The Platinum Card from American Express review: Luxury travel perks at a premium price

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Imagine stepping into a world of luxury travel, where airport lounges become your second home, hotel stays come with lavish perks, and your points can whisk you away to exotic destinations. 

The Platinum Card® from American Express can unlock this exclusive realm – but it comes with a hefty price. Is this premium travel card a golden ticket to better travel or an expensive status symbol? 

In this comprehensive review, we'll examine Amex Platinum's benefits, rewards, and costs to help you decide if the value justifies the cost.

American Express Platinum Card overview

The American Express Platinum card is among the best premium travel credit cards. It’s designed for frequent travelers who value luxury perks and benefits. Here are the key things to know about this card:

• Annual fee: $695, one of the highest among travel cards. See rates and fees. 
• Welcome bonus: Earn 80,000 Membership Rewards® points after spending $8,000 on eligible purchases in the first six months
• Rewards: 5X points on flights booked directly with airlines or through Amex Travel (up to $500,000 per year), 5X points on prepaid hotels booked through Amex Travel, 1X points on all other purchases
• Statement credits: Over $1,000 in annual credits for various services, including $200 for airline fees, $200 for hotel bookings, $200 in Uber Cash, and more
• Lounge access: Extensive access to airport lounges worldwide, including Centurion Lounges, Delta Sky Clubs (when flying Delta), and Priority Pass lounges
• Travel protections: Comprehensive travel insurance benefits, including trip cancellation and interruption coverage
• Hotel status: Complimentary Gold status with Hilton Honors and Marriott Bonvoy programs

American Express Platinum Card Rewards

The American Express Platinum Card has some rich rewards — but only if you can use them. Here’s how its rewards program works. 

Earning rewards

The Amex Platinum offers tiered earning rates focused on travel purchases:

• 5X points on flights booked directly with airlines or through American Express Travel (up to $500,000 per calendar year)
• 5X points on prepaid hotels booked through American Express Travel
• 1X points on all other eligible purchases

The 5X earning rate does not apply to flights or hotels booked through third-party travel websites or online travel agencies. Purchases that don't fall into the bonus categories earn 1 point per dollar.

For example, if you book a $500 flight directly with an airline, you'll earn 2,500 Membership Rewards points. However, if you spend $500 on dining or groceries, you'll only earn 500 points.

This structure favors those who frequently book travel, particularly through Amex Travel. For everyday spending, the earning rate is relatively low compared to other premium cards.

Redeeming rewards 

Membership Rewards points can be redeemed in several ways:

1. Transfer to travel partners: One of the most valuable redemption options is transferring points to Amex's travel partners. This includes over 20 airlines and hotel loyalty programs. Notable partners are Delta SkyMiles, British Airways, Marriott Bonvoy, and Hilton Honors. Transferring points to travel partners can yield a higher value per point, sometimes up to 2 cents per point. 
2. Book travel through Amex: Cardholders can use points to book flights, hotels, cruises, and vacation packages via the Amex Travel portal. The redemption value varies but is generally around 1 cent per point. This option offers more flexibility, as you can book travel with any airline or hotel without being limited to specific partners.
3. Statement credits: Points can be redeemed for statement credits to offset charges on your account. The redemption value is typically around 0.6 cents per point, making it a less favorable option than travel redemptions.
4. Gift cards and merchandise: You can redeem points for gift cards from various retailers, restaurants, entertainment brands, and merchandise through Amex's shopping partners. Redemption values vary between 0.5 and 1 cent per point. 

To maximize the value of your points, redeem them for travel, either by transferring to partners or booking through Amex Travel. Compare redemption options and calculate the value per point to ensure you're getting the best deal.

American Express Platinum Card Benefits 

The American Express Platinum Card has added benefits that provide up to $1,000 in added value. 

• Airport lounge access: Through the American Express Global Lounge Collection, cardholders get complimentary access to over 1,400 airport lounges worldwide. This includes Centurion Lounges, Delta Sky Clubs (when flying Delta), Priority Pass Select lounges, and more.
• Hotel elite status: Enjoy complimentary Gold elite status with both Marriott Bonvoy and Hilton Honors, which provide perks like room upgrades, late checkout, and bonus points on stays.
• Travel credits: Receive up to $200 in annual airline fee credits for incidental charges (like baggage fees) on your selected airline, up to $200 in annual Uber Cash for rides and Uber Eats orders in the U.S., and up to $100 in statement credits for Global Entry or TSA PreCheck application fees (Terms apply).
• Hotel benefits: When booking a stay of two nights or more through Amex's Fine Hotels & Resorts program, you'll receive perks like daily breakfast for two, room upgrades (when available), late checkout, and a unique property amenity valued at $100.
• Shopping and entertainment credits: Get up to $100 in annual statement credits for purchases at Saks Fifth Avenue, up to $240 in annual digital entertainment credits, and up to $155 annually in Walmart+ monthly membership credits ($12.95, plus applicable taxes, subject to auto-renewal; credit available as a statement credit each month when you use your Platinum card to pay; Plus Up benefits not eligible)
• Fitness credits: Receive up to $300 in Equinox fitness membership credits per calendar year for eligible membership fees and up to $300 in a one-time $300 credit for eligible SoulCycle At-Home bike online purchases through Amex’s provided link. 
• Travel insurance: The card offers various travel protections, including trip cancellation and interruption insurance, trip delay insurance, baggage insurance, and car rental loss and damage insurance.
• Concierge services: Cardholders can access Amex's Platinum Concierge, assisting with tasks like booking hard-to-get restaurant reservations, securing event tickets, and arranging travel itineraries.

American Express Platinum Card downsides 

While the Amex Platinum offers impressive benefits, there are some downsides to consider.

For one, the card's $695 annual fee is one of the highest among premium travel cards, which can be a significant deterrent for many. See rates and fees. 

The Platinum Card's rewards are focused on specific categories that may not align with everyone's spending habits. Earning 5X points on flights and hotels booked through Amex Travel is attractive for frequent travelers, but the 1X rate on most other purchases is less competitive.

To offset the annual fee, you should use the various credits, which can require time and effort to understand and use effectively.

Is the American Express Platinum Card worth the annual fee? 

Figuring out if the Amex Platinum is worth its $695 annual fee depends on your travel habits and ability to use the card's benefits. Here are some factors to consider:

• How often do you travel? If you travel often, especially by air, the 5X points on flights and the extensive airport lounge access can provide significant value.
• Will you use the credits? The card offers numerous credits, like the $200 airline fee credit, $200 Uber Cash credit, and $100 Saks Fifth Avenue credit. If you can use these credits, they can greatly offset the annual fee.
• Do you regularly stay in hotels? If you frequently stay at Marriott or Hilton properties, the complimentary Gold elite status can enhance your stay with perks like room upgrades and late checkout.
• How do you like to redeem rewards? The potential value can outweigh the annual fee if you can redeem Membership Rewards points for high-value travel rewards, particularly by transferring to travel partners.

If you don't travel frequently or won't be able to take advantage of the credits, the annual fee may not be worth it. It's important to review your spending and travel habits to determine if the Amex Platinum Card aligns with your needs.

Alternatives to the American Express Platinum Card

You have some options if you’re looking for a premium travel card that also earns flexible points. Here’s how the Amex Platinum card stacks up to the competition. 

Amex Platinum Card vs. Chase Sapphire Reserve®

The Chase Sapphire Reserve is another popular premium travel card. Its annual fee is $550, which is slightly lower than the Amex Platinum. 

Travel rewards are somewhat better with the Sapphire Reserve — you’ll earn 10X points on hotels and car rentals and 5X points on air travel booked through Chase Travel℠ (after earning your $300 travel credit). You can earn bonus points in certain everyday categories, like restaurants and Lyft rides. 

The Platinum card beats out the Reserve regarding travel credits and lounge access. Both cards offer Priority Pass Select membership, but the Platinum Card also provides access to Centurion Lounges and Delta Sky Clubs (when flying Delta).

The Sapphire Reserve offers a $300 annual travel credit you can use for a broad range of travel purchases. In contrast, the Platinum Card offers various credits for specific purchases (airline fees, Uber, hotels).

Both cards allow you to transfer points to travel partners, but they have different partner lineups. The Sapphire Reserve also offers 50% more value when redeeming points for travel through the Chase Travel portal.

Amex Platinum Card vs. Capital One Venture X Rewards Credit Card

Capital One Venture X Rewards has a lower annual fee and slightly higher reward potential. This card, which costs $395, earns 2X miles on all purchases, with 10X miles on hotels and rental cars and 5X miles on flights booked through Capital One Travel. Another unique perk is the 10,000-mile bonus on each account anniversary. 

Like the Reserve, the Venture X Rewards card offers a $300 annual travel credit that can reduce the annual fee to $95. While the Platinum Card offers many more credits, they’re mostly tailored to specific purchases.

Both cards offer Priority Pass Select membership, but the Platinum Card has a wider lounge network.

How the American Express Platinum Card stacks up

How we rated this card

Every credit card review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity. Learn more about our methodology here.

Here are some of the factors that influenced this card’s overall score:

• Rewards: The Platinum Card® from American Express excels in its benefits and travel-focused rewards structure. The 5X earning rate on flights and prepaid hotels through Amex Travel is competitive, but the limited bonus categories make it not the best choice for everyday spending. 
• Redemption flexibility: The card offers excellent redemption flexibility with multiple options and valuable transfer partners. The ability to transfer points to over 20 airline and hotel partners significantly enhances the potential value.
• Benefits: This card truly shines in its extensive list of premium benefits. The array of travel credits, lounge access options, hotel status, and travel protections provides substantial value for frequent travelers.
• Annual fee: The card's major drawback is its high annual fee. While it's possible to offset this fee through the numerous credits and benefits, it requires active management and usage of these features, which may not suit all cardholders.
• Welcome bonus: The welcome bonus is generous, but the high spending requirement may be challenging for some users.
• Rates & fees: The card doesn't charge foreign transaction fees, which benefits international travelers. However, it lacks an introductory APR offer, and its charge card structure requires balances to be paid in full each month.

The bottom line 

The American Express Platinum card is an excellent option for rewards enthusiasts who love optimizing potentially complex redemptions. It’s also great for travelers who can get value from the airline, hotel, Uber, and other credits or want a luxury travel experience. 

But if you don’t like keeping track of credits or don’t travel frequently, this may not be the card for you. It’s not as simple or streamlined as other cards, so it’s important to consider if you’re willing to do the work to make this card work for you. 

*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

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