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Mar 14, 2024 • 17 min read

This series of articles about credit cards, points and miles, and budgeting for travel is brought to you in partnership with The Points Guy.

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The Platinum Card® from American Express

Popular among jetsetters who prefer luxury travel, the Platinum Card® from American Express is best known for its premium travel perks, lucrative welcome bonus, and a variety of points-earning and redemption options, including 21 airline and hotel transfer partners.

Despite a high annual fee of $695, the numerous benefits and statement credits provided to reimburse you for specific memberships and enrollment fees can offset this cost completely. This offers a potential value of up to $1,584 if you take full advantage of available offers. Additionally, there are no foreign transaction fees.

Overview of The Platinum Card® from American Express

With a robust portfolio of perks, statement credits, and travel insurance benefits, it’s evident why the Platinum Card is one of the most sought-after travel cards today.

Here’s everything you need to know about the Amex Platinum Card, starting with some highlights:

• Airport lounge access: Members enjoy complimentary entry to The American Express Global Lounge Collection, including the Centurion Network, Delta Sky Club lounges, and many more worldwide.

• Generous welcome bonus: New cardholders can earn 80,000 bonus points after spending $8,000 within the first six months—an excellent starting point for their rewards-earning journey.

• Statement credits as benefits: Cardmembers receive credits for memberships like Clear Plus, Equinox, and Walmart+, among others.

• Flexible redemption options: Redeem Membership Rewards (MR) points for various travel options or use the Pay With Points feature when shopping online.

The pros and cons of the Amex Platinum Card®

Pros

• Lucrative welcome bonus: 80,000 bonus points can be worth $1,600 in travel when redeemed through Membership Rewards.

• 21 travel transfer partners: Maximize rewards by transferring points to one of 21 travel loyalty programs.

• Lounge access: Access to over 1,400 lounges worldwide through the American Express Global Lounge Collection.

Cons

• High annual fee: The $695 fee can be daunting; however, it may pay for itself quickly if you utilize all available credits.

• Limited earning categories: The card earns 5X points primarily on travel through AmexTravel.com and 1X points on other purchases.

• Not ideal for infrequent travelers: If you’re not traveling soon, the benefits tied to travel may not be worthwhile.

The Platinum Card® from American Express benefits

The Amex Platinum offers premium rewards specifically designed for those who love relaxing in lounges and enjoying the finer aspects of travel. Here’s a detailed breakdown of its benefits:

Welcome bonus

New applicants can earn 80,000 bonus points after spending $8,000 within the initial six months. This value can translate to significant savings on travel when redeeming through Membership Rewards.

Earning rewards

Cardholders earn 5X points by booking flights or hotels through AmexTravel.com, with 1X points on other purchases. This structure rewards frequent travelers and those who leverage AmexTravel.com for booking.

Travel perks

This card boasts an arsenal of premium travel benefits, including a $200 credit for Fine Hotels + Resorts, a $200 airline fee credit, and up to $199 for CLEAR Plus membership, among others.

Other benefits

In addition to travel perks, cardholders can benefit from annual credits for Walmart+, statement credits for Equinox, and up to $240 in digital entertainment credits across platforms like Disney+, Hulu, and more.

Redeeming points

Cardholders can redeem Membership Rewards points across a variety of platforms. Typically, points can yield between 0.6 to 1 cent per point, varying by the method of redemption. Options include gift cards, travel bookings, or online purchases.

Transferring to American Express travel partners

With 21 travel transfer partners available, you can amplify your rewards by transferring points to airline and hotel loyalty programs. Always check for transfer bonuses to optimize your redemptions.

Comparative analysis

While the Amex Platinum Card offers exceptional travel rewards, alternatives like the Chase Sapphire Reserve® or Capital One Venture X Rewards Credit Card may present similar perks at different price points, depending on individual preferences and travel habits.

Is the Amex Platinum Card worth getting?

For those who enjoy luxury travel, the Amex Platinum stands out due to its extensive perks and bonus opportunities. If you can maximize the statement credits and make full use of the card’s benefits, it is undoubtedly worth considering.

FAQ

Is The Amex Platinum still a good credit card?

If you’re passionate about high-end airport lounges and luxurious hotels, the Amex Platinum remains an excellent choice. However, if you’re not traveling frequently or utilizing all the benefits, consider alternative travel credit cards.

What lounges can you access with the Amex Platinum?

Cardholders gain access to over 1,400 lounges worldwide, including American Express Centurion® Lounges, Plaza Premium Lounges, and many more.

How much are American Express Membership Rewards points worth?

The most beneficial way to use Membership Rewards points is by transferring them to travel partners; however, they can also be redeemed for gift cards, statement credits, or online purchases, though these methods typically yield lesser value.

Is it hard to qualify for The Platinum Card® from American Express?

A good to excellent credit score (670 to 850) is typically required, along with a favorable financial profile, debt-to-income ratio, and credit history to qualify for this premium card.

* Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details.

Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline, or hotel chain.