The Platinum Card® from American Express Review

The main American Express Platinum card's requirements for approval are that an applicant must be at least 18 years old with a valid Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN). Applicants must also have a physical U.S. address, enough income to make monthly minimum payments, and at least good credit (a credit score of 700+).

American Express Platinum card Requirements

• At least 18 years old
• Physical U.S. address (no P.O. boxes)
• Proof of enough income to make the monthly minimum payment
• Social Security number or ITIN
• Good credit or better (a credit score of 700+)

In case you don't know where you stand, you can check your credit score for free, right here on WalletHub. You can also gauge the odds of your approval for the American Express Platinum card and other American Express credit cards by using Amex's online pre-qualification tool. Just keep in mind that while getting pre-qualified indicates good odds of approval (90%), it does not guarantee it.

If you apply for the American Express Platinum card, it's important that you enter all required information completely and accurately. Knowingly reporting false or misleading information on a credit card application is a federal crime.

The American Express Platinum card credit score requirement is 700 or higher. This means applicants need good credit or better to be approved for the American Express Platinum card in most cases. If you don't know where you stand, you can check your credit score for free, right here on WalletHub. To gauge your odds of approval, you can also check to see whether you pre-qualify for American Express Platinum card offers.

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.

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. 

The American Express Platinum card minimum spending requirement for the initial bonus is $6,000. More specifically, you can earn 80,000 points for spending $6,000 in the first 6 months. 

Here's what you should know about the American Express Platinum card initial bonus:

• Eligible purchases made in the first 6 months by both the primary cardholder and any authorized users count toward the 80,000 points threshold. 
• Bonus points will be credited to the account within 8-12 weeks after meeting the American Express Platinum card minimum spending requirement.
• Certain charges, such as fees and interest do not apply toward American Express Platinum card's minimum spending limit. Neither do purchases of travelers checks, cash equivalents such as lottery tickets and money orders, prepaid cards, gift cards, and more.

The American Express Platinum card minimum spending requirement is in line with those on other American Express cards that offer high initial bonuses. 

For instance, to earn the The Business Platinum Card® from American Express's 120,000 points bonus, you will need to spend $15,000 within 3 months. Also, the American Express® Gold Card offers 60,000 points for spending $4,000 in the first 6 months.

You can earn and redeem American Express Platinum card points by using this card for purchases. With your American Express Platinum card, you'll earn 1 - 5 points per $1 spent on purchases. To qualify for this card's 5 points / $1 rewards rate, flights must be booked directly through the airline's website or through Amex Travel (up to $500,000 spent per year), and hotels must be booked through Amex.

In addition, the American Express Platinum card also offers 80,000 points for spending $6,000 in the first 6 months. When you redeem American Express Platinum card points, they're worth 0.7 cents to 1 cent each in most cases.

Here's how to redeem American Express Platinum card points: 

• Book travel through Amex. Log in to your American Express Platinum card account via the Amex travel portal. Then, search for the transportation and accommodations you want to book. There will be an option to pay with points at the check-out.
• Transfer points. You can actually move your points at a 1:1 ratio to 17 airline and 3 hotel loyalty programs. To do so, log in to your Amex account and choose the loyalty program you wish to transfer your points to. Keep in mind that you have to transfer in at least 1,000-point increments in most cases.
• Get gift cards. Log in to Amex's gift card reward page to make your selection. There are dozens of options to choose from, including restaurants, movie theatres, and airlines. 
• Donate. You can make a charitable donation with your rewards points online through Amex's JustGiving page.  
• 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 your credit card bill, at a rate of 0.6 cents per point. You can do so by logging in to your American Express Platinum card online account.
• Shopping. You can also spend your points towards Rite Aid purchases, Bestbuy.com, Staples.com and a few other sites (0.7 cents per point). Plus, you can use your points at a rate of 1 cent each toward NYC Taxi rides.

For more redemption options and current point values, check the Membership Rewards Points calculator. 

In addition, American Express Platinum card points do not expire as long as your account is open and in good standing. Points are forfeited when closing an account, so make sure to redeem them before that. 

The American Express Platinum card lounge access benefit gives cardholders free entry to a network of 7 airport lounge programs with a combined 1,200+ locations in more than 130 countries. All that's required to get access to these lounges, also known as the “Global Lounge Collection,” is:

1. Your American Express Platinum card
2. A government-issued ID
3. A boarding pass showing a confirmed reservation for same-day travel.

Keep in mind, though, that each lounge network has different access requirements and guest policies, so let's take a look at each.

Here's how the American Express Platinum card lounge access works:

• The Centurion Lounge: You can access Centurion Lounges when flying with any airline, as long as you have a boarding pass for a flight departing within three hours. You can bring up to two guests with you at no additional cost.
• The International American Express Lounges: You can access American Express Lounges when flying with any airline, as long as you have a same day boarding pass. Guesting privileges vary by lounge, but you can generally bring two guests with you at no additional cost.
• Delta Sky Club: You can access Delta Sky Clubs when you're flying on a Delta-operated flight. American Express Platinum card holders don't get any complimentary guests but may purchase guest access for up to two traveling companions.
• Priority Pass (enrollment required): Provides access to more than 1,300 lounges worldwide but doesn't include Priority Pass restaurant lounges. You can bring up to two guests with you at no additional cost.
• Plaza Premium Lounge: You can access Plaza Premium Lounges when flying with any airline, as long as you have a boarding pass for same day travel. You can bring up to one guest with you at no additional cost.
• Air Space Lounge: You can access Airspace Lounges when flying with any airline, as long as you have a boarding pass for same day travel. You can bring up to two guests with you at no additional cost; each person being admitted receives a $10 credit towards food and premium drinks.
• Escape Lounges: You can access Escape Lounges when flying with any airline, as long as you have a boarding pass for same day travel. You can bring up to two guests with you at no additional cost.

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.

Here's how to find American Express Platinum card partner lounge locations:

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.

Here's the value of American Express Platinum card lounge access:

The cost of purchasing airport lounge membership is constantly increasing. It's not unusual to see $600 annual membership fees for access to a lounge network. The American Express Platinum card lounge access is a benefit that, if you use it often enough, could save you hundreds of dollars and 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.

No, you don't have to pay off all American Express card 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. Some even offer 0% introductory APRs. That's the case with some of the best American Express credit cards like:

American Express Credit Cards You Have to Pay Off Every Month

On the other hand, you do have to pay some American Express cards in full every month. These include:

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. All information about the American Express Cash Magnet® Card has been collected independently by WalletHub. The American Express Cash Magnet® Card is no longer available to new applicants through WalletHub, but may be available on the American Express website.

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 Worth 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.

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.

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.

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 80,000 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 $1,600 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.

American Express doesn't publicly disclose any official American Express Platinum card income requirements. But having a steady source of income is a must in order to get this card. And you need to demonstrate the ability to pay the card's $695 annual fee and the entire balance in full, when applicable.

Other American Express Platinum card Approval Requirements

It is worth noting that you need at least good credit for approval. If you don't know where you stand, you can check your credit score for free, right here on WalletHub.

Apart from your credit score and income, Amex will also take various other factors into consideration. Some other factors include your credit history and any debts you might have.