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Rewards cards can be categorized into four different groups:
- Cards you have for financial reasons (low APR, low balance transfer APR, etc.)
- Cards that you use for every day and bonus spending (such as 2x or 3x bonus categories)
- Those that have lucrative promotions for being a new cardmember (maybe an enticing 80,000-point offer)
- Cards that provide a vast amount of benefits solely by being a cardmember (lounge access, complimentary elite status, etc.)
The Platinum Card® from American Express is a perfect example of the type of card you want to have because of its extensive list of luxury benefits.
- Earn 100,000 Membership Rewards® Points after you spend $6,000 on purchases on the Card in your first 6 months of Card Membership.
- Plus, earn 10x points on eligible purchases on the Card at 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.
- Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year.
- Earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
- $200 Hotel Credit: Get $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings with American Express Travel when you pay with your Platinum Card®.
- $240 Digital Entertainment Credit: Get up to $20 in statement credits each month when you pay for eligible purchases with the Platinum Card® at your choice of one or more of the following providers: Peacock, Audible, SiriusXM, and The New York Times. Enrollment required.
- New! American Express has expanded The Centurion® Network to include 40+ Centurion Lounge and Studio locations worldwide. Now there are even more places your Platinum Card® can get you complimentary entry and exclusive perks.
- $200 Airline Fee Credit: Get up to $200 in statement credits per calendar year in baggage fees and more at one qualifying airline.
- $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Uber Cash and Uber VIP status available to Basic Card Member only.
- $300 Equinox Credit: Get up to $25 back each month on select Equinox memberships. Enrollment required.
- $179 CLEAR® Credit: Use your Card and get up to $179 back per year on your CLEAR® membership.
- $695 annual fee.
- Terms Apply.
- Rates & Fees
- Earn 5X points for flights booked directly with airlines or with American Express Travel (up to $500,000 in purchases per calendar year).
- Earn 5X points on prepaid hotels booked with American Express Travel.
- New Cardmembers: Earn 10X points on eligible purchases on the Card at 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.
New Cardmember Welcome Bonus
The welcome offer is 100,000 bonus Membership Rewards points after you spend $6,000 on purchases on the Card in your first 6 months of Card Membership.
This card typically offers 60,000 bonus points after reaching the spending requirement in only three months. With this higher-than-normal bonus offer and a full six months to earn it, now is a great time to sign up for a Amex Platinum.
In addition to the increased bonus, new cardmembers can earn 10X points on eligible purchases at 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.
Membership Rewards are extremely valuable, especially when transferred to one of Amex's travel partners.
Rundown of Benefits
The annual fee on the Amex Platinum may initially cause you to think twice about the card — especially if you have the mentality of “why would I ever pay for a credit card?” The $695 fee (Rates & Fees) is one of the higher annual fees you'll see on a rewards card, but if you take advantage of the associated benefits, you'll understand why this card comes at a premium. The benefits include:
- American Express Membership Rewards earned from the Amex Platinum can be transferred to Amex’s 20+ travel partners
- Transfers are processed instantly to most partners
- 5x points on airfare when purchased from amextravel.com or direct with the airline. Starting January 1, 2021, earn 5X points on up to $500,000 on these purchases per calendar year.
- 5X Membership Rewards® points on eligible hotels booked on amextravel.com
- Provides Delta Sky Club access
- Provides access to Airspace Lounges, Plaza Premium Lounges, and one-off lounges like the Pontus In The Air lounge in Stockholm (ARN)
- Provides access to Lufthansa Lounges in Munich and Frankfurt when traveling on Lufthansa, Swiss, and Austrian
- Provides access to Eurostar Business Premier Lounges at St Pancras International, Paris Gare du Nord, Brussels Midi/Zuid, and Ebbsfleet International
- Provides access to The Centurion Lounge. Current Centurion Lounge locations include Dallas/Fort Worth (DFW), Houston (IAH), Las Vegas (LAS), New York LaGuardia (LGA), Miami (MIA), Seattle-Tacoma (SEA) and San Francisco (SFO)
- Provides access to International American Express Lounges locations including Delhi (DEL), Buenos Aires (EZE), Mexico City (MEX), Monterrey (MTY), Toluca (TLC), Sydney (SYD), Melbourne (MEL), and Hong Kong (HKG)
- Provides access to Virgin Australia Lounges when flying Virgin
- Offers Priority Pass Select membership
- Provides $200 annually in statement credits for airline incidental fees such as checked bags and airport lounge day passes
- Provides up to $200 Uber Savings Annually
- Up to $100 in statement credits annually for purchases at Saks Fifth Avenue
- No foreign transaction fees (Rates & Fees)
- Provides Marriott Rewards Gold Elite Status
- Provides Hilton Honors Gold Status
- Provides Avis Preferred status
- Provides Hertz Gold Plus Rewards status
- Provides National Car Rental Emerald Club Executive status
- $100 application fee credit for Global Entry membership
- Access to FINE HOTELS & RESORTS properties, which can result in upgrades, hotel credits, and VIP experiences
- Provides access to exclusive Amex Platinum concierge
- Provides access to Platinum Dining Program, which can help you secure reservations at over 1,000 of the most acclaimed restaurants in the world
- Provides access to Cruise Privilege Program, which ensures you will receive valuable amenities on sailings of five nights or more
- Provides access to Premium Roadside Assistance, which enables you to receive roadside assistance at no additional cost up to four times per calendar year
If you were to place a value on the benefits combined, there is no question that value would significantly exceed the $695 annual fee of the Amex Platinum. The question is whether you can take advantage of enough of those benefits to make the annual fee worth it. If the answer is yes, then this is certainly a card you should consider.
The Amex Platinum has long been one of the top rewards cards on the market. Its number of benefits probably exceeds those offered by almost any other card publicly available. If you can regularly take advantage of at least three or four of these perks, then the Amex Platinum is likely well worth your investment.
For rates and fees of the cards mentioned in this post, please visit the following links: The Platinum Card® from American Express (Rates & Fees)
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