The Platinum Card® from American Express Review

Yes, the American Express Platinum card is hard to get approved for. It will be difficult for the average person to get Amex Platinum because of the card's 700+ credit score requirement and reportedly high income requirement. Anecdotal evidence suggests most people need to make at least $40,000 to $50,000 per year and that approval odds are best with $100,000 or more in annual income.

Another factor that makes it hard to get Amex Platinum is the card's daunting $695 annual fee. However, if you are a big spender and are able to take advantage of the card's substantial rewards and benefits, Amex Platinum can absolutely be worth it.

Amex Platinum isn't the hardest Amex card to get, though. Its requirements are far more lenient than those of Amex Centurion, which is an invitation-only card that reportedly requires you to spend at least $100,000 per year on another Amex card and have an annual income of at least $1 million to qualify.

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 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.

For the first year alone, you could wind up with at least $1,800 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 $900 if you spent the same amount on the card as year one.

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.

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 Concierge Service works as a virtual assistant, helping cardholders secure concert tickets, deliver flowers, make reservations, and much more. It is an exclusive benefit for the American Express Platinum card, the Centurion® Card from American Express, the Delta SkyMiles® Reserve American Express Card and the Hilton Honors American Express Card cardholders. You can contact the concierge service by phone at (800) 525-3355 or by sending an email.

There are no service charges for using the Amex concierge, as it's a complimentary benefit. Any purchases required to complete your request are charged to your credit card. Most cardholders report getting their requests completed within a couple of hours or days.

Here are some of the types of requests you can make:

• Restaurant reservations
• Concert, movies and events tickets
• Travel and tour bookings
• Gift shopping and delivery
• Help planning an event
• Research for special requests
• Help finding a doctor, lawyer, plumber, handyman, etc.

You'll likely have more success with some types of requests than others. According to cardholders, if you make a travel booking request, you'll generally just be referred to Amex Travel. On the other hand, cardholders have found great success when submitting requests for things like concert and event tickets. If given enough notice, the concierge can get tickets the second they go on sale. Even better, when the concierge secures tickets, you don't have to pay any Ticketmaster service fees.

American Express also states the concierge can be used for personalized gift-shopping. You can provide some basic information about the person you need a gift for, and they'll do the gifting for you. Requests you make through the concierge will never be shared with anyone, including any authorized users on your card, so you can rest assured no surprises will be ruined.While there's not much information regarding the parameters of what requests you can and can't make, many cardholders said that it mostly depends on who your assigned concierge is from one request to the next. In general, the American Express concierge can be a valuable benefit for those who don't want to spend time making reservations or gift-shopping.

The Platinum Card® from American Express gives you 5 Amex Platinum points per $1 spent on flights and hotels, plus 1 point per $1 on everything else. To qualify for this card's 5 points per $1 bonus rewards rate, flights must be booked through the airline or Amex, and hotels must be booked through Amex. The Platinum Card® from American Express also has an initial bonus of 100,000 points for spending $6,000 in the first 6 months.

There are lots of different ways to redeem your card's points. You can use them to book travel through Amex, get gift cards or cash back, shop online, and even make charitable donations. The Platinum Card® from American Express points are worth 0.7 cents to 1 cent each in most cases.

Here's how to redeem points:

• Book travel through Amex. Just log in to your Amex account via the Amex travel portal, then search for the transportation and accommodations you want to book. When it comes time to check out, there will be an option to pay with points.
• Transfer points. You can actually move your points at a 1:1 ratio to 18 airline and 3 hotel loyalty programs. To do so, log in to your Amex account and choose your loyalty program. Just keep in mind that you have to transfer in 1,000-point increments.
• Get gift cards. Log in to Amex's gift card reward page to make your selection. There are dozens to choose from, from restaurants and movie theaters to airlines and bookstores.
• Donate. You can make a tax-deductible charitable donation with your rewards points by logging in at Amex's Members Give page.
• Pay for Uber. If you connect your card to your Uber account, you should see a “use points” option in your app.
• Amazon Shop with Points. If you connect your Amex card to your Amazon account, you can use their Shop with Points system to spend points on merchandise. But you'll only get 0.7 cents per point using this method.
• Statement credit. You can use your points to pay for charges on your statement, at a rate of 0.6 cents per point, by logging in to your Amex account.

There are a few other ways to spend this card's points. They're worth 0.5 cents each toward Ticketmaster purchases and 0.7 cents each toward Rite Aid purchases, Bestbuy.com, Staples.com and a few other sites. Plus, you can use them at a rate of 1 cent each toward NYC Taxi rides.

Most people will probably spend the bulk of their points on travel, because this is a card marketed toward frequent travelers. But it's nice to know there are lots of options. It's best to redeem points often to minimize the chances that Amex devalues them by raising the amount you need for certain redemption options.

The American Express Platinum card lounges are a network of 7 airport lounge programs with a combined 1,200+ locations in more than 130 countries. Known as the Global Lounge Collection, these lounges offer free access to American Express Platinum card members. All that's required is a American Express Platinum card, a photo ID and a same-day boarding pass.

Here are the American Express Platinum card lounges:

• The Centurion Lounge
• The International American Express Lounges
• Delta Sky Club
• Priority Pass (enrollment required)
• Plaza Premium Lounge
• Air Space Lounge
• Escape Lounges

Each lounge has its own set of perks, but typically, they offer access to an array of amenities ranging from cell phone charging stations to free Wi-Fi and conference rooms. There's also complimentary hot and cold food, snacks, alcoholic and non-alcoholic beverages, and more.

To find an Amex partner lounge location, visit the Global Lounge Collection website and type in the city or airport code in the search field. Restrictions on visitors vary by lounge, but nearly all locations allow complimentary access for at least one guest or immediate family member.

The American Express Platinum card lounge access is a benefit that, if you use it often enough, could help offset the card's $695 annual fee. There's no limit to the number of times you can visit each lounge, as long as your American Express Platinum card is active and in good standing.

You don't have to pay off all American Express cards every month. Most Amex credit cards allow you to carry a balance from month to month, requiring only a monthly minimum payment to keep your account in good standing. That's the case with the Blue Cash Preferred® Card from American Express and Blue Cash Everyday® Card from American Express, for example, as well as the The Amex EveryDay® Credit Card from American Express and others. Some even offer 0% introductory APRs.

On the other hand, you do have to pay some American Express cards in full every month. That includes The Platinum Card® from American Express, American Express® Gold Card and American Express® Green Card. But there are exceptions. If you have one of those cards and use it responsibly, American Express may offer to let you pay for certain purchases over time. Interest will apply to such purchases, though, at a rate that won't be disclosed until Amex extends an offer.

You can check out WalletHub's review of the best American Express credit cards to find a good option for carrying a balance. Just don't expect to find a low regular APR. American Express credit cards are known more for rewards than low rates.

American Express points are worth 0.67 cents per point, on average. The value of American Express points depends on how you choose to redeem the points. For example, points from American Express are worth up to 0.77 cents each when redeemed for travel through the Membership Rewards program, and they are worth 0.6 cents each when redeemed for cash back.   

American Express Points Value by Redemption Method

Popular American Express Cards

• American Express® Gold Card
• The Platinum Card® from American Express
• American Express® Green Card
• American Express® Business Gold Card
• The Blue Business® Plus Credit Card from American Express
• The Business Platinum Card® from American Express

Tips for Maximizing the Value of American Express Points

Redeem Points for Travel.

American Express points are worth the most when redeemed for travel.

Redeem American Express points regularly.

American Express points do not expire due to account inactivity, but stockpiling points does put you at risk of rewards devaluation. Plus, you won't get to enjoy the fruits of your spending if you don't redeem.

Keep your account in good standing.

If American Express closes your account because of a failure to pay the bill or fraudulent activity, you'll lose any unredeemed points you have saved. And if you pay late, you might have to pay a fee to get back the points from that billing period.

Redeem before closing your account.

Any points you don't redeem before closing your account will be lost, unless you keep another American Express credit card account open.

The best American Express Business Platinum card benefits are 120,000 points for spending $15,000 within 3 months; 5 points / $1 spent on certain spending categories, and access to more than 1,200 airport lounges worldwide. Other benefits include trip cancellation and interruption insurance, rental car insurance, and baggage insurance. And there's a perk that gives 35% of redeemed points back with a selected airline (or any airline for first class and business class flights).

Some American Express Business Platinum card benefits aren't exactly for everyone. Presumably, not every American Express Business Platinum card cardholder will take advantage of the 20% discount on flights with the Delta Private Jet program. But all worldwide travelers will enjoy the 0% foreign transaction fees and the complimentary Priority Pass Select membership, which gets you and up to two guests into Priority Pass lounges for free.

The benefits list for American Express Business Platinum card is long, but the card is only worth its $595 (10/14-1/12/22) annual fee if you use these benefits often.

Here are some of the top American Express Business Platinum card benefits:

• Airline fee credit: $200 per year in statement credits for airline charges like baggage fees and in-flight refreshments. Applies to one airline selected by cardholder.
• TSA PreCheck or Global Entry credit: Statement credit for the cost of applying for TSA Pre-check ($85) OR Global Entry ($100) every 4-4.5 years.
• Hotel perks: Staying at one of the 1100+ Amex partner hotels provides perks like late checkout, hotel credits and complimentary room upgrades.
• Airport lounge access: Access to over 1,200 airport lounges around the world with the American Express Global Lounge collection.
• 35% redemption bonus: 35% of redeemed points back when used at one selected airline. 35% back on all first class/business class flights regardless of airline.
• Trip cancellation and interruption insurance: Up to $10,000 in compensation per covered trip ($20,000 per year) for cancellation or interruption of you or a family member's travel plans due to accidental injury or illness, bad weather, hijacking, jury duty, or damage to your primary residence.
• Rental car insurance: Covers theft and collision damage for the first 30 days of a rental. Coverage is up to $75,000. Must charge the rental to American Express Business Platinum card and decline the rental company's insurance.
• Baggage insurance: Up to $3,000 per person per trip if baggage gets lost, stolen, or damaged while traveling. Coverage applies to cardholder, spouse and dependent children under 23. The whole reservation must be charged.

Those aren't the only American Express Business Platinum card benefits. But they are the most broadly useful. Most of the other perks are special experiences without a clear dollar value. For example, there's preferred seating at concerts. Or, there are services that very few people need, like private jet bookings.

The American Express Platinum card points per dollar earnings are as follows: 10 points per $1 spent at restaurants and Shop Small merchants in the U.S. during the first 6 months (up to $25,000 spent), 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. In addition to these ongoing rewards, the American Express Platinum card also offers new cardholders an initial bonus of 100,000 points for spending $6,000 in the first 6 months. Charges for travelers checks, prepaid cards, gift cards, cash equivalents such as lottery tickets, fees and interest do not earn points.

American Express Platinum card points are worth 1 cent each when redeemed for airfare or stays at Fine Hotels & Resorts properties booked through the American Express Travel portal. Points used for most other forms of travel are worth just 0.7 cents each, however. In addition, points are worth 1 cent each toward most gift cards, 0.6 cents toward statement credits or 0.7 cents when using the Pay with Points feature for purchases at major retailers like Amazon or Best Buy. Just remember that American Express Platinum card point values are subject to change. Visit the Membership Rewards Points calculator website for current point values and other redemption options. American Express Platinum card points do not expire as long as your account isn't closed due to inactivity and you keep your account in good standing. Points are forfeited when losing an account, so make sure to redeem them before that.

The best American Express Platinum card travel benefits are its access to 1,300+ airport lounges worldwide, its $200 annual airline credit, and complimentary Gold Status in the Hilton Honors and Marriott Bonvoy loyalty programs. Plus, you get 5 points / $1 spent on flights and hotels booked through American Express Travel. And to top it off, there's a $15 monthly Uber credit, 0% foreign transaction fee, and baggage and travel insurance. On top of that, this card comes with an initial bonus of 100,000 points for spending $6,000 in the first 6 months.

The American Express Platinum card is a charge card, which means you'll have to pay the balance in full every month. Plus, it has a $695 annual fee. So, you should make sure that you will take advantage of as many American Express Platinum card travel benefits as possible to get your money's worth.

Here are some notable American Express Platinum card travel benefits:

• Annual Airline Credit: $200 per year for airline incidentals. You can't use the credit for airfare or upgrades.
• Credits for Uber Rides: Up to $15 in credits for Uber rides each month, plus a bonus $20 in December ($35 total). The credits expire at the end of each month, so be sure to use them.
• Complimentary Hotel Status: Cardholders can join Hilton Honors and Marriott Bonvoy as Gold-level members for free. Members get complimentary room upgrades and more opportunities to earn free nights.
• Global Entry or TSA PreCheck Credit: Credit for the $100 Global Entry application fee or the $85 TSA PreCheck application fee, once every 4.5 and 4 years respectively. Both services expedite airport screening.
• Baggage Insurance: Pays up to $2,000 in replacement costs for checked baggage that gets lost and up to $3,000 for carry-on luggage.
• Car Rental Insurance: Covers eligible rental vehicles for up to 30 consecutive days against damage and theft up to a maximum of $75,000. Does not cover intoxicated/reckless driving, damage to other vehicles or personal injuries.
• Global Lounge Collection: Lets you access over 1,300 airport lounges in 148 countries for free.
• Fine Hotels & Resorts: Extra benefits when you book certain accommodations, like free room upgrades, free daily breakfast for two people, free Wi-Fi, and unique amenities depending on the location.
• Initial Bonus: 100,000 points for spending $6,000 within 6 months. Points do not expire as long as the account remains open.
• Reward Points for Travel Purchases: Earn 5 points / $1 spent on flights or hotels booked through AmexTravel.com.

Despite all of the American Express Platinum card travel benefits, the $695 annual fee might still be too much for you. There are some other good options, fortunately. One of the best is the Chase Sapphire Preferred® Card; you'll earn 60,000 points when you spend $4,000 in the first 3 months, and the annual fee is just $95.