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American Express Platinum Review: Unveiling the Top Perks and Benefits

Welcome to our deep dive into the world of premium travel credit cards, where the American Express Platinum Card shines as a beacon for travelers and luxury enthusiasts alike. This isn’t just any credit card; it’s a passport to a realm of unparalleled perks, rewards, and experiences designed to elevate your travel and spending to new heights. Whether you’re jet-setting across the globe or enjoying the finer things in life closer to home, the Amex Platinum stands out as a top-tier choice for those who demand the best.

In this blog, we’ll unpack everything the American Express Platinum has to offer—from its generous welcome bonus to a suite of benefits that cover travel, dining, entertainment, and beyond. If you’ve ever wondered whether this card is worth its annual fee or how it stacks up against the competition, you’re in the right place. Let’s embark on this journey together and explore what makes the Amex Platinum not just a card, but a lifestyle choice.

Key Takeaways

Before we delve into the finer details of the American Express Platinum Card, let’s highlight some of the key takeaways that underscore its appeal:

  • Welcome Offer: Welcome Offer: The Amex Platinum card greets new members with a lucrative bonus, starting at 80,000 Membership Rewards points, with potential promotions increasing that up to 150,000 points, providing a rewarding kickoff to your travels.
  • Earning Potential: High rewards rate for travel bookings, with a particular emphasis on flights, significantly boosting your reward accumulation.
  • Exclusive Access: From airport lounge access to comprehensive travel insurance, the card opens doors to experiences and protections that are hard to match.
  • Premium Status: Card membership comes with automatic elite status in various hotel and car rental programs, ensuring you travel in style and comfort.
  • Annual Fee Consideration: While the card comes with a substantial annual fee, the benefits and credits can offset this cost for those who maximize its offerings.

Whether you’re a seasoned traveler looking to elevate your journey or someone seeking to maximize rewards on high spend, the American Express Platinum Card offers a compelling proposition. Let’s dive deeper into what makes this card a must-have for luxury seekers and savvy spenders alike.

The American Express Platinum

  • 5X on Flight booked directly with airlines or on amextravel.com(up to $500,000 per calendar year)
  • 5X on eligible prepaid Hotel booked directly on amextravel.com
  • 1X on other purchases

The welcome bonus of 80,000 Membership Rewards points (Sometimes more!) after spending $8,000 on eligible purchases in the first six months.

  • Lucrative welcome offer valued at $1,600.
  • Benefits include:
    • Access to Centurion Lounges.
    • Complimentary elite status with Hilton and Marriott.
    • Complimentary premium car rental status with Hertz, Avis and National.
    • Over $500 in annual statement credits (enrollment required for select benefits).
    • $200 Uber cash.
    • $200 Airline fee credit.
    • $200 Hotel credit.
  • Access to a premium concierge service for:
    • Booking hard-to-get reservations.
    • Finding destination guides for travel planning.
  • Transfer partners
  • Flexible rewards redemptions
  • Metal card
  • No foreign transaction fee
  • $695 annual fee
    • High annual fee is only justifiable if fully utilizing card benefits; not ideal for infrequent travelers.
  • Charge card
  • High regular APR range
  • Requires good/ excellent credit
  • Limited higher reward earnings to specific airfare and hotel purchases; not suitable for other spending categories.
  • Annual airline fee statement credit is complex to use compared to broader travel credits from other premium cards.

The Journey Begins: Understanding the American Express Platinum

The Journey Begins: Understanding the American Express Platinum

The American Express Platinum Card is more than just a credit card; it’s a key to a world of luxury and rewards. Aimed at frequent travelers and those who love living a premium lifestyle, the Amex Platinum offers a wide range of perks that go beyond the usual rewards points. From travel benefits like airport lounge access to lifestyle perks including dining and shopping advantages, this card is designed to make every experience more rewarding.

At its heart, the Amex Platinum rewards you for every dollar spent, whether you’re flying across the globe or dining out locally. It’s not just about travel; it’s about enhancing your entire lifestyle, making every day more luxurious and rewarding. Understanding the value of the Amex Platinum comes down to using its benefits fully, making the card’s annual fee a worthy investment for the right spender.

Welcome Bonus: A Rewarding Introduction

The American Express Platinum Card offers a welcome bonus that can significantly benefit new cardholders. When you sign up, you might find an offer such as receiving 80,000 Membership Rewards points after spending $8,000 on eligible purchases within the first six months.

Here’s a breakdown for clarity:

Welcome Offer: Earn 80,000 points.
Spending Requirement: Spend $8,000 on eligible purchases.
Time Frame: Within the first 6 months of card membership.

A special promotion offering 100,000 to 150,000 bonus points.

A special promotion offering 100,000 to 150,000 bonus points with American Express Platinum.

Occasionally, American Express presents a tantalizing limited-time promotion that can supercharge your Membership Rewards points balance, offering between 100,000 to 150,000 points.

C-L-Credit’s tips

These boosted offers often come through referral links or may appear more generous when accessed through certain web browsers, such as using Google Chrome in incognito mode. Be sure to check the promotional link and experiment with different browsers to snag the best deal.

Amex no longer allows tax payments to count as a welcome bonus?

Amex has changed its policy, no longer allowing tax payments, including applicable local sales tax, to count toward the welcome bonus. This change in eligibility criteria for welcome offers means that cardholders must find alternative ways to meet the spending requirements.

Although this policy change may be a disappointment for some, the Amex Platinum still offers a multitude of rewards and benefits that can easily offset the annual fee when used strategically.

Earning Points: Maximizing Your Rewards

Earning Points: Maximizing Your Rewards

With the American Express Platinum Card, every dollar spent is an opportunity to earn Membership Rewards points, which can be strategically maximized to enhance your card membership value:

CategoryPoints Earned per Dollar Spent
Flights booked directly with airlines or with American Express Travel5x points
Prepaid hotels booked on Amex Travel5x points
Other eligible purchases1x points
  • Travel Rewards: Earn 5x points on flights booked directly with airlines or with American Express Travel, as well as on prepaid hotels. This benefit is especially valuable for those who frequently travel, allowing you to accumulate points rapidly for future travel plans.
  • Everyday Spending: Beyond travel, the Amex Platinum offers 1x points on other eligible purchases.

I know, No one love 1X points on all other purchases. Combining the American Express Platinum Card with other Amex offerings is a strategic approach to amplify your rewards accumulation.

C-L-Credit’s tips

To optimize points on daily expenses, using the Amex Gold Card for dining (earning 4x points at restaurants worldwide) and the Amex Blue Business Plus Card for business purchases (2x points on the first $50,000 each year) can complement your earning strategy.

Amex Trifecta: Everyday Spending with Amex Gold and Amex Blue Business Plus

It’s important to note that the earning potential extends beyond these categories, covering a wide range of eligible purchases. From dining out to booking your next getaway, leveraging your spending across these categories can significantly boost your rewards balance.

While the Amex Platinum offers solid rewards for everyday spending, it’s worth noting that the Amex Gold Card and Amex Blue Business Plus might be a better fit for these types of purchases.

the Amex Gold Card

For all non-travel related purchases, the Amex Platinum will earn you one point per dollar spent. However, with the Amex Gold Card, you could earn 4X points at restaurants, including takeout and delivery in the U.S., and 4X points at U.S. supermarkets (on up to $25,000 per year in purchases, then 1X), which could be significantly more beneficial for those who spend heavily in these categories.

the Amex Blue Business Plus

On the other hand, the Amex Blue Business Plus card offers a simple 2X points on everyday business purchases up to $50,000 each year, and then 1X points. This could be a more suitable option for small business owners looking to earn rewards on their regular business expenses.

By strategically aligning your spending habits with the rewards system of each card, you can ensure that you’re getting the most out of every dollar spent.

Earning CategoriesThe Platinum Card®The American Express® Gold CardThe Blue Business® Plus Credit Card from American Express
Flights booked directly with airlines or with Amex Travel5x points3x points2x points on the first $50,000 in purchases each year, then 1x points
Prepaid hotels booked on Amex Travel5x points1x points2x points on the first $50,000 in purchases each year, then 1x points
Dining at restaurants worldwide1x points4x points2x points on the first $50,000 in purchases each year, then 1x points
U.S. supermarkets (on up to $25,000 per year, then 1x)1x points4x points2x points on the first $50,000 in purchases each year, then 1x points
Other purchases1x points1x points2x points on the first $50,000 in purchases each year, then 1x points

For instance, if you’re a foodie who loves to try out new restaurants or order takeout, those dining expenses can translate into significant points accumulation over time with the Amex Gold Card. Similarly, your weekly trip to the supermarket can also contribute to your points balance if you’re using the Amex Gold Card.

Even if you aren’t a business owner, making your non-categories purchases with the Amex Blue Business Plus card can help you accumulate points quickly. From office supplies to online shopping, your everyday business expenses can turn into valuable rewards.

In essence, by using a combination of the Amex Platinum, Gold, and Blue Business Plus cards for different types of spending, you can turn your everyday spending into opportunities for rewards. By using your cards strategically, you can maximize your earnings and get the most value out of your card membership.

Redeeming Points: Unlocking the Best Value

Redeeming Points with the Amex Platinum: Unlocking the Best Value

The true magic of the American Express Platinum Card lies in the variety of ways you can redeem your accumulated Membership Rewards points. Understanding your options can help unlock the best value for your points, whether you’re looking to travel, shop, or indulge in luxury experiences.

Below is a table illustrating the typical redemption rates for Membership Rewards points when using the American Express Platinum Card for various redemption options. Please note, that these values can fluctuate based on current offers and specific redemption details.

Redemption OptionApproximate Value Per Point
Flights (Amex Travel)1 cent
Prepaid Hotels (Amex Travel)0.7 cents
Transfer to Airline PartnersVariable, up to 2 cents or more
Shopping (e.g., Amazon)0.7 cents
Gift Cards1 cent
Statement Credits0.6 cents
Charitable Donations1 cent

These values offer a general guide to understanding how much each point is worth when redeemed through different channels. Redemption rates for transferring points to airline and hotel partners can vary significantly and may offer the best value, especially for international business or first-class flights. On the other hand, using points for shopping or statement credits typically provides less value, highlighting the importance of selecting your redemption options carefully to maximize the benefits of your Membership Rewards points.

Transfer Partners

One of the most valuable ways to redeem your Amex Platinum points is by transferring them to airline and hotel loyalty programs. American Express partners with a variety of airline and hotel loyalty programs, including:

Airline Partners

AMEX TRANSFER PARTNERS
  1. Aeroplan: 1,000 Points = 1,000 Aeroplan Points
  2. ANA Mileage Club: 1,000 Points = 1,000 ANA Mileage Club Miles
  3. Delta Air Lines: 1,000 Points = 1,000 miles
  4. Aer Lingus: 1,000 Points = 1,000 Avios
  5. AeroMexico: 1,000 Points = 1,600 AeroMexico Rewards Points
  6. AIR FRANCE KLM: 1,000 Points = 1,000 Flying Blue Miles
  7. Avianca LifeMiles: 1,000 Points = 1,000 LifeMiles
  8. British Airways Executive Club: 1,000 Points = 1,000 Avios
  9. Cathay Pacific: 1,000 Points = 1,000 Asia Miles
  10. Emirates Skywards: 1,000 Points = 1,000 Skywards Miles
  11. Etihad Guest: 1,000 Points = 1,000 Etihad Guest Miles
  12. HawaiianMiles: 1,000 Points = 1,000 HawaiianMiles
  13. Iberia Plus: 1,000 Points = 1,000 Avios
  14. JetBlue TrueBlue: 250 Points = 200 TrueBlue points
  15. Qantas Frequent Flyer: 500 Points = 500 Qantas Points
  16. Qatar Airways Privilege Club: 1,000 Points = 1,000 Avios
  17. Singapore Airlines KrisFlyer: 1,000 Points = 1,000 KrisFlyer Miles
  18. Virgin Atlantic Flying Club: 1,000 Points = 1,000 Virgin Points

Hotel Partners

AMEX HOTEL PARTNERS
  1. Choice Privileges: 1,000 Points = 1,000 Choice Privileges Points
  2. Hilton Honors: 1,000 Points = 2,000 Hilton Honors Points
  3. Marriott Bonvoy: 1,000 Points = 1,000 Marriott Bonvoy Points

Most transfers can be completed at a rate of 1:1, allowing you to potentially unlock even greater value from your points. With a diverse selection of transfer partners, you can find the perfect redemption option to suit your travel needs and preferences.

Travel Redemptions: Expanding Your Horizon

When it comes to using your Membership Rewards points earned with the American Express Platinum Card, travel redemptions offer some of the best value and flexibility. By booking directly through American Express Travel, you can apply your points towards a wide array of travel needs, not just flights but also prepaid hotels, cruises, and car rentals. Here’s a closer look at how you can maximize these redemptions:

  • Flights:
    Booking flights through American Express Travel is straightforward and offers a consistent value of 1 cent per point. This can significantly offset the cost of airfare, making both domestic and international travel more accessible. Whether you’re planning a weekend getaway or a long-haul journey, using your points to book flights is a smart way to stretch your travel budget further.
  • Prepaid Hotels:
    Your points can also go towards booking prepaid hotels through Amex Travel, where you often find competitive rates. While the value per point can vary, leveraging your points for hotel stays is another effective way to use your rewards, especially when you can find deals or special offers.
  • Amex Fine Hotels + Resorts®:
    For a more luxurious hotel experience, the Amex Fine Hotels + Resorts® program offers exclusive benefits to Platinum Cardholders. When you book through this program, you not only use your points towards the stay but also enjoy additional perks such as room upgrades when available, daily breakfast for two, guaranteed 4 PM late checkout, noon check-in when available, and complimentary Wi-Fi. Plus, you often receive a unique property amenity, such as a spa or food and beverage credit, adding even more value to your stay.
  • The Hotel Collection:
    The Hotel Collection is another excellent option for using your points towards hotel stays. With a minimum two-night stay booked through Amex Travel, you can enjoy benefits like a room upgrade upon arrival when available and a $100 on sight hotel credit to spend on qualifying dining, spa, and resort activities. This makes your hotel stay more than just a place to sleep, transforming it into a part of your travel experience.
  • Cruises and Car Rentals:
    Don’t forget about cruises and car rentals, which can also be booked through American Express Travel using your points. These options provide flexibility and convenience, allowing you to plan comprehensive travel experiences that align with your preferences and itinerary.

Travel redemptions through American Express Travel not only offer a straightforward way to use your points but also unlock a world of potential for your next vacation. From flights and hotels to cruises and car rentals, the American Express Platinum Card ensures that your travel is not just rewarding but also luxurious and memorable, especially when you take advantage of the Amex Fine Hotels + Resorts® and The Hotel Collection benefits.

Other Redemption Options: Diversifying Your Rewards

Expanding on the alternative ways to utilize your Membership Rewards points earned with the American Express Platinum Card, let’s delve into specific examples, particularly focusing on shopping.

Shopping:

  • Online Retail Partners:
    Use points at checkout with online partners such as Amazon or Best Buy. For example, you might apply your points directly at Amazon.com during checkout to cover the full or partial cost of your purchase.
  • Amex Shopping Portal:
    Access exclusive products and offers through the American Express shopping portal. An example includes purchasing the latest electronics or home goods directly from the portal, where you can use points to pay for your items outright.

Additional Options Include:

  • Gift Cards:
    Redeem points for gift cards across various categories, including dining, retail, and entertainment.
  • Statement Credits:
    Offset eligible charges on your statement with points for instant savings.
  • Charitable Donations:
    Support charitable causes by donating points through Members Give.

Strategic Redemption Choices:

While using points for shopping provides immediate gratification and convenience, it’s crucial to consider the value you’re getting per point.

In many cases, the value per point might be lower than if you were to use points for travel-related redemptions or transferring to airline and hotel partners.

Balancing the need for immediate rewards against the potential higher value of travel redemptions is essential in maximizing the benefits of your American Express Platinum Card. This strategic approach ensures that you’re not only enjoying the perks of your card but also getting the best possible value from your Membership Rewards points.

What Can We Do with Amex Platinum? Exclusive Perks and Benefits

What Can We Do with Amex Platinum? Exclusive Perks and Benefits

The American Express Platinum Card is more than just a tool for earning and redeeming points; it’s your ticket to a suite of exclusive perks and benefits that cater to travel, dining, entertainment, and lifestyle needs. Here’s a breakdown of some of the top benefits that make this card stand out:

Travel:

Airport Lounge Access

The Airport Lounge Access benefit is one of the most valued features of the American Express Platinum Card, providing cardholders with unparalleled access to over 1,400 airport lounges worldwide. Here’s a breakdown of the types of lounges accessible with your Platinum Card:

  • Centurion® Lounges: Exclusive to American Express, Centurion® Lounges offer a premium lounge experience with gourmet dining, high-speed Wi-Fi, comfortable seating, and other luxury amenities. These lounges are located in major airports around the world and are accessible to Platinum Card members.
  • Priority Pass™ Select: Membership to Priority Pass™ Select comes complimentary with your Platinum Card, granting access to over 1,300 airport lounges worldwide. Priority Pass lounges offer a variety of services, including complimentary snacks and beverages, Wi-Fi, and comfortable spaces to relax or work.
  • Delta Sky Clubs®: When flying on a same-day Delta flight, Platinum Card members can access Delta Sky Clubs®, where available. These lounges provide a premium experience with complimentary food and beverages, Wi-Fi, and more.
  • Plaza Premium Lounges: Platinum Card members also have access to Plaza Premium Lounges, known for their exceptional service and comfortable seating. These lounges provide a quiet space to relax, dine, or catch up on work before your flight.
  • Airspace Lounges: Available in select locations, Airspace Lounges offer a tranquil environment with complimentary food and drink options, as well as other amenities to make your pre-flight experience as comfortable as possible.
  • Escape Lounges – The Centurion® Studio Partner: Platinum Card members can access Escape Lounges, which offer a cozy atmosphere, complimentary food and beverage options, and other amenities designed to enhance your travel experience.
  • Lufthansa Lounges: When flying with Lufthansa, Platinum Card members can gain access to select Lufthansa lounges, enjoying comfortable seating, complimentary refreshments, and more.
C-L-Credit’s tips

Enrollment Required
For certain lounge programs, such as Priority Pass™ Select, card members must enroll in advance to gain access. Enrollment can typically be completed through your American Express account online or by contacting customer service.

Why It’s a Key Benefit?

Airport lounge access through the American Express Platinum Card transforms the airport experience from a necessary wait into an opportunity for relaxation or productivity. Whether you’re traveling for business or pleasure, having a quiet space to relax, enjoy a meal, or get some work done can make all the difference in your journey. This benefit alone can significantly enhance the value of the Platinum Card for frequent travelers.

Airline Fee Credit

Receive up to $200 in statement credits annually for incidental fees, such as checked bags or in-flight refreshments, with one qualifying airline of your choice.

Hotel Credits

Benefit from up to $200 in annual statement credits for prepaid bookings at Fine Hotels + Resorts or The Hotel Collection, which also come with additional perks like room upgrades and late checkout.

Global Entry or TSA PreCheck Fee Credit

Get a statement credit for the application fee for either Global Entry ($100) or TSA PreCheck ($85) every 4 to 4.5 years, facilitating smoother passage through airport security.

Hotel Status Upgrades

The Amex Platinum also offers hotel status upgrades at participating hotels, with specific upgrades varying by hotel brand and property. These upgrades may include room upgrades upon arrival, complimentary experience credits, and other benefits. Some of the hotel brands that offer status upgrades for Amex Platinum cardholders include Hilton Honors and Marriott Bonvoy.

  • Hilton Honors: Gold member
  • Marriott Bonvoy: Gold Elite

To upgrade your hotel status with your Amex Platinum, simply follow these steps:

  1. Log in to your American Express account.
  2. Visit the benefits page.
  3. From there, you can enroll in complimentary hotel elite statuses, such as Hilton Honors and Marriott Bonvoy.
  4. Enjoy a range of benefits during your hotel stays.
C-L-Credit’s tips

After enrolling, there may be times when the connection to your hotel account isn’t established. We recommend reaching out to AMEX customer service for a double-check.

Car Rental Benefits:

The American Express Platinum Card offers valuable benefits for car rentals, enhancing your travel experience with added convenience and protection. Here are the key car rental perks:

Elite Status with Car Rental Programs

The Amex Platinum card grants you complimentary elite status with three major car rental companies:

  • National Car Rental: Emerald Club Executive Status
  • Hertz: Gold Plus Rewards
  • Avis: Preferred Plus

Here’s a breakdown of what each status entails:

National Emerald Club Executive:

  • Guaranteed vehicle upgrades: One class higher depending on availability.
  • Free rental day after every 6 completed rentals.
  • Convenient pick-up and drop-off with e-receipts.
  • 20% discount on rentals using a specific code.
  • Dedicated reservation line.

Hertz Gold Plus Rewards:

  • Faster pick-up and drop-off.
  • Earn more points towards free rentals.
  • 5% discount on base rates.
  • Eligible for upgrades based on availability.
  • Waived counter fees.

Avis Preferred Plus:

  • Faster check-in and check-out.
  • Priority access to vehicles.
  • Dedicated customer service line.
  • Earn more points towards free rentals.
  • 10% discount on base rates.

Important notes:

  • Enrollment is required to activate these benefits.
  • Specific benefits may vary slightly depending on the rental company and location.
  • Always check the terms and conditions for each program before renting.

Overall, the Amex Platinum card provides valuable car rental benefits, including elite status with major companies, potential upgrades, discounts, and insurance coverage. This can be a significant perk for frequent travelers or those who rent cars often.

Rental Car insurance:

The American Express Platinum Card offers two distinct options for rental car insurance: the included Car Rental Loss and Damage Insurance (CDW) and the optional Premium Car Rental Protection (PCRP). Here’s a breakdown of the key differences between these two benefits:

Car Rental Loss and Damage Insurance (CDW):

The Platinum Card provides secondary car rental loss and damage insurance (CDW) at no extra charge when you use your card to reserve and pay for the entire rental and decline the collision damage waiver at the rental counter. It’s meaning it kicks in after other forms of insurance (like your personal car insurance) have been applied. The coverage provided by the AMEX Platinum is for theft and damage to the rental vehicle only and does not include liability coverage.

  • Type of Coverage: Secondary insurance, which means it only kicks in after other forms of insurance (like your personal auto insurance) have been applied.
  • Cost: Included with the AMEX Platinum Card at no additional charge.
  • Activation: Automatically applies when you use your AMEX Platinum Card to pay for the entire rental and decline the rental company’s collision damage waiver (CDW or LDW).
  • Coverage Limit: Covers damage to or theft of the rental vehicle up to a certain limit. It does not cover liability, personal injury, or personal property.
  • Deductible: No deductible for this coverage.
  • Duration of Coverage: Coverage is provided for rental periods of up to 30 consecutive days.
  • Geographic Coverage: Coverage is available in most countries, but there are exclusions and limitations.

Premium Car Rental Protection (PCRP):

The Premium Car Rental Protection (PCRP) with the American Express Platinum Card is an optional insurance coverage that provides primary protection for rental vehicles. For a flat rate fee per rental, it covers damage or theft of the rental car, offers secondary medical coverage for injuries, and protection for personal property. This coverage is in place of your personal auto insurance, meaning you can file a claim with PCRP first, without involving your personal insurance. Enrollment in PCRP is required, and the coverage is activated when you use your enrolled Amex Platinum Card to pay for the rental charges.

  • Type of Coverage: Primary insurance, which means it provides coverage before your personal or other insurance.
  • Cost: Available for a flat rate per rental agreement (not per day), charged only when you rent a car using your enrolled AMEX Platinum Card. The flat rate could range from approximately $12.25 to $24.95 per rental agreement for coverage up to 42 consecutive days (30 days for Washington State residents)*However, these rates are subject to change and may differ based on factors like the state of residence of the cardholder.
  • Activation: Requires enrollment before your rental begins. Once enrolled, coverage is automatic for each rental made with the enrolled card.
  • Coverage Limit: Offers broader protection, including damage to or theft of the vehicle, secondary medical coverage for injuries from an accident, and coverage for personal property. It does not include liability coverage.
  • Deductible: No deductible for claims under this policy.
  • Duration of Coverage: Coverage is provided for rental periods of up to 42 consecutive days (30 days for Washington State residents).
  • Geographic Coverage: Offers international coverage with some exclusions. It’s broader in scope compared to the standard CDW.

Here’s a table comparing the Car Rental Loss and Damage Insurance (CDW) included with the American Express Platinum Card to the Premium Car Rental Protection (PCRP) offered by American Express:

FeatureCDW (Included with Card)PCRP (Optional Purchase)
Type of CoverageSecondaryPrimary
Coverage CostIncluded with card membership, no additional costFlat rate fee per rental; ranges approximately from $12.25 to $24.95 (varies by level of coverage and location)
Coverage PeriodUp to 30 consecutive daysUp to 42 consecutive days (30 days for Washington State residents)
Deductible$0$0
Coverage ScopeDamage to or theft of rental car onlyDamage or theft of the rental car, secondary medical coverage for injuries, and personal property protection
Liability CoverageNot includedNot included
Enrollment RequiredNo, automatically available when you use your Platinum Card to pay for the rental and decline the rental company’s insuranceYes, must enroll your card in PCRP before renting a car
ActivationUse Amex Platinum to book and pay for the rental, and decline the rental company’s collision damage waiverCoverage is activated for any rental paid for with the enrolled card after enrollment
UnderwriterVarious underwriters depending on the card and regionAMEX Assurance Company

In summary, while the standard CDW provides basic protection at no additional cost, PCRP offers a more comprehensive solution for a flat rate, acting as primary coverage. This can be particularly appealing for travelers looking for more extensive coverage or those without personal auto insurance. It’s important for cardholders to consider their specific needs, travel patterns, and financial preferences when deciding whether to rely on the standard CDW or to enroll in PCRP for enhanced protection.

Dining:

  • Global Dining Access: Gain access to exclusive reservations and culinary experiences through.
  • Uber Eats Credit: Enjoy up to $200 in Uber Cash annually for orders with Uber Eats or rides with Uber in the U.S., distributed $15 as monthly credits (Plus bonus $20 in December).

Entertainment:

Digital Entertainment Credit

Receive up to $240 annually (up to $20 per month) in statement credits for select digital subscriptions. To take advantage of this benefit, cardholders need to pay for their subscriptions with their Platinum Card and enroll in the benefit through their American Express account.

The eligible streaming services and digital subscriptions have included popular options such as:

  • Peacock (NBCUniversal’s streaming service)
  • The Wall Street Journal (digital news subscription)
  • The New York Times (digital news subscription)
  • SiriusXM (satellite radio and streaming service)
  • Disney+ (Disney’s streaming service)

Exclusive Events

The American Express Platinum Card offers an Exclusive Events benefit, providing cardholders access to a curated selection of events and experiences that are not available to the general public. These events are designed to cater to the diverse interests of Platinum Card members, ranging from intimate dining experiences hosted by world-renowned chefs to VIP access at major sporting events, private tours of art exhibitions, and front-row seats at concerts and theater shows.

  • By Invitation Only® Events: Exclusive access to once-in-a-lifetime experiences, such as private dining experiences with famous chefs, special performances by popular artists, and VIP packages for prestigious sporting events like the US Open or the Monaco Grand Prix.
  • Platinum House Events: During major cultural events like Coachella or Art Basel, Amex Platinum may host Platinum House, offering card members a luxury retreat with exclusive performances, gourmet food, and unique experiences.
  • Sports Experiences: Access to premium sporting events, including tickets to the NBA Finals, the Wimbledon Championships, or special golf tournaments, often with perks like meet-and-greets with athletes or behind-the-scenes tours.
  • Entertainment and Shows: Priority booking and special access to concerts, theater, and Broadway shows, sometimes including meet-and-greets with cast members or backstage tours.
  • Culinary Experiences: Invitations to exclusive dinners or cooking classes led by renowned chefs, offering a unique opportunity to explore culinary delights in a more intimate setting.

This benefit enhances the value of the Amex Platinum Card by offering unique experiences that go beyond traditional rewards, making membership not just about points and perks but also about accessing a lifestyle that’s rich with exclusive opportunities. It’s a way for cardholders to enjoy memorable moments, whether they’re passionate about music, art, sports, or culinary arts, adding an extra layer of enjoyment to the Amex Platinum experience.

Lifestyle:

  • Shopping Credits: Get up to $100 in Saks Fifth Avenue statement credits annually for purchases made in-store or online, split into two six-month periods.
  • Fitness Credits: Up to $300 in annual statement credits for Equinox gym memberships or the Equinox+ digital app, helping you stay fit in style.

These perks are designed to enrich your lifestyle and make every experience more enjoyable, whether you’re traveling abroad or enjoying local attractions. Remember, some benefits require enrollment and the benefit level varies, so it’s always best to check the latest terms and conditions through the American Express website or app.

By taking full advantage of the Amex Platinum’s extensive benefits, you can easily offset the annual fee and elevate your travel and lifestyle experiences to luxurious new heights.

Comparing the Amex Platinum to Competitor Cards

Comparing the Amex Platinum to Competitor Cards

To help you decide which premium credit card best suits your needs, let’s compare the American Express Platinum Card with two of its main competitors, the Chase Sapphire Reserve and the Capital One Venture X Rewards Credit Card, focusing on annual fees, rewards, and other key benefits with specific numbers for clarity, along with their pros and cons.

Chase Sapphire Reserve

Sapphire Reserve Card

The Chase Sapphire Reserve offers a range of attractive benefits, making it a popular alternative to the Amex Platinum. Here are some key features of the card:

  • Annual Fee: $550
  • Travel Credits: $300 annual travel credit automatically applied to a wide range of travel purchases.
  • Rewards: 3x points on travel (after earning your $300 travel credit) and dining worldwide, and 1x points on all other purchases.
  • Redemption Flexibility: Redeem points for 1.5 cents each through Chase Ultimate Rewards for travel, or transfer to airline and hotel partners.
  • Lounge Access: Priority Pass Select membership providing access to over 1,300 airport lounges worldwide, and Chase Sapphire Lounges for cardholders.

Pros:

  • $300 travel credit is broad and automatically applied to travel purchases.
  • Points are worth 50% more when redeemed for travel through Chase Ultimate Rewards.
  • Includes comprehensive travel insurance benefits.

Cons:

  • Fewer luxury travel perks compared to Amex Platinum.
  • Lower rewards rate on non-travel and dining purchases.

While the Amex Platinum boasts more extensive airport lounge access, the Chase Sapphire Reserve holds its own with a lower annual fee and competitive travel rewards. Ultimately, the choice between the two cards will depend on your individual needs and priorities.

Capital One Venture X

Capital one venture x card

Another competitor to consider is the Capital One Venture X.

  • Annual Fee: $395
  • Travel Credits: $300 annual travel credit for bookings made through Capital One Travel, plus 10,000 bonus miles (equivalent to $100 towards travel) every account anniversary.
  • Rewards: Unlimited 2x miles on all purchases, 5x miles on flights, and 10x miles on hotels and rental cars booked through Capital One Travel.
  • Lounge Access: Includes Priority Pass and access to Capital One Lounges.

Pros:

  • Lower annual fee compared to competitors.
  • Simple and generous rewards structure on all purchases.
  • Beneficial travel credit and anniversary bonus miles add value.

Cons:

  • Fewer exclusive luxury benefits and perks than Amex Platinum.
  • Lounge access network is not as extensive as Amex Platinum.

While the Amex Platinum offers more extensive airport lounge access and arguably more luxurious perks, including a preferred metal card design, the Capital One Venture X may be a better fit for those seeking a lower annual fee and flexible travel rewards.

Each card offers a unique set of benefits tailored to different spending habits and travel preferences. The American Express Platinum Card is ideal for those who value luxury travel perks and extensive lounge access, the Chase Sapphire Reserve is suited for those who seek travel flexibility and dining rewards, and the Capital One Venture X Rewards Credit Card is a great choice for those looking for straightforward rewards and a lower annual fee.

Is the American Express Platinum Worth the Annual Fee?

Determining whether the American Express Platinum Card’s annual fee of $695 is justifiable depends on how much value you can extract from its extensive range of perks and benefits. Here’s a closer look at factors to consider:

Pros

  • Extensive Lounge Access:
    Unmatched access to over 1,400 airport lounges worldwide, including the exclusive Centurion Lounges, adds significant value for frequent travelers.
  • Generous Travel Credits:
    Up to $200 in airline fee credits, $200 in Uber credits, and $100 for Global Entry/TSA PreCheck fees can offset a substantial portion of the annual fee.
  • High Reward Earning Potential:
    Earning 5x points on flights and prepaid hotels can accumulate rewards quickly, especially for those who travel often.
  • Luxury Travel Benefits:
    Complimentary upgrades, elite status with hotel programs, and access to the Fine Hotels & Resorts program enhance travel experiences.
  • Diverse Redemption Options:
    Membership Rewards points offer flexibility, allowing for travel bookings, transfer to partners for potentially greater value, and more.

Cons

  • High Annual Fee:
    At $695, the fee is steep and may not be worthwhile for those who don’t travel frequently or take full advantage of the card’s benefits.
  • Limited Bonus Categories:
    Beyond travel and hotel bookings, the rewards rate drops to 1x points on other purchases, which may not appeal to those with diverse spending habits.

Understanding the Value of the Amex Platinum Card

Let’s break down what you get with the American Express Platinum Card in plain terms. Think of this as a quick look at the perks and how they might save you money or add value to your life. The actual benefits you get will depend on how you use the card. Here’s a straightforward list:

Benefit CategoryEstimated Value/Cost Savings
Annual Fee-$695
Airport Lounge Access$429+ (Value varies)
Airline Fee Credit$200
Uber Credits$200
Global Entry or TSA PreCheck Fee Credit$25 (pro-rated over 4 years)
Hotel Credits$200
Digital Entertainment Credit$240 (Covers part of subscriptions like Peacock, NYT, Audible, SiriusXM)
Saks Fifth Avenue Credit$100
Equinox Credit$300
Wi-Fi AccessValue varies; difficult to quantify
Fine Hotels + Resorts® ProgramValue varies; difficult to quantify
The Hotel CollectionValue varies; difficult to quantify
Welcome bonus(10,000MRP)$1,000 (1¢/P)
Total Estimated Value (excluding variable benefits)$2,694
Minus Annual Fee-$695
Net Estimated Value (excluding variable benefits and annual fee)$1,999

This list shows you the basics, but if you really get into the travel and lifestyle benefits, you could end up getting way more value than what’s shown here. Plus, the card gives you access to special events and services that are hard to put a price on but definitely make life more enjoyable.

Who Should Get the AMEX Platinum?

Deciding whether the American Express Platinum Card is right for you comes down to evaluating your lifestyle, spending habits, and how much you value the card’s extensive benefits. Here are the types of individuals who would likely find the AMEX Platinum to be a worthwhile investment:

  • Frequent Flyers: Ideal for those who travel often and can enjoy perks like extensive lounge access and 5x points on flights.
  • Luxury Travel Enthusiasts: Great for travelers seeking luxury benefits like room upgrades and elite hotel status.
  • Big Spenders on Travel and Dining: Perfect for those who spend a lot on travel and dining, earning them lots of points.
  • Benefit Maximizers: Suited for individuals ready to use all the card’s benefits to offset the annual fee.
  • Status Seekers: Attractive to those who enjoy the prestige and exclusive services that come with a premium card.

In short, if you love traveling in style, dine out frequently, and are keen on utilizing every benefit to its fullest, the AMEX Platinum could be a valuable addition to your wallet.

Who Might Consider Other Options?

  • Infrequent Travelers: If you rarely travel, you might not be able to take full advantage of the travel-related benefits that justify the card’s annual fee.
  • Budget-Conscious Individuals: Those who are wary of the high annual fee and prefer a credit card with lower costs might find better value in other cards.
  • Simple Rewards Seekers: If you prefer a straightforward rewards structure without the need to manage various credits and benefits, a card with a simpler rewards program might be a better fit.

Amex Platinum in a charge card

The amex platinum card is a charge card, not a credit card. you need to make sure your life style and spending habit.

Here is the details:

The Bottom Line

The American Express Platinum Card caters to a niche market of frequent travelers and luxury enthusiasts who can leverage the card’s benefits to offset the annual fee. It’s designed for those who not only seek luxury and convenience in their travels but are also willing to invest in a premium credit card that offers extensive rewards and benefits. If this sounds like you, the AMEX Platinum could be an excellent addition to your wallet. Otherwise, you might find better value in other cards that align more closely with your spending habits and lifestyle needs.

American Express Platinum: Frequently Asked Questions

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The annual fee for the American Express Platinum card is $695.

The Amex Platinum offers coverage for travel accident insurance, trip cancellation and interruption, trip delay, baggage insurance, and car rental loss and damage as its travel insurance benefits.

To gain entry into airport lounges with your Amex Platinum card, simply present your Amex Platinum card, a government-issued ID, and a confirmed same-day boarding pass.

Amex Platinum cardholders are eligible for hotel status upgrades at participating hotels, with the specific upgrades varying by hotel brand and property. Some of the hotel brands that offer status upgrades for Amex Platinum cardholders include Hilton Honors and Marriott Bonvoy.

The Amex Platinum Card can be worth it if you can make use of the statement credits, rewards on travel purchases, and airport lounge access to recoup the annual fee. Depending on your spending habits and travel needs, it could easily be worth the $695 fee.

Overall, the American Express Platinum card isn’t too difficult to get as long as you have a good credit score, usually above 700. Credit Karma reports the average score for approvals is 715, but it’s possible to be approved with scores as low as 643.

The Platinum Card® from American Express is a charge card catered to high-spenders with good credit. With extensive travel perks and lifestyle benefits, this card offers numerous statement credits, entertainment benefits, lounge access, elite status and more. It’s considered one of the most recommended cards for high-net-worth individuals, but also comes with a hefty annual fee.

The Amex Platinum card carries a high annual fee ($695) and its value is mainly derived from its welcome offer worth $1,600 and other luxury perks. While it may be expensive to some, its rewards and long-term benefits are attractive and worth considering.

The Platinum Card® from American Express offers a host of premium benefits including access to over 1,400+ airport lounges worldwide, statement credits, up to 5 points per dollar spent on flights, travel credits, dining credits, Nexus credits, hotel and travel benefits, lounge access and benefits, concierge access and services, a large welcome bonus and a variety of consumer protections.

Check this article in Japanese: https://credit.meoto-ny.com/amex-platinum/

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