Terms apply to American Express benefits and offers. Visitamericanexpress.comto learn more.
The Platinum Card® from American Express is a high-end card that is packed with benefits and a hefty welcome offer. Cardholders can take advantage of numerous annualstatement credits, entertainment benefits, extensive airport lounge access, elite status perks and much more. However, these benefits don't come cheap — the card's annual fee is $695 (see rates and fees).
If you're trying to decide if the Amex Platinum's benefits outweigh the costs for you, CNBC Select has the details on this travel card's rewards, benefits and fees to help you decide.
The Platinum Card® from American Express
On the American Express secure site
Rewards
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, 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel, 1X points on all other eligible purchases
Welcome bonus
Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Apply and select your preferred metal Card design: classic Platinum, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu.
Annual fee
$695*
Intro APR
None
Regular APR
See Pay Over Time APR
Balance transfer fee
N/A
Foreign transaction fee
None
Credit Needed
Excellent/Good
See rates and fees, terms apply.
Read our The Platinum Card® from American Express review.
What we'll cover
- Is the Amex Platinum worth it?
- What to know if you are considering the Amex Platinum
- Alternatives to the Amex Platinum
- Bottom line
Is the Amex Platinum worth it?
The American Express Platinum Card, known for its prestigious benefits and sleek appearance, is a card worth bragging about. Between the travel benefits, reputable concierge service and consumer protections, the card is worth considering if you can stomach the steep annual fee.
However, many of the benefits, like the entertainment and Equinox credits, may require you to spend money on something you normally wouldn't purchase — defeating the purpose of the savings. With a high potential value, it's easy to justify having the American Express Platinum Card for one year — even with a nearly $700 annual fee (see rates and fees).
Amex Platinum's best benefits
This card's welcome offer allows new card members to earn 80,000 points after spending $8,000 on purchases on their new card in the first six months of card membership. American Express Membership Rewards® points are some of the most valuable travel rewards you can earn, making this offer a strong selling point for getting the card. Miles and points experts typically value Amex Membership Rewards points at around two cents per point, which makes this welcome bonus worth roughly $1,600.
And unlock even more value by taking advantage of the Membership Rewards transfer partners. You could use this bonus to book a luxury stay with hotels like Marriott, Hilton or Choice or you could book a one-way business class flight to Europe with several of Amex's airline partners.
This card also earns 5X points on flights booked directly with an airline or through Amex Travel, 5X points on prepaid hotels booked through Amex Travel, 2X points on other eligible travel booked through Amex Travel and 1X points on all other purchases.
Statement credits
The Amex Platinum will overwhelm you with the sheer number of statement credit offers it provides. If you can take full advantage of these deals, you can receive over $1,500 back per year, this includes offers for:
- Up to $200 Uber Cash per year ($15 in Uber Cash each month; $35 in Uber Cash in Dec.)
- Up to $200 airline fee statement credits per year
- Up to $200 hotel credit for prepaid Fine Hotels + Resorts® or The Hotel Collection bookings per year (requires a minimum two-night stay; certain room categories are not eligible for upgrade)
- Up to $100 Saks credit per year (up to $50 in statement credits from Jan, through June and up to $50 in statement credits from July through Dec.;enrollment required.)
- Up to $240 digital entertainment credits per year (Up to $20 in statement credits each month; enrollment required.)
- Up to $300 Equinox statement credit per calendar year (enrollment required.)
- Up to $155 Walmart+ statement credit ($12.95 a month for a Walmart+ membership; subject to auto-renewal; up to $12.95 plus applicable taxes on one membership fee)
- Up to $100 for TSA PreCheck or Global Entry application fee ($100 statement credit every four years for Global Entry or a statement credit up to $85 every 4.5 years for TSA PreCheck through a TSA Precheck enrollment provider)
- Up to $199 CLEAR® Plus Credit (Excluding any applicable taxes and fees; subject to auto-renewal.)
Other benefits
Once you've navigated all of the Amex Platinum statement credits, you can explore the other travel perks and insurance benefits. These benefits include:
- Rental car privileges with Avis, National and Hertz
- Access to the Amex Global Lounge Collection: Centurion Lounges, Delta Sky Clubs, Plaza Premium Lounges, Lufthansa Lounges, Priority Pass lounges and Escape Lounges
- Hilton Honors Gold status (enrollment required)
- Marriott Bonvoy Gold status (enrollment required)
- Return protection*
- Extended warranty*
- Purchase protection*
- Trip cancellation and interruption insurance*
- Trip delay insurance*
- Baggage insurance*
- No foreign transaction fees (see rates and fees)
What to know if you are considering the Amex Platinum
If you're considering the Amex Platinum, it could be worth it for the first year, and then reevaluate when the second annual fee posts. After all, you could always downgrade your Amex Platinum to a lower-fee card. But aside from the benefits, be sure to evaluate your spending before applying. If you have travel purchases like flights and hotels coming up, you can take advantage of the 5X points for every dollar spent on travel booked through American Express.
In addition, take the time to figure out if you'll be able to use the credits. For example, if you are already paying for an Equinox or New York Times subscription, then those are valuable benefits. But for those uninterested or unable to access the benefits, you might want to consider another credit card.
But most importantly, don't force yourself into a difficult financial situation just to have a credit card. If the annual fee is too expensive, don't fret — there are several other credit cards you can consider without a steep annual fee. Unfortunately, there generally isn't a way to waive the Amex Platinum's annual fee, unless you're on active duty in the military. Although American Express is known to offer retention bonuses to those who may be considering closing their cards — this could be a statement credit worth hundreds of dollars or a large amount of points.
Find the best credit card for you by reviewing offers in ourcredit card marketplaceor get personalized offers viaCardMatch™.
Alternatives to the Amex Platinum
Whether you're a current Amex Platinum cardholder or are considering applying for it, you should consider all your options to find the right card for you.
The Chase Sapphire Reserve® is another premium travel card loaded with benefits, including a $300 travel credit and a Priority Pass airport lounge membership, plus it earns 3X points on all travel (after the $300 credit) and dining purchases and it has a slightly lower $550 annual fee.
Chase Sapphire Reserve®
On Chase’s secure site
Rewards
Earn 5X total points on flights and 10X total points on hotels and car rentals when you purchase travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually. Earn 3X points on other travel and dining & 1 point per $1 spent on all other purchases plus, 10X points on Lyft rides through March 2025
Welcome bonus
Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $900 toward travel when you redeem through Chase Travel℠.
Annual fee
$550
Intro APR
None
Regular APR
22.49% - 29.49% variable
Balance transfer fee
5%, minimum $5
Foreign transaction fee
None
Credit needed
Excellent
Terms apply.
Read our Chase Sapphire Reserve® review.
For those who don't want to fork over north of $500 for an annual fee, consider the Capital One Venture X Rewards Credit Card. With a $395 annual fee, this is one of the least expensive premium credit cards available. Benefits include a $300 annual Capital One Travel credit, airport lounge access and a large welcome bonus. Plus, you'll receive an automatic 10,000-mile bonus every year you keep your card open.
Capital One Venture X Rewards Credit Card
Learn More
Rewards
Unlimited 2X miles on all eligible purchases, and 5 Miles per dollar on flights and vacation rentals and 10 Miles per dollar on hotels and rental cars when booked via Capital One Travel portal
Welcome bonus
Earn 75,000 bonus miles once you spend $4,000 on purchases within the first 3 months from account opening
Annual fee
$395
Intro APR
None
Regular APR
19.99% - 29.99% (Variable)
Balance transfer fee
$0 at the Transfer APR, 4% of the amount of each transferred balance that posts to your account at a promotional APR that Capital One may offer to you
Foreign transaction fees
None
Credit needed
Excellent
Terms apply.
Read our Capital One Venture X Rewards Credit Card review.
An even cheaper option includes the Chase Sapphire Preferred® Card. Itcurrently offers new cardholders 60,000 bonus points after you spend $4,000 on purchases in the first three months from account opening. That's $750 when you redeem through Chase Travel℠ and the card carries an annual fee of only $95. It also comes with up to $50 in statement credits annually with the Chase Travel Hotel Credit.
Chase Sapphire Preferred® Card
On Chase's secure site
Rewards
Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, and $50 annual Chase Travel Hotel Credit, plus more.
Welcome bonus
Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Travel℠.
Annual fee
$95
Intro APR
None
Regular APR
21.49% - 28.49% variable on purchases and balance transfers
Balance transfer fee
Either $5 or 5% of the amount of each transfer, whichever is greater
Foreign transaction fee
None
Credit needed
Excellent/Good
Terms apply.
Read our Chase Sapphire Preferred® Card review.
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Bottom line
The Platinum Card from American Express is an excellent card for luxury travelers. Between the welcome offer, a laundry list of benefits, consumer protections and excellent concierge service, it is an experience having the card. However, a $695 annual fee (see rates and fees) is an eye-popping figure for many that can lead some to question the value.
Overall, the Amex Platinum is worth it if you can take advantage of the benefits without overextending yourself. At the end of the day, it's not financially savvy to spend more money just to take advantage of the card's benefits.
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Read more
American Express Platinum Card vs. Chase Sapphire Reserve: Which is the better luxury card?
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For rates and fees of The Platinum Card® from American Express, click here.
*Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/ benefitsguide for more details. Underwritten by AMEX Assurance Company.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.