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The long-awaited update to the American Express Platinum Card® has gone into effect. As part of the Platinum Card® overhaul, cardholders receive expanded statement credits and benefits in exchange for an industry-topping $895 annual fee (Rates & Fees).
Most people might balk at the idea of spending close to $1,000 just to have a credit card in their pocket — even if it's a limited-edition mirror design. However, the Platinum Card® has clearly set itself apart from the competition. It offers excellent travel benefits, great travel insurance coverage, and a plethora of credits and benefits worth over $3,500 if you can maximize them all.
The card isn't without its drawbacks. Some of the statement credits can be difficult to use — many feel that the way the credits are structured purposefully makes them harder to maximize. Plus, the earning potential on non-flight purchases is subpar.
We'll weigh the pros and cons of the Platinum Card® Card up front. Then, we'll dive into how you can get value from the Platinum Card®‘s travel benefits, annual credits, and welcome offer. Afterward, you can decide whether it's the right fit for your wallet.
- You may be eligible for as high as 175,000 Membership Rewards® points after you spend $8,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you're approved and find out your exact welcome offer amount - all with no credit score impact. If you're approved and choose to accept the Card, your score may be impacted.
- Get more for your travels with 5X Membership Rewards® points on all flights and prepaid hotel bookings through American Express Travel®, including Fine Hotels + Resorts® and The Hotel Collection bookings. You earn 5X points on flights purchased directly from airlines or through American Express Travel® on up to $500,000 on these purchases per calendar year.
- More Value! With over 1,550 airport lounges - more than any other credit card company on the market* - enjoy the benefits of the Global Lounge Collection®, over $850 of annual value, with access to Centurion Lounges, 10 complimentary Delta Sky Club® visits when flying on an eligible Delta flight (subject to visit limitations), Priority Pass Select membership (enrollment required), and other select partner lounges. * As of 07/2025.
- More Value! $200 Uber Cash + $120 Uber One Credit: With the Platinum Card® you can receive $15 in Uber Cash each month plus a bonus $20 in December when you add your Platinum Card® to your Uber account to use on rides and orders in the U.S when you select an Amex Card for your transaction. Plus, when you use the Platinum Card® to pay for an auto-renewing Uber One membership, you can get up to $120 in statement credits each calendar year. Terms apply.
- More Value! $300 Digital Entertainment Credit: Get up to $25 in statement credits each month after you pay for eligible purchases with the Platinum Card® at participating partners. Enrollment required.
- More Value! $600 Hotel Credit: Get up to $300 in statement credits semi-annually on prepaid Fine Hotels + Resorts® or The Hotel Collection* bookings through American Express Travel® using the Platinum Card®. *The Hotel Collection requires a minimum two-night stay.
- New! $400 Resy Credit + Platinum Nights by Resy: When you use the Platinum Card® to pay at U.S. Resy restaurants and to make other eligible purchases through Resy, you can get up to $100 in statement credits each quarter with the $400 Resy Credit benefit. Plus, with Platinum Nights by Resy, you can get special access to reservations on select nights at participating in demand Resy restaurants with the Platinum Card®. Simply add your eligible Card to your Resy profile to book and discover Platinum Nights reservations near you, enrollment required.
- More Value! $209 CLEAR® Plus Credit: CLEAR® Plus helps get you to your gate faster by using unique facial attributes to verify you are you at 50+ airports nationwide. You can cover the cost of a CLEAR Plus Membership* with up to $209 in statement credits per calendar year after you pay for CLEAR Plus with the Platinum Card®. *Excluding any applicable taxes and fees. Subject to auto-renewal.
- $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees, such as checked bags and in-flight refreshments, are charged by the airline to the Platinum Card® Account*. American Express relies on airlines to submit the correct information on airline transactions to identify incidental fee purchases. If you do not see a credit for a qualifying incidental purchase on your eligible Card after 8 weeks, simply call the number on the back of your Card. Qualifying airlines are subject to change. See terms & conditions for more details.
- Start your vacation sooner, and keep it going longer. When you book Fine Hotels + Resorts® through American Express Travel®, enjoy noon check-in upon arrival, when available, and guaranteed 4PM check-out.
- New! $300 lululemon Credit: Enjoy up to $75 in statement credits each quarter when you use the Platinum Card® for eligible purchases at U.S. lululemon retail stores (excluding outlets) and lululemon.com. That's up to $300 in statement credits each calendar year. Enrollment required.
- $155 Walmart+ Credit: Receive a statement credit* for one monthly Walmart+ membership (subject to auto-renewal) after you pay for Walmart+ each month with the Platinum Card®. *Up to $12.95 plus applicable local sales tax. Plus Ups not eligible.
- $100 Saks Credit: Get up to $100 in statement credits annually for purchases at Saks Fifth Avenue or saks.com on the Platinum Card®. That's up to $50 in statement credits from January through June and up to $50 in statement credits from July through December. No minimum purchase required. Enrollment required.
- Whenever you need us, we're here. Our Member Services team will ensure you are taken care of. From lost Card replacement to statement questions, we are available to help 24/7.
- $895 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®.
- Earn 5X points on Fine Hotels + Resorts® and The Hotel Collection bookings.
Page Contents
Platinum Card® Card Pros
- Access to over 1,500 lounges via the Amex Global Lounge Collection. Enrollment is required for select Amex benefits.
- Over $3,500 in valuable annual credits, including hotel and air travel, Uber, Walmart+, and digital media.
- High points welcome offer.
- Points are transferable to an extensive array of valuable travel partners.
- Solid purchase and travel insurance protections.
- No foreign transaction fees (Rates & Fees).
Platinum Card® Card Cons
- $895 annual fee.
- Poor return on everyday spending.
- Generally useful credits if you're a frequent traveler, but not all credits provide value to everyone.
- Annual and monthly credits can be complex to use.
Platinum Card® Card Welcome Offer
The Platinum Card® currently has the following welcome offer: “As High As 175,000 points. Find Out Your Offer. You may be eligible for as high as 175,000 Membership Rewards® Points after spending $8,000 in eligible purchases on your new Card in your first 6 months of Membership. Welcome offers vary and you may not be eligible for an offer.”
Based on the average value of actual bookings made by AwardWallet users, the top welcome offer is worth over $3,400! This alone provides enough value to justify the annual fee for the first several years. However, it all depends on what offer you're targeted for.
Related: American Express Card Offer History: Best-Ever Offers and When You Should Apply
Platinum Card® Card Benefits
With a plethora of travel perks and annual credits, there's a lot to cover on the Platinum Card®. We'll cover each thoroughly enough to understand its value and how to maximize it.
No preset spending limit
The Platinum Card® is not a traditional credit card. Instead, it has no preset spending limit, which has positives and negatives.
With a traditional credit card, you'll get a credit limit (for example, $10,000). You typically can't spend past that amount until you pay off some of the balance. Contrasting this are cards with no preset spending limit, the amount you can spend adapts based on factors such as your purchase, payment, and credit history.
This doesn't mean the card gets unlimited spending capacity, but it does mean you aren't likely to hit a hard cap on spending the way you would with traditional credit cards. Your purchase and payment history are factors that determine how much American Express will let you charge to the card.
However, there's a catch: You must pay your full balance each month with this card. There is an option around this. You can enroll in Pay Over Time (sometimes with a bonus) and have eligible purchases that you can opt to pay later. The downside is that you'll pay interest on the balance you carry.
Note: Eligible charges can be included in a Pay Over Time balance, up to the Pay Over Time Limit. All charges not added to a Pay Over Time balance or monthly payment plan or Cash Advance balance must be paid in full each month by the payment due date. Pay Over Time only applies to eligible charges meeting minimum transaction amounts for certain cards.
Related: How To Unenroll From Amex Pay Over Time (And Why It's a Good Idea)
Lounge access
American Express operates its own The Centurion Lounge® network with over two dozen locations. Plus, there are at least two more on the way in the U.S. Platinum Card® cardholders enjoy complimentary access to Centurion lounges within three hours of flight departure or during a layover before a connecting flight.
Unfortunately, Amex doesn't offer free Centurion Lounge guest access for most cardmembers. You'll have to pay $50 per person to bring up to two guests or immediate family members (children between 2 and 17 years of age cost $30) with you into the lounge. Alternatively, you can qualify for complimentary guest privileges by spending a minimum of $75,000 annually on your card.
Platinum Card® cardholders also have access to Escape Lounges — The Centurion Studio Partner, Airspace lounges, Plaza Premium lounges, select Lufthansa lounges, and other lounges that are included in the Global Lounge Collection. Cardmembers can bring up to two complimentary guests into Airspace, Escape, and Plaza Premium lounges. You'll need a boarding pass of a same-day departing flight.
The Platinum Card® also provides access to Delta Sky Club® locations. Use of Sky Clubs is more restricted, as you must have a boarding pass for a flight with Delta Air Lines that same day and you are limited to 10 passes per year. Importantly, no complimentary guests are allowed for Sky Club visits; you have to pay $50 per person or $25 for Grab and Go entries. Like Centurion Lounge locations, Sky Club access is limited to three hours before your flight at your departure airport. Card members get 10 visits to be used until January 31 of the next calendar year, with the ability to unlock unlimited visits when you spend $75,000 on the card in a calendar year.
The Platinum Card® also provides you with a Priority Pass™ Select membership. This provides complimentary access to 1,550 worldwide lounge locations within that network. Guest policies are subject to each individual lounge, but typically include up to two guests. The Platinum Card® does not offer complimentary Priority Pass Restaurant access. Enrollment is required for select Amex benefits.
Hotel and rental car elite status
You can enjoy elite status with two hotel chains and benefits with select car rental partners, including:
- Hilton: Enroll to receive complimentary Hilton Honors™ Gold elite status.
- Marriott: Enroll to receive complimentary Marriott Bonvoy Gold Elite status.
- The Leading Hotels of the World: Enroll to receive complementary Leaders Club Sterling Status.
- Avis, Hertz, National: Enroll to receive status and perks, such as discounts, car upgrades, and even grace periods on late returns.
To enjoy complimentary elite status with each travel partner, you must enroll in each of the hotel and car rental loyalty programs. In fact, you will have to visit the benefits section of the Amex website to activate your hotel elite benefits. Additionally, you can use your card to earn rental car elite status for free, even matching this status to additional programs.
Amex Fine Hotels + Resorts® and The Hotel Collection
The Amex Fine Hotels + Resorts program provides a nice set of benefits at hand-picked luxury hotels around the world. These include:
- Room upgrade, based on availability at check-in.
- Daily breakfast for two guests.
- Check-in as early as noon, when available.
- Guaranteed 4 p.m. late checkout.
- Complimentary Wi-Fi.
- Property credit, worth at least $100 per stay — which could be for dining, spa, or some other on-property experience, depending on the hotel.
The benefits of The Hotel Collection aren't as great, and these stays require a minimum of two nights. Perks include:
- Room upgrades, based on availability at check-in
- Property credit, worth at least $100 per stay.
- Check-in as early as noon, when available.
- Late checkout, when available
The two programs have a combined total of over 2,200 properties. You must book through Amex to receive these benefits.
Related: How to Receive Elite Hotel Benefits Without Elite Status
Save over $3,500 using all the card's statement credits
Keeping track of all the Platinum Card®‘s annual credits can be a chore. Maximizing these credits is crucial for receiving the greatest value each year from your card. The issue for many people, including me, is that not all the credits are particularly useful.
Maximizing most or all of the travel-related credits can usually offset the card's annual fee or at least come close. Other credits, such as the digital media credit, can provide value for select cardholders. The bottom line is that the value will vary greatly depending on your individual circumstances.
Here is a summary of all the credits, which add over ~$3,500 in annual value:
- $600 hotel credit (up to $300 in statement credits semi-annually)
- $200 airline incidental fee credit
- $209 CLEAR® Plus credit
- $200 in Uber Cash (as a monthly credit), plus up to $120 in annual statement credits when you purchase an auto-renewing Uber One membership on your card
- $300 digital entertainment credit (up to $25 monthly)
- $120 Global Entry fee credit (every four years) or $85 TSA PreCheck (every 4.5 years)
- $100 Saks credit (up to $50 biannually)
- $155 Walmart+ credit (which covers the monthly subscription). Up to $12.95 per month plus applicable local sales tax. Plus Ups not eligible.
- $300 Equinox credit
- $300 Lululemon credit (up to $75 quarterly)
- $200 Oura Ring credit
- $400 Resy credit (up to $100 quarterly)
- $300 off a SoulCycle bike (not factored into the annual value)
Enrollment is required for select Amex benefits.
$600 hotel credit offered with American Express Platinum Card® applies to prepaid Fine Hotels + Resorts® or The Hotel Collection bookings made via American Express Travel®. The Hotel Collection requires a minimum two-night stay.
Related: Which Platinum Card® Card Benefits You Need to Enroll In
Get $600 off prepaid hotels with American Express Travel®
You can get up to $600 in annual statement credits ($300 semi-annually) for prepaid bookings made through the Amex Travel portal with Fine Hotels + Resorts® (FHR) or The Hotel Collection (THC) paid for with your Platinum Card® Card. These stays are eligible for all the additional perks when booking with FHR or THC. Even if the credit doesn't cover the hotel cost, you can still enjoy a $100 experience credit and a room upgrade, if available.
The primary drawback to the $600 in credits is that it only applies to prepaid bookings. This is a downside if you like to be flexible with your travel plans. Also, make sure you note that there is a minimum two-night booking to reserve The Hotel Collection properties.
Related: How to Use the Platinum Card® Card's $600 Hotel Credit
Be reimbursed for $200 in incidental airline expenses each year
The Platinum Card® will reimburse you for common incidental expenses with your airline of choice — up to $200 per year. You must select one airline from a list of eight options (all based in the U.S. and include the major carriers). The credit will only cover incidental expenses with your selected airline. Enrollment is required for select Amex benefits.
Airline incidental expenses include baggage fees, seat selection fees, lounge day passes, inflight entertainment purchases (not always), pet kennel fees, and inflight food and beverage purchases. Importantly, you must enroll and choose a preferred airline in advance.
Once you are enrolled, the benefit remains active year after year. You can only change your carrier of choice in January each year. If you miss this window, your previously selected airline will continue as your carrier of choice.
Related: How to Use the American Express Platinum Card® Airline Fee Credit
Use the CLEAR® Plus credit to speed through airport security
Pay up to $209 for an annual CLEAR Plus membership using your Platinum Card® and have the fee fully reimbursed as a statement credit. CLEAR Plus provides an extremely efficient security experience at select airports and stadiums across the United States through the use of your biometrics. The credit covers the full cost of CLEAR Plus.
You can read more about CLEAR and how to enroll here. At airports where the TSA PreCheck lines are starting to get routinely long, having CLEAR Plus can be a nice benefit.
Receive $200 in Uber Cash each year and an Uber One membership
Some of the Platinum Card® credits come as monthly benefits. This includes Uber Cash, useful for both rides or Uber Eats orders in the U.S. Just add the Platinum Card® as a payment method in your Uber account and get $15 in Uber Cash every month. An additional $20 is provided in December (for a total of $35). This adds up to $200 per year.
If you ride regularly with Uber or order food using Uber Eats, this is money straight back into your pocket. However, the benefit won't be very valuable if you don't regularly ride with Uber or order through Uber Eats.
Additionally, when you use your card to pay for an auto-renewing Uber One membership, you can get up to $120 in statement credits each calendar year. As an Uber One member, you'll receive a $0 delivery fee, discounts on orders, credits on purchases that can be used for future rides.
Related: It's Now Easier to Use the Platinum Card® Uber Credit
Save $300 on digital entertainment annually
With the Platinum Card® Card, you can get up to $25 per month in digital entertainment credits, received as a statement credit after eligible purchases. You can use this benefit with Disney+, a Disney+ bundle, ESPN+, Hulu, Peacock, The New York Times, The Wall Street Journal, Paramount+, YouTube Premium, and YouTube TV. If you already pay for any of these services, this is money worth considering at face value. You do need to enroll to be able to receive this benefit.
Walmart+ membership reimbursement
The Platinum Card® Card can reimburse you for the monthly Walmart+ membership fee of $12.95 plus applicable taxes Plus Ups not eligible). Importantly, you must enroll in Walmart+. If you already have a Walmart+ membership, just switch the payment method to your Platinum Card® to receive this monthly statement credit automatically. This is an annual value of $155.
Walmart+ benefits include free shipping without an order minimum and savings on gas at Walmart and Sam's Club fuel stations. A Walmart+ membership also saves you 10¢ per gallon at Mobil and Exxon gas stations when you use the Walmart app — something I didn't realize until recently. You can also use your Walmart+ membership to enroll in one of two different streaming services.
Related: Platinum Card® Cardholders: Get Up to 10¢ Off Each Gallon of Gas via Walmart Plus Gas Discount
Save $100 with Saks each year
The Platinum Card® Card provides two $50 statement credits at Saks Fifth Avenue or at saks.com per year. The first $50 credit will be applied from January through June, and the second between July through December, for a total annual benefit of $100. Enrollment in advance is required in order to receive the credit. Although many cardholders complain about this credit, I find it easy to use on presents for baby showers, weddings, engagement parties, and more.
Enroll in a Trusted Traveler Program
Unlike the other Platinum Card® credits, the statement credit of up to $120 for a security program application fee doesn't apply annually, which you don't have to pay annually anyway. With the perk, you can enroll in either TSA PreCheck ($85 application fee — credit available every 4.5 years) or Global Entry ($120 application fee — credit available every four years) and be reimbursed after paying with the Platinum Card®.
Getting approved for Global Entry is more involved than TSA PreCheck. Global Entry lets you skip the main airport immigration line when returning to the U.S. from abroad, which can save you lots of time if you frequently travel outside the U.S. Plus, Global Entry provides all TSA PreCheck benefits. TSA PreCheck gives you access to a shorter security line with less hassle.
The main hurdle with Global Entry is that you have to interview with a Customs and Border Patrol agent at an airport as part of the process. However, you can complete Enrollment on Departure (EOD) at select airports — no appointment is required. Another easy way to get an interview is on arrival back into the U.S. This is offered at airports in over half of U.S. states, in Puerto Rico, and at a handful of international locations. Look for Global Entry enrollment signs, or ask a CBP Agent after arriving in the U.S.
Whichever program you choose, simply use your card to pay for the application fee for the program. The reimbursement will be provided automatically via statement credit.
Get $300 annually with Equinox
Subscribe to an eligible Equinox fitness membership or a standalone membership to the Equinox+ app, and you can receive up to $300 per year as statement credits with your Platinum Card® Card. Eligible Equinox membership types include Single Club, Regional Access, All-Access, Destination Access, and E by Equinox access, as well as Equinox+.
You can enroll in an Equinox+ annual membership exclusive for Platinum Card® card members. It's just $300, so your statement credit covers the entire membership, apart from eligible taxes and fees. In contrast, a monthly subscription costs $39.99/month, or around $480 per year.
You must enroll for this benefit using a special link provided by American Express.
Get up to $400 in annual Resy Credits
Cardmembers can earn up to $400 a year in Resy dining credits by using their card at U.S. Resy restaurants, with $100 available each quarter. The card also opens access to Platinum Nights by Resy, a program that sets aside reservations at select in-demand restaurants. Enrollment is required by adding the card to a Resy profile.
$300 Lululemon Credit
Receive up to $300 each year in statement credits for eligible Lululemon purchases, with $75 available per quarter when shopping in U.S. retail stores (excluding outlets) or online at lululemon.com.
This is one credit I'm looking forward to taking advantage of. If you need a new clothing item as the seasons change, or you want to save on presents for loved ones, it should be incredibly easy to max out the new Lululemon credit.
Save $200 annually on an Oura Ring
An Oura Ring tells you almost everything you've ever wanted to know about your body. Worn on your finger, it collects data using more than 50 metrics to give you a holistic picture of your health. As a cardholder, you can receive up to $200 in statement credits when you purchase an Oura Ring each calendar year.
Once you have a ring, you'll need to pay a membership fee of $5.99 per month or $69.99 per year for maximum functionality. The newest option, the Oura Ring 4, retails at $349, so you'll save more than 50% with your Platinum Card® credit. Although this is an annual credit, you likely won't need to purchase a new ring every year unless you're gifting one to friends or family.
Get $300 toward a SoulCycle At-Home bike
Use your card to purchase an at-home bike from SoulCycle at a dedicated shopping page. You'll need an annual Equinox+ membership to qualify for purchasing a bike, but you can receive a $300 credit on up to 15 bike purchases annually. You need to enroll for this benefit before using it.
Given how specific this benefit is, we don't factor it into the approximate annual value of all the Platinum Card® credits. But it's worth knowing about in case you're interested in a SoulCycle bike.
Platinum Card® Card travel insurance and purchase protection coverage
The Platinum Card® Card offers an excellent array of travel insurance and other protections. Here's a quick rundown of everything the Platinum Card® Card offers:
- Rental car damage protection: Platinum Card® car rental coverage is secondary, which isn't as good as other cards that provide primary coverage. However, you have the option of purchasing very affordable premium primary insurance. If you don't use another policy, this secondary coverage has a limit of $75,000 for damage or theft of rental vehicles and can reimburse the deductible from your primary policy.
- Trip cancellation/interruption insurance: You can be reimbursed for nonrefundable travel expenses charged to your card in the event of accidental injury or sickness, inclement weather, jury duty, quarantine, and other covered reasons. Coverage is up to $10,000 per trip and up to $20,000 in a 12-month period. Exclusions and limitations apply, so make sure you check out the full terms of this coverage.
- Trip delay insurance: You can get reimbursed for expenses during a delay of at least six hours caused by inclement weather, common carrier equipment failure, or lost/stolen travel documents. Coverage is up to $500 per trip with a maximum of two claims per 12-month period. The benefit requires round-trip travel, but Amex defines this as potentially including multiple tickets. Essentially, you just need to plan to arrive back home.
- Baggage insurance protections: Your baggage is covered against loss or damage up to $2,000 per checked bag and $3,000 per carry-on bag per covered person per trip. High-risk items — including jewelry — are subject to a maximum of $1,000 per covered person. There is an aggregate maximum of $3,000 per trip.
- Extended warranty protection: You can receive up to one additional year of protection for eligible items with an original manufacturer's warranty of five years or less. This benefit applies to warranties in the U.S. and U.S. territories only and is limited to $10,000 per item/$50,000 annually.
- Purchase protection: Your eligible items are covered against loss, damage, or theft for 90 days from the date of purchase. Coverage is up to $10,000 per incident and up to $50,000 annually.
Consult your Platinum Card® guide to benefits for a full rundown on all insurance protections. Exclusions and limitations apply, so be mindful of the terms. Enrollment is required for select Amex benefits.
Cell phone protection coverage
This is a key perk we want to highlight. Pay your cell phone bill with your Platinum Card® and receive automatic cell phone protection coverage. This benefit applies as long as you've paid your previous month's bill using your card. Coverage is up to $800 per incident (with a $50 deductible) for up to two claims in a rolling 12-month period. Depending on the incident, coverage can include both repair and replacement costs.
The surprising aspect is that Amex cell phone protection even covers a cracked screen, which is sometimes excluded from cell phone protection coverage offered by many cards. If you have to make a claim, this benefit alone can make up for the card's annual fee. I always make sure to pay my phone bill with a card that offers cell phone protection.
Platinum Card® Card Earning Rates
The Platinum Card® shines when earning points on airfare purchases. You can earn 5X Membership Rewards points for flights booked directly with airlines or through American Express Travel®.
This 5X earning applies to the first $500,000 spent on airfare purchases per calendar year, which should be more than enough for most people. Many travel credit cards earn no more than 3X points on travel, so this is a stand-out feature of the Platinum Card® Card. You can also earn 5X Membership Rewards points on select prepaid Fine Hotels + Resorts® or The Hotel Collection® hotels booked through American Express Travel. The Hotel Collection requires a minimum 2-night stay.
All other eligible spending on the card earns 1 Membership Rewards point per dollar. We were hopeful that the 2025 card refresh would introduce a new bonus earning category, but unfortunately, that didn't come to fruition. I would not make this card an everyday contender for your wallet, but it certainly has its place as an excellent option for airfare spending.
Redeeming Points With the Platinum Card® Card
American Express Membership Rewards are a highly valuable transferable points currency. Amex features some excellent airline and hotel transfer partners, and redeeming points by transferring them to travel partners for reward travel generally provides the best value. According to recent redemption data from AwardWallet, Membership Rewards points have an average value of 1.97¢ per point when redeeming through Amex partners. My personal target is to get at least 2 cents per point out of my Membership Rewards.
Factoring in the 5X Membership Rewards points earned on airfare, the Platinum Card® has nearly a 10% return on these purchases. American Express has 20 airline and hotel partners that you can send points to, including Delta, Air Canada, British Airways, Hilton, Marriott, and more. Generally, you get better value redeeming points for business- or first-class flights:
- Domestic and short-haul international business and first class: 2.53¢ per point
- Long-haul international business and first class: 2.94¢ per point
You can redeem your points in other ways, from gift cards to Amazon purchases. But we strongly recommend you use them for travel, as this provides the best value. Most other redemption options get you 1 cent per point or less.
Related: 5 Excellent Redemption Strategies for Amex Membership Rewards
Application Restrictions
Know the American Express application rules to understand if you're eligible for a welcome bonus on the Platinum Card® Card. The following terms apply to the welcome offer:
“You may not be eligible to receive a welcome offer if you have or have had this Card, the Platinum Card® from American Express Exclusively for Charles Schwab, the Platinum Card® from American Express Exclusively for Morgan Stanley or previous versions of these Cards. You also may not be eligible to receive a welcome offer based on various factors, such as your history with credit card balance transfers, your history as an American Express Card Member, the number of credit cards that you have opened and closed and other factors. If you are not eligible for a welcome offer, we will notify you prior to processing your application so you have the option to withdraw your application.”
Luckily, Amex has a pop-up window to tell you if you're ineligible for the welcome offer before submitting your application. This is the notification that is described in the terms above. So, you'll be clearly informed if you're not eligible. Then, you can decide if you still want to apply without the bonus offer.
There are other rules to note, as well. Amex only allows each person to have five traditional credit cards and 10 cards with no preset spending limit at any time. Moreover, you're unlikely to be approved for more than two cards in a 90-day window.
Related: Understanding Rewards Credit Card Application Rules and Restrictions
Cards That Compete With the Platinum Card® Card
(Terms apply)
- 4X Membership Rewards® Points at restaurants worldwide, plus takeout and delivery in the U.S. (on up to $50,000 per year in purchases, then 1X)
- 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per year in purchases, then 1X)
- 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com
- 2X Membership Rewards® points on prepaid hotels and other eligible travel booked on amextravel.com
- 1X on other eligible purchases
- 10X miles per $1 on hotels and rental cars booked via Capital One Travel
- 5X miles per $1 on purchases through Capital One Entertainment (through 12/31/2025)
- 5X miles per $1 on flights when booking via Capital One Travel
- 5X miles per $1 on vacation rentals booked via Capital One Travel
- 2X miles per $1 on all other eligible purchases
- 8x points on all purchases through Chase Travel℠
- 4x points on flights and hotels booked directly
- 3x points on dining worldwide
- 1x points on all other purchases
- If you want to earn American Express Membership Rewards at a better rate, look into the American Express® Gold Card. This card earns 4X Membership Rewards points on the first $50,000 at restaurants worldwide, and on the first $25,000 you spend at U.S. supermarkets each year (then 1X on both categories). The card also earns 3X points on flights booked through American Express Travel and on flights booked directly with airlines, and 2X points on prepaid hotels and other eligible purchases booked on AmexTravel.com. This falls short of the 5X on the Platinum Card® Card but is still a solid earning rate. Plus, it has access to the same transfer partners. You lose most of the ancillary benefits, however. The card carries a much lower $325 annual fee, though (Rates & Fees). Our Amex Gold review has further details.
- If you want a card with lounge access with a lower annual fee, consider the Capital One Venture X Rewards Credit Card. This card provides a Priority Pass membership and access to Capital One and Plaza Premium Lounges with an annual fee of just $395. It also has up to a $300 annual travel credit and up to a $120 Trusted Traveler Program credit. The card earns at least 2X miles on all purchases — a fantastic everyday earning rate — with up to 10X earnings available in the travel portal. The Capital One Venture X is one of the most cost-effective premium credit card options. Learn more in our full Capital One Venture X review.
- If you want a card with better earnings on all travel, check out the Chase Sapphire Reserve® (Rates & Fees). The card offers 4x points on flights and hotels booked directly and an even greater 8x points on all purchases through Chase Travel℠. So, you're not restricted to only earning on flights. You'll sacrifice some of the annual credits, but you'll gain a flexible $300 annual travel credit and still enjoy a complimentary Priority Pass membership with this card. The annual fee is a slightly lower $795. Check out our review of the Chase Sapphire Reserve to learn more.
Related: Comparison of Premium Travel Rewards Credit Cards
Bottom Line
Ultimately, you'll have to decide whether the Platinum Card® is worth its annual fee. Unfortunately, it is an expensive card — even for one offering premium travel benefits. American Express has added new credits every few years in exchange for an increased annual fee, so only time will tell if it will cross the $1,000/year threshold anytime soon.
But if you can use everything the Platinum Card® offers, these statement credits alone add up to roughly $3,500 in value. Keep in mind which credits you can use, and do the math to see what value they will provide. Some may be harder than others to maximize. Luckily, I have until my card renewal in mid-2026 to determine if the higher annual fee is worth it for me.
Beyond the credits, the card provides an excellent array of travel benefits and insurance protections that can save you significant money. A benefit like cell phone protection can easily be worth far more than the $895 annual fee (Rates & Fees) if you have to use it. Make sure you don't forget about the generous welcome offer, either!
That said, even if you only get $400–$500 in annual value from the Platinum Card®‘s annual credits, the card could be worth it for the lounge access, travel insurance coverage, and other benefits with values that are harder to quantify.
Lastly, compare the Platinum Card® against other great premium travel credit cards. This is helpful if you don't find the credits useful, think the annual fee is too steep, or want to see how the Platinum Card® stacks up against competitors.
- You may be eligible for as high as 175,000 Membership Rewards® points after you spend $8,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you're approved and find out your exact welcome offer amount - all with no credit score impact. If you're approved and choose to accept the Card, your score may be impacted.
- Get more for your travels with 5X Membership Rewards® points on all flights and prepaid hotel bookings through American Express Travel®, including Fine Hotels + Resorts® and The Hotel Collection bookings. You earn 5X points on flights purchased directly from airlines or through American Express Travel® on up to $500,000 on these purchases per calendar year.
- More Value! With over 1,550 airport lounges - more than any other credit card company on the market* - enjoy the benefits of the Global Lounge Collection®, over $850 of annual value, with access to Centurion Lounges, 10 complimentary Delta Sky Club® visits when flying on an eligible Delta flight (subject to visit limitations), Priority Pass Select membership (enrollment required), and other select partner lounges. * As of 07/2025.
- More Value! $200 Uber Cash + $120 Uber One Credit: With the Platinum Card® you can receive $15 in Uber Cash each month plus a bonus $20 in December when you add your Platinum Card® to your Uber account to use on rides and orders in the U.S when you select an Amex Card for your transaction. Plus, when you use the Platinum Card® to pay for an auto-renewing Uber One membership, you can get up to $120 in statement credits each calendar year. Terms apply.
- More Value! $300 Digital Entertainment Credit: Get up to $25 in statement credits each month after you pay for eligible purchases with the Platinum Card® at participating partners. Enrollment required.
- More Value! $600 Hotel Credit: Get up to $300 in statement credits semi-annually on prepaid Fine Hotels + Resorts® or The Hotel Collection* bookings through American Express Travel® using the Platinum Card®. *The Hotel Collection requires a minimum two-night stay.
- New! $400 Resy Credit + Platinum Nights by Resy: When you use the Platinum Card® to pay at U.S. Resy restaurants and to make other eligible purchases through Resy, you can get up to $100 in statement credits each quarter with the $400 Resy Credit benefit. Plus, with Platinum Nights by Resy, you can get special access to reservations on select nights at participating in demand Resy restaurants with the Platinum Card®. Simply add your eligible Card to your Resy profile to book and discover Platinum Nights reservations near you, enrollment required.
- More Value! $209 CLEAR® Plus Credit: CLEAR® Plus helps get you to your gate faster by using unique facial attributes to verify you are you at 50+ airports nationwide. You can cover the cost of a CLEAR Plus Membership* with up to $209 in statement credits per calendar year after you pay for CLEAR Plus with the Platinum Card®. *Excluding any applicable taxes and fees. Subject to auto-renewal.
- $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees, such as checked bags and in-flight refreshments, are charged by the airline to the Platinum Card® Account*. American Express relies on airlines to submit the correct information on airline transactions to identify incidental fee purchases. If you do not see a credit for a qualifying incidental purchase on your eligible Card after 8 weeks, simply call the number on the back of your Card. Qualifying airlines are subject to change. See terms & conditions for more details.
- Start your vacation sooner, and keep it going longer. When you book Fine Hotels + Resorts® through American Express Travel®, enjoy noon check-in upon arrival, when available, and guaranteed 4PM check-out.
- New! $300 lululemon Credit: Enjoy up to $75 in statement credits each quarter when you use the Platinum Card® for eligible purchases at U.S. lululemon retail stores (excluding outlets) and lululemon.com. That's up to $300 in statement credits each calendar year. Enrollment required.
- $155 Walmart+ Credit: Receive a statement credit* for one monthly Walmart+ membership (subject to auto-renewal) after you pay for Walmart+ each month with the Platinum Card®. *Up to $12.95 plus applicable local sales tax. Plus Ups not eligible.
- $100 Saks Credit: Get up to $100 in statement credits annually for purchases at Saks Fifth Avenue or saks.com on the Platinum Card®. That's up to $50 in statement credits from January through June and up to $50 in statement credits from July through December. No minimum purchase required. Enrollment required.
- Whenever you need us, we're here. Our Member Services team will ensure you are taken care of. From lost Card replacement to statement questions, we are available to help 24/7.
- $895 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®.
- Earn 5X points on Fine Hotels + Resorts® and The Hotel Collection bookings.
For rates and fees of the cards mentioned in this post, please visit the following links: American Express Platinum Card® (Rates & Fees), American Express® Gold Card (Rates & Fees), and Chase Sapphire Reserve® (Rates & Fees)
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