The Platinum Card® from American Express gets recommended often. Because it has an incredibly long list of perks, and because it costs a whopping $695 per year (see rates and fees), some people assume that it's the best of the best.
It's not quite so cut and dry. You could save a ton of money with this American Express card. Or, you might find it frustrating to use and end up losing money. This card definitely isn't right for everyone, so it's important to figure out if it's a good fit for you before applying.
The best reasons to open the Amex Platinum Card
So, how can you know if The Platinum Card® from American Express is a match? I'd only recommend getting it if all of the following are true.
You'll be able to use its spending credits
Travel rewards cards with high annual fees usually have spending credits to balance out those fees. That's true with this American Express card. It has the most spending credits I've seen on a card -- over $1,500 per year of them. Terms apply.
A lot of people see that and think "Wow, I'll save over $1,500!" But here's the thing about spending credits: They only save you money if you can easily use them. And they're really only valuable if they cover something you'd already be buying.
For example, this card offers $300 in statement credits each year when you use it to pay for an Equinox membership. Terms apply. Great if you go to Equinox, but if you don't, that's $300 in value you won't be getting. Here are some of the other credits this card offers:
- $200 in Uber Cash per year: You receive $15 in Uber Cash per month with a $20 bonus every December.
- $240 digital entertainment credit: You get up to $20 in statement credits each month after using The Platinum Card® from American Express to pay for eligible purchases with any of the following: Disney+, a Disney Bundle, ESPN+, Hulu, The New York Times, Peaco*ck, and The Wall Street Journal.
- $155 Walmart+ credit: When you use The Platinum Card® from American Express to pay for a Walmart+ membership, you'll receive a monthly statement credit covering the full cost ($12.95 plus applicable taxes).
- Select enrollment required, terms apply.
Those are just some of the highlights, but they give you an idea of what this card offers and how its credits work. Make sure you can use at least $700 to $800 in spending credits if you're going to apply.
You travel often and like to book luxury travel
This card is designed for big spenders who want to upgrade their travel experience. Here are a few examples of its luxury benefits:
- Access to over 1,400 airport lounges, including The Centurion® Lounges from American Express
- Complimentary Marriott Bonvoy® Gold Elite status and Hilton Honors™ Gold Status
- The Fine Hotels + Resorts® Program, a collection of high-end hotels where card members can get special benefits
- Select enrollment required, terms apply.
If you like to stay at luxury hotels that cost $500 or more per night, this card will be right up your alley. Budget travelers, on the other hand, won't get nearly as much out of it.
You don't mind learning how to use American Express points
American Express points aren't the type of rewards that you just redeem for whatever you want. You can, but you won't get very good value that way. If you want to make the most of your points, you'll need to transfer them to the card issuer's travel partners.
There are plenty of opportunities to transfer your points. American Express has over 20 airline and hotel partners in its rewards program. But it takes some time to learn how to use American Express points, so you should only get this card if you're willing to do that.
Ratings Methodology
The Platinum Card® from American Express
Apply Now for The Platinum Card® from American Express
OnAmerican Express'Secure Website.
Terms apply
Rating image, 4.50 out of 5 stars.
4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.50 out of 5 stars.
4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Credit Score:Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Poor
Fair
Good
Excellent
300-579
580-669
670-739
740-850
Apply Now for The Platinum Card® from American Express
OnAmerican Express'Secure Website.
Terms apply
Credit ScoreFalling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Good/Excellent (670-850)
Intro APR
Purchases: n/a
Balance Transfers: n/a
APR
See Pay Over Time APR
RewardsEarn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel. Earn 1X Membership Rewards® Points on other purchases. Terms and limitations apply.
1X-5X Membership Rewards® Points
Annual Fee
$695
Welcome OfferEarn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership.
80,000 Membership Rewards® Points
This luxury travel card has some of the most prestigious perks you'll find — access to over 1,400 airport lounges, elite status with Hilton and Marriott Bonvoy, and spending credits worth over $1,500 in value every year. Just be ready for the hefty annual fee, which can be offset in the first year with a welcome bonus worth $800 in points. Terms apply.
- Big welcome offer
- Substantial spending credits
- Airport lounge access
- Hotel benefits
- Flexible travel points
- Annual fee
- Limited bonus categories
- Spending credits can be complicated to manage
- Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Apply and select your preferred metal Card design: classic Platinum, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu.
- Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
- $200 Hotel Credit: Get up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings through American Express Travel using your Platinum Card®. The Hotel Collection requires a minimum two-night stay.
- $240 Digital Entertainment Credit: Get up to $20 back in statement credits each month on eligible purchases made with your Platinum Card® on one or more of the following: Disney+, a Disney Bundle, ESPN+, Hulu, The New York Times, Peaco*ck, and The Wall Street Journal. Enrollment required.
- The American Express Global Lounge Collection® can provide an escape at the airport. With complimentary access to more than 1,400 airport lounges across 140 countries and counting, you have more airport lounge options than any other credit card issuer on the market. As of 03/2023.
- $155 Walmart+ Credit: Save on eligible delivery fees, shipping, and more with a Walmart+ membership. Use your Platinum Card® to pay for a monthly Walmart+ membership and get up to $12.95 plus applicable taxes back on one membership (excluding Plus Ups) each month.
- $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to your Platinum Card®.
- $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Uber Cash and Uber VIP status is available to Basic Card Member only. Terms Apply.
- $199 CLEAR® Plus Credit: CLEAR® Plus helps to get you to your gate faster at 50+ airports nationwide and get up to $199 back per calendar year on your Membership (subject to auto-renewal) when you use your Card. CLEARLanes are available at 100+ airports, stadiums, and entertainment venues.
- Receive either a $100 statement credit every 4 years for a Global Entry application fee or a statement credit up to $85 every 4.5 years for a TSA PreCheck® (through a TSA official enrollment provider) application fee, when charged to your Platinum Card®. Card Members approved for Global Entry will also receive access to TSA PreCheck at no additional cost.
- Shop Saks with Platinum: Get up to $100 in statement credits annually for purchases in Saks Fifth Avenue stores or at saks.com on your Platinum Card®. That's up to $50 in statement credits semi-annually. Enrollment required.
- Unlock access to exclusive reservations and special dining experiences with Global Dining Access by Resy when you add your Platinum Card® to your Resy profile.
- $695 annual fee.¤
- Terms Apply.
Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply.Please visit americanexpress.com/benefitsguide for more details.Trip delay and cancellation insurance and cell phone protection underwritten by New Hampshire Insurance Company, an AIG Company.Extended warranty, purchase protection, car rental insurance, and baggage insurance underwritten by AMEX Assurance Company.
The worst reasons to open the Amex Platinum Card
There are a couple of terrible reasons to get this card. And unfortunately, some people do apply for these reasons.
As a status symbol
The Platinum Card® from American Express is nice to look at, and it's one of those weighty, metal cards. As far as status symbols go, it's not quite a Ferrari. But there are those who get it so they'll look like they can afford a Ferrari.
This is more common than you might think. One-third (33%) of Americans said they sometimes or always feel judged by the card they use, according to a credit card survey by The Motley Fool Ascent.
There's no reason to pay an annual fee for a card just so you can impress others. It's simply not a good use of $695. Also, I hate to burst anyone's bubble, but tons of people have this card. It's not some exclusive card that only a select few have the privilege of holding.
Because a TikToker recommended it
TikTokers love to promote The Platinum Card® from American Express. It's a popular card, so just talking about it is a way to get views.
Take financial advice from TikTok with a grain of salt. There are some influencers who provide good tips on credit cards and other financial topics. But there are many more who are only focused on making money and building their personal brands.
Make sure you'll get your money's worth
The Platinum Card® from American Express has a lot to offer, but it also has a lot of features that many people won't use. Despite its popularity, I'd say it really only serves a small niche well. If you're in that niche, you'll probably love it. The best way to find out is to spend some time going over the benefits. If you like them and think you'll be able to use them, then it could be the right card for you.
