American Express Platinum Card Review
Updated July 27, 2024. For the business version, see our Business Platinum Card review.
The Facts
The Math
With the 2021 revamp and an annual fee of $695, Amex Platinum boasts seven categories of annual credits totaling over $1,400; however, in our opinion, none of them can truly be considered an annual fee reducer or at least at face value: since 2019, Amex started enforcing airline incidental categories thus limiting its flexibility; $200 hotel credit can only be used for prepaid bookings on FHR or the Hotel Collection; the CLEAR credit covers the full annual CLEAR membership which can be of value to only certain travelers; the other four categories are actually monthly and will be valuable for the customers that are already using them anyway but useless for others.
Amex Platinum is a powerhouse for airfare purchases after the 2016 enhancement, and even with gift card redemption option it is not too shabby to have 5% return. 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. To achieve even better rewards, you need to use the miles/points transfer feature and know how to leverage Amex transfer partners' programs, which can be very rewarding and challenging at the same time. For example, if you happen to value MR points at 1.5 cents a piece with the miles/points transfer feature as we do, the return for airfare becomes more impressive at 7.5% travel rewards. You need to spend $12,637 per year on airfare to beat the $695 annual fee and 2% cashback provided by a few non-fee cards, because $12,637 x (7.5% - 2%) = $695. Even if you can't spend that much in airfare, you might still find the Platinum Card attractive for its suite of valuable perks, such as the previously discussed annual credits, unlimited access to Delta & Alaska & Centurion & many more domestic and international lounges, Fine Hotels & Resorts, Hilton 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.
However, for general spending, we recommend looking somewhere else. For example, Amex EveryDay Preferred ($95 annual fee) which returns 1.5x (=2.25% travel rewards) MR points for general spending when you have at least 30 transactions per month and also 4.5x for groceries and 3x for gas can be a great card to pair with Amex Platinum. If you don't know how to use the transfer feature effectively / just don't want to bother with the hassles and rather prefer fixed-value travel rewards, you probably want to check out the competitors such as Chase Sapphire Reserve, US Bank Altitude Reserve, and Wells Fargo Propel Amex, each of which offers a 1.5-cent fixed-value travel redemption option.
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 Marriott Brilliant, Chase Sapphire Reserve, Chase United MP Club, Citi Prestige, Citi AA Executive, U.S. Bank Altitude Reserve, CNB Crystal, and MasterCard Black Card.
Personal Platinum Card vs. Business Platinum Card: (1) Both cards share most the features such as airport lounge access, FHR, Hilton Gold, Marriott Gold, international airfare savings, Global Entry / TSA PreCheck credit, and car rental privileges. (2) While the annual $200 airline incidental credits and $189 CLEAR credits are shared by both, their remaining annual credits are different: the personal card has $200 for Uber, $200 for prepaid FHR/Hotel Collection, $240 for select entertainment, $300 for Equinox, $100 for Saks, and the business card has $400 for Dell, $360 for Indeed, $150 for Adobe and $120 for wireless. (3) 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. (4) The business version offer 1.5x points on large purchases over $5K and three business categories (construction, software, shipping). (5) The business version also offers a unique redemption option with the fixed 1.54 cents per point value. In general, after Amex's years of effort to differentiate these two product, they are quite different now, and your decision will be based on your own situation.
The Conclusion
Amex Platinum Card used to be the go-to card for domestic lounge access, but it has been mostly only good if you frequent Delta or Alaska and/or depart from a city with a Centurion lounge; however, Amex has been adding features to compensate the loss over the years. The 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 2021 revamp further increased the annual fee by $145 while adding four new categories of annual credit, which could be a win or loss depending on your situation.
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The Facts
- Annual Fee: $695 for primary cardholder; $195 per Platinum Card additional user; free Companion Platinum Card additional users.
- Signup Bonus: (1) 125,000 points ($1,250 in airfare, gift cards, etc., or 125K miles of Avianca, Air Canada, ANA, Singapore, British, Cathay Pacific, Delta, Flying Blue, etc.) after you spend $6,000 within 6 months of new account opening. (2) via Resy.com: 100,000 points ($1,000 in airfare, gift cards, etc., or 100K miles of Avianca, Air Canada, ANA, Singapore, British, Cathay Pacific, Delta, Flying Blue, etc.) after you spend $6,000 within 6 months of new account opening and 10x points on dining, up to $25,000 in combined purchases, during your first 6 months of card membership. The signup bonus is not available to applicants who have or have had this card. Historical best bonus: (1) via certain referrals 150,000 points + 10x dining, up to $25K in purchases, within the first 6 months, in 2022; (2) 125,000 points + 15x dining & small businesses, up to $25K in combined purchases, within the first 6 months, in 2021; (3) 125,000 points + 10x dining, up to $25K in purchases, within the first 6 months, in 2022; (4) 150,000 points in 2022; (5) 100,000 points + 10x points on groceries & gas, up to $15K in combined purchases, within the first 6 months, in 2021; (6) 75,000 points + $300 for dining + 10x groceries & gas within the first 6 months in 2021 via Resy; (7) 100,000 points for a few times in the past years; (8) 60,000 points + $300 for dining in 2020 via Resy; (9) 75,000 points for a few times in the past years.
- Application landing page for 125K points (Amex website - most likely you need to use private browsing mode and/or clear all cache/history in your browser to see this offer)
- Application landing page for 100K points + 10x dining for the first 6 months (Resy website)
- 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 at up to 1 cent per point (cpp) for the following categories: statement credit (0.6 cpp), gift cards (0.7~1 cpp), flights (1 cpp), other travel (0.7 cpp), shopping with partners at checkout (0.7 cpp), merchandise through Amex shopping portal (0.5 cpp), etc. 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 the major programs that have the transfer feature - Marriott vs. MR. vs. UR vs. TY vs. C1 vs. CR.
- Statement Credits: (1) 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 used to be reported success of getting reimbursed for airline gift cards up to $100 each; however, Amex started to enforce incidental categories in 2019. (2) Annual $200 hotel credit each calendar year for prepaid Fine Hotels & Resorts or Hotel Collection bookings. (3) Annual $189 CLEAR credit, which covers an annual CLEAR plus membership, enabling you to clear security faster at select U.S. airports and stadiums. (4) Up to $200 Uber Cash each calendar year - $15 credit 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 or Uber Eats app and select the Uber Cash before the ride or order you want to apply the credit for. In addition, you also receive complimentary Uber VIP status, which connects you to the drivers with top ratings in select cities. (5) Up to $240 select digital entertainment credit each calendar year - $20 credit each month for Peacock, Disney+, Disney Bundle, Hulu, ESPN+, The New York Times, and The Wall Street Journal subscriptions. (6) Up to $300 Equinox credit each calendar year, for All-Access, Destination, E by Equinox, or Equinox+ membership. (7) 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. (8) Complimentary Walmart+ membership, which offers free shipping, free grocery delivery, early Black Friday access, member prices at Sam's Club gas stations, complimentary Paramount+ membership (regularly at $4.99 per month), etc. You will receive the full credits each month ($12.95) when you pay for Walmart+ membership with the card.
- Airport Lounge Access: (1) Unlimited access to the following airport lounges: Delta Sky Club (free for you and $50 for each guest, effective February 1, 2025, unlimited access is replaced with 10 free visits per calendar year), Centurion Lounge (free for you and $50 for each guest), Escape Lounges (free for you and two guests), Plaza Premium lounges (free for you and one guest), Lufthansa lounges (free for you and guest fee might apply), and International American Express Lounges (free for 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 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 24/7 Platinum Concierge Program. (7) Complimentary car rental elite status (Hertz #1 Gold, Avis Preferred, and National Executive). (8) Cruise Privileges Program (up to $400 cruise credit). (9) Platinum Destinations Vacations (up to bonus 25,000 points). (10) Platinum Villas (up to $500 amenities). (11) The Hotel Collection ($100 credit and room upgrade upon availability when booking a two-night-minimum stay at participating hotels). (12) Premium Private Jet Services Program (20-40% discount and $500-$2,000 credit). (13) Entertainment Access (a.k.a. Membership Experiences) including American Express Presale, American Express Preferred Seating, and Premium Access (Dining Access), and By Invitation Only. (14) Global Dining Collection which offers access to exclusive culinary events, and customized experiences at select restaurants around the world. (15) Earn one InCircle point for every dollar spent at Neiman Marcus, Bergdorf Goodman, Last Call, Horchow, and CUSP, with your enrolled Platinum Card. (16) SoulCycle benefits including complimentary classes, SuperCycle status, "first class free" passes, etc. (17) Receive 12 months of complimentary Uber Eats Pass membership, which usually costs $9.99 per month and offers unlimited $0 delivery fee and 5% off orders over $15. Enroll your card before 12/31/2021 in the Uber Eats app to activate this offer. (18) Global Dining Access by Resy for exclusive perks at participating restaurants.
- Additional Platinum Card users also receive most of the benefits (airport lounge access, Priority Pass Select, FHR, Hilton/Marriott Gold status, Global Entry, etc.). However, the annual credits (e.g. $200 airline incidental, $240 digital entertainment) apply to the card account as a whole. Additional Companion Platinum Card users won't receive these benefits.
- Protection: Amex Platinum offers the highest level of consumer and travel protection among Amex cards.
- Other Facts: this card is made out of metal, weighing around 18 grams.
- Special Versions: There are several special versions of Platinum Card and all require a relationship with the financial institution. They all have the same $695 annual fee and most of the time offer the same signup bonus. (1) 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). (2) 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. (3) 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 credit 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. In October 2019, Amex discontinued accepting new applications for the Ameriprise version of Amex Platinum and in 2020 the existing cardholders received product change to the regular Amex Platinum. In July 2021, Amex increased the annual fee to $695 and added $200 prepaid hotel credit, $300 Equinox credit, $240 digital entertainment credit, and $179 CLEAR credit. In February 2023, Amex removed the allowance for two free guests at Centurion Lounges, and each guest will be charged based on age ($50 for age 18+, $30 for age 2-17, and free under age 2). In August 2023, additional Platinum Card user fees increased from $175 for the first three additional Platinum Cards to $195 per additional Platinum Card.
The Math
With the 2021 revamp and an annual fee of $695, Amex Platinum boasts seven categories of annual credits totaling over $1,400; however, in our opinion, none of them can truly be considered an annual fee reducer or at least at face value: since 2019, Amex started enforcing airline incidental categories thus limiting its flexibility; $200 hotel credit can only be used for prepaid bookings on FHR or the Hotel Collection; the CLEAR credit covers the full annual CLEAR membership which can be of value to only certain travelers; the other four categories are actually monthly and will be valuable for the customers that are already using them anyway but useless for others.
Amex Platinum is a powerhouse for airfare purchases after the 2016 enhancement, and even with gift card redemption option it is not too shabby to have 5% return. 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. To achieve even better rewards, you need to use the miles/points transfer feature and know how to leverage Amex transfer partners' programs, which can be very rewarding and challenging at the same time. For example, if you happen to value MR points at 1.5 cents a piece with the miles/points transfer feature as we do, the return for airfare becomes more impressive at 7.5% travel rewards. You need to spend $12,637 per year on airfare to beat the $695 annual fee and 2% cashback provided by a few non-fee cards, because $12,637 x (7.5% - 2%) = $695. Even if you can't spend that much in airfare, you might still find the Platinum Card attractive for its suite of valuable perks, such as the previously discussed annual credits, unlimited access to Delta & Alaska & Centurion & many more domestic and international lounges, Fine Hotels & Resorts, Hilton 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.
However, for general spending, we recommend looking somewhere else. For example, Amex EveryDay Preferred ($95 annual fee) which returns 1.5x (=2.25% travel rewards) MR points for general spending when you have at least 30 transactions per month and also 4.5x for groceries and 3x for gas can be a great card to pair with Amex Platinum. If you don't know how to use the transfer feature effectively / just don't want to bother with the hassles and rather prefer fixed-value travel rewards, you probably want to check out the competitors such as Chase Sapphire Reserve, US Bank Altitude Reserve, and Wells Fargo Propel Amex, each of which offers a 1.5-cent fixed-value travel redemption option.
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 Marriott Brilliant, Chase Sapphire Reserve, Chase United MP Club, Citi Prestige, Citi AA Executive, U.S. Bank Altitude Reserve, CNB Crystal, and MasterCard Black Card.
Personal Platinum Card vs. Business Platinum Card: (1) Both cards share most the features such as airport lounge access, FHR, Hilton Gold, Marriott Gold, international airfare savings, Global Entry / TSA PreCheck credit, and car rental privileges. (2) While the annual $200 airline incidental credits and $189 CLEAR credits are shared by both, their remaining annual credits are different: the personal card has $200 for Uber, $200 for prepaid FHR/Hotel Collection, $240 for select entertainment, $300 for Equinox, $100 for Saks, and the business card has $400 for Dell, $360 for Indeed, $150 for Adobe and $120 for wireless. (3) 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. (4) The business version offer 1.5x points on large purchases over $5K and three business categories (construction, software, shipping). (5) The business version also offers a unique redemption option with the fixed 1.54 cents per point value. In general, after Amex's years of effort to differentiate these two product, they are quite different now, and your decision will be based on your own situation.
The Conclusion
Amex Platinum Card used to be the go-to card for domestic lounge access, but it has been mostly only good if you frequent Delta or Alaska and/or depart from a city with a Centurion lounge; however, Amex has been adding features to compensate the loss over the years. The 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 2021 revamp further increased the annual fee by $145 while adding four new categories of annual credit, which could be a win or loss depending on your situation.
© 2011-2024 DrCreditCard.net All rights reserved.