The American Express Platinum Card has a high fee, but it has many benefits. In this American Express Platinum Card review, I will list all the details and benefits so you can decide if it’s the credit card for you.
Among premium credit cards, the American Express Platinum has one of the priciest annual fees at $695. However, that extra expense will unlock a huge range of benefits that no other card can rival.
The American Express Platinum card works as both a travel and a premium card. This means that you will be getting miles points whenever you use it for purchases. It also has a premium price point that allows the holder to access perks not available to other regular cardholders.
Read on to learn more about the American Express Platinum Card and its most significant details.
American Express Platinum Card Fees
Of course, the first thing that you would want to know before getting a new card is the number of fees that you will be paying for its use. Here are some of the fees associated with the American Express Platinum Card:
1. Annual Fees
The American Express Platinum card just recently increased its annual fee from $595 to $695. Even when compared to other premium cards, the American Express Platinum Card has a steep annual fee. However, although this card charges a huge fee, you will be getting many discounts from a lot of upscale establishments.
2. Transaction Fees
American Express will charge you either $10 or 5% of the amount borrowed for cash advances, whichever one is bigger. Now, if you were to use the card in a foreign country, you will be pleased to know that the company will not charge any fees for foreign transactions.
3. Penalty Fees
For late payments, American Express will charge a penalty fee of up to $40. If your bank returns your payment, that will be another $40.
American Express Platinum Card Interest Rates
Another detail you need to know when availing of a new credit card is the interest the company charges on your debt. For the American Express Platinum, you will be charged an Annual Percentage Rate (APR) of 15.99% to 22.99%. This will depend on your credit score determined at the time the account was created.
You will also be charged a Penalty APR for failure to make your payments on time. It will be at least 29.99% of the loan amount, but this may change depending on the Prime Rate. This penalty would apply to your account if:
- You have made a late payment
- Your bank returned your payment
The Penalty APR will remain for six months at least. If the company reviews your account and discovers that you had made timely payments, the penalty will be lifted.
How to Earn/Redeem Rewards Using the American Express Platinum Card
You can earn 5 rewards points per dollar for flights booked directly with airlines or through American Express Travel with a $500,000 limit annually. You will also receive 5 points per dollar spent on prepaid hotel bookings using American Express Travel.
There is an additional 1 point per dollar on other purchases. Moreover, you will get a welcome bonus of 100,000 rewards points if you spend at least $6,000 during the first six months of card activation.
There are several ways you can redeem your rewards points. You can use them to pay for flights booked through American Express Travel. The rewards points are also transferable to other airlines and hotel partners.
You can also use the points for redeeming gift cards that are usually worth one cent per point. The points are usable for paying for purchases in select retailers. These include Amazon, Best Buy, Saks Fifth Avenue, and others.
American Express Platinum Credit Card Benefits
The American Express Platinum might be an expensive card to keep. However, it comes with many nice benefits. Aside from earning 5 times more points on flights, you will get a huge amount of statement credits on purchases and discounts on premium services:
1. $200 Annually on Airline Fees
You will get reimbursed for airline fees like checked-bag fees and in-flight refreshments, but not for airfare or seat upgrades.
2. $240 for Online Entertainment
Get up to $20 a month that you can use for digital subscriptions. You can use that to stream platforms like Peacock, SiriusXM, Audible, and The New York Times.
3. $200 Annually on Hotel Bookings
Earn this credit if you prepay your American Express Travel bookings at more than 1,700 associated hotels.
4. $200 Annually for Uber
Technically, you will be getting $15 worth of Uber credits every month with $35 in December. Use these credits for rides or eats. Remember that the credits do not roll over to the following year, so you need to spend them or else you lose them.
5. $300 Annually for Equinox Gym Memberships
You will be getting $25 worth of statement credit every month for certain Equinox gym memberships.
1. Cell Phone Protection
This is one of American Express Platinum’s robust purchase protections. Extended warranties are also included. The coverage can amount to $800 per claim per year.
2. VIP Invitations
You will be entitled to partake in exclusive events like the Kentucky Derby and Wimbledon. Do take note that the card will give you the ability to purchase tickets. It will not get you into the said events for free.
3. Preferred Seating
Are you a sports fan? Then the American Express Platinum will let you skip the lines at the stadiums when purchasing tickets for sporting events.
4. Free Uber Eats Pass
You will also enjoy a complimentary annual pass for Uber’s takeout and grocery service (for US residents), which is quite useful. This service usually costs $119 a year. It also has various perks, like free delivery fees, discounts on restaurant orders, and free grocery deliveries on orders over $30.
Again, what does American Express Platinum Credit Card offer? With an annual fee of $695, which is one of the most expensive annual fees for a card, you can, however, access a huge range of benefits that other cards do not offer.
American Express Platinum Credit Card Downsides
If you are an Average Joe who wants to get his money’s worth from a card, which usually means getting an equivalent value of every dollar spent on it in the form of rewards, you might do well getting another card. There are a couple of reasons why you should pass on the American Express Platinum:
A High Annual Fee
Average travel cards nowadays charge less than $100 annually. They also give great benefits and rewards. For “premium” cards, an annual fee of $450 is the average. The $695 annual fee of the American Express Platinum is enough to make most people turn away. This is especially true when you consider that many of the rewards it provides are not quantifiable.
Although you will be getting a lot in terms of annual statement credits, which, combined, are worth more than the annual fee, you need to use them to gain any benefit.
This will be a problem if you live where there are no Equinox gym branches or your local airline does not have CLEAR. Also, you would not be saving all that much if you need to spend more to use the credits.
American Express Platinum Card Requirements
You need to be at least 18 years old to avail of the American Express Platinum Card. However, you might want to wait until you are 21 years old to have a better chance of getting approved.
2. Credit Score
Although there have been cases where individuals with credit scores in the 600-point range have been approved, it would still be better to have at least a credit score of 700 to get easier approval.
3. Salary Requirements
There are no salary requirements to qualify for the American Express Platinum Card, published publicly anyway. However, if you have an annual income of $100,000 and a good credit score, it should be no problem getting approval.
4. Number of Accounts Owned
Even though American Express does not use the 5/24 (5 new cards within the last 24 months) rule that other credit unions use, having too many cards raises a couple of red flags. All these may compromise your application.
American Express Platinum Card Vs. Other Cards
Platinum Card Vs. Delta SkyMiles Reserve AE Card
If you use Delta Airlines often, then consider getting the Delta SkyMiles. Although it charges a $550 annual fee, you will receive complimentary access to the Delta Sky Club and Centurion lounges.
However, the biggest perk you will get is an annual companion certificate that is good for Delta Comfort+ or first-class seating assignments. This, alone, is already worth more than the annual fee.
Platinum Card Vs. Chase Sapphire Reserve
The Chase Sapphire Reserve also has a high annual fee. However, you can offset it by fully maximizing the use of the card. You will be paying $550 in annual fees. However, in return, you will receive $300 annual travel credits and TSA PreCheck reimbursements. You will also gain lots of other benefits from hotels included in the Luxury Hotels and Resorts collection.
Is the American Express Platinum Card for You?
Consider getting this card if you can manage to maximize the credits you will receive every year. For instance, you should use up all the credits for online entertainment, which amounts to $240 on the Peacock online streaming service, every year. If you don’t, then you will have to forfeit them.
You will eventually get back the amount you pay for annual fees in terms of rewards and benefits. However, you will need to spend quite a bit on becoming eligible for said perks.
This card is perfect for the jet-setting individual with lots of disposable income and enjoys the finer things in life. If you fit this mold, then you should check out the American Express Platinum Card.
Conclusion – American Express Platinum Card Details and Review
Even among premium cards, the American Express Platinum Card is quite expensive to keep with its annual fee of $695. However, with this extra expense comes a wide array of exclusive and lucrative benefits that only a handful of other premium cards can rival.
The American Express Platinum Card is not for everyone. However, if you can fit into the mold, you can enjoy exclusive benefits and rewards that you can’t access otherwise.