The initial 100,000 points are worth enough to offset the cost of the American Express Platinum card’s hefty $695 annual fee, at least for the first year. In addition to the welcome offer, the American Express Platinum card offers many other benefits and extensive ongoing rewards: 5 points per $1 on flights booked with airlines or with American Express Travel (up to $500,000 spent per year), 5 points per $1 spent on prepaid hotels booked through Amex, and 1 point per $1 on all other purchases.
Once you’ve met the spending requirement ($6,000 in the first 6 months) for the American Express Platinum card’s bonus, the points will post to your account within 8-12 weeks.
Yes, Amex Platinum is worth it for travelers with good credit who spend a lot and can take advantage of the card’s benefits. Amex Platinum benefits include a TSA PreCheck or Global Entry fee credit, airport lounge access, up to $200 in Uber credits per year and up to $200 in airline fee credits annually, and more. The card’s initial bonus of 100,000 points after you spend $6,000 in the first 6 months also goes a long way toward making the card worth its $695 annual fee.… read full answer
For the first year alone, you could wind up with at least $1,600 in net value (rewards and other perks, minus the $695 annual fee). The American Express Platinum card’s second year will have the same annual fee, but the total value of your benefits in year two would only be about $800 if you spent the same amount on the card as year one, according to WalletHub's research.
To really make money with this card after the first year, you’d have to spend a lot more. That said, many of the card’s perks are ongoing. You’ll benefit more if your purchases qualify for Amex Platinum’s ongoing bonus rewards rates, and if you utilize Amex Platinum’s complimentary Gold status in the Marriott Bonvoy and Hilton Honors hotel loyalty programs (enrollment required).
All in all, Amex Platinum is a good card for big spenders who travel all the time and can wring every drop of value out of its benefits. But it’s far too expensive for light spenders and occasional travelers.
The American Express Platinum card credit score requirement isn’t the only thing that determines whether you’ll be approved, though. Your credit history, income and any debt you’re carrying will also play a role in your approval odds. In fact, reports around the internet suggest you can get approved with slightly lower credit score if you have high enough income.
To gauge your odds of approval, you can also check to see whether you pre-qualify for American Express Platinum card offers. Unlike an actual application, pre-qualification is only based on a soft inquiry on your credit report, and does not affect your credit score. Just keep in mind that while pre-qualification indicates good odds of approval, it does not guarantee it.
If you don’t meet the American Express Platinum card credit score requirement, there are plenty of other credit cards you can get. They likely won’t be from American Express, though, since Amex cards require good or excellent credit. The best credit cards for fair credit also have rewards that fit various spending habits. Once you get a credit card, be sure to make all of your payments on time, and try to keep your credit utilization below 30%. This will help raise your credit score so you can get approved for a card like American Express Platinum card in the future.
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