American Express Platinum Card® Review: Significant Benefit Balance Significant Annual Fees
Our goal here at Credible Operations, Inc., NMLS number 1681276, referred to as âCredibleâ below, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are ours.
American Express is one of the most recognized names in the credit card market, and few cards have the level of prestige that the Platinum card enjoys.Â® from American Express.
Getting an American Express Platinum Card for the first time can make you feel like you’ve reached the threshold of financial success. And that success doesn’t come cheap – the Platinum card comes with a hefty annual fee.
But if you travel a lot, it is possible to accumulate perks and rewards to offset the annual fees.
Highlights of the map
- 10 points per dollar on qualifying purchases at restaurants worldwide and national stores Small Business
- 100,000 Membership RewardsÂ® points after spending $ 6,000 on purchases in the first six months of card membership
- 5 points per dollar for flights booked directly with airlines or with American Express Travel (up to $ 500,000 per calendar year) and for prepaid hotels booked with American Express Travel
- Multiple ways to get cash credits and statement savings
Check out the Platinum CardÂ® from American Express and other credit cards when you compare credit cards with Credible.
How the rewards work
Platinum cardholders have access to an impressive array of rewards and benefits. Members can earn points and benefits based on their purchases.
With a reward rate of one point per eligible dollar spent, the Platinum Card gives members the ability to earn a significant number of points. Points are quintupled for certain types of purchases, including:
- Flights booked with airlines or American Express Travel (up to $ 500,000 per calendar year)
- Prepaid hotels booked with American Express Travel
In addition, the Platinum card offers a number of credits when you use your card for certain purchases, including:
- $ 200 in statement credits per year on Prepaid Fine Hotels + ResortsÂ® or The Hotel Collection hotels when booking with American Express Travel
- $ 240 in statement credits for digital entertainment purchases from Audible, Peacock, SiriusXM and The New York Times (registration required)
- $ 200 in statement credits per year for baggage and other air travel costs with an eligible airline
- $ 200 (or less) in Uber Cash and Uber VIP status on orders for Uber groceries or meals in the United States each year
- $ 25 rebate each month (up to $ 300) on select Equinox subscriptions (registration required)
- $ 179 CLEARÂ® credit on your Clear membership
- Free entry and exclusive advantages from 40 years old Centurion Lounge and Studio locations worldwide
The Platinum Card also offers a host of other benefits, including access to preferred seating when you use your card to purchase tickets for certain events, rental car upgrades and more. You can find details in the map terms and conditions.
What you need to know about welcome offers
Welcome offers are benefits available to new cardholders for a limited time, typically during the first few months of card membership. The American Express Platinum CardÂ® comes with two welcome offers that can help new members save big.
If you use your card to make $ 6,000 in qualifying purchases within the first six months of membership, you will earn 100,000 reward points. Points will be credited to your account once you reach the threshold amount within the time limit.
You can also enjoy an important welcome benefit when you use your Platinum Card at restaurants around the world or for qualifying purchases at a business in the Small Card Shop Where Online Directory – up to $ 25,000 combined during the first six months of membership in the card. If you meet the conditions, you will receive 10 points per dollar for qualifying purchases.
What you need to know about rates and fees
While the Platinum Card offers great perks, rewards, and perks, it all comes at a significant price. Platinum cardholders pay an annual fee of $ 695.
The purchase APR varies by market based on the prime rate and currently ranges from 15.99% to 22.99%, depending on your credit and other factors when you open the account.
Benefits of the Platinum Card
- Many opportunities to earn rewards for using your Platinum card
- Points can add up quickly, depending on the types of purchases you make with the card
- Access to an extensive network of airport lounges around the world
- No foreign transaction fees
Disadvantages of the Platinum card
- High annual fee
- High penalty APR of 29.99% (or more)
- The reward structure is complicated
- Generally, you will need good to excellent credit to qualify for this card.
Who is the card good for (and who is not)
With hotel credits and access to room upgrades, airport lounge access, dining, carpooling and flights, the Platinum CardÂ® from American Express is a premium travel card. It is a good option for luxury travelers and businessmen who cover thousands of kilometers on the road each year. Using the card to pay for travel expenses could accumulate points quickly.
If you’re looking for a card to pay for everyday, everyday expenses or a card that will give you rewards for less frequent travel purchases, American Express probably has a better option for you – a card that reimburses cash or doesn’t. no annual fee.
Alternatives to the Platinum Card
The American Express Blue Cash EverydayÂ® card can be a good option if you want cash back for your daily expenses. It has no annual fee and a reward rate of 1% to 3%, depending on how you use it.
And for a no annual fee travel rewards card, check out the Delta SkyMilesÂ® Blue American Express card. You can earn 10,000 bonus miles after spending $ 500 on purchases within the first three months of membership.
You can compare the American Express Platinum CardÂ®, Blue Cash EverydayÂ® card and other credit cards by visiting Credible.
Some concluding observations
Keep in mind that credit card terms and conditions can change, so be sure to check the card issuer’s website for the most recent information before applying for a credit card. Paying off credit card balances on time and in full each month is the best way to avoid interest charges and prevent the accumulation of credit card debt.