Overview
The Platinum Card From AMEX
Annual Fee: $695
Recommended FICO Score: 670 – 850
Interest Rate: 15.99% – 22.99%
SignOn Bonus: 100,000 points after $6,000 in 6 months
Card Type: Rewards
Best Used At: Supermarkets, streaming and gas stations.
The American Express Platinum credit card is a premium card that’s loaded with perks that high end consumers value and are ready to pay for. Some of the highlights include high reward multipliers on travel and dining experiences, annual credits in various segments, access to lounges worldwide and VIP access tickets and events. The AMEX platinum card comes with a high annual fee, but the customers that’s its marketed to are looking to pay for the added benefits this card offers.
Reward Offering
The Sign On Bonus
The American Express Gold card has a one-time bonus of 100,000 points once you spend $6,000 on purchases within the first 6 months from account opening.
Reward Multiplier
10x
10x points on restaurants worldwide and when you Shop Small in the U.S. on up to $25,000 in combined purchases, during your first 6 months of Card Membership.
5x
5x points on flights purchased directly with the airline or with American Express Travel (up to $500,000 per year).
5x
Earn 5x on prepaid hotels booked with American Express Travel.
1x
Earn 1x points on all other purchases.
Other Benefits
$200 annual hotel credit in statement credits on select prepaid bookings through American Express Travel.
Up to $200 in Uber Cash annually: add your Card to your Uber account and you’ll automatically get $15 ($35 in December) in Uber Cash each month for Uber Eats orders or Uber rides in the U.S.
$200 airline incidental fee credit to reimburse things like checked-bag fees or in-flight refreshments.
$240 a year for digital entertainment. That is $20 per month toward eligible subscriptions for Peacock, Audible, SiriusXM and The New York Times.
$300 a year for Equinox gym memberships as $25 statement credit per month for select eligible Equinox memberships.
$155 a year for Walmart+ as $12.95 statement credits.
Fee Credit for Global Entry or TSA Pre✓®+.
$179 a year for CLEAR to help clear airport security and get into stadiums more quickly.
Access to the American Express Global Lounge Collection® with more than 1,300 airport lounges across 140 countries.
Get a $100 credit at Hotel Collection properties for qualifying activities like dining or spa treatments. Minimum 2-night stay required.
Upgraded Marriott membership to Gold Elite Status.
Upgraded Hilton membership to Gold Status.
Cell phone protection $800 per claim (1,600 per year)
Trip delay and cancellation insurance, car rental and damage insurance, extended warranty and purchase protection.
No foreign fee transactions.
Who Is This Card Suited For
The American Express Platinum credit card is primarily meant for the high-end customers who will be able to leverage the various perks this card offers. The Platinum card offers wide variety of benefits that enhance travel, entertainment, dining, retail and wellness experiences. Like the Chase Sapphire Reserve card, it’s not about trying to save money, it’s about trying to get the biggest bang for the bucks you are spending.
Key Benefits:
- High spending multipliers on dining out and travel purchases.
- Airport lounge access.
- Hotel membership upgrades for Marriott and Hilton.
- Annual credits that can offset the annual fee.
- Ability to transfer miles to partner programs.
- No foreign transactions.
Key Drawbacks:
- High annual fee.
Redeeming AMEX Points
An awareness of how how you can redeem AMEX points and the value you get from each option will impact the overall return you get from your AMEX cards. The below table summarizes the value you get from each option.
| Redemption Option | Value |
|---|---|
| Transfer To Program Partners | Most programs have 1:1 transfer rate. |
| AMEX Travel Portal | 1 cent per point |
| Redeem As Gift Cards | 0.5 - 1 cent per point |
| Shop With Points | 0.5 - 1 cent per point |
| Statement Credits | 0.6 cent per point |
Travel Partners
AMEX has 19 different airline partners that span 3 different alliances. To maximize the value of your points, it’s recommended that you consider transferring your points to partners programs when booking flights. The below table summarizes the transfer rates you get for each airline partner.
| Transfer Partner | Alliance | Transfer Rate |
|---|---|---|
| AeroMexico | SkyTeam | 1,000 : 1,600 |
| Air Canada | Star Alliance | 1,000 : 1,000 |
| Alitalia | SkyTeam | 1,000 : 1,000 |
| Aer Lingus | N/A | 1,000 : 1,000 |
| ANA | Star Alliance | 1,000 : 1,000 |
| Avianca LifeMiles | Star Alliance | 1,000 : 1,000 |
| British Airways | OneWorld | 1,000 : 1,000 |
| Cathay Pacific | OneWorld | 1,000 : 1,000 |
| Delta Air Lines | SkyTeam | 1,000 : 1,000 |
| Emirates | N/A | 1,000 : 1,000 |
| Etihad Airways | N/A | 1,000 : 1,000 |
| Flying Blue Air France/KLM | SkyTeam | 1,000 : 1,000 |
| Hawaiian | N/A | 1,000 : 1,000 |
| Iberia | OneWorld | 1,000 : 1,000 |
| JetBlue | N/A | 250 : 200 |
| Qantas | OneWorld | 500 : 500 |
| Singapore Airlines | Star Alliance | 1,000 : 1,000 |
| Virgin Atlantic | N/A | 1,000 : 1,000 |
AMEX also has 3 hotel partners and the transfer rates are listed below:
| Partner | Transfer Rate |
|---|---|
| Choice Privileges | 1,000 : 1,000 |
| Hilton Honors | 1,000 : 2,000 |
| Marriott Bonvoy | 1,000 : 1,000 |
Card Fees And Expenses
| Annual Fee | $695 |
| Foreign Transaction Fee | $0 |
| Interest Rates | 15.99% to 22.99% |
| Late Fees | Up to $40 |
| Cash Advance | Either $10 or 5% of the amount of each cash advance, whichever is greater. 25.24% APR |
