Menu burger Close thin Facebook Twitter Google plus Linked in Reddit Email
Loading
Tap on the profile icon to edit
your financial details.
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been provided, reviewed or otherwise endorsed by our advertising partners. Please visit our Advertiser Disclosure for more information and to view our partners.

The Platinum Card from American Express Review

Your Details Done
by Updated
The Platinum Card® from American Express

A Luxury Card for Frequent Travelers

Credit Needed: Good/Excellent

The name may give it away already, but The Platinum Card® from American Express is full of benefits for frequent travelers. If you travel in style and are all about exclusive rewards, this card is right up your alley.

The Platinum Card® from American Express offers a welcome bonus of 100,000 Membership Rewards points if you spend $6,000 in the first six months. You can earn 10 points on purchases deemed eligible with your card at restaurants around the world and when you Shop Small in the U.S., for the first 6 months of card membership on up to $25,000 in combined purchases. Earn 5 points for flights booked with American Express Travel or directly with airlines on up to $500,000 on these purchases per year. Plus, you earn 5 points for eligible hotel rooms booked and pre-paid for online through American Express Travel While traveling earns you the most points, there are daily benefits as well. You earn one point per dollar on all other purchases.

Racking up membership points leads to rewards. These points can be used to redeem rewards in over 500 different brands, from gift cards to entertainment. You can also transfer points to partner frequent traveler programs, like Delta's SkyMiles Program. With no foreign transaction fee, this card is ideal for frequent travelers. But with an annual fee of $695, it’s not fit for all since it is on the more expensive side. (See Rates and Fees)

It is worth noting that cardholders qualify for $200 in airline fee credit per calendar year, which can be used for things like checking bags or in-flight purchases with one qualifying airline (enrollment required). So that helps to reduce the card fee if you’re a frequent traveler who already makes those purchases. In addition, if you’re applying for Global Entry or TSA PreCheck, you receive credit for the application fees. You’ll be reimbursed $100 for Global Entry 4 years, or $85 for TSA PreCheck every 4.5 years. This means saving time, while getting some money back.

Being a cardholder also means an automatic upgrade to Hilton Honors Gold Status. With Hilton, this means benefits at over 4,800 hotels and resorts, while earning Hilton Honors Bonus Points (enrollment required).

The Platinum Card® from American Express even has benefits with Uber. You can enjoy VIP Uber status and up to $200 in Uber savings on rides or eats orders in the US annually. Uber Cash and VIP status is only available to Basic Card Member and Additional Centurion Cards only. If you prefer driving yourself, there are special discounts available if you use your Platinum Card from American Express to rent with premium car rental programs. You’re also covered if your rental car is damaged or stolen. In addition, American Express offers a Global Assist Hotline if you’re over 100 miles away from home. This means 24/7 emergency coordination and assistance services, whether it’s cash wires or medical referrals.

With these travel benefits, The Platinum Card® from American Express is a great option for frequent travelers. Being a cardholder not only earns you rewards that come with the card, but also rewards from partner programs and memberships. However, there’s an annual fee of $695, which is fitting for the high-end, luxury rewards. (See Rates and Fees). Terms and Conditions apply to the features of this card. 

Smart Features 

Earn 100,000-point welcome bonus - If you spend $6,000 with The Platinum Card® from American Express within the first six months of opening, you can earn a bonus 100,000 points.

Easily earned points - With The Platinum Card® from American Express, you can earn five points per dollar on flights booked directly with airlines on up to $500,000 on these purchases per year. Plus, earn 5 points for eligible hotel rooms booked and pre-paid for online through American Express Travel. During the first 6 months of card membership on up to $25,000 in combined purchases, earn 10 points on eligible purchases with your card at restaurants around the world, and when you Shop Small in the U.S. You also earn one point per dollar on all other purchases.

No foreign transaction fees - For those who frequently travel abroad, you’re in luck – The Platinum Card® from American Express does not charge a fee for foreign transactions. (See Rates and Fees)

$200 airline fee credit - You can earn up to $200 a calendar year in airline fee credit to compensate for airline incidental fees, like checked bags or in-flight purchases. This credit only applies to one airline – the airline of choice can be changed once a year. Enrollment required.

Fee credit for Global Entry or TSA PreCheck - If you’re a part of Global Entry or TSA PreCheck®, you’ll receive statement credit every four to four and a half years to reimburse you for the application fees of either service. This is a credit of $100 for Global Entry or $85 for TSA PreCheck®. Enrollment required. 

The Global Lounge Collection - When flying, you have access to over 1,000 airport lounges across 120 countries reserved for American Express members. You also have access to partner lounges, like the Delta Sky Club or the Priority Pass Select lounge.

$200 Hotel Credit - When you book and prepay travel with your Platinum Card with Fine Hotels + Resorts, Hotel Collection or bookings with Amex Travel you can get up to a $200 hotel statement credit back. 

Invitation-only events – As a cardholder, you have access to exclusive events. These events range from sporting to dining to fashion and are reserved for Platinum Card members.

Return protection - If a merchant won’t accept an item you’re returning, American Express may refund the item within 90 days of purchase. You can get up to $300 back per item or $1,000 per calendar year.

Uber credit - If you’re a Platinum Card Member, you can enjoy VIP Uber status and up to $200 in Uber savings on rides or eats orders in the US annually. Uber Cash and VIP status is only available to Basic Card Member and Additional Centurion Cards only. 

Hilton Benefits - Your Platinum Card from American Express comes with benefits when staying at Hilton properties. You’re automatically elevated to Hilton Honors Gold Status, earning Hilton Honors Bonus Points and reaping benefits at over 4,800 hotels and resorts. Enrollment required. 

Who it Benefits

The Platinum Card® from American Express largely benefits frequent travelers due to the travel perks. You need a good to excellent credit score to be eligible for this card. 

Being a cardholder comes with endless benefits. Booking flights and hotels with American Express Travel or directly with the airline earns you five points on every dollar. Once you accumulate enough points, you can pay with your points, whether it’s reserving flights or booking a cruise. Along with those rewards, you also get Uber credit, car rental protection and roadside assistance. And with no foreign transaction fees, the Platinum Card is useful for frequent travelers, whether domestic or abroad. =

But even given all the benefits, it’s at a hefty annual fee of $695. Other cards offer lower fees with excellent benefits, though they may not be as luxurious as the benefits offered by the Platinum Card. It’s helpful to consider your lifestyle and ask yourself whether it’s worth it to hold a card at this high-end level. It’s a card for frequent travelers, but probably not all frequent travelers. (See Rates and Fees)

Compare Similar Travel Rewards Offers

How it Works

The Platinum Card® from American Express offers a range of ways to earn points. If you spend over $6,000 within the first six months of opening, you will earn a bonus of 100,000 points. You earn five points per dollar on flights booked directly with airlines or American Express Travel. You also earn five points on each dollar for hotels pre-paid and booked with American Express Travel. For all other purchases, you earn one point per dollar.

With all these points saved up, you can redeem them on rewards in the American Express Membership Rewards Program. These rewards range from dining to travel to entertainment. You can even use your points to reserve flights, book hotels and pay for cruises. Points can also be transferred to affiliate frequent flyer programs, like Delta’s SkyMiles Program. In addition, being a cardholder automatically gives you a range of rewards, like access to exclusive events, travel deals and a complimentary concierge service.

What's the Catch

The Platinum Card® from American Express offers luxury rewards, and the annual fee reflects that. The annual fee is $695, much higher than other travel rewards cards. Your lifestyle and spending habits must match the one that the Platinum Card needs. (See Rates and Fees)

In addition, a lot of the rewards are limited in one form or another. For example, the up to $200 airline fee credit per calendar year can only be applied to one qualifying airline. If you tend to fly with different airlines or stay at less expensive hotels, the card limits your flexibility (enrollment required). 

Just the Math Please

Rewards

You earn five points per dollar spent on airfare bought directly from an airline or with American Express Travel on up to $500,000 on these purchases per year. You also earn five points per dollar spent booking hotels with American Express Travel. You earn one point per dollar on everything else. If you spend $6,000 within the first six months of opening, you earn a bonus of 100,000 points.  

Balance Transfers

There are no balance transfer fees or balance transfer APR with the Platinum Card from American Express. 

Rates and Fees

Annual Percentage Rate (APR) for Purchases

See Pay Over Time APR

APR for Balance Transfers

N/A

APR for Cash Advances

25.24% Variable

Penalty APR and When It Applies

See Rates and Fees

How to Avoid Paying Interest on Purchases

See Pay Over Time APR

Annual Fee

$695

Transaction Fees

  • Balance Transfer N/A

  • Cash Advance A fee of either $10 or 5% of the amount of each cash advance, whichever is greater, will apply

  • Foreign Purchase Transaction

Penalty Fees

  • Late Payment Up to $40

  • Returned Payment Up to $40

(See Rates and Fees)

How it Stacks Up

The Platinum Card® from American Express comes with many rewards, especially for frequent travelers. But it isn’t the only travel card out there. Other cards offer comparable benefits to the Platinum Card.

These points can be transferred to airline and hotel loyalty programs. They can also be redeemed for airfare, hotels, car rentals and cruises. 

Bottom Line

The Platinum Card® from American Express is a high-end travel card that offers luxury rewards. You earn points on travel and hotels, making this a useful card for frequent travelers. Being a cardholder also gets you exclusive opportunities, like dining at world-class restaurants or access to invitation-only events like sporting games or fashion shows. American Express is affiliated and partnered with renowned traveling services, meaning the Platinum Card also gives you the opportunity to stay at world-class hotels.

But these luxury benefits do come at the hefty annual fee of $695 per year. Though other cards often waive the first year’s fee, the Platinum Card does not. But it may be a good fit for frequent flyers who are disciplined with their money and value fancy benefits. (See Rates and Fees) Terms and Conditions apply to the features of this card. 

Next Steps

  • Finding the right financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in 5 minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.
  • Saving money is easier said than done, but having a high-yield savings account is a great start. To see what's available today, take a look at our overview of the top savings accounts.

Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure

Editorial Note: This content is not provided by the credit card issuer. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by the issuer.

Advertiser Disclosure: SmartAsset has partnered with CardRatings for our coverage of credit cards. SmartAsset and CardRatings may receive a commission from card issuers. 

To see the rates and fees for the American Express card featured, please visit the following link: The Platinum Card from American Express: See Rates and Fees