The Platinum Card® from American Express
- Nice initial bonus. The American Express Platinum Card gives you 60,000 bonus points for spending at least $5,000 within three months of account opening, which are worth about $510 on average, according to WalletHub research. That’s very good, representing roughly five times as much value as the average initial bonus.
- Naughty annual fee. The Amex Platinum Card’s main claim to fame, aside from its luxurious travel rewards, is a whopping $550 annual fee. That alone will turn a lot of people off, but frequent travelers can definitely still get their money’s worth from the card’s rewards and other perks.
- Solid travel rewards, with some limitations Amex Platinum gives you 5 points per $1 spent on airfare, as long as you book directly with the airline or through American Express. You’ll also get 5 points per $1 spent on prepaid hotel reservations booked through Amex. That equates to about 4.25% cash back, which is great compared to the 1.06% you’d earn with the average cash rewards card. But that’s not the real star of the Amex Platinum rewards show. You also get $200 per year in statement credits for baggage fees and other airline incidentals (with one qualifying airline) as well as $200 in annual Uber credits. And the main event for many is the access the Platinum Amex provides to 1,000+ airport lounges worldwide, including the Amex Centurion Lounge network. But remember, such perks are only good if you use them.
- Automatic hotel status. As an American Express Platinum Card user, you will be able to join Hilton and Starwood’s loyalty rewards programs as a Gold member without meeting any of the standard spending requirements. This gives you access to perks such as complimentary room upgrades and enables you to earn free nights faster. For more information about these loyalty programs, check out WalletHub’s Hilton Honors and Starwood Preferred Guest reviews.
- You have to pay in full. American Express Platinum is a charge card, which means you must pay your monthly bill in full if you want to continue making purchases — unless certain charges qualify for the “Pay Over Time” feature, which allows you to carry an interest-accruing balance. So you’ll need to find another card for big-ticket purchases.
- No go without good credit or better. The American Express Platinum Credit Card requires good or excellent credit for approval, so make sure to check your credit score for free on WalletHub before applying.
- Earn 60,000 Membership Rewards® points after you use your new Card to make $5,000 in purchases in your first 3 months.
- Enjoy Uber VIP status and free rides in the U.S. up to $15 each month, plus a bonus $20 in December. That can be up to $200 in annual Uber savings.
- 5X Membership Rewards® points on flights booked directly with airlines or with American Express Travel.
- 5X Membership Rewards points on prepaid hotels booked on amextravel.com.
- Enjoy access to the Global Lounge Collection, the only credit card airport lounge access program that includes proprietary lounge locations around the world.
- Receive complimentary benefits with an average total value of $550 with Fine Hotels & Resorts. Learn More.
- $200 Airline Fee Credit, up to $200 per calendar year in baggage fees and more at one qualifying airline.
- Get up to $100 in statement credits annually for purchases at Saks Fifth Avenue on your Platinum Card®. Enrollment required.
- Terms Apply.
- ANNUAL FEE $550
- LATE FEE $38
The Platinum Card® from American Express' Additional Info
- $550 annual fee.
- This American Express Card has no preset spending limit, giving you purchasing power that adjusts with your use of the card.
- No preset spending limit does not mean unlimited spending. Your purchases are approved based on a variety of factors including spending patterns, your payment history, your credit history, and financial resources known to us.
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Last updated on: February 13th, 2019 at 16:01
WalletHub is an independent comparison service.
Offer last updated: Feb 13th, 2019 at 16:01 ET