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If you’re a credit card user who’s all about maximizing your rewards, you already know how important it is to weigh a credit card’s annual fee against the value of its benefits.
The Platinum Card® from American Express includes lots of perks with a potential combined value that easily exceeds its annual fee. If you like a bit of luxury, you may be able to fully maximize the card’s features.
But several other premium rewards cards offer similar benefits geared toward high-end travel for a lower annual fee, so consider what’s best for your budget.
Quick Facts: The Platinum Card® from American Express
- Rewards rate: 5x points on directly booked flights and hotels booked through American Express Travel (up to $500,000);5x on prepaid hotels booked on amextravel.com; 1x on all other spending
- Welcome offer: Earn 80,000 Membership Rewards® Points after spending $8,000 in the first 6 months
- Annual fee: $695 (rates and fees)
. . .
Overview of The Platinum Card® from American Express
Based on the annual fee and the types of benefits, it’s pretty clear The Platinum Card® from American Express is a card for someone who isn’t pinching pennies. But if you’re big on travel, it’s a great way to amp up those experiences.
Redemption options include statement credits, paying with points when shopping with Amex partners, and transferring points to airline and hotel loyalty programs.
In addition to the points, you can access a suite of other benefits, including discounts on premium memberships, credits toward airline fees and hotel bookings, and complimentary access to over 1,400 airport lounges around the globe.
Pros
- Airport lounge access
- High rewards earning rate on travel
- Reimbursement for TSA PreCheck®* or Global Entry
- Insurance for cellphones, canceled trips, car rentals, and more**
Cons
- Steep annual fee
- You won’t earn a lot of points unless you make frequent travel purchases
- Some of the statement credits offered are for specific merchants
- No annual point bonuses
LEARN MORE: The Platinum Card® from American Express
American Express Platinum Card Rewards
The Platinum Card’s points-earning structure is tailored to people who do quite a bit of travel.
Membership Rewards® points never expire, so you can save them up over multiple years and then redeem them for something you really want.
If you add an authorized user, you can maximize your ability to earn points and rewards.
Redeeming Amex points
When it’s time to redeem, you have several options:
- Use Pay with Points to cover all or part of the cost of your upcoming travels booked on AmexTravel.com or at checkout with retailers like Amazon
- Qualify for special flight deals via Insider Fares on AmexTravel.com (if you can pay the entire flight price with points)
- Transfer points to 21 travel loyalty programs
- Redeem points for gift cards
- Get statement credits
- Donate to a charitable organization
American Express Platinum Card Benefits
Here’s where we get into the real fun of The Platinum Card® from American Express.
While you might make up for the annual fee just by earning points for your spending, the price tag is far more justifiable if you’ll also use most of the card’s perks.
Amex Platinum travel benefits
The Platinum Card has an impressive list of travel features, including:
- Up to $200 in statement credits annually on prepaid hotel bookings through American Express Travel
- Up to $200 in statement credits per calendar year for incidental airline fees, like seat assignments, baggage fees, and in-flight food and beverages
- Statement credit to help with the cost of Global Entry or TSA PreCheck®
- Unlimited access to more than 1,400 airport lounges in over 140 countries
- Complimentary premium status with several car rental companies
- Complimentary breakfasts, room upgrades, and late checkouts for hotels booked with Amex’s Fine Hotels + Resorts program
- Insurance for trip delays, cancellations, and interruptions, as well as car rental loss and damage**
Other card benefits
You can also take advantage of a number of non-travel perks, though many are oriented toward specific merchants that not everyone uses.
- Up to $200 in Uber Cash annually ($15 per month and an extra $20 each December). Effective 11/8/2024, an Amex Card must be selected as the payment method for your Uber or Uber Eats transaction to redeem the Amex Uber Cash benefit.
- Up to $240 in annual digital entertainment credits ($20 per month on Disney+, a Disney Bundle, ESPN+, Hulu, Peacock, The New York Times, and The Wall Street Journal) (enrollment required)
- Statement credits to cover the $12.95 monthly Walmart+ membership fee
- Up to $100 in annual statement credits for purchases at Saks Fifth Avenue and Saks.com (enrollment required)
- Up to an $800 reimbursement for a damaged or stolen cellphone ($50 deductible) if you paid the previous month’s cellphone bill with the card**
- Up to $1,000 annually in refunds for item returns that a merchant won’t approve**
- An extended warranty of up to one year from the original manufacturer’s warranty on covered purchases**
- Up to 90 days of purchase protection for theft, damage, or loss**
Who Should Get The Platinum Card® from American Express?
It might make sense to get The Platinum Card® from American Express if you’re a frequent flyer who prefers hotels to short-term homestays like Airbnb, or if you’re a devotee of several different Amex partner brands, like Uber, Walmart, or Saks.
Maxing out multiple statement credits for these brands can potentially make up for most or all of the card’s annual fee.
Who Shouldn’t Get The Platinum Card® from American Express?
If you buy from Amex’s partner brands infrequently and only travel a few times each year, you’ll probably save money by forgoing The Platinum Card’s annual fee and paying for stuff like airport lounge access and travel insurance on a case-by-case basis instead.
Alternatives to The Platinum Card® from American Express
Capital One Venture X Rewards Credit Card
- Rewards rate: 10x miles on hotels and rental cars booked through Capital One Travel; 5x miles on flights and vacation rentals booked through Capital One Travel; 2x miles on all other purchases
- Welcome offer: Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel
- Annual fee: $395
. . .
For a solid alternative, the Capital One Venture X Rewards Credit Card is a more affordable option. Like The Platinum Card, the Capital One Venture X is also focused on travel rewards, as you’ll earn the most miles for travel purchases.
The Venture X gives you lounge access and $300 in annual travel credits (for bookings through Capital One Travel).
Plus, you’ll receive 10,000 bonus miles on each membership anniversary, equal to about $100 in travel credit.
LEARN MORE: Capital One Venture X Rewards Credit Card
Chase Sapphire Reserve®
- Rewards rate: 10x points on hotel stays and car rentals through Chase Travel℠; 10x points on dining purchases through Chase Ultimate Rewards®; 5x points on flights booked through Chase Travel℠ (after the first $300 is spent on travel purchases annually); 3x points on restaurants and travel; 1x points on everything else
- Welcome offer: Earn 60,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening
- Annual fee: $550
. . .
The Chase Sapphire Reserve® is known for many of the same perks as The Platinum Card, but it has quite a bit more flexibility. Nonetheless, its annual fee is still fairly high.
With it, you get a $300 annual travel credit, and it’s applicable to virtually any travel expense — not just travel purchased through Chase Travel℠.
You can also use the Sapphire Reserve for complimentary airport lounge access and a statement credit to help with the cost of TSA PreCheck® or NEXUS. Plus, you can get 50% more value for your points by booking travel through Chase Travel℠.
LEARN MORE: Chase Sapphire Reserve®
Capital One Venture Rewards Credit Card
- Rewards rate: Earn 5x miles on hotels, vacation rentals, and rental cars booked through Capital One Travel; 2x miles on all other purchases
- Welcome offer: $250 to use on Capital One Travel in your first cardholder year, plus earn 75,000 bonus miles once you spend $4,000 on purchases within the first 3 months - equal to $1,000 in travel
- Annual fee: $95
. . .
If you’re not as focused on luxury, you can opt for the Capital One Venture Rewards Credit Card, which has a low annual fee.
While the Venture Rewards won’t give you unlimited airport lounge access, you can visit Capital One or Plaza Premium lounges twice a year, and your TSA PreCheck® or Global Entry fee is covered.
LEARN MORE: Capital One Venture Rewards Credit Card
Bottom Line: Is The Platinum Card Worth It?
Although everyday perks like digital entertainment and Walmart+ credits offer broad appeal, the real value of the The Platinum Card® from American Express is unlocked if you travel extensively and often.
If you primarily care about comfort and exclusivity when traveling, the benefits offered are hard to match, and the card’s annual fee might not be too much for you.
But for the average consumer, The Platinum Card doesn’t make financial sense. You’ll want to carefully consider your spending habits and lifestyle before you apply.
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* Receive either a $120 statement credit for Global Entry or a credit of up to $85 for TSA PreCheck after you apply through any Authorized Enrollment Provider. Only one credit will be given in a 4 year period for Global Entry or in a 4.5 year period for TSA PreCheck, depending on whichever application fee is charged to your eligible American Express® Card first.
** Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by Amex Assurance Company.
Disclosure: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
