Discover the exceptional benefits of The Platinum Card® from American Express. Elevate your travel and lifestyle experiences with this prestigious credit card.
In the world of premium credit cards, where annual fees can soar as high as the perks they offer, The Platinum Card from American Express stands in a league of its own. This card isn't just about saving money; it's about elevating your lifestyle and providing exceptional value in return for its $695 annual fee (increased from $550 in 2021). If you're someone who values the finer things in life and isn't afraid to invest in luxury, this card might be your ideal companion.
A Premium Experience
Travel and More
The Platinum Card® from American Express isn't your typical credit card; it's a portal to a world of extraordinary experiences. Let's dive into what makes it truly premium:
The Basics
- Card Type: Travel and premium.
- Annual Fee: $695.
- Bonus Offer: Earn 80,000 Membership Rewards® Points after spending $8,000 on purchases in your first 6 months of Card Membership.
Rewards
- 5x Points: Earn 5 Membership Rewards points for every dollar spent on flights booked directly with airlines or through American Express Travel, up to $500,000 per year.
- 5x Points: Get 5 points per dollar on prepaid hotels booked through American Express Travel.
- 1x Points: Earn 1 point per dollar on all other purchases.
Membership Rewards points are a treasure trove, offering value through various redemption options. Whether you're booking travel or seeking gift card rewards, these points can significantly enhance your lifestyle.
Interest Rate
The interest rate for The Platinum Card® from American Express varies; please check the terms for the latest information.
Unique Payment Structure
This card's unique payment structure stems from its history as a charge card. Unlike traditional credit cards, charge cards don't allow you to carry a balance. Instead, they require you to pay your bill in full every month. However, The Platinum Card® offers two features, "Plan It®" and "Pay Over Time," that allow for more flexible payment arrangements.
- Plan It®: Create a payment plan for eligible purchases with a monthly fee instead of interest charges. You'll know exactly how much you'll pay each month.
- Pay Over Time: Finance eligible purchases with interest over a specified term, with a limit on the amount you can finance. Non-eligible purchases must be paid in full.
Traveler's Dream
- Foreign Transaction Fees: None.
- Airport Lounges: Access over 1,300 airport lounges worldwide through the American Express Global Lounge Collection, including Centurion Lounges, Delta Sky Clubs, Priority Pass Select lounges, and more.
Global Entry and TSA PreCheck: Breeze Through Security
Say goodbye to long security lines and immigration queues. The Platinum Card® from American Express offers a statement credit for the application fee of Global Entry or TSA PreCheck, expediting your airport experience. The "Global Entry" assures you swift entry into the United States, while "TSA PreCheck" promises hassle-free security checks.
Hotel Benefits
- Marriott: Enroll to upgrade to Gold Elite status in Marriott's Bonvoy rewards program.
- Hilton: Automatically receive Gold status in the Hilton Honors loyalty program upon enrollment.
- The Hotel Collection: Book a stay of at least two nights at participating properties and enjoy an automatic upgrade (if available) and a $100 credit for dining, spa, resort, or other activities.
- Fine Hotels & Resorts: Stay at ultra-high-end properties and receive upgrades, early check-in, late checkout, complimentary breakfast, free Wi-Fi, and unique amenities.
More Perks
- Cell Phone Protection: Receive coverage for your cell phone, up to $800 per claim or $1,600 per 12-month period, with a $50 deductible.
- Concierge Service: Enjoy 24-hour access to concierge services.
- Global Dining Access by Resy: Gain special access to reservations and events when you add your card to your Resy profile.
- By Invitation Only: Access members-only VIP experiences at prestigious events like Wimbledon and the Kentucky Derby.
- Preferred Seating: Jump the line to buy tickets for select sports or cultural events.
The pros and cons of The Platinum Card from American Express:
Pros:
- Extensive Benefits: The card offers a wide range of premium benefits, including airport lounge access, hotel upgrades, and annual statement credits for various expenses.
- Luxury Travel: If you're a frequent traveler who values luxury, this card can elevate your travel experiences with its perks and rewards.
- Membership Rewards: Earn Membership Rewards points for your spending, which can be redeemed for travel, gift cards, and more, adding significant value.
- Unique Payment Structure: The flexibility of "Plan It®" and "Pay Over Time" features allows you to manage your payments in a way that suits your financial situation.
- Cell Phone Protection: Enjoy cell phone protection coverage, providing peace of mind in case of damages or theft.
- Concierge Service: Access 24-hour concierge services, assisting you with various tasks and reservations.
- Global Dining Access: Get special access to reservations and events in high-end restaurants through Resy.
- By Invitation Only: Gain access to exclusive VIP experiences at prestigious events, enhancing your lifestyle.
Cons:
- High Annual Fee: The card comes with a steep annual fee of $695, which may not be justifiable for those seeking more budget-friendly options.
- Limited Rewards Earning: Except for specific travel spending, the card offers only 1 point per dollar, which might not be as rewarding for everyday expenses.
- Limited-Use Credits: While the annual statement credits are generous, they are subject to certain restrictions, and you may not fully benefit from them depending on your location and preferences.
- Direct Competitors: The Platinum Card® from American Express faces stiff competition from other premium travel cards, like the Chase Sapphire Reserve®, which could offer different value propositions.
Comparison between The Platinum Card from American Express, the Chase Sapphire Reserve®, and the Capital One Venture Rewards Credit Card:
| Feature | The Platinum Card® from American Express | Chase Sapphire Reserve® | Capital One Venture Rewards Credit Card |
|---|---|---|---|
| Annual Fee | $695 | $550 | $95 |
| Welcome Offer | 80,000 Membership Rewards® Points | 60,000 Ultimate Rewards® Points | 60,000 miles |
| Rewards | 5x points on flights and hotels, 1x on all other purchases | 3x points on travel and dining, 1x on all other purchases | 2x miles on all purchases |
| Travel Credits | Up to $1,500 in annual statement credits for eligible purchases | $300 annual travel credit | None |
| Airport Lounge Access | Yes (1,300+ lounges worldwide) | Yes (Priority Pass, Centurion, and more) | No |
| Hotel Benefits | Yes (Marriott, Hilton, and more) | Yes (Marriott Bonvoy, Luxury Hotel & Resort Collection) | No |
| Cell Phone Protection | Yes ($800 per claim, $1,600 per year) | No | No |
| Unique Features | Global Dining Access, By Invitation Only program, concierge service | Priority Pass Select membership, DoorDash benefits, Lyft perks | N/A |
| Redemption Options | Travel, gift cards, merchandise, statement credits | Travel, transfer to partners, statement credits | Travel, statement credits |
| Foreign Transaction Fees | None | None | None |
American Express Platinum vs. Sapphire Reserve
A direct competitor to The Platinum Card from American Express is the Chase Sapphire Reserve®. Take the time to compare these two cards to determine which best suits your needs.
In conclusion, The Platinum Card from American Express is not your average credit card. It's a gateway to a world of luxury, with an array of benefits that cater to the discerning traveler and lifestyle enthusiast. However, its value truly shines when you can maximize its unique offerings. If you're willing to invest in your luxury experiences and lifestyle, this card might be your golden ticket to a world of exclusivity and indulgence.
This table provides an overview of the key features of each card, including annual fees, rewards, travel credits, lounge access, and unique benefits. Keep in mind that the best card for you depends on your specific spending habits and travel preferences.
Is This Card Right for You?
While The Platinum Card® from American Express offers a plethora of benefits, it's essential to consider if it aligns with your lifestyle and spending habits. Here are some factors to weigh:
The Annual Fee
At $695, the annual fee is undeniably steep. If you're solely focused on maximizing every dollar spent, this card might not be for you.
Limited Rewards Earning
Except for specific travel spending, you'll earn no more than 1 point per dollar with this card. If earning rewards is your primary goal, other cards may offer a more favorable return.
Limited-Use Credits
While the annual statement credits exceed the annual fee, they only benefit you if you can utilize them effectively. Consider if the offerings align with your preferences and location.
FAQs about Platinum Card from American Express
What is the Platinum card from American Express?
The Platinum Card® from American Express is an elite credit card that offers a wide range of premium benefits and exclusive privileges to cardholders. It is renowned for its luxury travel perks, access to airport lounges, and a robust rewards program. This card is designed for individuals who travel frequently and seek a top-tier travel experience.
Is it hard to get the Platinum card from American Express?
Obtaining The Platinum Card® from American Express can be somewhat challenging. American Express typically requires a good-to-excellent credit score, often above 700, for approval. Additionally, they may consider factors like income and credit history. Meeting these criteria is essential to increase your chances of approval.
What is the credit limit on the American Express Platinum Card?
The credit limit on The Platinum Card from American Express can vary widely from person to person. It is determined by factors such as your creditworthiness, income, and existing debts. American Express may also provide a higher credit limit to individuals with a strong credit history and a good payment track record.
What is the platinum American Express card good for?
The Platinum Card® from American Express is excellent for frequent travelers and those who value luxury experiences. It offers benefits such as airport lounge access, travel insurance, hotel and dining perks, and a generous rewards program. This card is ideal for those seeking to elevate their travel and lifestyle.
Is American Express Platinum a luxury card?
Yes, The Platinum Card® from American Express is considered a luxury credit card. It provides premium services, exclusive travel benefits, and concierge assistance that cater to a high-end clientele.
Is Amex Platinum a powerful card?
Indeed, The Platinum Card® from American Express is a powerful card due to its extensive list of benefits and rewards. It empowers cardholders with access to premium airport lounges, travel credits, and the ability to earn and redeem Membership Rewards® points for travel and other valuable rewards.
Why is Amex Platinum so expensive?
The annual fee for The Platinum Card from American Express is relatively high, currently at $695, to cover the extensive range of premium benefits it offers. These benefits include airport lounge access, travel credits, concierge services, and more, making it worthwhile for frequent travelers.
Which Amex is better, gold or platinum?
The choice between The Platinum Card and the American Express® Gold Card depends on your preferences and spending habits. The Platinum Card is focused on travel benefits and luxury perks, while the Gold Card offers rewards for dining and groceries. Consider your priorities and lifestyle when deciding which card suits you better.
What's higher, platinum or black card?
The Platinum Card from American Express is typically considered a higher-tier card than the classic "black card." The black card is often associated with various credit card companies and may not necessarily offer the same level of premium benefits and exclusivity as The Platinum Card from American Express.
How do you get a Black Card?
The term "black card" is often used colloquially to refer to exclusive credit cards from different issuers. To obtain one, you typically need an excellent credit history, a high income, and an invitation from the issuer. Each "black card" program has its own eligibility criteria.
How to get a free American Express Platinum card?
Obtaining a free American Express Platinum card is not common. These cards come with annual fees to access their premium benefits. However, some promotions or loyalty programs may offer waived annual fees for the first year as an introductory offer.
How many platinum American Express cards are there?
American Express offers several variations of platinum cards, including The Platinum Card® from American Express, The Business Platinum Card® from American Express, and more. The specific number of platinum cards may change over time as American Express introduces new products to meet various customer needs.
6 thoughts on “The Platinum Card from American Express Review 2023: Luxury and Beyond”