The basics
Is The Platinum Card® from American Express worth it?
The Platinum Card from American Express is well worth it if you travel frequently and are dedicated enough to use more than $695 worth of benefits each year.
Nearly $700 per year for a credit card may seem outlandish, but Amex Platinum’s benefits offer plenty of value in return. With over $1,500 worth of statement credits and valuable travel perks like airport lounge access and hotel elite status, this premium credit card easily packs enough punch to outweigh the fee if you can commit yourself to it.
Unlike some luxury travel credit cards with flexible credits and a focus on earning rewards, The Platinum Card is meant to provide high-end travelers with even higher-end benefits. So if you fall into that category, then yes— The Platinum Card® from American Express is worth it.
Essential info
Welcome offer:
- Earn 80,000 bonus points if you spend $8,000 within your first 6 months of card membership
Rewards:
- Earn 5X points per dollar on up to $500,000 spent per calendar year on flights booked directly with airlines or with American Express Travel
- Earn 5X points per dollar on prepaid hotels booked through American Express Travel
- Earn 1X point per dollar on all other eligible purchases
Rates and fees:
- Annual fee: $695
- APR: See Pay Over Time APR
- Foreign transaction fee: None ($0)
- (See rates and fees)
Is Amex Platinum a high-end card?
The Platinum Card® from American Express is considered a luxury travel card. It provides valuable rewards and top-tier perks intended for high-spending frequent travelers. Its expensive annual fee makes it less accessible than some cards, further enhancing its VIP status. It’s also a metal credit card, which makes it look just as high-end as it functions.
What we like
Exclusive airport lounge access
One of the ways Amex Platinum excels above almost all premium travel cards is in its airport lounge access. While many cards offer Priority Pass access, Platinum takes it about six steps further. You’ll still get the Priority Pass Select membership, which gives you access to over 1,300 lounges worldwide.
On top of that, however, you’ll also gain access to:
- The Centurion® Lounges and Escape Lounges
- Delta Sky Clubs*
- Plaza Premium Lounges
- Lufthansa Lounge
- Additional Global Lounge Collection Partner Lounges
- Terms apply.
Most of these lounges also come with the benefit of two complimentary guest passes per visit, barring the Centurion Lounges and Sky Clubs. You can still purchase guest passes to either of those lounges, so you don’t have to leave your traveling companions to wander aimlessly in the airport.
With such a comprehensive list of lounges, you’re likely to have access to at least one in almost any airport you go to.
*Note on Delta Sky Clubs: Starting 2/1/25, Card Members will receive 10 annual visits; to unlock unlimited visits each year starting 2/1/25, total eligible purchases on the Card must reach $75,000 or more between 1/1/24 and 12/31/24, and each calendar year thereafter.
Plentiful statement credits
While Amex Platinum has a hefty annual fee, it has an even heftier set of available statement credits. Most are available yearly, meaning Platinum’s value doesn’t wane significantly after the first year.
We’ll go into more detail later (jump to this section), but some of the credits you can access with the American Express Platinum Card include:
- Up to $200 per year in Uber Cash*
- Up to $155 per year Walmart+ credit
- Up to $300 per year Equinox credit
- Up to $240 per year digital entertainment credit (enrollment required)
- Up to $300 SoulCycle credit.
- Up to $100 Saks credit (enrollment required)
- Up to $200 airline fee credit
- Up to $120 Global Entry or TSA PreCheck fee credit (every 4 to 4.5 years)
- $199 CLEAR® Plus credit
- Up to $200 annual hotel credit
- Terms apply.
*To receive the Uber Cash benefit, you must have your Platinum Card added as a method of payment to your Uber account. This benefit is only good in the U.S. for U.S. Rides and Eats orders.
Hotel elite status
We often expect hotel credit cards to come with some sort of elite status benefit, but not a general travel card. The Platinum Card decided to switch up the game, offering Gold Elite status benefits with both Marriott and Hilton hotels (enrollment required). This elite status benefit entitles you to perks such as room upgrades, free food, and extra points.
Unlike with a co-branded hotel card, you aren’t necessarily sworn to stay with these chains either. You’ll access these additional benefits, but Amex Platinum also offers perks with The Hotel Collection and 5X points on prepaid hotels booked through American Express Travel, so you have the freedom to choose where you want to stay. Terms apply.
What we don’t like
The annual fee
We can’t ignore the almost $700 annual American Express Platinum Card fee. It’s currently one of the most expensive cards on the market, meaning there’s even more of a cost to make up for. If you don’t travel frequently or can’t maximize the statement credits, this annual fee will be challenging to offset.
However, this high fee could be a worthwhile investment if you like the idea of luxurious benefits— exclusive lounge access, hotel elite status, a ton of statement credits, travel insurance, and more. For frequent, high-end travelers who can utilize these perks, $695 a year may seem like an easy decision. On the other hand, infrequent travelers may have a hard time justifying the cost if they don’t know if they can get enough value out of the card.
One of the primary perks of the Amex Platinum card is its valuable statement credits, worth over $1,500 a year. However, these statement credits are very specific in the way they need to be used. For example, the $200 in Uber Cash may seem like a great deal but it’s only doled out in $15/month increments ($35 in December). If you don’t use Uber every month, this may not provide any appeal or value to you. Similarly, perks like the $300 statement credit to cover Equinox are great, but only if you use Equinox. Don’t get this card simply because the statement credits exist— make sure you can utilize some or most of them.
Low rewards on everyday spending
For frequent travelers, the Amex Platinum’s high reward rates on flights and hotels can add up quickly. If you’re not regularly taking a flight or staying at a hotel, however, all other eligible purchases only earn 1X points, so it may be difficult to earn points throughout the year. Many other travel cards offer rewards on dining, grocery, and even online shopping purchases, so they may be better options if your spending doesn’t align with the Platinum Card’s reward categories.
How Amex Platinum compares
The Platinum Card® from American Express vs. Chase Sapphire Reserve®
The Amex Platinum Card is better for frequent travelers, but the Chase Sapphire Reserve® is better if you’re looking for points on everyday purchases. Both cards have high annual fees but the Platinum’s is slightly higher, at $695, while the Chase Sapphire Reserve charges $550. Both cards have exceptional reward rates and travel perks. The Platinum offers more statement credits but the Reserve offers a flexible $300 annual travel credit.
▶︎ Read more: Chase Sapphire Reserve vs Amex Platinum
The Platinum Card® from American Express vs. American Express® Gold Card
The Amex Platinum Card is ideal for frequent travelers, while the American Express® Gold Card is better for everyday spending. If you’re a frequent traveler, we recommend Platinum, as its travel rewards and statement credits are extremely valuable. If you don’t travel super often but tend to dine out or shop at U.S. supermarkets, the Gold could be a better option for you. They both have lucrative welcome offers and both earn Membership Rewards Points. The annual fee of the Amex Gold card is also decently lower than the Platinum, at only $325 per year (see rates and fees).
▶︎ Read more: Amex Gold vs Platinum
▶︎ Also see: Amex Platinum vs. Delta SkyMiles® Reserve American Express Card®
Rewards
Welcome offer
Currently, the Amex Platinum Card has a welcome offer of 80,000 bonus points if you spend $8,000 within your first 6 months of membership.
Depending on how you use your Membership Rewards points, this bonus has anywhere from $560 to $1,600 in value, which means you could make back your annual fee in as little as a few months.
▶︎ See our picks: Best credit card sign-up bonuses
Earning rewards
Every time you use your Amex Platinum card, you earn even more reward points.
Here’s how much you can earn for each type of purchase:
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5X points per dollar spent on flights booked directly with airlines or with American Express Travel
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5X points per dollar on prepaid hotels booked through American Express Travel
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1X point per dollar on all other eligible purchases
If you use American Express Travel to buy aa round-trip airline ticket worth $900, you’ll earn 4,500 points (900 x 5). The same rule applies to a hotel stay worth $1,200. If you make your reservation with American Express Travel, you’ll earn 6,000 points (1,200 x 5).
Redeeming rewards
You have several options for redeeming your Amex Platinum rewards points.
Most notably, you can:
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Redeem for travel. Worth 1 cent per point toward flights and 0.7 cents each for hotels, rental cars, and cruises.
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Transfer to various travel partners. Points can be transferred to travel partners, sometimes at a 1:1 ratio. This is often the most valuable way to redeem your Membership Rewards points.
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Redeem for gift cards or statement credits. Usually worth 0.6 cents to 1 cent per point.
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“Pay with Points” when checking out at select retailers. Usually worth 0.7 cents per point.
Benefits
Statement credits
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$200 per year in Uber Cash. Platinum Card members receive $15 in Uber Cash every month, plus a $20 bonus in December. You can use your credits in the U.S. to order rides from Uber or food from Uber Eats. To receive this benefit, you must have your eligible card added as a method of payment in your Uber account. This benefit is only good for Rides and Eats orders in the U.S.
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$155 per year Walmart+ credit. If you use your Platinum Card to pay for a Walmart+ membership, Amex will give you a statement credit that covers the full cost each month ($12.95 plus any applicable sales taxes).
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$300 per year Equinox credit. Stay fit with the Equinox credit, which gives Platinum Card members up to $300 per year in statement credits. You can use these credits to purchase a membership at your local Equinox club or enroll in an Equinox+ subscription. Equinox+ gives you access to live and on-demand fitness classes.
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$240 per year digital entertainment credit. If you have this credit card, take advantage of the $240 digital entertainment credit. American Express gives you up to $20 in statement credits each month to cover the cost of Hulu, Peacock, Disney+ and other entertainment options.
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$300 SoulCycle credit. Up to $300 in statement credit when you use a Platinum Card to purchase a SoulCycle At-Home Bike.
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$100 Saks credit. As a Platinum cardholder, you’re entitled to $100 in statement credits each year – $50 between January and June, and $50 between July and December (enrollment required).
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$200 airline fee credit. The American Express Platinum Card entitles you to up to $200 in airline fee credits per year, which is even better than some of the best airline credit cards.
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Up to $120 Global Entry or TSA PreCheck fee credit (every 4 to 4.5 years). The Transportation Safety Administration Global Entry program allows certain travelers to go through an expedited customs process when returning to the United States from other countries. TSA PreCheck gives low-risk travelers access to expedited security screening processes at U.S. airports. This American Express credit card offers an $85 statement credit to cover the cost of your PreCheck application fee and a $120 statement credit to cover your Global Entry application fee. See the best credit cards for Global Entry.
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$199 CLEAR® Plus credit. The American Express Platinum Card is one of the only cards to offer a $199 statement credit each year to be used toward a CLEAR® Plus membership (Read more in our comparison of TSA PreCheck vs CLEAR).
Airport lounge access
American Express maintains a Global Lounge Collection with more than 1,400 airport lounges. Amenities vary by location, but airport lounges typically offer a comfortable place to relax while you wait for your flight to board.
Included lounges are:
- The Centurion® Lounges and Escape Lounges
- Delta Sky Clubs (card members must arrive within 3 hours of a departing or arriving Delta flight)
- Priority Pass Select lounges (enrollment required)
- Plaza Premium Lounges
- Lufthansa Lounge (card members must arrive within 3 hours of a departing or arriving Lufthansa flight)
- Additional Global Lounge Collection Partner Lounges
Hotel benefits
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Hotel Collection benefit. When booking a stay of at least 2 nights at one of these hotels, you’ll get an automatic upgrade (if available) and a $100 credit to be used at the hotel.
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Marriott Gold Elite status. Your American Express credit card also gives you access to Marriott Bonvoy Gold Elite status, which unlocks several benefits, including complimentary late checkouts, 25% more points on every eligible purchase, free in-room Wi-Fi and enhanced room upgrades when available.
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Hilton Gold status. This is a great credit card for Hilton, as you can access automatic Gold status when you enroll. This entitles you to complimentary upgrades at check-in, a fifth night free, daily food and beverage credits, and more.
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$200 hotel credit. If you use your Amex credit card on certain prepaid hotels, you’ll receive a $200 statement credit each year. This includes Fine Hotels + Resorts and properties in The Hotel Collection. The Hotel Collection requires a minimum two-night stay.
Other perks
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Invitation Only program. The Invitation Only program gives every American Express member with an eligible credit card the chance to participate in curated experiences. In most cases, Amex doesn’t make these packages available to the general public.
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Preferred Seating. With Preferred Seating, you have access to premium seats for sporting events, musical performances and other special events.
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Military benefits. If you’re deployed after you’re approved for an American Express credit card, the company may waive your $695 annual fee or provide other protections available under the Servicemembers Civil Relief Act. American Express may also reduce your interest rate while you’re on active duty, making it easier to manage your finances.
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Trip cancellation and interruption insurance. Complimentary American Express travel insurance is one of the many travel benefits available to Platinum members. If you have to cancel or interrupt a trip due to a covered loss, Amex will reimburse up to $10,000 of your nonrefundable travel expenses.
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24/7 concierge service. Amex offers 24/7 concierge service to its Platinum Card members, making it easier to update your travel arrangements or learn about hidden gems that you won’t find in a travel magazine or tourist guide.
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Rental car insurance. American Express is one of just a few card companies offering rental car insurance to its members. If you have this credit card, you’re eligible for rental loss and damage coverage, which pays certain expenses related to accidental damage and vehicle theft. To use this Amex benefit, you must pay for the rental car with your Platinum Card.
Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by Amex Assurance Company.
The fine print
Fees
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Annual fee: $695
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Authorized user: $195 per person
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Foreign transaction fee: $0
- (See rates and fees)
Interest rate
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Regular APR: See Pay Over Time APR
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Cash Advance APR: 29.99% variable
Card limit
There’s no preset American Express Platinum card limit. If you want to spend $5,000 one month and $20,000 the next, you can, as the lack of a credit limit gives you unmatched flexibility. You just have to pay the $695 annual fee.
Eligibility
To qualify for The Platinum Card® from American Express, you must meet a few eligibility requirements.
Credit score
Although American Express has not publicly disclosed a minimum credit score requirement for any cards, you have the best chance of qualifying for the Amex Platinum Card® if your FICO credit score is 700 or higher.
Credit history
As American Express runs a credit check to determine eligibility, we recommend having at least two years of pristine credit history, meaning you’ve made all your required payments on time.
Age
To be the primary user of The Platinum Card® from American Express, you must be at least 18. However, any applicant under 21 must provide proof of sufficient independent income or have a cosigner. Anyone over 21 may or may not need to confirm proof of income, but Amex will still run a credit check to determine your eligibility.
Income
Amex hasn’t published an income requirement for The Platinum Card® from American Express.
Other factors
Other requirements you’ll need to meet for Amex Platinum eligibility include:
- A social security number or ITIN
- A physical U.S. address (not a P.O. box)
