The Platinum Card® from American Express is not a traditional credit card. Unlike traditional credit cards, the American Express Platinum card allows you to pay off some purchases over time, but not all. The American Express Platinum card has an annual fee of $695, works wherever American Express is accepted, and reports to the credit bureaus monthly.
Key Facts About the American Express Platinum Card
Issuer: American Express
Network: American Express
Credit requirement: Good credit
Annual fee: $695
APR: See Pay Over Time APR
Foreign transaction fee: 0%
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
Lastly, the American Express Platinum card may or may not be the best card for you depending on your needs, qualifications and spending habits. You can learn more about this card from WalletHub’s full review.
The American Express Platinum card is a hybrid card, combining the features of a charge card and a traditional credit card. A charge card usually requires the cardholder to pay off the entire balance every month to continue making purchases.
A regular credit card, on the other hand, allows users to carry a balance from month to month. However, you will have to pay interest on the unpaid balance. Charge cards usually come with … read full answerno preset spending limit, too. Regular credit cards, however, have a set maximum amount that a user can spend on the account.
What you should know about the American Express Platinum card hybrid features:
The Pay Over Time feature: The American Express Platinum card is different than some charge cards. It has a Pay Over Time feature, which allows you to carry certain approved balances from month to month, over an approved timeframe with interest. Pay Over Time purchases are moved into a separate balance from regular purchases, up to a limit.
The regular purchases balance must still be paid in full every month. If the balance is not paid in full, there’s a late payment fee up to $40, along with a penalty APR.
The Plan It® feature: The American Express Platinum card may also offer cardholders the Plan It feature. This allows cardholders to create a payment plan for qualifying purchases/amounts in exchange for a fixed plan fee. There is no sign up, application, or enrollment required. This feature is automatically embedded into the card.
Credit limit: The American Express Platinum card’s no preset spending limit doesn’t mean unlimited credit. American Express periodically adjusts the spending power on the American Express Platinum card based on your card usage, along with other factors.
The drawback is that you don’t know your exact spending capacity. This makes it difficult to determine if any future purchases will be approved.
Ultimately, it is worth mentioning that a charge card is technically a type of credit card. It just doesn’t have a revolving line of credit.
The Platinum Card® from American Express is not a Visa or a Mastercard – it is on the American Express network. This means the American Express Platinum card has a bit less worldwide acceptance than a Visa or a Mastercard but should still be usable at most merchants within the U.S.
In general, it doesn’t matter much what network your credit card is on unless you’re focusing specifically on international travel. In that case, you’re best served by getting a Visa or Mastercard credit card with no foreign transaction fees. But for all other purposes, all four major credit card networks have comparable benefits and card offers. It’s best to compare individual cards on a case-by-case basis rather than focusing on a specific network.… read full answer
Yes, it is hard to get the American Express Platinum card because applicants need a 700+ credit score and a high income to qualify for approval. But if you have good or excellent credit and make a lot of money, you have a good shot. And if you are able to take advantage of the card’s substantial rewards and benefits, American Express Platinum can be worth owning.… read full answer
American Express Platinum card isn’t the hardest Amex card to get, though. Its requirements are far more lenient than those of the Centurion® Card from American Express. It is an invitation-only card that reportedly requires you to spend hundreds of thousands of dollars per year on another Amex card and have a 7 figure annual income to qualify.
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