The Platinum Card® from American Express carries a hefty $550 annual fee, but provides a plethora of luxury and practical benefits for frequent travelers.
New applicants can earn 75,000 Membership Rewards points after you use your new card to make $5,000 in purchases in your first 3 months.
Cardholders earn 5X Membership Rewards points on flights booked directly with airlines or with American Express Travel. Also earn 5X Membership Rewards points on prepaid hotels booked on amextravel.com.
Receive excellent earning power on travel purchases made directly with merchants and/or through the American Express Travel portal. If you’re an avid traveler and you can get value out of its sizable annual fee (see rates & fees), see if this card is the perfect match for your needs.
Table of Contents
- 1 The Platinum Card from American Express Summary
- 2 Editor’s Alternate Pick
- 3 Earning The Platinum Card Bonus Points
- 4 Earn 5X Points on Flights & Hotels Booked On Amex Travel
- 5 Redeem Rewards
- 6 The Platinum Cardholder Benefits
- 7 Hilton Honors Gold Status
- 8 Marriott Bonvoy Gold Status
- 9 Car Rental Elite Status
- 10 Cardholder Perks
- 11 Conclusion
- 12 Other Credit Cards To Consider
The Platinum Card from American Express Summary
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| Bonus Available | 75,000 bonus Membership Rewards points when you spend $5,000 within 3 months. |
| *Bonus Value | $1,500 |
| Travel Credit | $200 a calendar year in baggage fees and incidentals at your chosen airline.
Up to $200 in annual Uber savings. |
| Ongoing Rewards/Benefits | 10X points on eligible purchases on your new Card at U.S. Gas Stations and U.S. Supermarkets, on up to $15,000 in combined purchases, during your first 6 months of Card Membership. That’s an additional 9 points on top of the 1 point you earn for these purchases.
5X Membership Rewards(R) Points for flights booked directly with airlines or with American Express Travel. Starting January 1, 2021, earn 5X points on up to $500,000 on these purchases per calendar year. 5X Membership Rewards(R) Points on prepaid hotels booked on amextravel.com. |
| Foreign Transaction Fees | No (see rates & fees) |
| Airport Lounge Access | Global Lounge Collection. more than 1,200 lounges across 130+ countries. |
| Annual Fee | $550 (see rates & fees) |
Recommended Free Credit Score (Get Free Score) 690 – 850 (Good – Excellent)
PROS
- Variety of travel credits
- Lounge access
- No foreign transaction fees
- Valuable travel partners
CONS
- High annual fee
- Airline fee credit perk isn’t the best
Editor’s Alternate Pick
 The Chase Sapphire Reserve offers 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $900 toward travel when you redeem through Chase Ultimate Rewards®. Through December 31, 2021, gas station & grocery store purchases will also count towards earning your Travel Credit. You'll earn 3X points on travel immediately after earning your $300 travel credit. 3X points on dining at restaurants & 1 point per $1 spent on all other purchases. When redeeming your points for travel through Chase Ultimate Rewards, you'll get 50% more value. This card does carry a $550 annual fee and there are no foreign transaction fees. However, you're able to earn a $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year & up to $100 application fee credit for Global Entry or TSA Pre✓®. |
Earning The Platinum Card Bonus Points
The bonus points offer for The Platinum Card is pretty high up there, in line with its top competitor, the Chase Sapphire Reserve Card.
Take advantage of the 75,000 bonus points offer by spending $5,000 in purchases within 3 months of account opening. Compare this with other card bonuses.
If you think it’ll be difficult meeting the $5,000 spending requirement for the bonus, here are some ideas you can use:
| • Plastiq: Plastiq allows you to pay for expenses that you generally won’t be able to with your card like rent, tuition, auto lease, mortgage payment, and more. There’s a 2.5% processing fee for using your credit card. However, this’ll be worth the card bonus you’ll get. There’s also a referral program where you can earn “Fee-Free Dollars” to use towards processing fees. See our Plastiq review. |
| • Fund Checking accounts with your card: Many banks will allow you to fund the opening deposit with a credit card. Consider opening Checking accounts that also offer a sign-up bonus. This way, you can work towards bonuses from two different sources. Big banks like Chase, HSBC, Huntington, and TD Bank have great offers and allow credit card funding. You can generally fund anywhere from $50 to $1,000 towards the opening deposit with a credit card, depending on the bank. |
| • Buy gift cards: Consider buying gift cards with your credit card that you can then spend later at your leisure. Individual merchant cards (restaurants, gas stations, supermarkets, etc.) generally don’t have purchase fees, so this is a plus. On the other hand, American Express and Visa gift cards will have purchase fees. Amazon gift cards are a great idea as you can shop for almost anything there with no purchase fees either. Unfortunately, Citi credit cards tend to code gift card purchases as Cash Advances and there’ll be a fee. Call in to customer service and lower your Cash Advance limit to $0 before purchasing gift cards. You can also buy discounted gift cards as well from Raise or find gift cards on eBay. |
| • Everyday spending & bills: Always using your credit card for everyday spending, such as for dining, gas, groceries, etc. You can also use your credit card to pay for things like insurance bills, property taxes and income taxes. However, you’ll have to consider the convenience fees. |
Earn 5X Points on Flights & Hotels Booked On Amex Travel
Amex Platinum Card holders receive 5X points on all airfare purchased directly with the airlines or with American Express Travel. This is one of the highest airfare bonuses on any card on the market. Plus, it’s an excellent way to earn many Membership Rewards points. Thus, if you book a lot of airline tickets, consider this card for that reason.
Cardholders can also earn 5X points on hotel reservations made through the Amex Travel portal. They must be prepaid bookings, which usually means they’re noncancelable. If your travel plans change often, this may benefit you less compared to the 5X on airfare.
Nonetheless, if you’re willing to restrict your bookings and reservations on the Amex Travel portal, you can potentially rack up tons of points depending on what travel you do.
Redeem Rewards
Redeem points for merchandise, transportation, travel, gift cards, and statement credits at American Express’s Membership Rewards portal.
Points are generally worth $0.005 to $0.01 at redemption, depending on the method. Cash-like redemptions, such as statement credits, have lower point values, while merchandise redemptions have higher values. The best way to get the most value out of your points is to redeem for travel.
Membership Rewards points are one of the most flexible loyalty currencies, thanks to Amex’s many airline and hotel transfer partners. Airline transfer partners include the major airline alliances — SkyTeam, Star Alliance and Oneworld. Transferring your points to the right airline program is the best way to maximize the value of your points. In fact, you can earn up to 2 cents per point in value. Here’s a list of Membership Rewards airline and hotel partners:
| Aer Lingus | AeroMexico | Air Canada |
| Air France/KLM | Alitalia | All Nippon Airways |
| Avianca | British Airways | Cathay Pacific |
| Delta Air Lines | El Al Israel Airlines | Emirates |
| Etihad Airways | Hawaiian Airlines | Iberia |
| JetBlue Airways | Qantas | Singapore Airlines |
| Virgin Atlantic | Choice Privileges | Hilton Honors |
| Marriott Bonvoy |
The Platinum Cardholder Benefits
Like the other premium travel cards, the high annual fee isn’t waived during your first year. This means, if you just want to jump on board for the bonus offer, you probably should think twice.
The $550 annual fee will cut into your bonus, so find another card bonus promotion if you’re not looking for a premium travel card with all its perks.
We recommend the Barclaycard Arrival Plus® World Elite Mastercard® and Chase Sapphire Preferred Card if the more premium travel perks don’t benefit you. Otherwise, you can look forward to these benefits with The Platinum card from American Express:
Access to 1200+ Airport Lounges: This is one of the most appreciated benefits of a premium travel card. You’ll have access to Delta Sky Club locations, given that you have a flight with them. International American Express lounges and Airspace lounges are also included with this access benefit. Plus, access 1,200+ lounges included in the Priority Pass Select program like you would with the Citi Prestige Credit Card and Chase Sapphire Reserve. This membership level is equivalent to the “Prestige” membership plan that would cost you $400+ if purchased directly on the Priority Pass site. It’s an excellent value for frequent travelers, a big reason for choosing a premium travel card despite the high annual fee.
$200 in Uber Credits: This plus the Priority Pass Select benefits essentially more than negates the annual fee. Unfortunately, credits can only be used for Uber rides in the United States. You’ll receive $15 in credits monthly with an extra $20 in bonus credits for the month of December.
$200 Airline Fee Credit: Use this on incidentals like checked bags and in-flight meals. The credit can’t be used on airline tickets themselves.
Hilton Honors Gold Status
Automatically enjoy Hilton Honors Gold Status as an Amex Platinum Card member. Just make sure your account remains open and is in good standing. Gold status boosts your point earnings on Hilton and partner property stays by 80%, elite tier rollover nights, complementary breakfast, unlimited milestone access, and a 5th night free on stays of 5 nights or longer.
Marriott Bonvoy Gold Status
You can also upgrade to Marriott Bonvoy (formerly Starwood Preferred Guest) Gold Status with no spend or stay requirement. Gold status includes 25% bonus on base points earned, enhanced in-room internet access, enhanced room upgrades (when available), 2 p.m. late checkout, and a points welcome gift.
Car Rental Elite Status
Just like with the hotel Gold status upgrades, you can manually enroll in elite status with several car rental agencies. This includes Hertz Gold Plus Rewards, National Car Rental Emerald Club Executive, and Avis Preferred status.
Cardholder Perks
The Platinum Card® from American Express gives cardholders plenty of travel and consumer benefits. These include purchase protection, rental car insurance, travel insurance, cellphone protection, global assist hotline, extended warranty coverage, and more. Here are just a few more of the perks:
- $200 Airline Fee Credit: Earn up to $200 in statement credits per calendar year on incidental fees charged by the airline you select.
- $15 Monthly Uber Ride Credits: Enjoy $15 in Uber credits for U.S. rides each month, plus a bonus $20 in December. This is worth up to $200 in annual Uber savings.
- Complementary Marriott Gold Status: Earn complimentary Gold status at Hilton and Gold Elite status in the combined Marriott/SPG program. Gold status gives you some great hotel perks, including free in-room internet, complimentary room upgrades, lounge access and more.
- Complementary Amex Lounge Access: Access more than 1,200 airport lounges across 130 countries and counting with the American Express Global Lounge Collection. This perk includes Centurion Lounges, Priority Pass lounges and Delta Sky Clubs when flying Delta.
- Fine Hotels & Resorts Benefits: Enjoy convenient benefits at 1,000 Fine Hotels & Resorts. These are high-end hotel and resort properties worldwide. Benefits include, 12pm check-in when available, a room upgrade upon arrival when available, daily breakfast for two people, complimentary WiFi, guaranteed 4pm late checkout, and an additional special amenity unique to each property, such as a $100 food and beverage credit or a one-way private sedan transfer.
- No Foreign Transaction Fees: Use your card outside of the U.S. without paying a foreign transaction fee.
Conclusion
If you spend a lot on airfare and lounge access, The Platinum Card® from American Express is hard to beat. Cardholders can enjoy up to $200 in Uber credits each year, an $200 annual airline fee credit, access to over 1,000 airport lounges worldwide through the American Express Global Lounge Collection, and much more.
While the $550 annual fee is steep, if you get value out of the various annual credits and you use the lounges, it’s a solid card to have. This card may be perfect for regular travelers who don’t mind spending money for quality and love being rewarded for doing so.
However, if you’re an occasional traveler who flies economy and stays at budget hotels, the Amex Platinum Card isn’t going to be of much benefit to you. See our list of credit card promotions to find a better one that suits your budget!
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Learn more about this card and its features here.
Other Credit Cards To Consider
The Chase Sapphire Reserve offers 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $900 toward travel when you redeem through Chase Ultimate Rewards®. Through December 31, 2021, gas station & grocery store purchases will also count towards earning your Travel Credit. You'll earn 3X points on travel immediately after earning your $300 travel credit. 3X points on dining at restaurants & 1 point per $1 spent on all other purchases. When redeeming your points for travel through Chase Ultimate Rewards, you'll get 50% more value. This card does carry a $550 annual fee and there are no foreign transaction fees. However, you're able to earn a $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year & up to $100 application fee credit for Global Entry or TSA Pre✓®. |
The Best Bank Offers are updated here. See the below pages to get started with some of the best offers: • Chase Bank Offers. Chase offers a range of attractive Checking, Savings and Business Accounts. Chase has a great selection of sign-up bonuses in comparison to other big banks. • HSBC Bank Offers. HSBC Bank routinely has offers for several of their Personal Checking and Business Checking accounts. They also have a good referral program. • Huntington Bank Offers. Huntington Bank has high bonus amounts available through their Checking and Business Checking. Huntington also offers a Business Premier Money Market Account. • Discover Bank Offers. Discover Bank offers top cashback, savings, money market accounts and CD rates for you to take advantage of. Discover has industry leading selections to cater to your banking needs. • TD Bank Offers. TD Bank consistently offers a fantastic selection of checking accounts to cater to your banking needs. However, savings account offers are less frequently available. |
| BONUS LINK | OFFER | REVIEW |
| Chase Business Complete BankingSM | $300 Cash | Review |
| Bank of America Checking | $100 Offer | Review |
| HSBC Premier Checking Member FDIC | $450 Cash | Review |
| HSBC Premier Checking Member FDIC | Up To $600 | Review |
| Aspiration | $100 Cash | Review |
| TD Bank Beyond Checking | $300 Cash | Review |
| TD Bank Convenience CheckingSM | $150 Cash | Review |
| Huntington 25 Checking | $300 Cash | Review |
| Huntington Bank Unlimited Plus Business Checking | $750 Cash | Review |
| Huntington Bank Unlimited Business Checking | $400 Cash | Review |
| Huntington Bank Business Checking 100 | $200 Cash | Review |
| Citi Priority Account Package | $700 Cash With required activities. | Review |
| Axos Bank High Yield Savings + Essential Checking | $100 Cash | Review |
| Axos Bank Basic Business Checking | $100 Cash | Review |
| Ally Invest | Up to $3,000 Cash | Review |
| BlockFi | Up To $250 BTC | Review |
| Discover Bank Cashback Debit | $360 Debit Cashback | Review |
