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At a glance
- Best for: Luxury Perks
- Annual Fee: $695
- Pay Over Time APR
- Reward Rate: 5X
- Recommended Credit: 670-850
The Platinum Card® from American Express
80,000 Membership Rewards® Points
Offer Details:
80,000 Membership Rewards® Points after you spend $8,000 on purchases in your first 6 months of card membership
Why we like it
The Amex Platinum was once the sole dominating force in the luxury credit card space. While it now faces some stiff competition, it still offers unbeatable perks like unprecedented airport lounge access, elite status at Hilton and Marriott, and some outstanding statement credits making the mammoth $695 worth it for some.
Reward details
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 Membership Rewards® Points on prepaid hotels booked with American Express Travel.
Pros & Cons
Pros
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Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership.
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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 and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
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Incredible lounge access
Statement credits worth over $1,000 annually.
Unlock access to exclusive reservations and special dining experiences with Global Dining Access by Resy when you add your Platinum Card® to your Resy profile.
Cons
-
The $695 annual fee is brutally high. Too high for many that can’t, or don’t want to take full advantage of its benefits.
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Points-earning rates are low unless spending directly on flights or with the Amex Portal.
-
Some of the benefits, like travel credits, are more limited and are harder to use than competing cards’ offerings.
Overview
The Platinum Card® from American Express delivers, without question, the most potential value of any travel rewards card (we’re talking multiple free flights). From its enormous welcome bonus to its thousands of dollars in annual statement credits (literally), this card can justify its $695 annual fee (see rates and fees) without breaking a sweat.
From incredibly extensive airport lounge access to elite status at some of the world’s largest hotel chains, we’ll break down this card’s myriad of benefits and evaluate if it’s a good complement for your lifestyle.
Who is the Amex Platinum Card best for:
Someone who can maximize the benefits and perks that this card offers.
The Bottom Line:
The Amex Platinum Card has no problem justifying its $695 annual fee. If you can use even a fraction of its many valuable benefits, it’s a no-brainer to keep year after year. Plus, its massive welcome bonus is reason enough to at least give the card a try for a year to score flights, hotels, and more using your points.
Intro Bonus
The Amex Platinum Card currently offers 80,000 bonus points after spending $8,000 on purchases within the first six months from account opening.
American Express Membership Rewards® is arguably the most valuable travel rewards currency—and 80,000 points is a lot. We estimate that the bonus is worth about $1,600 toward travel—enough to score you multiple free flights. But if you know how to expertly wield them (and, if you read the Smart Points Newsletter, you do), you could squeeze a whole lot more from those points. We’ll show you in a second.
Read also: How to Use CardMatch to Find the 150,000-Point Amex Platinum Welcome Bonus
Pros & Cons
Pros
- High intro bonus of 80,000 points
- Easy access to lounges
- Get access to Global Entry, TSA PreCheck, and Clear with statement credits
- Unlock access to exclusive reservations and special dining experiences with Global Dining Access by Resy when you add your Platinum Card® to your Resy profile.
Cons
- The $695 annual fee is brutally high. Too high for many that can’t, or don’t want to take full advantage of its benefits.
- Points-earning rates are low unless spending directly on flights or with the Amex Portal.
- Some of the benefits, like travel credits, are more limited and are harder to use than competing cards’ offerings.
Benefits & Perks
Here’s where the real value of this card lives. The Amex Platinum Card is positively loaded with benefits that can easily be worth more than $2,000, especially if you’re a somewhat frequent traveler. But, keep the card’s $695 annual fee in mind and make sure that these are benefits that apply to your lifestyle.
Airport lounge access
With American Express Global Lounge Collection® you can enjoy access to over 1,400 airport lounges globally, including The Centurion® Lounge, Unlimited Delta Sky Club® Access when flying an eligible Delta flight, Escape Lounges, Lufthansa Lounges when flying Lufthansa Group, Plaza Premium, Priority Pass™ Select Lounges, & Additional Global Lounge Collection Partner Lounges subject to visit limitations.
Lounges may have their own rules, like additional access rules and guest fees, and for Priority Pass Select, you need to enroll and there are unlimited airport lounge visits for Card Members. With Delta Sky Club Access, Card Members will receive 10 Visits to the Delta Sky Club to be used from February 1 until January 31 of the next calendar year and can unlock Unlimited Delta Sky Club Access by spending $75,000 in eligible purchases on their Card in a calendar year.
To find a lounge, visit the membership section in the American Express® App or visit. http://www.americanexpress.com/findalounge#/loungefinder
Over $1,000 in annual statement credits
- Up to $200 in airline fees: You’ll be refunded for expenses such as seat selection, baggage fees, pet fees, airport lounge day passes, etc. However, there are ways to trigger this credit to help you pay for airfare itself.
- Up to $200 in hotel credits
- $200 Uber Cash: Platinum Card® Members can get out and about and explore their local area with $15 in Uber Cash for US rides each month, plus a bonus $20 in December. That can be up to $200 in annual Uber savings. Simply download the Uber app and add your Platinum Card® to your Uber account to get started. Available to Basic Card Member only. Effective 11/8/2024, an Amex Card must be selected as the payment method for your Uber or Uber Eats transaction to redeem the Amex Uber Cash benefit.
- Up to $240 in digital entertainment credits: Receive up to $20 per month to offset the price of popular services such as Hulu, Disney+, Peacock, The New York Times, and more.
- $155 in Walmart+ membership: You’ll be refunded for a monthly Walmart+ membership, which costs $12.95. Walmart+ also comes with a free Peacock subscription.
- Up to $100 in Saks credits: Receive $50 in credit between January 1 and June 30 and another $50 between July 1 and December 31. These credits aren’t difficult to use, but they likely aren’t saving you money if you don’t normally shop at Saks.
- Up to $300 in Equinox credit: Equinox fitness clubs can cost hundreds of dollars per month, and they’re typically only found in big cities. This credit also works to offset the price of a subscription to the Equinox+ app.
- $300 in annual SoulCycle at-home bike credit (for up to 15 bikes): If you’re launching a SoulCycle studio, the Amex Platinum Card can save you thousands. For everyone else, it’s quite a niche perk.
Travel protections
Trip delay insurance, trip cancellation and interruption insurance, baggage insurance, and rental car insurance all kick in when you use the card to pay for your travel.
Cell phone insurance
Get up to $800 in coverage with a $50 deductible when you pay your phone bill with your card.
Automatic Marriott and Hilton Gold elite status
Get bonus points, room upgrades when available, breakfast privileges, and more during your stays at Marriott and Hilton hotels.
Speed through security
Receive either a $120 statement credit every 4 years for a Global Entry application fee or a statement credit up to $85 every 4.5 years for a TSA PreCheck® (through a TSA official enrollment provider) application fee, when charged to your Platinum Card®. Card Members approved for Global Entry will also receive access to TSA PreCheck at no additional cost. Plus, receive up to $199 in annual Clear® Plus credit: You can skip to the front of the security line at participating airports.
Access to Amex Fine Hotels & Resorts
Earning rewards & redeeming points
Earning rewards
The Amex Platinum Card has two bonus categories where you can earn big rewards for your spend, but it’s nothing special when earning points for everyday purchases. You’ll earn:
- 5x points per dollar for flights booked directly with the airline or through Amex Travel (for up to $500,000 in spending per calendar year, then 1x)
- 5x points per dollar on prepaid hotels booked through Amex Travel
- 1x point per dollar on all other eligible purchases
With narrow bonus categories like these, the card isn’t a good daily driver unless the lion’s share of your spending is for airfare and hotel stays. Still, the card’s ongoing benefits make it worth keeping—even if you don’t use the card on a daily basis.
Redeeming points
It’s impossible to pin a specific value on American Express Membership Rewards points, because the return you get for them depends on how you redeem them. Let’s take a look at the most popular ways to use the rewards.
Transfer to travel partners (the best option)
American Express is partnered with 21 airline and hotel programs. Points transfer at a 1:1 ratio, though there are a few exceptions (as you can see below). Amex also frequently publishes promotions that improve the transfer ratio to some partners.
Aer Lingus | Choice Privileges | Iberia |
Aeromexico (1:1.6) | Delta | JetBlue (1:0.8) |
Air Canada Aeroplan | Emirates | Marriott Bonvoy |
ANA | Etihad | Qantas |
Avianca | Flying Blue (Air France and KLM) | Qatar Airways |
British Airways | Hawaiian Airlines | Singapore Airlines |
Cathay Pacific | Hilton Honors (1:2) | Virgin Atlantic |
There are virtually endless free flights you can enjoy with this card’s 80,000-point bonus. Here are a few thoughts to help you get started:
- Transfer 58,000 points to British Airways for two roundtrip flights between Charlotte, NC and San Juan, Puerto Rico ($1,400 in value).
- Transfer 75,000 points to Hilton for a night at the Waldorf Astoria Maldives ($2,200+ in value).
- Transfer 68,000 points to Iberia for a roundtrip business class flight to Madrid in a lie-flat seat on Iberia from the East Coast ($3,800 in value).
Transfer 80,000 points to Avianca for two roundtrip coach flights from the US to Europe on a Star Alliance airline such as United, Turkish Airlines, or Swiss ($2,200+ in value).
Book travel through Amex Travel
Amex Travel is the official online travel agency of American Express. You can reserve flights, hotel stays, and more—and at checkout, you can use either cash or points (or a mixture of both).
You’ll receive a value of 1 cent per point when booking flights and hotel stays through Amex Fine Hotels & Resorts (a collection of luxury hotels only available for those who hold an Amex Platinum or Centurion card). You’ll get 0.7 cents per point for everything else.
In other words, this 80,000-point bonus from the Amex Platinum Card will earn you $800 toward flights and between $800 and $560 in hotel stays by using Amex Travel.
This is not the best way to use your Amex points, but it’s a more straightforward way to get more travel for your rewards. If you can’t find award availability for your desired travel dates, or if you’re simply not interested in the minor hassle of transferring rewards to a loyalty program, this could be the way to go.
Cash equivalents and merchandise
You can also trade your rewards for a statement credit or direct deposit at a rate of 0.6 cents each—or, you can redeem them at checkout with select stores (think Amazon and Walmart) for 0.7 cents each.
If you think you’ll be routinely using your points in this way, you are far better off spending with a cash back credit card instead of a travel rewards card like the Amex Platinum Card.
Read also: The Best Cash Back Credit Cards for Your Lifestyle
Is this card right for you?
If you’re someone who loves to travel in style, this card might just be your new best friend. As we mentioned, it’s packed with perks like access to exclusive airport lounges, free hotel upgrades, and even monthly Uber credits. Plus, if you’re always booking flights and hotels, those 5x points can add up fast. Sure, the $695 annual fee is not cheap, but if you’re making the most of all the benefits, it’s more than worth it.
On the flip side, if your idea of “travel” is staying home and binging Netflix (respect), or you’re not into premium perks, this card might not be the best fit. It’s all about maximizing the extras, and it’s perfect for someone who’s ready to dive into all it offers.
- Best for: Luxury Perks
- Annual Fee: $695
- Pay Over Time APR
- Reward Rate: 5X
- Recommended Credit: 670-850
The Platinum Card® from American Express
80,000 Membership Rewards® Points
Offer Details:
80,000 Membership Rewards® Points after you spend $8,000 on purchases in your first 6 months of card membership
Why we like it
The Amex Platinum was once the sole dominating force in the luxury credit card space. While it now faces some stiff competition, it still offers unbeatable perks like unprecedented airport lounge access, elite status at Hilton and Marriott, and some outstanding statement credits making the mammoth $695 worth it for some.
Reward details
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 Membership Rewards® Points on prepaid hotels booked with American Express Travel.
Pros & Cons
Pros
-
Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership.
-
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 and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
-
Incredible lounge access
Statement credits worth over $1,000 annually.
Unlock access to exclusive reservations and special dining experiences with Global Dining Access by Resy when you add your Platinum Card® to your Resy profile.
Cons
-
The $695 annual fee is brutally high. Too high for many that can’t, or don’t want to take full advantage of its benefits.
-
Points-earning rates are low unless spending directly on flights or with the Amex Portal.
-
Some of the benefits, like travel credits, are more limited and are harder to use than competing cards’ offerings.
*Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/
by your friends at The Daily Navigator
