The Platinum Card from American Express review: Perfect for show-offs

Amex Platinum highlights

Card type: Travel, Airline

• Welcome bonus: 80,000 Membership Rewards® Points after spending $8,000 on purchases on the Card in your first 6 months of card membership
• Annual fee: $695.
• Rewards: 5x Membership Rewards® Points for flights booked directly with airlines or with American Express Travel (up to $500,000 on these purchases per calendar year), 5x Membership Rewards® Points on prepaid hotels booked with American Express Travel, 1X Membership Rewards points on all other qualifying purchases.

To view rates and fees of The Platinum Card® from American Express, see this page.

Amex Platinum overview

The Amex Platinum’s potential benefits may have more beef than a Wagyu platter, but not everyone wants to fill up on steak. The card is ideal when it comes to flexing, as most people know it’s a premium rewards card even if they aren’t sure why. But the card’s true value lies in the ability of the cardholder to maximize all the potential credits and perks, and that takes as much work as getting front row seats to F1. 

The plushest perk of the card might well be the expansive airport lounge access the card offers. An Amex Platinum card will gain you entry to Centurion lounges, Escape lounges, Delta Sky Club, Lufthansa Lounge, Plaza Premium Lounge, and Priority Pass Select lounges. However, it should be noted that Centurion lounge access is only for the cardholder, no additional guests are allowed unless you spend $75,000 on the card within a calendar year.

There are ample other juicy benefits that savvy maximizers can use to offset the card’s $695 annual fee. Main courses include a heaping serving of annual credits that include:

• An 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® (minimum 2-night stay required)
• An up to $200 in statement credits per calendar year when incidental fees are charged by the airline to your card.
• An up to $200 in Uber Cash on rides or eats orders in the U.S. annually.
• 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®.
• An up to $300 back per calendar year on an Equinox+ subscription.
• An 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, SiriusXM, and The Wall Street Journal.
• A up to $189 back per year on a CLEAR® Plus membership (subject to auto-renewal) when you use your Platinum Card®.
• A $155 Walmart+ credit towards a monthly subscription. A Walmart+ subscription includes free deliveries, a Paramount+ streaming subscription, early access to Black Friday deals and more.

It’s not hard to do the math and see that if you use all, or even most of the above credits, you’ll come out ahead of the annual fee. Just keep in mind that it does take some work to track and use these benefits.

Who is the Amex Platinum good for? 

The Amex Platinum is ideal for someone who flies a lot and wants to relax in an airport lounge before boarding. It’s also a good fit for someone who can take advantage of and remember to opt-in to the multiple credits offered on the card.

Who shouldn’t get the Amex Platinum? 

If you rarely travel, this is not the card for you. Whipping it out to pay the bill in front of your friends or coworkers may look impressive to some, but those with some credit card smarts will wonder why you aren’t using a card that earns high rewards on dining like the American Express Gold Card.

Amex Platinum: How to earn rewards

The Amex Platinum Card earns 5x Membership Rewards® Points for flights booked directly with airlines or with American Express Travel (up to $500,000 on these purchases per calendar year), 5x Membership Rewards® Points on prepaid hotels booked with American Express Travel, 1X Membership Rewards points on all other qualifying purchases.

Currently, there’s a welcome bonus of 80,000 Membership Rewards® Points after spending $8,000 on purchases on the Card in your first 6 months of card membership.

How to redeem Amex Platinum rewards 

Membership Rewards points are flexible, meaning they can be redeemed in multiple ways. Let’s break down what you can do with the rewards earned on the Amex Platinum card.

Pay with points at checkout

You can use your stash like cash to pay at checkout with eligible partners like Amazon, Best Buy and PayPal. Points are typically worth 0.7 cents per point this way.

Redeem for travel with Pay with Points

You can use Membership Rewards to book travel through AmexTravel using the Pay with Points feature. Using points this way will give you a value of 1 cent per point for flights and hotels in the Amex Fine Hotels & Resorts Collection, and 0.7 cents per point for prepaid hotel bookings, cruises, rental cars, and vacation packages.

Business Centurion cardholders get a 50% points rebate when booking reward flights through Amex Travel.

Redeem for travel by transferring to airline and hotel partners

One of the best uses of Membership Rewards points is transferring them to one of Amex’s airline partners. Amex has 18 airline partners and three hotel partners and in most cases you’ll get more value from your Membership Rewards by transferring points to a partner.

That’s because when you use your rewards to book a flight through Amex Travel, a point is always worth one cent. For example, a $300 flight booked this way will cost 30,000 Membership Rewards points. But, transfer 30,000 points to an eligible transfer partner and things get more interesting–and valuable.

Here’s a quick example: We found a round trip nonstop flight in the main cabin from New York’s JFK airport to Seattle-Tacoma Airport on Delta Airlines in May 2024 for $580.80. That same flight costs 49,000 SkyMiles plus $11.20 in taxes and fees, saving you 9,100 points since you’d only need to transfer 49,000 Membership Rewards to Delta’s SkyMiles program. If you had booked that flight directly with Membership Rewards, you’d need 58,081 points to cover the cost.

Redeem for gift cards

You can redeem your rewards to buy gift cards from a variety of options including hotel brands, airlines, restaurant chains, retailers and more. The value of redeeming your rewards this way is between 0.7 cents and 1 cent per point, depending on the specific gift card.

Redeem for statement credits

Redeeming Ultimate Rewards for a statement credit is worth just 0.6 cents per point, making this the least valuable redemption option.

Amex Platinum rates and fees

• Annual fee: $695.
• Foreign transaction fee: None.
• Purchase APR: See Pay Over Time APR.

Additional benefits

• Twice-annual $50 Saks credit: Get up to $50 in statement credits from January through June and $50 from July through December.
• Elite car rental status: Choose complimentary premium status in either Avis Preferred, Hertz Gold Plus Rewards, or National Car Rental Emerald Club. 
• Car Rental Insurance: Decline the CDW at the rental counter and pay with your Platinum card and you’ll be covered if the car gets damaged. 
• Trip delay insurance: If your round trip travel booked with the Platinum card is delayed more than six hours, you can get reimbursed up to $500, a maximum of two claims per 12 months.
• Trip cancellation/interruption insurance: If you purchase a round-trip entirely with your Platinum and a covered reason cancels or interrupts your trip, you can get reimbursed up to $10,000 per trip and up to $20,000 per Eligible Card per 12 months.
• A $300 SoulCycle bike credit: $300 statement credit for the purchase of a SoulCycle at-home bike with your Platinum Card®. Must charge full price of bike in one transaction, and an Equinox+ subscription is required. Return protection: You may return eligible purchases to American Express if the seller won’t take them back up to 90 days from the date of purchase, up to a maximum of $1,000 per calendar year.
• Purchase protection: Get protection for up to 90 days for your new eligible item if it gets stolen, accidentally damaged or lost. 
• Extended warranty: Extends the Manufacturer’s Warranty for up to one additional year. Applies to warranties of five years or less on covered purchases in the U.S.
• Amex benefits: Access to Amex Offers, which include discounts on select purchases, access to ShopRunner free two-day shipping on eligible items and preferred and/or early access to various ticket sales and special events 

Credit cards similar to Amex Platinum

There are plenty of other premium travel cards out there but the trade-off is that although the options typically have a better rewards rate, they won’t offer as many airport lounge options or potential credits. Here’s some choices to consider vs. the Platinum Card.

Chase Sapphire Reserve vs. Amex Platinum

The Chase Sapphire Reserve® has a $$550 annual fee to the Platinum Card’s $695. It offers a more palatable rewards rate than the Platinum and easier-to-maximize perks that most people will find more satisfying. For starters, it has a $300 annual travel credit as reimbursement for travel purchases charged to your card each account anniversary year that can be applied towards nearly any kind of travel–from flights to hotels to parking to campgrounds. That’s an easier to credit to use for most people than than some of the ones offered on the Amex Platinum.

The Sapphire Reserve earns 10x points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards®, 5x points on flights through Chase Ultimate Rewards®, 3x points on other travel and dining, and 1x point on all other purchases.

It also comes with Priority Pass Select membership (enrollment required) and access to the small-but-growing network of Sapphire lounges. It, too, serves up a slew of travel and purchase protections similar to the Platinum, although the Sapphire Reserve offers primary auto rental coverage and the Platinum does not.

Chase has travel transfer partners as well–11 airlines and 3 hotels. However, some may find the biggest advantage with the Sapphire Reserve is the ability to book travel through Chase at a 50% points value boost. In other words, 60,000 Ultimate Rewards points are worth $900 when redeemed for travel this way.

Capital One Venture X vs. Amex Platinum

The Capital One Venture X Rewards Credit Card is another worthy choice to consider if you’re in the market for a perk-laden travel card. It’s got one of the easiest-to-stomach annual fees among premium cards, at $$395 a year, yet it comes with all of the robust benefits you’d hope to find in a travel card.

Benefits include a $300 back annually for bookings made through Capital One Travel, a 10,000 bonus miles (equal to $100 towards travel) every year, starting on your first anniversary, a up to $100 credit for Global Entry or TSA PreCheck® and Hertz President’s Circle status, which includes skip-the-counter privileges as well as automatic upgrades.

The Venture X earns rich rewards of 10x miles on hotels and rental cars booked through Capital One Travel, 5x miles on flights booked through Capital One Travel and 2x miles on everyday purchases. The card comes with primary auto rental coverage, cell phone protection when you pay your bill with the card and grants airport lounge access to the growing Capital One lounge collection as well as Priority Pass Select and Plaza Premium lounges.

Capital One also offers 18 travel transfer partners–15 airline and three hotel partners. You might find that the straightforward perks on this card and significantly lower price are worth giving up Centurion lounge access.

Is the Amex Platinum card right for you?

The Amex Platinum is worth the price for those who can take the time to make full use of the benefits. Someone who frequently flies in or out of airports with a Centurion lounge (something not offered with other credit cards) and/or someone who can take advantage of credits like the Equinox membership, the Walmart+ membership and the potentially challenging hotel and airline incidental credits that come with some caveats can do well with this card.

For anyone else, you’d just be paying a premium to pay for dinner with a silver metal card.

Frequently asked questions 

What is the annual fee for the Amex Platinum?

The Platinum Card from American Express carries a $$695 annual fee.

What income do I need for an Amex Platinum?

American Express does not specify an income requirement for this card (or any other). However, you’ll need good to excellent credit to apply, which FICO generally defines as a score of 670 and higher. But be aware there’s no one exact score that will guarantee you acceptance for a credit card. Instead, issuers look at a combination of factors including income, credit score, other debts and payment history. 

Does the Amex Platinum have a limit?

The Amex Platinum doesn’t have a preset limit, however the amount you’ll be approved for will depend on factors including your purchase, payment and credit history. You can use Amex’s spending power tool by logging into your account to see if you can get approved for a large purchase you’re considering.

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Please note that card details are accurate as of the publish date, but are subject to change at any time at the discretion of the issuer. Please contact the card issuer to verify rates, fees, and benefits before applying.

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.

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.