Platinum Card® from American Express Review

When it comes to travel credit cards, the Platinum Card® from American Express is in a league of its own.

The platinum card touts perks that make holders feel like royalty, and if you’re looking for the creme de la creme of luxury travel cards, the AMEX Platinum card is a great place to start.

Platinum Card® from American Express Pros & Cons

Platinum Card Pros:

• Earn 5x the points on eligible travel
• 75,000 Bonus Membership Rewards points awarded after $5,000 spent in the first 6 months.
• Reimbursement up to $200 in airline fees and Uber credits as well as $100 in Saks Fifth Avenue credits
• Access to AMEX lounges
• Earn 1 point for every dollar spent
• Terms Apply (Rates and Fees)

Platinum Card Cons:

• $550 annual fee
• Must have an excellent or good credit score

How does the Platinum Card by American Express Work?

Welcome Bonus Offer

The Platinum Card® from American Express has an impressive Welcome Bonus Offer for new cardholders.

Cardholders who spend $5000 on purchases in the first six months are rewarded with 100,000 points.

Each point is worth roughly .5 cents if you redeem your points with Amex’s loyalty partners.

Transferring your points to other loyalty programs stretches your points up to 2.2 cents per point. That’s a whole lot of free money.

AMEX takes it one step further and offers up to 10x the points on eligible purchases at gas stations and grocery stores up to $15,000.00 in the first six months, as well. For a card that is primarily designed for travel benefits, that is remarkable. ^[1]

Earning Stellar Rewards

AMEX makes it rain points 5x as quickly for travel-related expenses like airfare booked through airlines or AMEX travel directly (up to $500,000 per year).

For prepaid hotel reservations made through AMEX travel, cardholders can expect 5x the points on those reservations too.

After the initial six-month 10x the points period, cardholders will earn 1 point for every dollar spent on the expenses not outlined above.

Redeeming Rewards

Redeeming rewards is not a one-sized fit all experience, and AMEX makes it easy to use your points in a way that makes the most sense for you.

The ways to redeem are pay with points at checkout, redeem for gift cards, cover card charges, book or upgrade travel, transfer points, and shop directly from AMEX.

Points go the farthest when you book travel through Amex Express Travel or redeem for gift cards.

Conversely, using the AMEX site to shop or paying on your card balance with points will not stretch your points as far.

For example, 10,000 AMEX Platinum points have a value of $70.00 for most of their redemption avenues, but 10,000 points are $100.00 if you are booking travel and only $60.00 if you want to pay your bill with your points.

Platinum Card® from American Express Perks

AMEX Concierge

All platinum cardholders have access to AMEX Concierge service. The concierge service covers much of the typical concierge requests like sending flowers, reserving restaurants, and finding tickets, but AMEX Concierge service is amazingly comprehensive.

There is a whole thread on Reddit if you want to look into it more yourself, but stories range from arranging limo service for an elementary-age kid to delivering a whole new wardrobe to a bathroom stall.

Obviously, not all concierges are willing to go the extra mile. However, concierge service is still a major perk for cardholders.

Monthly Uber Statement Credit ($200 a year)

This AMEX perk is a huge bonus for cardholders who find themselves using Uber regularly.

The AMEX Platinum card offers up to $200 in statement credits a year.

The credit isn’t $200 in one fell swoop, but rather $15 in credits per month with $35 in December.

It’s important to note that these credits are only available for rides in the US. AMEX extended this amazing platinum card benefit to Uber Eats purchases, as well!

Finally, AMEX Platinum cardholders have complimentary access to 12-months of Eats Pass ($119 value), which touts a $0 delivery fee and 5% off eligible orders when they sign up using their platinum card.

Waived Annual Fee for Military 😊

The $550 annual fee for the Platinum Card® from American Express is discounted all the way down to $0 for the Military.

The card definitely has its perks for non-military, but a cost-benefit analysis is always a good idea before jumping into a card with a $550 annual fee.

With a $0 annual fee, the AMEX Platinum card is all benefit and no cost (well, no annual fee… interest rates are still a thing).

Hilton Honors Gold Elite Status and Marriot Bonovoy Elite Status

Two more AMEX Platinum card holding perks are complimentary status upgrades with both Hilton Honors to Gold and Marriot Bonovoy to Elite.

The status upgrade is not automatic, but it’s as easy as calling the Platinum Travel Service and asking them to enroll.

Hilton Honors Gold Elite Status is a bit easier to sign up for if you are a techie person and phone calls aren’t your cup of tea.

There is a direct link to enroll right on the American Express website. Whether through calling Platinum Travel or signing up online, members enrolled in Gold Elite can expect room upgrades, daily continental breakfasts, 5th nights free, complimentary bottles of water, best price guarantees, and accelerated points earnings.

Upgrading to Marriot Bonovoy Elite Status earns cardholder’s perks like complimentary upgrades to enhanced rooms, a welcome gift of points upon arrival, and probably the biggest perk of all- late checkout to 2 pm (where available)!

$100 a Year at Saks Fifth Avenue

The Platinum Card® from American Express comes with an impressive $100 per year statement credit at Saks Fifth Avenue luxury store.

The credit is broken up into 2 eligibility periods: January to June and July to December, with each period having a $50 credit.

The credits do not roll over, so cardholders are encouraged to not forget about their free money.

There are entire websites and social media groups dedicated to showcasing what items the $50 credit can buy.

Preferred Seating on Flights

Preferred seating is not as straightforward as the other perks offered by the Platinum Card® from American Express card.

The card boasts a $200 airline annual incidental fee credit, but the website is a little murky on what qualifies.

One surefire way to be reimbursed is to upgrade to preferred seating. A more comfortable seat and a reimbursement for a more comfortable seat sounds like a win/win to me and a great way to make sure you’re getting the most out of your card.

Additional American Express Platinum Benefits:

Rental Car Loss and Damage Insurance

As with most insurance policies, the rental car loss and damage insurance benefit from the Platinum Card® from American Express can be a little confusing.

To be eligible for the insurance, the renter must pay for their entire rental with their AMEX Platinum card AND decline the collision damage waiver offered by the rental car company.

The rental policy does not include commercial vehicles, off-road vehicles, antiques, and quite a few other types of vehicles.

It’s in the best interest of anyone relying on this policy to check out their eligibility before signing on the dotted line.

If you do qualify, this policy offers coverages for personal property, accidental death or dismemberment, injury resulting from an accident, and theft or damage to the rental vehicle.

24/7 Premium Global Assist Hotline

The Platinum Card® from American Express is a premier travel card, and it makes a lot of sense that there is a Global Assist Hotline to help cardholders with everything from missing baggage assistance to translation services.

Cardmembers are responsible for any charges incurred by third parties during their travels, but the Global Assist Hotline can help members find services when they’re more than 100 miles away from home.

Nobody wants to worry about things like medical transport when traveling, but knowing that the Global Assist Hotline has your back will help offer peace of mind.

Baggage Insurance

As a person who once had 2 bags vaporized by an airline somewhere over the East Coast, the baggage insurance provided by AMEX for its Platinum cardholders is a breath of fresh air.

The policy covers up to $2,000 per person per trip for checked backs and up to $3,000 per person per trip for carry-on bags. All cardholders are carried.

Authorized users are covered too. Spouses and children under 23 traveling on the same trip itinerary are covered, as well.

These benefits only apply to air travel, not missing or damaged luggage on a cruise or in a hotel.

No Foreign Transaction Fee

Foreign transaction fees can add up quickly if you do not have a card that waives the fees.

Typically, foreign transaction fees are 3%, and they are assessed on every purchase made in a foreign country or processed through a foreign bank.

In other words, using your Platinum Card® from American Express will save you $3 on every $100 purchase. It might not seem like a lot, but those transaction fees can really add up if you’re on vacation.

Extended Warranty

Items purchased with the Platinum Card® from American Express or rewards points are eligible for a free extended warranty.

The policy matches the same things covered by a manufacture warranty and extends the policy out an extra 1-2 years, depending on the product.

The warranty covers up to $10,000 per claim and $50,000 per year. Claims must be filed within 30 days, and as with all insurance, exclusions apply.

The best way to find out if you are covered is to call 1-800-225-3750 and ask for more information.

Purchase Protection

Items purchased with the AMEX Platinum card are eligible to purchase protection. The purchase protection covers theft or damage to items for up to 90 days.

The only eligibility requirement is that you purchased the item with your Platinum card.

How Does the Platinum Card from American Express Stack Up?

#1. Chase Sapphire Reserve® vs Platinum Card® from American Express

The Chase Sapphire Reserve® and the Platinum Card® from American Express have many similarities, but they’re not interchangeable.

First of all, the AMEX Platinum card comes out swinging where welcome bonuses are concerned.

AMEX currently offers 100,000 bonus points when new card members spend $5,000 on their card in the first 6 months. Chase Sapphire Reserve® only offers 60,000 points, and cardholders have to spend $4,000 in half the time.

The Chase Sapphire Reserve® and the AMEX Platinum both have a hefty $550 fee per year. The Chase Sapphire Reserve® and the Platinum Card® from American Express card have transferrable rewards, which help cardholders get the most out of their points.

They both also offer lounge access and have partnered with airlines and hotel chains. The AMEX does have more airline partners, but Chase has better airport benefits.

Perhaps the biggest deviation in rewards points is that AMEX Platinum offers 10x the points on groceries and gas up to $15,000 in the first 6 months!

For a travel card, that’s a heck of a benefit. Chase Sapphire Reserve® does not have anything remotely comparable.

Though the Chase Sapphire Reserve® does offer 10x points on Lyft rides and Chase Dining purchases.

The Chase Sapphire Reserve® is less flashy with consistent travel benefits like trip cancellation and interruption insurance and baggage delay coverage.

The Sapphire Reserve also has higher rewards for dining and travel. The AMEX Sapphire is slightly shinier with Elite Status at 2 major chains and lounge access with as many partners as possible.

#2. Chase Sapphire Preferred® vs Platinum Card® from American Express

The Platinum Card® from American Express and the Chase Sapphire Preferred® are probably the two most widely recognized cards on the market. Each of these cards has a lot of value, but for different reasons.

For starters, the Chase Sapphire Preferred® carries a mere $95 annual fee, whereas the Platinum Card® from American Express has a $550 fee per year.

Chase Sapphire Preferred® cardholders can expect 60,000 points when they spend $4,000 in the first three months, whereas AMEX Platinum cardholders will get 100,000 bonus points for $5,000 spent in the first six months.

The Platinum Card® from American Express offers 10x the points on grocery and gas purchases in the US to $15,000 in the first six months. Chase Sapphire Preferred® gives $50 statement credits on groceries per month for the first 12 months.

If cardholders take advantage of all of the membership perks, Chase Sapphire Preferred® rewards are worth nearly $500, and AMEX’s rewards are worth nearly $900.

But, considering that the annual fee for the Chase Sapphire Preferred® card is only $95- the Chase Sapphire Preferred card is certainly offering more “free” value.

The Platinum Card® from American Express has a reputation for luxury and backs it up with extra perks like concierge service, hotel elite statuses, and 24/7 global assistance.

Conversely, the Chase Sapphire Preferred® card is designed to give great benefits in an accessible and affordable way to travelers less concerned with high-end travel experiences.

#3. Citi Prestige® vs Platinum Card® from American Express

Both the Citi Prestige® Credit card and the Platinum Card® from American Express are considered premium travel cards with great benefits.

The benefits of each is a premium you pay for. The AMEX Platinum card is slightly higher than the $495 Citi Prestige® Credit card fee at $550.

However, the Citi Prestige® card carries an additional $75 annual fee for any other authorized users.

The welcome bonuses are not nearly as comparable as the annual fee. The Citi Prestige® Credit card comes with 50,000 bonus points after $4,000 spending the first 3 months.

Those 50,000 points are redeemable for a $500 airfare credit through ThankYou.com, but the Platinum Card® from American Express still has 2x as many welcome bonus points with 100,000 offered after cardholders spend $5,000 in the first 3 months.

AMEX Platinum’s complimentary elite status upgrade is certainly a flex. However, Citi Prestige® offers the 4th free night free on hotel stays.

While the AMEX Platinum Card offers great rewards on booked travel, cardholders who want max value have to use the AMEX Travel platform.

The Citi Prestige® card has far more flexibility and rewards on travel purchases at home and abroad.

If dining out is your thing, the Citi Prestige® Card offered 5x the points on restaurant purchase compared to the 1x AMEX Platinum offers.

People trying to decide between the Citi Prestige® and the Platinum Card® from American Express need to ask themselves, is luxury or value more important?

AMEX is certainly the card of choice for cardholders who find upgrades and elite accesses more important than value travel.

Anyone looking to stretch their dollars will find the Citi Prestige® a better choice for them.

Who is the American Express Platinum Card Best For?

The Platinum Card® from American Express is best for anyone who doesn’t mind paying a hefty annual fee in exchange for prestige, luxury, upgrades, and perks.

The AMEX Platinum card is specifically beneficial to people who travel extensively and like luxury.

Frequently Asked Questions

What Are the Rewards on thePlatinum Card® from American Express?

• Welcome Bonus of 100,000 when users spend $5,000 in the first 6 months
• 10x the points on gas and grocery purchases up to $15,000 in the first 6 months
• 5x points on travel booked through AMEX Travel
• 5x points on air travel booked with airlines directly
• 1x points for every other $1 spent

Is the American Express Platinum Card Worth It?

With a $550 annual fee, the most common question about the Platinum Card® from American Express is, “Is it worth it?” The short answer is yes and no.

Customers who travel often and can take advantage of all the travel perks will consider the American Express Platinum a slam dunk.

People who value hotel elite status and can use their credits at Saks, Uber, and PayPal probably will also find that the value outweighs the cost.

The Platinum card is probably not worth it for those who cannot take advantage of all the credits and don’t travel often.

What Credit Score is Recommended to Qualify for the Platinum Card from American Express?

A credit score of 700 or better is what is needed to be eligible for approval for the Platinum Card® from American Express.

Is the AMEX Gold or AMEX Platinum Better?

The AMEX Gold card and the AMEX Platinum card are hardly in the same category outside of being offered by the same company.

The Platinum Card® from American Express is designed for travel and has few domestic benefits outside of the initial 10x the points on groceries and gas.

The Gold card has some of the best benefits on domestic tasks like 4x the points on groceries and restaurants. 3x the points on airfare purchased through AMEX travel are available, as well.

The Platinum Card® from American Express does offer a considerably higher bonus offer and has greater perks IF you are traveling.

If you want bigger benefits in your everyday life, the Gold Card is the card for you. However, if you can have both, you might find that the two of them can provide much of what you want out of your cards.

What is the Annual Fee of the AMEX Platinum?

The AMEX Platinum card carries a $550 annual fee.

What are the Perks of the American Express Platinum?

• $200 Annual Airline Fee Credit
• $200 Annual Uber Credit
• $100 Annual Saks Fifth Avenue Credit
• Complimentary status upgrade to Hilton Honors Gold and Marriott Bonvoy Gold Elite
• Access to 1,300 Airport Lounges
• No Foreign Transaction Fees
• Access to 24/7 Global Assist Hotline
• Rental Insurance
• Baggage Insurance
• Extended Warranties

How Many Lounges Can I Access with the Platinum Card® from American Express?

The Platinum Card® from American Express allows access to over 1,300 lounges in over 600 cities across 148 countries.

Bottom Line: Platinum Card® from American Express Review

The Platinum Card® from American Express can sure weigh down a wallet with its sleek all-metal frame. This card is always well recognized and garners prestige whenever you use it.

However, that prestige comes with a steep price tag of $550 that cannot be overlooked.

Cardholders who take advantage of all the perks and value luxury travel find the $550 fee to be nominal compared to all the benefits of being an AMEX Platinum card carrier.

For rates and fees of The Platinum Card® from American Express, please click here. For rates and fees for American Express® Gold Card, click here.