The Platinum Card from American Express review 2024: Flashy perks, but requires expert mode to maximize
“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.
BLUEPRINT
Published 5:52 a.m. UTC June 11, 2024
Editorial Note: Blueprint may earn a commission from affiliate partner links featured here on our site. This commission does not influence our editors' opinions or evaluations. Please view our full advertiser disclosure policy.
The Platinum Card® from American Express (terms apply, rates & fees) is tailor-made for frequent travelers seeking to elevate their experience and spend time at the airport in style. The card gives access to a range of benefits, including premium airport lounge memberships, travel insurance protections and transferrable rewards. The annual fee is high, but the card’s potential value can make up for it if you’re willing to work for it.
Why trust our credit card experts
Our team of experts evaluates hundreds of credit cards and analyzes thousands of data points to help you find the best card for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.
- 50+ cards analyzed.
- 8 data points considered.
- 5-step fact-checking process.
Amex Platinum basics
- Annual fee: $695.
- Welcome bonus: 80,000 Membership Rewards® Points after spending $8,000 on eligible purchases in the first six months of card membership.
- Rewards: 5 Membership Rewards® points per $1 for flights booked directly with airlines or with American Express Travel on up to $500,000 per calendar year, 5 points per $1 on prepaid hotels booked with American Express Travel and 1 point per $1 on other purchases.
- APR: See Pay Over Time APR.
- Other perks and benefits: Up to $1,500 in annual travel and entertainment statement credits, extensive travel benefits, generous airport lounge benefits, hotel and rental car elite status. Enrollment is required for select benefits.
- Does the issuer offer a preapproval tool? Yes.
- Recommended credit score: Good to excellent.
our partner
Blueprint receives compensation from our partners for featured offers, which impacts how and where the placement is displayed.
The Platinum Card® from American Express
American Express Platinum Card review
The American Express Platinum Card has a well-earned reputation as an ideal choice for luxury travel perks. No other card on the market offers extensive premium airport lounge access like this one. The multitude of potential credits and other perks can make the card well worth the steep $695 annual fee for the right person.
Who is that “right person”? If you can make use of the up to $1,500 in travel and entertainment statement credits every year with the card, and/or you want airport lounge access pretty much everywhere you fly, then this card will fit you like a bespoke glove. Otherwise, a more modestly priced card with some access and travel benefits will be a more practical choice.
The Amex Platinum earns 5 Membership Rewards® points per $1 for flights booked directly with airlines or with American Express Travel on up to $500,000 per calendar year, 5 points per $1 on prepaid hotels booked with American Express Travel and 1 point per $1 on other purchases. This is not the ideal card to use on everyday purchases, like gas or groceries, as the base earning rate is subpar. The main event with this card is the perks, not the rewards rate outside of travel. The card also comes with a generous 80,000 Membership Rewards® Points after spending $8,000 on eligible purchases in the first six months of card membership.
The card grants access to over 1,400 airport lounges worldwide through Priority Pass Select membership and the American Express Global Lounge membership, which includes highly coveted Centurion Lounge access (enrollment required). Additionally, you can receive up to $1,500 in travel and entertainment credits every year.
Some of these potential credits include:
- An up to $300 annual statement credit after paying for any Equinox club membership (including single club membership).
- An up to $200 annual airline incidental fee statement credit.
- An up to $200 annual hotel statement credit on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings with American Express Travel (The Hotel Collection requires a minimum two-night stay).
- An up to $200 in annual Uber Cash (disbursed in monthly increments).
- An up to $240 annual digital entertainment statement credit.
- An up to $189 annual CLEAR® Plus application fee statement credit.
- $155 annual Walmart+ statement credit (up to $12.95 plus applicable taxes back on one membership (excluding Plus Ups) each month).
- An up to $100 Saks Fifth Avenue statement credit (issued bi-annually for U.S. purchases).
- An up to $100 statement credit for the Global Entry or TSA PreCheck application fee. Enrollment is required for select benefits.
On top of these great benefits, cardholders also receive valuable travel protections and significant shopping discounts through Amex Travel. More on those benefits below. Enrollment is required for select benefits.
While the American Express Platinum Card offers great benefits and rewards, it does have some drawbacks — namely its steep $695 annual fee and the potentially hard to use credits. Additionally, this card has no introductory APR offer, so if you plan on carrying a balance, then this may not be the best option for you.
Pros
- Over $1,500 in statement credits: Over $1,500 in potential statement credits with a wide array of vendors.
- Elite status: Cardholders get complimentary Gold elite status with Hilton Honors and Marriott with enrollment. The card also offers elite status with Avis, Hertz and National.
- Exceptional travel protections: The card offers secondary rental car damage insurance¹, trip delay coverage² and trip cancellation/interruption insurance².
- Generous lounge benefits: The Amex Platinum Card offers the most comprehensive airport lounge benefits of any card you can apply for, and includes access to Priority Pass, Centurion and select airline lounges. Enrollment required.
Cons
- High annual fee: The $695 annual fee is among the highest of any rewards card.
- Lack of category bonuses: Outside of high rewards on flights and travel booked through Amex, the rewards rate isn’t great.
- Rental car coverage is secondary: Secondary rental car insurance only kicks in if your own insurance rejects a claim¹.
- Amex once-per-lifetime rule: American Express limits welcome bonuses to once per lifetime (though there are exceptions).
Amex Platinum rewards
The American Express Platinum Card earns 5 Membership Rewards® points per $1 for flights booked directly with airlines or with American Express Travel on up to $500,000 per calendar year, 5 points per $1 on prepaid hotels booked with American Express Travel and 1 point per $1 on other purchases.
New cardmembers who have never held an Amex Platinum before can take advantage of a welcome offer 80,000 Membership Rewards® Points after spending $8,000 on eligible purchases in the first six months of card membership.
Cardmembers can redeem their points for gift cards, merchandise, experiences and statement credits. Additionally, cardholders can transfer their American Express Membership Rewards® points to 21 airline or hotel loyalty partners at a rate of 1:1 or better for most programs. Amex’s partner transfer list is as follows:
- Aer Lingus Aerclub
- AeroMexico Club Premier (1:1.6)
- Air Canada Aeroplan
- Air France/KLM Flying Blue
- ANA Mileage Club
- Avianca Lifemiles
- British Airways Executive Club
- Cathay Pacific Asia Miles
- Choice Privileges
- Delta SkyMiles
- Emirates Skywards
- Etihad Guest
- HawaiianMiles
- Hilton Honors (1:2)
- Iberia Plus
- JetBlue True Blue (1.25:1)
- Marriott Bonvoy
- Qantas Frequent Flyer
- Qatar Airways Privilege Club
- Singapore KrisFlyer
- Virgin Atlantic Flying Club
Amex Platinum rewards potential
Using government data and other publicly available information, we estimate that a household in the U.S. that would be in the market for this card has $29,525 in expenses they are likely to be able to charge to this card. Here’s a breakdown of how the rewards a cardholder might expect to earn.
| SPENDING CATEGORY | SPENDING AMOUNT | POINTS PER DOLLAR | POINTS EARNED |
|---|---|---|---|
Airfare and prepaid hotels booked with Amex Travel
| $3,500
| 5 points
| 175,000 points
|
Other
| $26,025
| 1 point
| 26,025 points
|
TOTAL
| $29,525
| 201,025 points
|
With these estimates, you could earn a total of 201,025 Membership Rewards annually just for charging your daily expenses to the card. That said, because most purchases earn just 1 point per dollar, someone interested in optimizing rewards might choose to only put travel spending on the Amex Platinum and use a flat-rate 2% card for purchases in non-bonus categories.
Membership Rewards are generally best used to redeem for travel or transferred to one of their airline transfer partners where you can often find outsized value for your points worth well over a cent each. Taking your rewards as cash back or using at checkout online with retailers like Amazon or buying gift cards tends to be the least valuable use of your rewards, and will be worth less than a penny per point.
Amex Platinum APR details
There is the option on eligible purchases to use Amex’s Pay Over Time feature, which carries an APR.
Amex Platinum drawbacks
Those who do not travel often or won’t take advantage of its benefits should not get the Amex Platinum Card. The annual fee is high and may not be worth it if you don’t use all of its features. Additionally, if you don’t have excellent credit and a good income level, you may not be approved for this card. Finally, if you prefer cash-back cards or have no need for exclusive lounge access or discounts on airfare, then this card may not be right for you.
How the Amex Platinum compares to other travel cards
Amex Platinum vs. Chase Sapphire Reserve®
The American Express Platinum and the Chase Sapphire Reserve are both premium travel cards that offer a variety of rewards and benefits. The Amex Platinum offers a higher welcome offer, more airline transfer partners and access to luxury airport lounges. The $550-annual-fee Chase Sapphire Reserve offers better rewards for dining and travel purchases, a larger selection of redemption options and primary rental car insurance. You can also redeem your rewards at a 50% increase when booking travel through the Chase Travel℠ portal.
Overall, both cards offer great value depending on how you plan to use them. If you are looking for more generous rewards for flights and prepaid hotels as well as additional perks such as lounge access and hotel status benefits, then the American Express Platinum card is a better fit. However, if you are looking for a lower annual fee along with primary rental car insurance coverage, then the Chase Sapphire Reserve may be better suited to your needs.
Amex Platinum vs. Capital One Venture X Rewards Credit Card * The information for the Capital One Venture X Rewards Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
The American Express Platinum Card and the Capital One Venture X are two of the most popular travel cards on the market. The Amex Platinum offers a variety of benefits, including access to airport lounges, an up to $200 annual airline fee statement credit and 5 Membership Rewards® points per $1 for flights booked directly with airlines or with American Express Travel on up to $500,000 per calendar year, 5 points per $1 on prepaid hotels booked with American Express Travel and 1 point per $1 on other purchases.
For an annual fee of $395, the Capital One Venture X earns 2 miles per $1 on purchases, 5 miles per $1 on flights booked through Capital One Travel and on purchases through Capital One Entertainment and 10 miles per $1 on hotels and rental cars booked via Capital One Travel. The Venture X also offers a $300 annual travel credit for bookings through Capital One, a 10,000-mile anniversary bonus and an extensive network of travel loyalty transfer partners, potentially allowing you to squeeze more value out of your miles.
While both cards offer great rewards for travelers, the Amex Platinum is best for those looking for more exclusive perks, while the Capital One Venture X is better suited for those who want to maximize their rewards from everyday spending.
Amex Platinum vs. The Business Platinum Card® from American Express * The information for the The Business Platinum Card® from American Express has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
The American Express Platinum and Business Platinum cards have several similarities. Both offer a range of travel benefits and rewards, such as access to airport lounges, airline fee credits and points for purchases. However, the Amex Business Platinum card (terms apply) offers additional business-oriented perks such as an annual statement credit for shipping costs, extra points on certain types of purchases like airfare and hotels and exclusive access to events like the Global Dining Collection. Enrollment required for select benefits.
Additionally, the Business Platinum card has higher earning potential than the standard Platinum card, earning 5 Membership Rewards® points per $1 on flights and prepaid hotels through American Express Travel, 1.5 points per $1 at U.S. construction material & hardware suppliers, electronic goods retailers and software and cloud system providers, shipping providers, and purchases of $5,000 or more on up to $2 million per calendar year and 1 point per $1 on other eligible purchases. Rewards optimizers can take advantage of the card’s 35% points rebate on business or first-class flights booked with Membership Rewards points (up to 1 million bonus points per calendar year). If you have an eligible small business, the Business Platinum card may be a better option for the extra perks.
Don’t think a small business card is for you? You might be a small business owner and not even know it
Is the Amex Platinum Card worth it?
Those who travel frequently and can take advantage of the card’s benefits should get the Amex Platinum Card. The card offers a great rewards program with points for flights, hotels and more. It also has no foreign transaction fees, making it ideal for frequent travelers. Additionally, the card offers access to various exclusive lounges at airports worldwide, as well as discounts on airfare and other services, making your overall travel experience a more comfortable one.
The Amex Platinum Card is right for you if:
- You can take full advantage of the card’s credits and perks.
- You want access to a wide array of airport lounges.
- You want the elite status with hotels and rental cars the card grants.
- You buy a lot of airfare or book travel through AmexTravel and can maximize the high rewards rate.
Methodology
Our credit cards team has spent hours analyzing hundreds of travel credit cards. We took a deep dive into the details of each product and that analysis, combined with our years of experience covering credit cards, informed us as we developed these credit card rankings. We factored the following into our analysis:
- Annual fees.
- Travel reward rates.
- Value of rewards.
- Redemption options.
- Additional benefits that a card may offer for travelers, such as travel insurance.
Frequently asked questions (FAQs)
The Amex Platinum card has a $695 annual fee, making it one of the most expensive luxury travel cards around. It might be worth it if you use the many travel and entertainment statement credits the card offers to save money throughout the year. Or, if you frequently travel and will enjoy the airport lounge access and elite status in hotel and rental car companies’ loyalty programs. If not, there’s no point in paying a high annual fee for a card with benefits you’ll never use.
The Amex Platinum card may be one of the more difficult American Express cards to get, but many people still get approved each year. To increase your chances, try to improve your credit score and pay off debts to lower your debt-to-income ratio — a comparison of your monthly income to your monthly housing and debt payments. You can also use the American Express pre-qualification tool to see if you’ll likely get approved without affecting your credit scores.
The Amex Platinum card is one of the most well-known rewards cards. Among rewards card enthusiasts, the card lost some of its luster as the annual fee increased and the American Express added lots of small cardholder benefits, which can sometimes be difficult to track and use. However, many people still consider it a prestigious card.
American Express doesn’t publish a specific income requirement for the Amex Platinum card. But that doesn’t mean your income won’t be a factor in whether you get approved. Having a high income and low debt-to-income ratio could help. The latter depends on your monthly income relative to your monthly housing and loan payments.
You can try to call American Express around your cardholder anniversary to see if they will refund or waive your Amex Platinum card’s annual fee, but it rarely happens. Sometimes, you might receive a retention offer to earn more points or receive a statement credit that can make paying the fee more palatable. But you’ll generally need to meet certain requirements, such as spending a minimum amount of money within the next few months.
The Amex Platinum card doesn’t have a credit limit or a preset spending limit. But American Express may still decline transactions, and they consider your purchases, payments and credit history when deciding which transactions to approve. If you want to check how much you can likely spend before getting declined, you can log in to your account and use the Check Your Spending Power tool.
You might be able to upgrade your American Express® Gold Card (terms apply) to an Amex Platinum card. However, sometimes you won’t receive an intro bonus, or as large of a bonus, for changing cards as you would if you applied for the Amex Platinum directly. If you received a good offer to upgrade your card and you think the Amex Platinum is a good fit based on its rewards, benefits and fees, then upgrading might be a good idea.
For rates and fees for The Platinum Card® from American Express please visit this page.
¹Eligibility and Benefit level varies by Card. Terms, conditions and limitations apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.
²Eligibility and Benefit level varies by Card. Terms, conditions and limitations apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company
*The information for the Capital One Venture X Rewards Credit Card and The Business Platinum Card® from American Express has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
