Who Is the Platinum Card From American Express Good For?
Though American Express has recently introduced a line of EveryDay cards, aimed at the more run-of-the-mill credit-card-holding public, it was previously known for its premium cards, which conferred lavish benefits on big spenders. And the Platinum Card from American Express is one of the most popular holdovers from this heyday, particularly for people looking for travel rewards from their credit card.
The Platinum Card comes with a high annual fee of $695, which is among the highest fees for travel reward cards. Even the United MileagePlus Club Card is less, at $525. But the Platinum card heaps on exclusive benefits to make it worth your while.
This card, like many older American Express cards, is a charge card, which means you must pay off your balance in full each month. If your goal is to earn travel rewards, you are probably already doing this, but it’s worth noting.
| AIRLINE TRANSFER PARTNER | Air France KLM Asia Miles British Airways Delta Airlines Emirates Etihad Finnair Iberia Scandinavian Airlines Singapore Airlines Virgin Atlantic Qantas |
|---|---|
| ANNUAL FEE | $695 |
| PURCHASE APR | none; charge card cannot carry a balance |
| APR FOR PAY OVER TIME FEATURES | 21.24% to 29.24% (variable) |
| RECOMMENDED CREDIT SCORE | 750+ |
| TYPE OF CARD | American Express |
| ISSUER | American Express |
Sign-Up Bonuses:
The sign-up bonus on this card is quite generous, considering that many cards with high annual fees and valuable subscription benefits typically offer little to no bonus.
Generally, you can get the card with 80,000 Membership Rewards® points after a $8,000 minimum spend on purchases in the first six months after the account is opened. Also, you may see special welcome offers from time to time offering 150,000 bonus points or even more.
Points Earned
- 5X Membership Rewards points on up to $500,000 per calendar year on flights booked directly with airlines or through American Express Travel via amextravel.com or by calling 1-800-525-3355
- 5X Membership Rewards points on eligible prepaid hotels booked at amextravel.com, including The Hotel Collection
- 1X Membership Rewards points on other purchases (terms and limitations apply).
What Do Your Points Get You?
In corporate settings, American Express is basically synonymous with travel, and its easy to see why. The Platinum card sets you up to have an upgraded experience wherever you go, regardless of what airline you use to get there. But using points to book free travel through the American Express Membership Rewards network is just as easy and rewarding.
You have two options for using points to pay for travel. Like Chase Ultimate Rewards, you can book directly through the American Express website for any flight on any airline using the Pay with Points option. You can also transfer Membership Rewards points to any of the Membership Rewards partner airlines, and every month the program offers a different transfer bonus for a particular partner. Sometimes they’re as high as 67 percent.
Usage Perks:
- $200 airline fee credit per calendar year when incidental fees are charged by the airline to your card
- $200 hotel credit each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings through American Express Travel
- $200 Uber Cash in annual Uber savings
- $189 CLEAR Plus credit per year
- American Express Global Lounge Collection with access to 1,400+ airport lounges in over 500 airports around the world
- Priority PassTM Select lounge access membership
- Access to Centurion Lounges and Delta Sky Clubs
- Credit for TSA Pre-Check or Global Entry membership
- Premium car rental status for Avis Preferred, Hertz Presidents circle, and National Car Retal Emerald Club
- Most points transfers take effect instantaneously, with 48 hours for long transfers
- Rewards account for transfers to family and friends
- $240 digital entertainment credit when you use the card for eligible purchases on Disney+, a Disney Bundle, ESPN+, Hulu, The New York Times, Peacock, SiriusXM, and The Wall Street Journal when you purchase directly from one or more of the providers
- $300 in statement credits per calendar year when you use your Platinum Card® to pay for Equinox membership
- $100 in statement credits annually for purchases at Saks Fifth Avenue or saks.com
- $155 Walmart+ credit
- Cell phone protection
- No foreign transaction fees
- Terms Apply
Usage Quirks:
- Points are mostly transferred at a 1:1 ratio
- Card must be paid off in full every month
How Far Do Your Dollars Go?
When you use your American Express Membership Rewards points to Pay with Points for any flight on any airline, you get a 25 percent bump on the value of your points over the 1-cent-per-dollar return on your spend typically provided for Membership Rewards points.
Using points on flights with partners, you can get anywhere from around a 1-cent-per-dollar value on domestic flights on partners such as Delta, Hawaiian, JetBlue and Virgin America during peak periods to a 10-cent-per-dollar value on such high-end redemptions as Cathay Pacific or Singapore Airlines long-haul flights in first class suites.
Additional Cardholder Benefits
- Automatic Starwood Gold Status
- Concierge service
- Global dining access by Resy
- American Express travel services
- Benefits at Fine Hotels & Resorts properties
- Access to By Invitation Only events
- Platinum card concierge service
- Extended warranty
- Preferred Seating