American Express Platinum Card Review

This article discusses all available data for the American Express Platinum Card.

The benefits of using such a card are presented in detail and some of the negatives.

Let’s start.

TABLE OF CONTENTS:

1. American Express Platinum Card Full Review
2. American Express Platinum Card: Key Features
3. American Express Platinum Benefits
   • Automatic credits
   • Airport lounge access
   • Hotel Benefits
   • Other goodies
4. Cons of having AMEX Platinum Card

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American Express Platinum Card Full Review

The annual fee for an American Express Platinum Card is $695. However, the fee opens up many benefits that focus on entertainment, travel, eating out, wellness, and retail. It’s not about cutting costs. It’s about maximizing the amount you spend. If you’re a frequent spender and are expecting a lot, then the first luxurious card might be the right choice for you.

If you choose this card, you will receive things like:

• $200 Uber Cash
• $200 Hotel Credit
• $240 Digital Entertainment Credit
• $179 CLEAR Credit
• $200 a Year for Airline Incidental Fees
• $300 a year for Equinox gym memberships
• $100 a year at Saks Fifth Avenue
• $155 Walmart+ Credit

Even more perks will be described in depth later in this article. 

American Express Platinum Card: Key Features

First of all, it is essential to know the Interest rates, Interest charges, and the Fees of the Platinum card. The information below is taken from the AMEX terms and conditions.

AMEX Platinum Card Fee, Interest Rates, Interest Charges

INTEREST RATES AND INTEREST CHARGES
Annual Percentage Rate (APR) for Pay Over Time Feature	16.24% to 23.24% Based on your creditworthiness and other aspects as assessed prior to opening your account. The APR for this month will be different from the market rate based on Prime Rate.
APR for Cash Advances	25.49%
Pay Over Time: Penalty APR and When it Applies	29.99%
Paying Interest	25 days after the close of each billing period
Plan Fee	For purchase amounts in a Pay Over Time balance: A monthly fee up to 1.33%.For purchase amounts in a Pay In Full balance: A monthly fee up to 1.33%.

FEES
Annual Membership Fee	$695
Transaction Fees for Cash Advance	$10 or 5%
Fees for Foreign Transaction	None
Penalty Fees: Late Payment	Up to $40
Penalty Fees: Returned Payment	Up to $40

Membership Rewards Points

There are a few things that you should know to collect rewards:

1. Earn between 100,000 and 125,000 Membership Rewards Points: You will earn them after applying for the American Express Platinum Card. The amount of the points depends on the active promotions. The standard amount is 100,000 points.
2. 5X Membership Rewards with Amex Travel: You can earn 5X Member Rewards points when you book flights directly with airlines or through American Express Travel on up to $500,000 worth of purchases each calendar year.
3. 5X on Hotel: You can earn Membership Rewards Points 5X when you book hotels that you pay for (booked and paid for in advance).
4. 1X point on other purchases

You can redeem the Membership Reward Points for: 

• Pay with Points at Checkout (Amazon, Best Buy, Boxed, Dell.com, Grubhub, JustGiving, Newegg, NYC Taxi, PayPal, Rite Aid, Saks Fifth Avenue, Seamless.com, Staples, Ticketmaster)
• Redeem for Gift Cards
• Cover Your Card Charges
• Book or Upgrade Travel (Find Flights, Reserve Prepaid Hotels, Rent Prepaid Cars, Take Cruises, Plan Vacations, Excise Tax Offset Fee, Upgrade with Points, Book Fine Hotels & Resorts)
• Transfer Points to a Frequent Traveler Program
• Shop with Membership Rewards Points

Membership Rewards points are 0.5 cents to 1 cent, based on your method to redeem them. 

Redeeming gift cards and travel are typically the most important.

Points can also be transferred and could be worth more if they are used strategically after transfer to other loyalty programs. It is common for travelers to get a lot of value from their points by using transfer options.

Ways to Pay

If you are having trouble paying your bill, there are various choices. You can:

• Make sure you pay your invoice in the total amount.
• Make sure you pay the amount and utilize overtime to use the Pay Over Time feature to carry an outstanding balance, paying interest.
• Use Plan It to make significant purchases and then split them into monthly installments using an agreed-upon fee.

You have a limit on the amount you can keep as a balance or transfer into a Plan. Any purchases over your limit have to be paid for in full when the bill is due.

American Express Platinum Benefits

In most credit cards for travel, the points you earn from your spending are the main benefit. But not with the Platinum Card from American Express. Sure, the welcome bonus to new customers is intriguing, but even though you can earn 5X points on hotels and flights, you must book lots of travel to earn back the annual cost. The majority of the card’s worth lies in its yearly statement credits that can be used for certain purchases, automatic upgrades and premium services, access to exclusive content, and additional “soft” benefits.

Travel

• $200 Hotel Credit: You can earn $200 back in credit on your statement every year for 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.
• $200 a Year for Airline Incidental Fees: You can choose only one airline per year, and this $200 is a credit only for the selected airline. It applies to a single airline you choose when you enroll. The credit is a refund for incidental fees such as checked-bag or in-flight refreshments, but not airfare or upgrades. Note that those fees should be charged from your Platinum Card. Airlines that qualify are American Airlines, Alaska Airlines, Delta Airlines, Hawaiian Airlines, Frontier Airlines, Spirit Airlines, JetBlue Airways, Southwest Airlines, and United Airlines.
• The Global Lounge Collection: The American Express Global Lounge Collection can offer a relaxing experience at the airport featuring more than 1,400 airport lounges in 140 countries in 650 cities, and the number is growing.

• $200 Uber Cash: It’s delivered through the unique Uber application experience. If you have a Platinum Card, you’ll earn $15 in Uber cash for orders to eat or ride in the US each month, plus an additional $20 in December. This is up to $200 worth of Uber meals or rides each year. Additionally, you’ll be an Uber VIP when it is available, without having to meet the minimum requirements for rides, and will be paired with top-rated drivers so that even a 5-minute ride could be an experience of 5-star quality.
• $179 CLEAR Credit: You can earn as much as $179 in credit on your statement each calendar year when you utilize the Platinum Card to pay for your annual Clear membership. Enrollment in Clear is mandatory. Clear memberships automatically renew every year unless canceled. So, what is Clear? The Clear Plus membership costs $179 a year (just $13 each month) and includes access to airport security, events and sports venues, and others. Clear members can bring a guest to sports stadiums by using their CLEAR Lane.
• International Airline Program: An AMEX Platinum Card gives you lower prices on the most popular seats on the international market, with 8 tickets for each booking. You don’t have to look around for fares when booking tickets through the International Airline Program with American Express Travel. You can save money on business, First, and Premium Economy seats on more than 25 world-class airlines. 
• Fee Credit for Global Entry or TSA Precheck: You can choose to receive a statement credit to use for Global Entry or a statement credit of up to $85 in TSA PreCheck by contacting using any Authorized enrollment provider to sign up for a five-year contract. TSA PreCheck can expedite security screening, and Global Entry could cut down on wait times at US Customs at select airports. You can check the full terms and conditions on the website.
• Fine Hotels & Resorts Program: Every time you stay in Fine Hotels + Resorts, You will enjoy various perks when you book with American Express Travel. Including daily breakfast for two guests at 4 PM check-out and a $100 experience credit to taste an unique experience to every property. You can enjoy an average value of $550 additions in over 1,100 properties. 
• The Hotel Collection: When booking “The Hotel Collection” with American Express Travel, you will receive a $100 credit for qualifying activities such as eating out or spa treatments. A minimum stay of 2 nights is required to obtain the benefit. Experience credits vary by property.
• Platinum Travel Service
• Marriott Bonvoy Gold Elite Status
• Hilton Honors Gold Status
• No Foreign Transaction Fees
• Premium Car Rental Status
• Car Rental Loss and Damage Insurance
• Premium Global Assist Hotline: When you travel over 100 miles away from home, AMEX can provide you with 24-hour medical-legal, financial, emergency assistance, and coordination services. Cardmembers may be liable for charges incurred through third-party providers of services. Assistance for medical emergencies can be provided for free only if the request is approved and coordinated by the Premium Global Assist Hotline.
• Membership Rewards Program – Transfer Points
• Trip Delay: Trip Delay Insurance can aid in the reimbursement of additional expenses that you pay for using the same Card for up to $500 for each trip. Maximum 2 claims per Card for 12 months.
• Trip Cancellation and Interruption Insurance: Trip Cancellation and Interruption Insurance could help reimburse you for non-refundable expenses incurred using the same card, Up to $10,000 per transaction and up to $20,000 for each card eligible for reimbursement over 12-consecutive months period.

Rewards

• Earn 5X Points for flights and hotels
• Pay with Points
• Membership Rewards Program: If you make purchases with the Platinum Card, you’ll earn one Membership Rewards Point for each dollar you spend when you purchase eligible items. You can redeem points for rewards from more than 500 top brands in travel, shopping, eating, entertainment and dining.

Shopping and Entertainment

• $240 Digital Entertainment Credit: Enjoy the latest TV shows, audiobooks, news, and recipes. You can earn up to $20 credit on your statement each month when you make use of Your Platinum Card to make eligible purchases at Audible, Disney+, The Disney Bundle, ESPN+, Hulu, Peacock, SiriusXM, and The New York Times when you buy directly from any of these providers. This could mean annual savings of up to $240. In addition, Platinum Card members have access to perks that are exclusive periodically. Enrollment required.
• $155 Walmart+ Credit: If you use your Platinum Card to pay for Walmart+ membership ($12.95 monthly), the membership will be covered each month. The benefit for you will be free same-day delivery and free shipping on items shipped by Walmart. 
• $300 a year for Equinox gym memberships: The offer is a $25 monthly statement credit on select qualified Equinox memberships, such as Equinox All Access, Destination, E by Equinox memberships, or the fitness app available on-demand Equinox. You should pay the $25 fee for membership with your Platinum Card.

• $100 a year at Saks Fifth Avenue: Once you enroll, you will receive 50 dollars worth of credit towards online or in-store purchases made between January and June and another $50 credit for purchases between July and December. There is no minimum amount to purchase. 
• SoulCycle At-Home Bike Credit: You can get a $300 statement credit after each time you use your Platinum Card to purchase one SoulCycle at-home bike.
• Global Dining Access by Resy
• By Invitation Only
• Preferred Access: With Preferred Access With Preferred Access, you’ll be able to enjoy exclusive seats at specific sporting and cultural events, subject to availability.
• Return Protection: Suppose you attempt to return an eligible item within 90 days of the date of purchase, but the retailer cannot accept the item return. In that case, American Express may refund the purchase price in full, minus handling and shipping, as high as $300 for each item and up to a maximum amount of $1,000 per calendar year.
• Incircle: For every 10,000 points, you earn in exchange for the InCircle Points Card for $100. Points Cards can be used to purchase Neiman Marcus, Bergdorf Goodman, Last Call, and Horchow.
• Purchase Protection: Up to $10,000 per occurrence, $50,000 per calendar year
• Extended Warranty
• Cell Phone Protection
• Cruise Privileges Program

Additional Services

• Amex Send & Split
• Additional Gold Card: With no annual fee
• Card Member Services
• American Express App
• Year-End Summary
• Experience Membership Together: You can add an additional card.

Cons of having AMEX Platinum Card

Big Annual Fee

Many travel cards charge less than $100 per year for amazing rewards and benefits. Others charge $450, which is a standard fee for premium cards. 

The American Express Premium Card fee is $695. But it is challenging to quantify its benefits. 

Limited rewards earning

You won`t earn more than 1 point per dollar when using the Platinum Card from American Express. Some cards give you rewards like 2 miles per dollar spent on a purchase. 

Limited-use credits

With the AMEX Platinum card, you will get $200 for the airline fee. But some of the competitors can give you from $250 to $300, including any travel expenses. 

While the entire list of credits on your annual statement together is superior to the monthly cost, you’ll need to make use of them to receive any benefits. It’s not an easy task if you do not live in a city with Equinox gyms or an airport served by CLEAR. Credits won’t help you when you’re being enticed to buy more expensive items to redeem the credits for a single time.