American Express Platinum Card Review
Updated February 1, 2019. Please see our updated review here.
The Facts
This review covers both personal and business Platinum Card, as well as several special versions including Ameriprise, Charles Schwab, Morgan Stanley, and Goldman Sachs.
Platinum Card from American Express (Personal)
American Express Business Platinum Card
The Math
Personal Platinum Card: Making use of the $200 annual airline credit will reduce the effective annual fee to $350. Most savvy cardholders probably won't use this card for general purchases, as there are better alternatives out there, such as Amex EveryDay Preferred, Alliant CU Visa Signature, Fidelity Visa, Citi Double Cash, just to name a few. However, the 2016 enhancement turned this card into a powerhouse for bonus rewards - 5x on airfare is the highest among all miles/points cards. Using our current conservative value of 1.5 cents per MR point, you are getting 7.5% cash equivalent rewards on airfare purchases. The 2017 enhancement for 5X on prepaid hotels and travel packages might work for some consumers but has a lot of limitation - hotels need to be prepaid and won't receive frequent guest points / stays and elite benefits. Thus, we won't count this feature in our analysis. You need to spend $6,363 a year on airfare to beat the $350 effective annual fee and 2% cashback, because $6,363 x (7.5% - 2%) > $350. If you are able to do that, you will then receive all Platinum Card's great travel perks for free, such as annual $200 Uber credits, $100 Saks credits, unlimited access to Delta, Alaska, Centurion, and many more domestic and international lounges, Fine Hotels and Resorts, Hilton/Marriott/SPG Gold, and many more. If you frequent Delta or Alaska and/or depart from a city where there is a Centurion Lounge, this card offers unparalleled value. If you frequent Hilton portfolio and/or luxury hotels, this card could also be hugely valuable.
To see how the personal Amex Platinum Card competes with other cards with similar annual fees, please check out our featured review Comparing High-end Cards covering Amex Platinum Card, Amex Delta Reserve, Amex Hilton Aspire, Amex SPG Luxury, Chase Sapphire Reserve, Chase United MP Club, Citi Prestige, Citi AA Executive, U.S. Bank Altitude Reserve, CNB Crystal, and MasterCard Black Card.
Business Platinum Card: First of all, the business version is $100 less in annual fees but doesn't give Uber credits. While the business version's 5x on airfare is only limited to purchases through amextravel.com, as there is no booking fee and the fare is generally the same as when booking with airlines directly, it can still be very lucrative for airfare purchases. The business version also offers an unique redemption option with the fixed 1.54 cents per point value. In addition to the same amazing travel perks you receive on the personal card, you also receive 10 GoGo passes.
The Conclusion
Amex Platinum Card used to be the go-to card for domestic lounge access, but now it is mostly only good for Delta and Alaska flyers in this regard. However, Amex has been adding features to compensate the loss over the years; the October 2016 enhancement turned this card into a powerhouse for airfare bonus, and with its already very impressive perks (#1), protection, and signup bonus, it finally made our Top 10 List. The Business Platinum Card is also considered one of the best business cards in the market.
© 2019 DrCreditCard.net All rights reserved.
The Facts
This review covers both personal and business Platinum Card, as well as several special versions including Ameriprise, Charles Schwab, Morgan Stanley, and Goldman Sachs.
Platinum Card from American Express (Personal)
- Annual Fee: $550 for primary cardholder; $175 for up to three Platinum Card additional users; free Gold Card additional users.
- Signup Bonus: 60,000 points after spending $5,000 within 3 months of new account opening. Historical best bonus: 100,000 points for a few times in the past several years.
- Application Landing Page for Personal Platinum Card
- Rewards: 5x airfare (directly with airlines or through amextravel.com), 5x prepaid hotels and travel packages booked through amextravel.com, 2x other travel booked through amextravel.com, and 1x everywhere else.
- Best Use of Membership Rewards (MR) points: Normally, Amex Membership Rewards points can be redeemed for cash, merchandise gift cards, travel, shopping, etc., up to 1 cent per point (note: cash rewards have 0.5 cent value). However, Amex Platinum, along with certain other Amex products, is eligible for the transfer feature that allows points to be transferred to miles/points of frequent traveler programs. Please see our featured review on five major programs that have transfer features - Marriott vs. MR. vs. UR vs. TY vs. CR.
- Annual $200 airline incidental credit each calendar year. You have to select an airline before getting reimbursed and are allowed to change the airline once every calendar year. Incidentals include check bag fees, change ticket fees, onboard meals, airport lounge day passes, and so on. There have been reported success of getting reimbursed for airline gift cards up to $100 each.
- Up to $200 Uber credit each calendar year - $15 for each month which expires by the first day of next month, and $35 for December. You must add the Platinum Card as one of the payment methods in your Uber app and select the credit before the ride you want to apply the credit for. This credit can also be used in UberEATS.
- Up to $100 Saks Fifth Avenue credit each calendar year. You will receive a $50 credit in the first half of the year and another $50 credit in the second half, which means the maximum credit you may get in one transaction is $50. Gift card purchases are ineligible for credits.
- Airport Lounge Access: (1) Unlimited complimentary access to the following airport lounges: Delta Sky Club (for you only), Airspace Lounges (for you and yours spouse and children under 21 or two guests), Centurion Lounges (for you and two guests), and International American Express Lounges (you and at least one guest). Please see our featured review to learn more about airport lounge access. (2) You also receive Priority Pass Select membership that gives you plus two guests unlimited complimentary access to over 1,000 airport lounges around the globe. Note that Priority Pass doesn't cover American Airlines, United, or Delta, but it covers Alaska, quite a few airport restaurants, as well as many international lounges.
- Hotel Benefits: (1) Fine Hotels & Resorts (FHR): a collection of over 750 luxury hotels and resorts worldwide. You receive one-category upgrade upon check-in based on availability, daily breakfasts for two (continental breakfasts are guaranteed while many hotels offer buffets), guaranteed 4 PM checkout, plus one property specific amenity such as $100 resort/spa/dining credit, one lunch/dinner for two, or 50-minute massage for two, per stay. In addition, FHR constantly runs promotions such as "4th Night Free" or "3rd Night Free" at many properties. You have to book through FHR by phone or online and pay with your Amex card. Most of time FHR rates are the same as the hotel's best available rates (note that non-refundable rates may be lower). We consider FHR the best luxury hotel program provided by a credit card due to its wide coverage and valuable amenities. Note that hotels booked through FHR is not prepaid and not eligible to receive 5x MR points. (2) Complimentary Hilton Gold status, which is considered the second best mid-tier hotel elite status, normally achieved with 20 stays, 40 nights, or 75,000 base points in a calendar year. (3) Complimentary Marriott/SPG Gold status, which after their program integration in August 2018 is not as good as Hilton Gold any more - you will receive 25% bonus points plus upgrades upon availability.
- Other Benefits: (1) International Airfare Program: you receive discount on international premium economy, business, or first class tickets on over 20 airline partners, when booking through Platinum Travel Service. The cardholder needs to be traveling and you can buy up to 8 tickets per itinerary; $39 service fee will be charged per ticket. Amex drastically revamped this program in 2017, making it actually useful, as the old program requires refundable fare. (2) Waived foreign transaction fees, with an embedded EMV chip. (3) Amex Offers - you receive savings in form of statement credit or earn bonus MR points on select merchants when using your Amex card; you need to manually add an offer to your Amex card to be eligible for savings or bonus, and unlike other savings/bonus programs, you don't need to shop through a certain portal. (4) ShopRunner membership for free 2-day shipping with select merchants. (5) $100 reimbursement for Global Entry or TSA PreCheck application. (6) Complimentary Boingo membership that provides unlimited Wi-Fi access at over 1 million hotspots worldwide for up to four devices. (7) Complimentary 24/7 Platinum Concierge Program. (8) Complimentary car rental elite status (Hertz #1 Gold, Avis Preferred, and National Executive). (9) Cruise Privileges Program (up to $400 cruise credit). (10) Platinum Destinations Vacations (up to bonus 25,000 points). (11) Platinum Villas (up to $500 amenities). (12) The Hotel Collection (75 credit and room upgrade upon availability when booking a two-night-minimum stay). (13) Private Jet Services Program (up to $600 benefits). (14) Entertainment Access (a.k.a. Membership Experiences) including American Express Presale, American Express Preferred Seating, and Premium Access (Dining Access), and By Invitation Only. (15) Global Dining Collection which offers access to exclusive culinary events, and customized experiences at select restaurants around the world. (16) Earn one InCircle point for every dollar spent at Neiman Marcus, Bergdorf Goodman, Last Call, Horchow, and CUSP, with your enrolled Platinum Card. (17) SoulCycle benefits including complimentary classes, SuperCycle status, "first class free" passes, etc. (18) Premium Roadside Assistance - while most credit card's roadside assistance service only dispatches a provider and you have to pay for the actual charge, Amex Platinum is among the very few cards that cover towing up to 10 miles and other incidental charges, up to 4 times in a calendar year, regardless of how far you are away from home.
- Additional Platinum Card users also receive most of the benefits (airport lounge access, Priority Pass Select, FHR, Hilton/Marriott/SPG Gold status, Global Entry, etc.). However, the $200 airline credit applies to the card account as a whole, and the $200 Uber credit is only available on the primary card. Additional Gold Card users won't receive these benefits and won't return 4x points on groceries and dining, 3x on airfare like the enhanced Amex Gold Card.
- Protection: Amex Platinum offers the highest level of consumer and travel protection among Amex cards.
- Other Facts: this card is made out of metal and thus heavier than regular plastics.
- Special Versions: There are several special versions of Platinum Card and all require a relationship with the financial institution. They all have the same $550 annual fee, and all but Ameriprise offer the same 60K signup bonus after $5K spending. (1) The Ameriprise version waives the $550 annual fee for the first year (in lieu of the 60K signup bonus) and has an additional special feature: earn 5,000 bonus points per every $20K spent, up to 30,000 bonus points each year. (2) The Charles Schwab version has an option to deposit MR points into your Schwab account at 1.25 cents each, and an annual fee reducer (a $100 credit when your Schwab holdings are at least $250K, or a $200 credit when your Schwab holdings are least $1M). (3) The Morgan Stanley version offers one free additional card, an option to deposit MR points into your Morgan Stanley at 1 cent per point, and a $500 anniversary bonus after $100K spending. (4) The Goldman Sachs version has a special feature - earn 40,000 bonus points if you spend $100K each year.
- History: The card has been the benchmark for high-end cards for decades. Its airport lounge program used to be hands down the best offered by a credit card, covering American, Delta, and Continental, but over the years due to the changes in the industry it slowly devaluated. Due to its merger with United, Continental left this program as well as MR program in September 2011. In order to compensate the loss, Amex overhauled the product by adding US Airways and Priority Pass Select to the lounge program and by introducing $200 annual airline credit. Due to the merger between American and US Airways, both airlines left the program in March 2014. In May 2015, Delta stopped allowing free guest access. In anticipation of this change, Amex added Airspace and Centurion lounges but there are fewer lounges in these two programs (10 as of October 2015). Hilton Gold had been offered as a pilot benefit and eventually became official in October 2015, which added quite some value. In October 2016, to respond to Citi Prestige and Chase Sapphire Reserve, Amex further enhanced this card by increasing points earned on airfare from 2x to 5x. In March 2017, Amex increased the annual fee to $550, while adding the $200 Uber credits, 5x on prepaid hotels and travel packages booked through amextravel.com, free additional Gold Cards, free two guests for the Priority Pass Select membership, and finally a metal card design. In July 2018, Amex added the annual $100 Saks Fifth Avenue credits feature to the card. In January 2019, Amex ended relationship with Mercedes and the special version Amex Platinum Card for Mercedes have been discontinued and product changed to the regular Amex Platinum.
American Express Business Platinum Card
- Business Platinum Card shares most features with personal Platinum Card. Here we highlight the differences.
- Annual Fee: $450 for primary cardholder; $300 per additional Platinum Card, $45 per additional Gold Card, $0 per additional Green Card.
- Rewards: 5x airfare, prepaid hotels, and travel packages booked through amextravel.com, 2x other travel booked through amextravel.com, and 1x everywhere else.
- Signup Bonus: 75,000 points (50K after spending $10,000 within 3 months of new account opening, and an additional 25K after spending an additional $10,000 within the same period). Historical best bonus: 100,000 points for a few times in the past several years.
- Application Landing Page for Business Platinum Card
- Features that are available on personal Platinum Card but not on business Platinum Card: (1) up to $200 Uber credits each year, (2) 5x airfare when booked directly with airlines, and (3) Amex Offers.
- Features that are available on business Platinum Card but not on personal Platinum Card: (1) 1.5x points on each purchase of $5,000 or more, (2) 35% points rebate when using the "Pay with Points" option, essentially making MR points fixed value at 1.54 cents a piece, when buying First or Business Class tickets with any airline through amextravel.com, and Economy Class tickets with your selected airline also through amextravel.com (note that you may still choose the other premium redemption option to transfer MR points to miles/points of several frequent traveler programs), (3) Amex OPEN savings, and (4) ten Gogo inflight internet passes each year.
- History: the business card used to share the same changes with the personal card over the years. In October 2016, Amex started differentiating the two products - the business card received several great enhancements including 1.5x on large transactions (>$5,000 each) and 50% points rebate with "Pay with Points" option (making a MR point 2 cents). In March 2017, Amex increased annual fees by $100 and added the $200 Uber credit on the personal card, but these changes did not come to the business card. However, the business card received 5x airfare, prepaid hotels, and travel packages booked through amextravel.com. In June 2017, Amex changed the points rebate with "Pay with Points" from 50% to 35%, reducing the value of MR points via this option from 2 cents to 1.54 cents per point.
The Math
Personal Platinum Card: Making use of the $200 annual airline credit will reduce the effective annual fee to $350. Most savvy cardholders probably won't use this card for general purchases, as there are better alternatives out there, such as Amex EveryDay Preferred, Alliant CU Visa Signature, Fidelity Visa, Citi Double Cash, just to name a few. However, the 2016 enhancement turned this card into a powerhouse for bonus rewards - 5x on airfare is the highest among all miles/points cards. Using our current conservative value of 1.5 cents per MR point, you are getting 7.5% cash equivalent rewards on airfare purchases. The 2017 enhancement for 5X on prepaid hotels and travel packages might work for some consumers but has a lot of limitation - hotels need to be prepaid and won't receive frequent guest points / stays and elite benefits. Thus, we won't count this feature in our analysis. You need to spend $6,363 a year on airfare to beat the $350 effective annual fee and 2% cashback, because $6,363 x (7.5% - 2%) > $350. If you are able to do that, you will then receive all Platinum Card's great travel perks for free, such as annual $200 Uber credits, $100 Saks credits, unlimited access to Delta, Alaska, Centurion, and many more domestic and international lounges, Fine Hotels and Resorts, Hilton/Marriott/SPG Gold, and many more. If you frequent Delta or Alaska and/or depart from a city where there is a Centurion Lounge, this card offers unparalleled value. If you frequent Hilton portfolio and/or luxury hotels, this card could also be hugely valuable.
To see how the personal Amex Platinum Card competes with other cards with similar annual fees, please check out our featured review Comparing High-end Cards covering Amex Platinum Card, Amex Delta Reserve, Amex Hilton Aspire, Amex SPG Luxury, Chase Sapphire Reserve, Chase United MP Club, Citi Prestige, Citi AA Executive, U.S. Bank Altitude Reserve, CNB Crystal, and MasterCard Black Card.
Business Platinum Card: First of all, the business version is $100 less in annual fees but doesn't give Uber credits. While the business version's 5x on airfare is only limited to purchases through amextravel.com, as there is no booking fee and the fare is generally the same as when booking with airlines directly, it can still be very lucrative for airfare purchases. The business version also offers an unique redemption option with the fixed 1.54 cents per point value. In addition to the same amazing travel perks you receive on the personal card, you also receive 10 GoGo passes.
The Conclusion
Amex Platinum Card used to be the go-to card for domestic lounge access, but now it is mostly only good for Delta and Alaska flyers in this regard. However, Amex has been adding features to compensate the loss over the years; the October 2016 enhancement turned this card into a powerhouse for airfare bonus, and with its already very impressive perks (#1), protection, and signup bonus, it finally made our Top 10 List. The Business Platinum Card is also considered one of the best business cards in the market.
© 2019 DrCreditCard.net All rights reserved.