Editor’s note: This is a recurring post, updated regularly with new information and offers.
The Platinum Card® from American Express overview
Although it has a high annual fee, The Platinum Card® from American Express is one of the best premium travel rewards cards. As a cardholder, you’ll earn valuable Membership Rewards points, receive up to $1,500 in credits annually (as long as you can take advantage of them), and gain access to an extensive network of airport lounges around the world. Card rating*: ⭐⭐⭐⭐½
*The card rating is based on the opinion of the TPG editorial staff and is not influenced by the card issuer.
These days it seems like every bank, airline, and hotel offers a premium travel rewards card. But for a long time, The Platinum Card from American Express was the only premium rewards card on the market. If you had an Amex Platinum Card, with its sleek design and hefty metal weight, there was a sense of cachet.
That still exists, even though some competitors have emerged in the luxury card category in recent years, including the Chase Sapphire Reserve and the Capital One Venture X Rewards Credit Card. When you stack them up against each other, the Amex Platinum shines in a way the others don’t. On the other hand, it also falls flat in some areas.
The Amex Platinum has undergone significant changes in recent years and has a high annual fee of $695 (see rates and fees) – one of the highest on the market. That’s why people often ask if the Amex Platinum is still worth the annual fee, even with the new benefits.
It still ranks as one of the best travel maps out there. However, that doesn’t mean it’s suitable for every traveler.
Let’s take a look at the details and benefits to see if it makes sense to have Amex Platinum in your wallet.
Apply now: The Platinum Card from American Express with a bonus of 80,000 points
Check the CardMatch tool to see if you qualify for a Platinum Card offer of 150,000 points (after meeting the minimum spending requirements). These offers are subject to change at any time.
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Amex Platinum Welcome Offer
The current welcome bonus for the Amex Platinum is 80,000 Membership Rewards points after you spend $8,000 on purchases within the first six months of your card membership. According to TPG’s monthly valuations, Amex Membership Rewards points are worth 2 cents each, making this bonus worth $1,600. That’s almost three times the $695 annual fee for the card.
Amex sometimes offers up to 150,000 points to targeted individuals through other channels, including the CardMatch tool, snail mailings, or even when they log into other card accounts online. These offers are subject to change at any time and are not necessarily available to everyone.
Related: Redeem Membership Rewards Points for Maximum Value
Amex Platinum Benefits
Of course, what really decides The Platinum Card from American Express What’s different is the fact that it offers some of the best benefits of any card. Let’s see:
- Up to $300 annual Equinox credit on Equinox gym memberships and Equinox+ app.*
- Up to $155 statement credit covering the cost of a monthly Walmart+ membership when paying with Amex Platinum (subject to auto-renewal). Plus-ups are excluded.
- A $100 credit for Global Entry every four years or up to an $85 credit for TSA PreCheck every 4½ years (whichever application fee your card is charged first).
- Up to a $100 Saks Fifth Avenue credit, split into two statement credits of up to $50 between January and June, then July through December.*
- Access to the American Express Global Lounge Collection, including Centurion Lounges, Priority Pass lounges, Airspace lounges, Escape lounges, Plaza Premium lounges and Delta Sky Clubs (when traveling on same-day Delta flights; limited to six annual visits from February 1, 2025).*
- Free Gold status with Hilton Honors and Marriott Bonvoy.*
- Complimentary car rental status: Hertz Gold Plus Rewards President’s Circle, Avis Preferred Plus and National Emerald Club Executive.*
- Access to Amex Fine Hotels + Resorts and The Hotel Collection.
- If your trip is delayed more than six hours for a covered reason, you may be eligible for reimbursement up to $500 per covered trip for reasonable additional expenses.**
- If you need to cancel or interrupt your trip for a covered reason, you may be eligible for reimbursement of up to $10,000 per covered trip.**
- The extended warranty benefit extends eligible manufacturer warranties of five years or less for up to one additional year.***
- Purchase Protection protects recent purchases against theft, accidental damage or loss for up to 90 days from the date of purchase.***
Even if you can only use a handful of these benefits, it’s easy to cover most (or all) of Amex Platinum’s annual fee.
Here’s how TPG director of content Nick Ewen describes it:
“Some of the Amex Platinum benefits I don’t need, and others (like Walmart+) I use just because they’re there. However, I have a two-car Sirius XM plan, so I always use the digital entertainment credit ($240). I also easily use up all $200 in Uber credits and all $200 in airline credits annually. In other words, just three of these benefits puts $640 back in my pocket each year. As a result, I consider it paying of $55 for all other benefits on the card – which makes it a no-brainer to keep in my pocket.”
Your exact situation may vary, but crunch the numbers to see how much real value you can get from the card.
*Registration is required for certain benefits.
**Eligibility and benefit level varies by card. Terms and conditions and restrictions apply. Visit americanexpress.com/benefitsguide for more information. The policies are underwritten by New Hampshire Insurance Company, an AIG company.
***Eligibility and benefit levels vary by card. Terms and conditions and restrictions apply. Visit americanexpress.com/benefitsguide for more information. The policies are underwritten by AMEX Assurance Company.
Related: How to Maximize Benefits with the Amex Platinum
Earn points on the Amex Platinum
With the Amex Platinum, you earn 5 points per dollar on airfare purchased directly from the airlines or through the Amex Travel portal (on up to $500,000 in airfare per calendar year). Plus, you’ll earn 5 points per dollar on prepaid hotels booked with Amex Travel.
These 5-point categories are a great way to earn lots of Membership Rewards points. Based on TPG valuations, earning 5 points per dollar yields a 10% return.
All other purchases earn just 1 point per dollar, but Platinum cardholders are eligible for targeted Amex offers that could boost earnings at several merchants (including Amazon).
Related: The Ultimate Guide to Saving Money with Amex Offers
Redeem points on the Amex Platinum
Membership Rewards points are one of the most valuable and flexible loyalty currencies ever created for point redemption. The best way to maximize your points is to transfer them to one of their loyalty program partners.
You can also use your Membership Rewards points to book travel directly through American Express Travel. But as the personal Amex Platinum is the only Amex card in your inventory. Using points to redeem airfare and hotels this way isn’t going to give you great value. You’ll get just 1 cent per point if you redeem the points directly for airline tickets with Amex Travel and less than 1 cent per point if you redeem for hotel rooms.
However, suppose you have that too The Business Platinum Card® from American Express. In that case, you’ll get one of the very best instant points redemptions available. This is the result of the 35% points discount for first and business class flights on any airline plus economy flights on your selected airline (up to 1 million bonus points back per calendar year).
Related: Here are 9 of our favorite ways to use Amex Membership Rewards points
Transfer points to the Amex Platinum
Each Membership Rewards point is worth 2 cents, thanks in large part to the program’s 18 airlines and three hotel transfer partners. These include at least one useful option in every major airline alliance (SkyTeam, Star Alliance and Oneworld).
Transferring your points to the right airline or hotel program is usually the best way to maximize the value of your Membership Rewards points. Point transfers take place directly with the vast majority of these partners. And even the laggards need up to 48 hours to make the switch in our frequent tests.
Which cards compete with the Amex Platinum?
Some other attractive premium credit cards go hand in hand with the Amex Platinum:
For more options, check out our full list of the best cards for travel rewards and lounge access.
Read more: The best premium credit cards: a side-by-side comparison
In short
If you can take full advantage of more than $1,500 in annual statement credits per year, The Platinum Card from American Express is one of the most attractive rewards cards, especially if you travel enough to make the hotel statuses and lounge benefits useful or shop enough to get substantial value from the shopping protections. The $695 annual fee for the Amex Platinum is high, but the various annual credits can recoup the entire cost (and more) even before the card’s other benefits are taken into account.
Official application link: The Platinum Card from American Express
Check the CardMatch tool to see if you qualify for a 150,000-point Platinum Card offer (after meeting minimum spending requirements). These offers are subject to change at any time.
For Amex Platinum rates and fees, click here.