Amex Platinum card review: High annual fee with loads of perks
| 5X | Earn 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 | Earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel. |
Editor's Note
The Platinum Card from American Express overview
The Platinum Card® from American Express is one of the top premium travel rewards cards on the market. As a cardmember, you'll earn valuable Membership Rewards points, receive over $1,500 in annual statement credits (as long as you can take advantage of them, which we will discuss later) as well as access to an extensive network of airport lounges worldwide. Card rating*: ⭐⭐⭐⭐½
*Card rating is based on the opinion of TPG's editors and is not influenced by the card issuer.
Nowadays, it seems every bank, airline and hotel offers a premium travel rewards card. But for a long time, The Platinum Card from American Express was the only premium rewards card on the market. With its sleek design and hefty metal weight, there was a bit of prestige attached to being an Amex Platinum cardholder.
That still exists, even though a few competitors in the luxury card category have emerged in recent years, including the Chase Sapphire Reserve® and the Capital One Venture X Rewards Credit Card. When you stack them up against one another, the Amex Platinum shines in ways the others don't. Then again, it falls flat in some areas, too.
The Amex Platinum has undergone significant changes in recent years and carries a steep $695 annual fee (see rates and fees) — one of the highest on the market. That's why people often ask whether the Amex Platinum is still worth the annual fee, even with the perks.
The recommended credit score for this card is above 690 and it ranks as one of the best travel cards, but that doesn't mean it's right for every traveler.
Let's dig into the details and benefits to see whether having the Amex Platinum in your wallet makes sense for you.
Amex Platinum pros and cons
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Amex Platinum welcome offer
The current welcome bonus for the Amex Platinum is 80,000 Membership Rewards points after you spend $8,000 on purchases within the first six months of card membership. This is slightly above the standard welcome offer we have seen.
According to TPG's November 2024 monthly valuations, Amex Membership Rewards points are worth 2 cents each, making this bonus worth $1,600. That's nearly three times the card's $695 annual fee.
Amex sometimes offers up to 150,000 points to targeted individuals through other channels — like the CardMatch tool, so it's worth checking out if you're targeted. Just remember that offers are subject to change at any time and are not necessarily available to everyone.
Related: How to redeem Membership Rewards points for maximum value
Amex Platinum benefits
What truly sets the Amex Plat apart is the fact that it confers so many valuable best perks and travel benefits. Let's take a look:
- Up to $200 in statement credits annually for incidental fees charged by one airline you select*
- Up to a $200 annual hotel credit, in the form of a statement credit, on prepaid Amex Fine Hotels + Resorts or The Hotel Collection bookings with Amex Travel when you pay with your Amex Platinum (Hotel Collection stays require a two-night minimum)*
- Up to $200 annually in Uber Cash, valid on Uber rides and Uber Eats orders in the U.S. (split into monthly $15 credits plus a $20 bonus in December).* Uber Cash will only be deposited into one Uber account when you add the Amex Platinum as a payment method and redeem with any Amex card.
- Up to $199 in statement credits to cover your Clear Plus annual membership*
- Up to $240 in annual digital entertainment credit — disbursed as up to $20 monthly statement credits when you pay for eligible purchases with the Amex Platinum at eligible partners*
- Up to $300 in annual Equinox credit on Equinox gym and Equinox+ app memberships (subject to auto-renewal)*
- Up to $300 in statement credits, toward the purchase SoulCycle bike (up to 15 bikes per calendar year); Must be enrolled in an Equinox+ membership to be eligible for this benefit.
- Up to a $155 statement credit (up to $12.95 monthly, plus applicable taxes) that covers the cost of a monthly Walmart+ membership when paying with the Amex Platinum (on one membership, subject to auto-renewal); Plus Up excluded.
- A $120 statement credit for Global Entry every four years or an up to $85 fee credit for TSA PreCheck every 4½ years (depending on which application fee is charged to your card first)
- Up to a $100 annual Saks Fifth Avenue credit, split into two up to $50 statement credits between January and June, then July through December*
- Access to the American Express Global Lounge Collection, including Centurion Lounges, Priority Pass lounges, Airspace lounges, Escape lounges, Plaza Premium lounges and Delta Sky Clubs (when traveling on same-day Delta flights; Effective February 1, 2025: Eligible Platinum Card Members will receive 10 Visits per Eligible Platinum Card per year to the Delta Sky Club or to Grab and Go when traveling on a same-day Delta-operated flight)*
- Complimentary Gold status with Hilton Honors and Marriott Bonvoy*
- Complimentary car rental status: Hertz Gold Plus Rewards President's Circle, Avis Preferred Plus and National Emerald Club Executive*
- Access to Amex Fine Hotels + Resorts and The Hotel Collection
- If your trip is delayed by more than six hours because of a covered reason, you may be eligible to be reimbursed up to $500 per covered trip for reasonable additional expenses**
- If you need to cancel or interrupt your trip because of a covered reason, you may be eligible for reimbursement of up to $10,000 per covered trip**
- Extended warranty benefit extends eligible manufacturer's warranties of five years or less by up to one additional year***
- Purchase protection protects recent purchases against theft, accidental damage or loss for up to 90 days from the purchase date***
- Shoprunner membership
- Terms apply to the benefits listed
Even if you can use just a handful of these perks, it's easy to cover most (or all) of the Amex Platinum's annual fee.
Here's how TPG senior director of content Nick Ewen describes it:
"I have no use for some benefits of the Amex Platinum, and others (like Walmart+) I utilize just because they're there. However, I always max out the digital entertainment credit ($240). I also easily use all $200 in Uber credits and all $200 in airline statement credits annually. In other words, just three of these perks put $640 back in my pocket every year. As a result, I think of it as paying $55 for all of the other benefits on the card — and that makes it a no brainer to keep in my pocket."
Your exact situation may vary, but crunch the numbers to see how much real-life value you can get from the card.
For instance, one TPG reader got significant value from just one perk on her Amex Platinum:
"Aside from the fact that benefits practically pay for itself [sic], the Premium Global Assist^ saved us 2x while traveling overseas and needed to get back home ASAP." — Lena W via Facebook
Note: Reader-submitted responses have not been edited, reviewed or approved by the issuers nor reflect TPG's opinions of these cards.
Even if you aren't able to take advantage of all the benefits on the Amex Platinum, taking advantage of some of them may be more than enough to justify keeping it in your wallet.
*Enrollment is required for select benefits.
**Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for details. Policies are underwritten by New Hampshire Insurance Company, an AIG Company.
***Eligibility and benefit levels vary by card. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for details. Policies are underwritten by AMEX Assurance Company.
^Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. If approved and coordinated by Premium Global Assist Hotline, emergency medical transportation assistance may be provided at no cost. In any other circumstance, Card Members may be responsible for the costs charged by third-party service providers.
Related: How to maximize benefits with the Amex Platinum
Earning points on the Amex Platinum
With the Amex Platinum, you'll earn 5 points per dollar on airfare purchased directly with the airlines or through the Amex Travel portal (on up to $500,000 of airfare purchases per calendar year, then 1 point per dollar). Plus, you'll earn 5 points per dollar on prepaid hotels booked with Amex Travel.
These 5-point categories are an excellent way to earn lots of Membership Rewards points. Based on TPG November 2024 valuations, earning 5 points per dollar provides a 10% return.
All other purchases earn just 1 point per dollar, but Platinum cardmembers are eligible for targeted Amex Offers that could boost earning rates at various merchants (including Amazon).
Related: The ultimate guide to saving money with Amex Offers
Redeeming points on the Amex Platinum
Membership Rewards points are one of the most valuable and flexible loyalty currencies ever created for redeeming points. The best way to maximize your points is to transfer them to one of their loyalty program partners.
You can also use your Membership Rewards points to book travel directly through American Express Travel. But if the personal Amex Platinum is the only Amex card in your inventory, using points for airfare and hotel redemptions this way won't get you amazing value.
You'll get only 1 cent per point when you redeem the points directly for airfare at Amex Travel and less than 1 cent per point when redeeming for hotel rooms.
From my experience, 9 out of 10 times, you should never redeem Membership Rewards points for flights through American Express Travel, as you will get much better value utilizing transfer partners.
However, suppose you also have The Business Platinum Card® from American Express. In that case, you'll get one of the very best direct point redemptions available. This results from the 35% points bonus for first- and business-class flights on any airline plus economy flights on your selected airline (up to 1 million bonus points per calendar year).
Related: Here are 9 of our favorite ways to use Amex Membership Rewards points
Transferring points on the Amex Platinum
Each Membership Rewards point is worth 2 cents, thanks largely to the program's airline and hotel transfer partners. Those include at least one helpful option in each major airline alliance (SkyTeam, Star Alliance and Oneworld).
Which cards compete with the Amex Platinum?
Some other compelling premium credit cards go head-to-head with the Amex Platinum:
- If you want a slightly lower annual fee: Try the Chase Sapphire Reserve, which comes in at a $550 annual fee but offers a $300 travel credit and some of the best travel protections available. However, it can't beat the Amex Platinum when it comes to perks such as lounge access and hotel benefits. For more information, read our full review of the Chase Sapphire Reserve.
- If you want a much lower annual fee: Capital One's premium rewards card, the Capital One Venture X Rewards Credit Card, packs a punch and comes with a more affordable $395 annual fee (see rates and fees). The Venture X is potentially more lucrative than the Amex Platinum when it comes to earning, accruing 10 miles per dollar on hotels and car rentals booked via Capital One Travel, 5 miles per dollar on flights and vacation rentals booked via Capital One Travel and an unlimited 2 miles per dollar on everything else. For more information, read our full review of the Venture X.
For additional options, check out our full list of the best cards for travel rewards and lounge access.
Read more: The best premium credit cards: A side-by-side comparison
Bottom line
If you can take full advantage of more than $1,500 in annual statement credits (as mentioned above) yearly, The Platinum Card from American Express is one of the most compelling rewards cards, especially if you travel enough to make the hotel statuses and lounge benefits useful or shop enough to get substantial value from the shopping protections.
The Amex Platinum's $695 annual fee is steep, but the various annual credits can recoup the entire cost (and more), even before considering the card's other perks.
Apply here: The Platinum Card from American Express
Check the CardMatch tool to see if you're targeted for a 150,000-point Platinum Card offer (after meeting minimum spending requirements). These offers are subject to change at any time.
For rates and fees of the Amex Platinum, click here.