The Platinum Card® from American Express Review

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer.

The Platinum Card® from American Express Learn More

Overview

The Platinum Card is the top-tier rewards credit card from American Express. Its $695 annual fee See Rates & Fees makes it significantly more expensive than most other rewards cards. However, it also comes with more valuable rewards than most other cards. These include more than $1,500 in annual statement credits and a welcome bonus of 80,000 Membership Rewards® points after spending $8,000 on purchases on your new card in the first 6 months.

On top of that, The Platinum Card offers unlimited 5X points on flights and hotels (up to $500,000 for flight rewards and prepaid/booked with American Express Travel), meaning you earn five points per dollar spent on these purchases. Points can be redeemed for travel, statement credits, or online shopping. The card also provides access to more than 1,400 global airport lounges and rental car, travel delay, and trip interruption insurance benefits.

* Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more.

Suitable for?

The Platinum Card® from American Express is designed for luxury travelers. It offers the most expansive travel rewards of any American Express credit card.

The card’s $695 annual fee may put off some people. However, this annual fee is offset by more than $1,500 in annual statement credits, and that’s before counting the value of perks like airport lounge access and rental car damage insurance. If you can use some or all of the statement credits each year, The Platinum Card will pay for itself.

While most of the card’s benefits are aimed at travel, a few rewards are not travel related. The Platinum Card offers statement credits for Walmart+, Equinox, Uber, and streaming services like Disney+ and Hulu. These credits, which act like cash rebates when you purchase these services, add up to more than the $695 annual fee. So, The Platinum Card is a good option for people who use some or all of these services.

Interest Rates and Fees

The American Express Platinum Card has an annual fee of $695. It comes with a See Pay Over Time APR See Rates & Fees. There are no foreign transaction fees.

Rewards & Cash back

The Platinum Card is packed with rewards. To start, flight purchases earn 5X points up to $500,000 per year (then 1X points). Hotel purchases earn unlimited 5X points when booked through American Express. All other purchases earn 1X points. Points can be redeemed for statement credits, travel purchases, or online shopping.

The Platinum Card includes more than $1,500 in annual statement credits. These include:

• $200 Hotel Credit: Get up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings with American Express Travel when you pay with your Platinum Card®. The Hotel Collection requires a minimum two-night stay.
• $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to your Platinum Card®.
• $240 Digital Entertainment Credit: Get up to $20 back in statement credits each month on eligible purchases made with your Platinum Card® on one or more of the following: Disney+, a Disney Bundle, ESPN+, Hulu, The New York Times, Peacock, and The Wall Street Journal. Enrollment required.
• $155 Walmart+ Credit: Cover the cost of a $12.95 monthly Walmart+ membership (subject to auto-renewal) with a statement credit after you pay for Walmart+ each month with your Platinum Card®. Cost includes $12.95 plus applicable local sales tax. Plus Up Benefits are excluded.
• $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Uber Cash and Uber VIP status is available to Basic Card Member only. Terms Apply.
• $300 Equinox Credit: Get up to $300 back in statement credits per calendar year on an Equinox membership, or an Equinox club membership (subject to auto-renewal) when you pay with your Platinum Card®. Enrollment required. Visit https://platinum.equinox.com/ to enroll.
• $189 CLEAR® Plus Credit: Breeze through security with CLEAR Plus at 100+ airports, stadiums, and entertainment venues nationwide and get up to $189 back per calendar year on your Membership (subject to auto-renewal) when you use your Platinum Card®. Learn more.
• Shop Saks with Platinum: Get up to $100 in statement credits annually for purchases in Saks Fifth Avenue stores or at saks.com on your Platinum Card®. That's up to $50 in statement credits semi-annually. Enrollment required.
• Up to $100 credit at restaurants or spa activities during The Hotel Collection stays (minimum 2-night stay required)
• $100 Global Entry Credit: Receive either a $100 statement credit every 4 years for a Global Entry application fee or a statement credit up to $85 every 4.5 years for a TSA PreCheck® (through a TSA official enrollment provider) application fee, when charged to your Platinum Card®. Card Members approved for Global Entry will also receive access to TSA PreCheck at no additional cost.

*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.

As a Platinum Card holder, you earn premium status at Hertz, Avis, and National car rental agencies. You also earn Bonvoy Gold Elite status with Marriott and Honors Gold status with Hilton.

New cardholders earn a one-time bonus of 80,000 Membership Rewards® points after spending $8,000 on purchases on your new card in the first 6 months.

The Application Process

You can apply for The Platinum Card online. You must enter your name, phone number, email, birthdate, social security number, and annual income. 

American Express will conduct a soft credit check, which won’t impact your credit score, to determine if you pre-qualify. You must have a minimum credit score of 670 to be approved. If you pre-qualify and request a card, American Express will run a hard credit check.

The Platinum Card typically arrives in the mail in 2 days.

Help & Support

American Express offers 24/7 phone, live chat, and email support for current cardholders. Non-cardholders can contact support over the phone from 6am-2am (ET) seven days a week. The American Express website also offers detailed help pages.

Security

American Express protects users online with SSL and 256-bit AES encryption. You can also enable two-factor authentication for your online account.

You can freeze or unfreeze your card at any time using the American Express mobile app. American Express has a 24/7 fraud prevention center with a dedicated hotline.

FAQs

Is the American Express Platinum Card worth it?

The $695 annual fee for The Platinum Card is expensive, but the card’s rewards more than pay for it. The Platinum Card includes more than $1,500 in annual statement credits. There is a welcome bonus of 80,000 Membership Rewards® points after spending $8,000 on purchases on your new card in the first 6 months

Is the American Express Platinum Card or Gold Card better?

The Platinum Card and Gold Card both offer bonus points for flight purchases, but otherwise, they’re very different cards. The Platinum Card is best suited for frequent travelers, while the Gold Card is best suited for people who dine out frequently or spend a lot at U.S. supermarkets. The Gold Card does have additional travel benefits, including car rental insurance, but they’re limited compared to those offered by the Platinum Card. Many people choose to apply for both cards. 

Conclusion

The Platinum Card® from American Express is a luxury travel rewards card with a steep annual fee but more than enough benefits to justify the cost. American Express offsets the $695 annual fee with more than $1,500 in annual statement credits and a welcome bonus of 80,000 Membership Rewards® points after spending $8,000 on purchases on your new card in the first 6 months. The card also offers 5X points on flights and hotels plus lounge access, premium hotel, and rental car status, and trip delay insurance. Overall, this is an excellent card for frequent travelers who can make use of the statement credits.

The Platinum Card® from American Express Learn More

Methodology

This review was completed based on information on the American Express website.

Editorial Disclosure

Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.