Editor's note: This is a recurring post, regularly updated with new information and offers.
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) 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 new 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.
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According to TPG's latest 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 Platinum Card from American Express 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)*
- Up to $189 in statement credits to cover your Clear Plus annual membership*
- Up to $240 in annual digital entertainment credit — with the exception of SiriusXM, which will be removed effective May 8 and no longer be eligible for this benefit — 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 a $155 statement credit 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 $100 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 reimbursem*nt 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***
- 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 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.
*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.
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). 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 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 rebate for first- and business-class flights on any airline plus economy flights on your selected airline (up to 1 million bonus points back 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).
Transferring your points to the right airline or hotel program is usually the best way to maximize your Membership Rewards points value.
Here's how TPG senior editor Matt Moffitt likes to transfer and redeem his Membership Rewards points:
"I look out for transfer bonuses to maximize my points to book long-haul business-class flights. I often transfer to Iberia Plus for lie-flat seats to Madrid. Sometimes, I'll transfer to Qantas Frequent Flyer to secure hard-to-find business- or first-class flights back to Australia."
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 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 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.
Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
