access some benefits.
Although the card carries a relatively high annual fee, the benefits match the luxury the card offers. Thus, you will be able to maximize and earn Amex membership reward points for all Platinum card members.
The main benefits of the Platinum Card from American Express include the following:
Travel Benefits
The Platinum Card from American Express usually caters to frequent travelers’ needs. The best benefits for travelers include travel insurance, lounge access, and other purchases made during travel. Additionally, cardholders earn 5X Membership Rewards points for every dollar on flights booked directly with respective airlines.
There are 5X Membership Rewards points on airfare or prepaid hotels booked through the American Express Travel, up to $500,000 per calendar year. Thus, you will have extra points if you remain within the $500,000 limit per calendar year upon account opening.
If you make other purchases while traveling, you will receive 1 point for every dollar. Other benefits include having $200 worth of statement credits every calendar year for incidental fees at a qualifying airline, with enrollment required. Additionally, you will receive exclusive access to lower airline fares for premium class tickets by booking through the Amex international airline program.
You will also receive statement credits for different amounts for CLEAR, TSA PreCheck, and Global Entry checkpoints. However, there is enrollment required for such lanes for the cardholder to receive the respective statement credits.
Airline and travel insurance is also catered for while using the Amex Platinum Card during travel. The trip delay insurance will offer a $500 reimbursement per person for a delay of more than six hours every calendar year. Any trip cancellation is covered by interruption insurance, reimbursing about $10,000 for non-refundable expenses every calendar year.
Any other incidental fees, such as checked baggage fees, will be covered by the airline credit for one select qualifying airline. The New Hampshire Insurance Company offers all insurance provided to Amex Platinum cardholders.
Cardholders will receive complimentary entry to various international American Express lounges worldwide, including Centurion in the Centurion Lounge Network. The cardholder will receive access to the Priority Pass Select lounges network and Plaza Premium Lounge with up to two other guests. Lufthansa Business Lounges are open regardless of the ticket class, while Lufthansa Senator Lounges are available to those flying business class.
The Delta Sky Club is open to a cardholder when flying Delta, offering exclusive entry without requiring membership.
Hotel Benefits
The Platinum Card from American Express offers the cardholders a $200 statement check for hotel credit. Users must book prepaid hotels through Fine Hotels Resorts or The Hotel Collection. However, prepaid hotels booked through the American Express Travel program for a minimum two-night stay will receive the offer. The Hotel Collection will also offer a hotel credit worth $100 for a room upgrade for a minimum two-night stay.
Prepaid Fine Hotels booked through American Express Travel will have credits or gifts from participating properties.
Hotel partners such as Hilton, Marriott Bonvoy, and Choice offer a complimentary elite status to cardholders of the Amex Platinum Card. The Hilton Gold elite status will require the cardholder to spend 28 nights, and they will receive 80% bonus points on eligible purchases. The Marriott Gold elite status will require cardholders to stay 25 nights every calendar year with 25% bonus points on eligible purchases.
Those with a mid-tier elite status can also enjoy such benefits that usually belong to those with top-tier elite status. Additionally, cardholders will enjoy exclusive perks on premium car rentals, including an upgrade on their rides.
Exclusive User Benefits
The Amex Platinum card offers exclusive offers to its cardholders, allowing them to enjoy exclusive perks others do not. Thus, the cardholder will have an added advantage, especially when traveling, since the exclusive offers deal with travel. Therefore, the added advantage offers cardholders a luxury in travel that other cards do not usually offer.
The cardholder enjoys statement credits from prepaid hotels and lounge access without having prior membership to access such spaces.
The main benefits for authorized Amex Platinum card users include accessing the Centurion Lounge network and Priority Pass Select lounges. Although there is prior enrollment required to access such benefits, complimentary access offers unlimited entry in all worldwide branches. The Hotel Collection also offers a hotel credit for cardholders for prepaid hotels booked through their platform for a minimum two-night stay.
Additionally, cardholders receive a statement credit for the application fee of accessing Global Entry, CLEAR, or TSA PreCheck.
Other Benefits
The Amex Platinum Card offers cardholders other benefits and offers, including a $300 statement credit for eligible Equinox club memberships. The Equinox fitness club is a luxurious, high-class fitness center that is not easily accessible. Thus, having an Amex Platinum Card can guarantee your access to the fitness club with prior enrollment required.
On top of that, users receive a $240 digital entertainment credit, that is, annual credits for select streaming service subscriptions. Such services include the Disney Bundle, Disney+, Hulu, and SiriusXM, among others.
Cardholders also enjoy exclusive global dining access by Resy, which offers access to reservations at the top restaurants and hotels. There is also a $100 statement credit for cardholders who make in-store or online purchases at Saks Fifth Avenue. Also, the Platinum Card offers $155 annual credits for the Walmart+ membership subscription, including applicable local sales tax.
Additionally, cardholders have an Uber VIP status with statement credits of $15 monthly and $35 in December for Uber Eats and rides.
Additionally, there are Amex Offers which are benefits given by American Express, given exclusively to all Amex cards. However, premium cards, including the Platinum Card, usually have better deals. The deals also get updated regularly, thus; the cardholder should keep checking the website to see what deals are currently offered by American Express.
Usually, the deals include discounts on travel, dining, and retail purchases or bonus points for daily utility spending.
Cons of the Amex Platinum Card
Although the Platinum Card by American Express has one of the most lucrative benefits, it has a few downsides. It has a very high annual fee of $695, among the highest of leading high-value credit cards. The annual fee was raised from $550 on 1st July 2021, even though American Express added new user benefits. Thus, the cardholder will need to spend more and earn more Membership Rewards points to cover the high annual fee.
Another disadvantage of using the Platinum Card is the limited and complicated reward categories offered by the Amex Platinum card. Usually, the card benefits frequent travelers, who can maximize the Membership Rewards points earned through travel. Amex Platinum Card lacks deals and rewards in gas stations, supermarkets and gas stations, as seen with competing credit cards.
Cardholders will earn 5X Membership Rewards points for travel, especially for airfare and prepaid hotels booked through Amex Travel. Additionally, for cardholders to earn 5X Membership Rewards points, they need to book their prepaid hotels and airlines directly through Amex Travel.
Also, the cardholder will require to spend a total of $6,000 on eligible purchases upon account opening to receive their welcome bonus. The amount is more than that found in competing credit cards, with some requiring cardholders to spend half for equally high points. Additionally, American Express cards offer a restrictive one-time rule, including the Platinum Card.
Thus, some will not qualify for the full welcome bonus due to some of their existing credit card account. However, American Express will notify you if you qualify for the welcome bonus’s total value.
Amex Platinum Rewards
Although the Platinum Card from American Express offers complicated rewards, the rewards are one of the highest in the market. A limited number of categories also receive the Amex Membership Rewards points given by the Amex Platinum Card. However, the value of the card is very high in the market, and the rewards potential is equally higher.
Also, the Membership Rewards points have no expiration date, and the cardholder can accumulate them into a single Membership Rewards points account.
Earning Rewards
The cardholder will earn 5X Membership Rewards points for flights and prepaid hotels booked directly with the airlines. Also, the cardholder can earn 5X Membership Rewards points for booking flights or prepaid hotels through Amex Travel. However, there is a limit of $500,000 every calendar year for booking flights and prepaid hotels through the Amex Travel website.
Thus, the cardholder will earn five points for every dollar they spend using their Amex Platinum Card on such categories. The cardholder will only receive one Membership Rewards point after spending on other eligible purchases.
The cardholder will also receive a welcome bonus of 80,000 Membership Rewards points, worth $800. However, the cardholder must spend $6,000 within the first six months of card membership. Also, the cardholder will receive the first 60,000 Membership Rewards points after spending $6,000 within the first three months of account opening.
Then, the remaining 20,000 Membership Rewards points will be received by the cardholder within the 14th and 17th months after making purchases after the account opening.
Redeeming Rewards
You can redeem the Membership Reward points you earn for flights through the Amex Travel website. Alternatively, you can redeem the points for cruises, prepaid hotels, and rental cars during travel. The cardholder will receive a cent for every point when redeeming points for travel and 0.7 cents for other purchases.
Thus, you will have a higher value when redeeming your travel points through the American Express Travel program.
Several hotel partners and airlines offer a 1:1 transfer ratio, a cent for every point for transferring points. Some airlines and hotels as transfer partners include Delta Airlines, Emirates, Hawaiian Airways, Choice Hotels, and Marriott Hotels. You can transfer the points to access premium rewards or use rewards for upgrading flights and travel.
Thus, you can maximize your Membership Rewards points by obtaining their highest value during travel.
You can also redeem your points through gift cards, standing at one cent for a point but 0.6 cents while using a statement credit. Alternatively, you can check out with retail partners, such as Saks Fifth Avenue, which redeem points at one point for 0.7 cents. However, the redeeming rate for the points may be worth more or less, depending on the retailer.
Using gift cards for redeeming points is more limited due to the few retailers partnering with the Amex Platinum Card.
Rewards Potential
The Platinum Card from American Express is a card with one of the highest value and rewards programs in the market. An average card user will receive more benefits the more they spend, although it highly benefits frequent travelers. All Platinum Card members will enjoy annual statement credits, exclusive perks, and complimentary access to lounges, among other advantages of the card.
Although the card carries a $695 annual fee, the average card user gets to earn more rewards and the annual fee back.
Amex Platinum Fees
The Amex Platinum Card carries several fees, although it may primarily work as a charge card instead of a credit card. However, some fees, including the penalty APR charged for carrying the balance, may vary due to the cardholder’s creditworthiness. According to American Express, some fees remain constant, like the $695 annual fee, although they may be subject to change. Below is a list of the fees and rates charged to the Platinum Card:
1. Annual fee
The Platinum Card from American Express charges $695 for their annual fee, which is relatively higher than most competing cards. However, the benefits and rewards that come with the card allow the cardholder to recover the steep fee. The card’s high reward potential offers cardholders better chances of redeeming points and maximize on the card’s value.
2. APR and interest fee
The Platinum Card works as a charge card since it lacks a spending limit, and the balance is paid in full monthly. Thus, you will only gain interest charged if you pay back the credit balance in full with delay. However, two different payment plans allow cardholders to pay their balances, making it work as a traditional credit card. The payment plans allow cardholders to pay only for eligible purchases since other purchases must be paid in full.
The Pay Over Time payment plan allows users to pay for eligible purchases with interest based on creditworthiness over a certain time. The APR set for the payment plan ranges between 20.24% to 27.24%, depending on the cardholder’s creditworthiness during account opening. The Plan It payment plan allows cardholders to pay for eligible purchases monthly at an added fee. The cardholder will see the total amount payable every month, although other purchases made by the card are paid in full monthly.
3. Transaction fees
The card carries no foreign transaction fees, which is an advantage since American Express cards are used worldwide. However, the cardholder will pay cash advance fees at 5% or $10 more than the amount borrowed, whichever is greater. Additionally, there will be a 29.49% APR, varying with the market based on the Prime Rate charged on the cash advance.
4. Penalty fees
There is a penalty for having a late or returned payment, each costing up to $40, aside from the APR charged as interest. The cardholder will pay up to 29.99% variable APR on the Pay Over Time payment plan for making a late or returned payment. However, the cardholder’s creditworthiness will determine whether the APR will be charged or lowered.
How Amex Platinum Cards Stack Up to Other Cards
Although Amex Platinum Card is a great card with maximum benefits, especially for travel, it has some major competitors. Some competing credit cards may have lesser benefits, but they may have lower fees and more points than the Platinum Card.
The Platinum Card vs. Capital One Venture X Rewards Credit Card
Capital One bank is a great competitor to American Express, especially regarding the Capital One Venture X Rewards card. Although it offers miles instead of points, the card beats the Platinum card in the annual fee. The Capital One Venture X card has a $395 annual fee, and cardholders earn miles per dollar for eligible purchases and travel. However, the Platinum Card offers more complementary entry to more lounges than the Capital One Venture X card.
The Platinum Card also has better travel offers, annual statement credits, and reward benefits than the Venture X card.
The Platinum Card vs. Chase Sapphire Reserve
Another major contender of American Express is Chase Bank, which offers the Chase Sapphire Reserve credit card. The card also carries a steep annual fee of $550, which is lesser than the Amex Platinum Card. It is also a rewards credit card where cardholders can earn up to 10 points per dollar for purchasing travel through Chase Ultimate Rewards. It carries an annual travel credit worth $300, which is easily accessible compared to the Amex Platinum Card.
However, the Amex Platinum Card still carries the best rewards and travel offers for frequent travelers.
Amex Platinum vs. Amex Gold Card from American Express
The Amex Platinum and Amex Gold Card from American Express were both rolled out as charge cards but worked as hybrids. However, the Amex Gold Card is best suited for those who spend daily, such as in supermarkets. The Amex Gold cardholders will receive up to 4 Membership Rewards points per for spending in restaurants, takeout, and supermarkets. Unlike the Platinum Card, cardholders of the Gold Card only receive three Membership Rewards points per dollar for travel through American Express Travel.
Thus, the Gold Card is more suited for people who do not frequently travel, with a $250 annual fee.
Who Can Get an Amex Platinum?
The Platinum Card from American Express is a luxurious card associated with luxury and an affluent lifestyle. Thus, it is usually limited to people who can afford to maintain the card and spend money to receive the bonus and benefits. Additionally, applicants for the card should have a good to an excellent high score, that is, between 690 and 850.
The applicant also needs a positive credit history to have a chance at a successful application. Thus, many factors are at play to determine whether an individual qualifies for a successful card application.
Conclusion
The Platinum Card from American Express remains among the high-value travel credit cards with huge benefits. Competing credit cards within the market fail to match up to the card’s rewards and offers, which are best for frequent travelers. The stainless-steel credit card has a preferred metal card design: Platinum x Julie Mehretu and Platinum x Kehinde Wiley.
Thus, it lives up to its name of being associated with luxury and prime benefits for all Platinum Card members.
Although the card has a steep $695 annual fee, one of the highest in the market, cardholders can recover it. The card offers exclusive perks from the 80,000 Membership Rewards points as a welcome bonus to the monthly and annual statement credits. The Platinum card, however, is not easily accessible to all, maintaining its high-value standard.
You will require to meet several hard-to-reach requirements for an average user if you want a shot at getting it.
FAQs
Is the Amex Platinum worth it?
The Amex Platinum Card is only worth it if you are a frequent traveler willing to spend. The card’s benefits are best suited for those who travel more every calendar year since most statement credits are usually annual. Although the $695 annual fee is quite high, the card will give you access to more areas, including lounges, that competing cards cannot offer.
However, it has limited categories associated with traveling, making it unsuitable for an average spender. If you can afford to maintain the card, then the Amex Platinum Card is worth it.
How do I get an Amex Platinum?
You can readily apply for the Amex Platinum Card in person or online through the American Express website. However, several requirements are needed for an applicant to qualify for the Platinum Card. Thus, the applicant can complete a pre-qualification application offered by American Express to check if they qualify.
A pre-qualification application will only take a soft inquiry on the credit score; thus, it will not damage it. Additionally, pre-qualification will determine what an applicant needs to improve on for better qualification the next time they apply.
What credit score do I need to get an Amex Platinum?
The applicant will require a very high credit score of between 690 and 850, which is good to excellent. However, several more factors come into play when applying for the Platinum Card. A long-standing positive credit score will also determine whether the applicant qualifies for the card.
Sometimes, the credit card issuer will check the applicant’s ability to repay previous credit. Since there is no set spending limit, applicants are carefully selected by the card issuer based on more than their credit scores.
How long does it take to get an Amex Platinum?
On average, it may take up to 10 business days to receive the Amex Platinum Card, although some receive it in two. Also, American Express offers instant card numbers, which you can use before your physical card arrives in the mail. However, the instant card numbers are only given to applicants if their application is successful.
The application process may take longer, some even up to four weeks, due to the vigorous background search. Thus, the total time an applicant may receive their card after the application is between four to six weeks.
Amex Platinum vs. Amex Gold
Amex Platinum is best suited for frequent travelers, while Amex Gold is best suited for daily spenders. Although Amex Platinum offers more Membership Rewards points for purchases made, Amex Gold has more categories to purchase. Amex Gold offers Membership Rewards points for making purchases in supermarkets and for food delivery.
However, Amex Platinum has the best offers and benefits for travel, especially when booking through American Express Travel. Amex Platinum carries a $695 annual fee, while Amex Gold carries a $250 annual fee, making it cheaper than Amex Platinum.
