The American Express Platinum Charge Card is a luxury travel card. It was updated in 2021 to add more credits, and they increased the annual fee, which remains out of reach for many people. Whether the card is worthwhile depends heavily on usage of the Platinum’s many credits.
FEATURES AT A GLANCE
- $695 annual fee (previously $550 per year)
- Zero foreign transaction fees
- 5x points on flights ($500,000 maximum)
- 5x points on hotels (booked through AMEX Travel)
- 1x points on everything else
- Metal card
- AMEX Offers
- Wide variety of credits
SIGN UP BONUS
The sign-up bonus (SUB) for the Platinum card is typically around 100,000 points ($1,000) after spending $6,000+ in your first 6 months of holding the card. Sometimes more. When applying through Resy’s website, the SUB adds 10x points at restaurants (max $25,000 in spending) in your first 6 months, instead of 1x points like normal. It’s usually better to wait for a higher SUB. To make the most out of the Resy offer, you’d have to spend quite a lot of money on dining. Keep in mind that all offers are subject to change at any time.
In December 2022, the Platinum card publicly offered 150,000 points ($1,500+ value) after spending $6,000+ in your first 6 months of holding the card. This was a 25% RoS (Return on Spend) not including cash back, miscellaneous benefits, or the annual fee. The Charles Schwab version had 100,000 points instead ($1,100+ value) which dropped to 80,000 points ($880) in 2023. Since AMEX bonuses are “once per lifetime,” it’s ideal to wait for the best possible offer.
The 2021 relaunch bonus was 125,000 points with 15x points at restaurants and certain small businesses, instead of 1x points. This was likely a limited-time-only bonus for when American Express “refreshed” the Platinum. We wouldn’t expect it to return.
The sign-up bonuses on AMEX cards vary a lot, so check back frequently. Offers can change if you’re in Private Browsing mode too, and sometimes targeted offers are sent to people.
OTHER BENEFITS OF THE AMERICAN EXPRESS PLATINUM
- $240 digital entertainment credit. $20 per month and can be used on Peacock ($5-10), Audible ($15), SiriusXM ($5-17), The New York Times ($17), and more.
- $200 hotel credit. This can be used on “select” prepaid bookings (Fine Hotels + Resorts and The Hotel Collection) when using American Express Travel
- $200 airline credit. One airline only, and incidental fees only.
- $200 Uber cash ($15 per month except $20 in Dec) and Uber VIP status. Credit works for both Uber Eats and Uber but excludes non-USA locations.
- $179 Clear credit (already free or discounted through Delta or United)
- $300 Equinox credit (annual credit as of 2023) toward memberships, plus $300 SoulCycle Bike credit (requires Equinox membership).
- The Equinox credit covers about 1 month of in-person membership or up to a year of digital membership (Equinox+ is $40/month). Equinox+ added a special $300/year membership option for AMEX Platinum cardholders as of January 2023. So even if you aren’t near an Equinox location, you can get a free annual digital membership.
- Free Walmart+ membership (normally $155) which includes free shipping and Paramount+ Essentials (ad-supported streaming service)
- $100 credit towards Global Entry or TSA PreCheck (every 4 years for Global Entry or 4.5 years for TSA Precheck)
- $100 Saks credit ($50 every 6 months)
- Global Dining Access by Resy
- The Global Lounge Collection and Priority Pass Select membership
- International Airline Program
- “Enjoy savings on international First, Business, Premium Economy seats on more than 25 world-class airlines.”
- Fine Hotels & Resorts Program + The Hotel Collection
- Similar to Visa Infinite, with potential credits or free breakfast
- Marriott Gold + Hilton Gold hotel status
- Premium Car Rental Status + Secondary Rental Insurance
- Avis, Hertz, National Car Rental – same as CSR
- “For every 10,000 InCircle points you receive, you will get a $100 InCircle Point Card. Points Cards can be used toward purchases at Neiman Marcus®, Bergdorf Goodman®, Last Call® and Horchow®.”
- Free Shoprunner membership (normally $80)
- Platinum Travel Service and Concierge
- “Platinum Travel counselors specialize in providing custom itineraries and tailored recommendations to help you make the most of your travels.”
- American Express Experiences and Preferred Seating, and By Invitation Only Experiences
- Cell Phone Protection
- Some trip insurance and return protections
- Authorized user annual fee: $175 each (Platinum) or $0 (“gold”)
- Note: the Authorized User (AU) Gold card isn’t the same as AMEX Gold. AU Gold has the same points-earning structure as the Platinum card and isn’t good for everyday spending.
The card also allows people to get “premium seats” and “once-in-a-lifetime events – from sporting and fashion to fine dining, art and performances – exclusively for our Platinum Card Members.”
RESTRICTIONS AND CREDIT SCORE
Recommended credit score: 740+
Although American Express is widely accepted, it doesn’t have the same acceptance rate as Visa or Mastercard, especially overseas. It’s good to have a backup card when traveling.
Note that this is a charge card, not a credit card. And the usual AMEX restrictions apply, such as the “once per lifetime” eligibility for a sign-up bonus.
MAXIMIZING VALUE WITH THE AMERICAN EXPRESS PLATINUM
AMEX has been criticized for the many statement credits on the Platinum card, with detractors calling it “an overblown coupon book.” As such, the value of the Platinum card depends a lot on whether you can use all of its benefits. Transferring to travel partners can make points more valuable. However, the options can be limited, depending on cardholder location and travel preferences.
American Express transfer partners include:
- Asia Miles
- British Airways Executive Club
- Delta SkyMiles
- Emirates Skywards
- Etihad Guest
- Finnair Plus
- Air France Flying Blue
- Hilton Honors
- Iberia Plus
- Marriott Bonvoy
- Qantas Frequent Flyer
- Radisson Rewards
- SAS EuroBonus
- Singapore KrisFlyer
- Virgin Atlantic Flying Club
The digital entertainment credit is easy to use, especially with Audible. If you’re not sure what to get, try a few audiobooks from The Great Courses. The new Walmart+ benefit is also simple to use. We imagine, though, that the Platinum’s target demographic isn’t comprised of Walmart fans.
The $200 hotel credit is a questionable one. It’s limited to “prepaid Fine Hotels + Resorts or The Hotel Collection bookings with American Express Travel.” There’s a two-day stay minimum. If you don’t use one of those “select” hotels, the credit doesn’t do anything.
The $200 airline credit is potentially useful, but it’s limited to incidentals. If you always fly first class or business class, incidentals are generally included in the price. And like the hotel credit, you don’t need airline credits if you often get free flights.
Uber Cash is more flexible—if you can use it. Most people would prefer if the credit was a lump sum instead of being broken into small monthly amounts. The downside is that the Uber Cash expires at the end of each month. You can use it for rideshare OR Uber Eats, which is helpful for flexibility. For food though, you may prefer the American Express Gold card.
The CLEAR credit is often useless, especially since many travel cards (including the Platinum) have a credit for Global Entry to speed things up. Some people avoid CLEAR because they aren’t comfortable sharing their biometric data, and many airports don’t support it, so YMMV.
The $300 Equinox credit is questionable. A free annual digital membership is decent even if you value it at 50% of the listed price (which is about the same price as Peloton’s mid-tier membership). Fortunately, AMEX moved from a monthly credit to an annual credit, so it’s easier to use this benefit now. The $300 SoulCycle credit is only for purchasing a $2,500 stationary bike in one transaction, making this a near-useless benefit. Other brands of stationary bikes are $500 to $2,000, so $300 off $2,500 is meaningless. A basic bike is as low as $200.
The Saks credit is fairly easy to use since it works through the Saks website and they sell some items under $50. Even if you don’t care about Saks, you can use this credit to purchase gifts for other people. The InCircle points are more questionable, as is the Shoprunner membership.
The Resy benefit gives easier reservations at certain places, and is going to be useless for most people. Same with the Platinum card’s seating and event/experience options.
The suite of travel benefits depend on how often the cardholder travels, and to where. The Global Lounge Collection (including Centurion Lounges) can be a fantastic perk, unless you travel to an airport without those lounges, or the lounge is full when you arrive. Car rental perks and hotel perks likewise range from “totally useless” to “considerably beneficial.”
Marriott Gold and Hilton Gold status are good, but the hotel chains have their own credit card lines. The American Express Hilton Honors Surpass gives Gold status (and other benefits) for a $95 annual fee, or Silver status for a $0 annual fee. Marriott has multiple cards (issued by American Express and Chase Bank) which give Silver status at an annual fee of $0 or $95. Plus, if you never stay at Marriott or Hilton hotels (maybe you prefer Airbnbs or independent locations) then this can be a useless benefit. Both hotel chains have also devalued benefits and/or points to increase profit margins.
Overall, the AMEX Platinum is worthwhile with minimal use of its credits. Just the digital/hotel/airline/Saks/Walmart credits add up to $895. If you travel at least once per year, the Platinum has the ability to pay for itself. If you can use all of the annual credits, that’s $1,395—and they’re paying you $700 every year to hold the card.
ALTERNATIVES TO THE PLATINUM CARD
The main competitor is probably the Chase Sapphire Reserve, which also has exclusive perks and strong travel offerings. Other options include the US Bank Altitude Reserve, Citi Prestige, UBS Visa Infinite, CNB Crystal, or the newer Capital One Venture X. Basically any top-tier metal card with benefits like Priority Pass membership.
For people who just want to earn extra points on travel, and prefer to avoid annual fees, we have a few options within the category. This includes the Penfed Pathfinder Rewards, Citi Custom Cash, and cards from Navy Federal Credit Union.
THE CHARLES SCHWAB PLATINUM
If you have a Charles Schwab brokerage account, there’s an alternate version of the Platinum card which might be better for some people. The sign-up bonus is typically lower than the regular Platinum (YMMV) so keep that in mind. Plus, both Platinum cards count as different products. You can potentially get the sign-up bonus for both of them. This somewhat sidesteps the usual AMEX “lifetime” limit of one SUB per card (about 7-10 years according to various data points).
Schwab Platinum gives AMEX points a slightly increased cash value ($0.011 each instead of $0.01) which is helpful in certain situations. The second benefit is a potentially reduced annual fee: if your Schwab holdings are $250,000+ then you’ll get a $100 annual statement credit on this card. If your holdings are a million dollars or more, this credit is instead $200. It’s much easier to benefit from the Platinum card if the annual fee is reduced from $695 to $595 or $495.
CONCLUSION
This is a premium card and some of the features reflect that, along with the $700 annual fee. The Platinum isn’t a card for everyone, and American Express does that on purpose. Only you can know if this card is right for you. Do the benefits and credits add up? No-fee cards (or lower-fee cards like AMEX Gold) are a better deal for most people. If your benefits don’t cancel out an annual fee, it’s time to look elsewhere.
Generally, we prefer the Altitude Reserve or Sapphire Reserve’s ease of use, but the AMEX Platinum can be worthwhile, especially for people who live in places like Manhattan. And the sign-up bonus is worth more than $1,000. The Platinum card is easily worthwhile for the first year you have it. After that, its utility depends entirely on your lifestyle.
We rate the Platinum card 4 out of 5 stars. ⭐⭐⭐⭐
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Note: This review was last updated in June 2023. Details may have changed since then. Please do your own research where applicable, to ensure you’re getting the best deal. Or contact us directly to benefit from our personalized consulting services!