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Physician on FIRE has partnered with CardRatings for our coverage of credit card products. Physician on FIRE and CardRatings may receive a commission from card issuers. Some or all of the card offers that appear on the website are from advertisers. Compensation may impact on how and where card products appear on the site. POF does not include all card companies or all available card offers. Credit Card Providers determine the underwriting criteria necessary for approval, you should review each Provider’s terms and conditions to determine which card works for you and your personal financial situation.
Editorial Disclosure: Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed, or approved by any of these entities.

Amex Platinum Card Review 2024: Worth the Annual Fee?

Editor Deepti Nickam

For some, the Amex Platinum is a shiny status symbol, and for others, it’s the ultimate travel companion. But is it worth the hype, or is it just an unnecessary weight in your wallet?

Let’s find out whether this platinum-clad wonder is all it’s cracked up to be.

 

This article will include:

  • The key features and fees of the Amex Platinum. 
  • Amex Platinum’s key perks and drawbacks.
  • A breakdown of the Amex Platinum points value and rewards.

Read more:

 

Our Verdict

The American Express Platinum Credit Card is a luxury travel card with a steep $695 annual fee. Premium perks include $200 Uber Cash, $155 Walmart+ Credit, $240 Digital Entertainment Credit (enrollment is required), and access to airport lounges. You also get 5x Membership Rewards points on flights and hotels. Redemption options can be complex, but you get the best value by transferring points to Amex’s travel partners at a 1:1 ratio.

3.8
Welcome Bonus
N/A (can't find this in QMP)
Annual Fee
annual_fees
Regular APR
reg_apr,reg_apr_type
Credit Score
credit_score_needed

 

Amex Platinum Credit Card: On FIRE Score

Annual Fee annual_fees 3/5
APR  reg_apr,reg_apr_type 4/5
Intro Offer  bonus_miles_full 4/5
Maximum Rewards 5x points 4/5
Everyday Rewards 1x points  4/5
On FIRE Score 3.8/5

 

What Is the Amex Platinum Credit Card?

The American Express Platinum Credit Card is a premium credit card that’s built quite a reputation in the world of luxury and travel. 

With the Amex Platinum, you can access a slew of airport lounges and earn up to 5x points on flights and hotels. The Amex Platinum is also known for its concierge service, exclusive events, bonus rewards, and handy travel insurance.

 

How Does the Amex Platinum Credit Card Work?

The Amex Platinum is a charge card, not a traditional credit card. This means you’ll have to pay off your total balance each month instead of carrying a balance like typical credit cards. It’s not for everyone, but the upside is you avoid excessive interest charges if you stick to paying in full.

With the Amex Platinum, you earn up to 5x Membership Rewards points for every dollar you spend. Typically, you’ll get one point for every dollar you spend on eligible purchases. But for certain categories like travel or hotels, you can earn up to five points per dollar. Once you’ve racked up enough points, you can use them to book travel, buy products, redeem gift cards, and transfer your points to a loyalty program.

What puts Amex Platinum on the luxury credit card map is its impressive list of perks. With access to over 1,400 airport lounges worldwide, it’s a game-changer for frequent travelers. You also get a bunch of annual credits, such as $200 for Uber, $200 for airline fees, and $100 for Saks Fifth Avenue.

The Amex Platinum offers a concierge service to help you with reservations, exclusive event access, and top-notch travel insurance. The annual_fees annual fee is steep, so you’ll want to take full advantage of all the benefits to offset the hefty cost.

If you’re keen for more rewards, check out the best cash back credit cards

 

 

Amex Platinum Fees

 

Here’s a summary of the need-to-know fees and hidden costs–

Details Metric
Annual fee annual_fees
Regular APR reg_apr,reg_apr_type 
Cash advance APR  cash_advance_apr
Cash advance fee  cash_advance_fee
Penalty APR 29.99%
Foreign transaction fee foreign_transaction_fee
Returned payment fee Up to $40
Late fee late_payment_fee

 

Amex Platinum Credit Card: Pros and Cons

Here are the top Amex Platinum benefits and drawbacks–

 

Pros

  • Travel rewards with 5x points on hotels and flights. 
  • Generous perks and premium Amex benefits. 
  • Exclusive access to events and experiences. 
  • Premium travel insurance and global hotline. 

 

Cons

  • Steep annual fee of annual_fees
  • It’s a charge card—so you can’t carry a balance.
  • You need a high credit score of 690 or more. 
  • Complex rewards and redemption options.

 

Why I like it

 

Travel rewards

If you’ve caught the travel bug, the 5x points on flights and hotels will be music to your ears (and your wallet). Other travel perks include access to over 1,400 airport lounges, $200 in airline credits, and $200 in hotel credits when booked through American Express Travel.

 

Amex Platinum’s travel insurance also covers trip delays (up to $500 per trip, maximum 2 claims in a 12 consecutive month period) and trip cancellations (up to $10,000 per trip and up to $20,000 in a 12 consecutive month period). 

Planning your next vacation? Here are our top travel cards with cash back.

 

Generous perks

In addition to the travel points, you’ll also bag 1x points for all eligible purchases

Other handy benefits include: 

  • $200 Uber Cash
  • $155 Walmart+ Credit
  • $240 Digital Entertainment Credit
  • $300 Equinox Credit
  • $189 CLEAR® Plus Credit
  • Global Dining Access by Resy

Keep in mind that these benefits are subject to change, so look out for the latest offers. 

 

Exclusive access

The Amex Platinum opens doors to exclusive events and experiences. Whether it’s early access to concert tickets, dining reservations, or invitation-only events, you can treat your platinum card like your own VIP pass.

 

Premium insurance

The card offers premium travel insurance, including trip cancellation coverage, baggage insurance, or car rental insurance. Plus, there’s a Premium Global Assist Hotline for 24/7 help if you ever overestimate your mountaineering skills.

 

Why you may want a different card

 

Steep annual fee

The Amex Platinum’s annual fee of $695 isn’t pretty. Before diving in, take a good look at the benefits to ensure they match up with your lifestyle so you can take full advantage.

 

Charge card

Being a charge card, you have to pay the balance in full each month. While this can help keep your spending in check, it’s not the best choice if you prefer the flexibility of carrying a balance.

 

Limited Acceptance

To get your hands on a Platinum card, you’ll need a shiny credit score. Generally, Amex Platinum accepts those with a score of 690 or above, so you’ll need a good to excellent FICO credit score to avoid rejection. 

 

Complex Rewards

The Amex Platinum rewards are great until you have to wrap your head around the various redemption options and transfer partners. The key is knowing how to maximize the value of your points to get the most out of the card (more on that later). If you don’t use all the credits and perks, the card likely isn’t worth the high annual fee. 

 

Amex Platinum Credit Card: Additional Things to Know

 

How to get an Amex Platinum card?

To start with, you’ll need a good to excellent credit score. Aim for a FICO score of around 700 or higher to boost your approval chances.

Other Amex Platinum card requirements include a valid Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN), a physical U.S. address, and being 18 or over. Having a stable income and solid financial history will also help you bag the card (that $695 annual fee has to come from somewhere). 

Once you feel confident about your credit and financial standing, you can apply for the card here.

 

What’s the difference between Amex Platinum and Amex Gold?

The Amex Platinum has an eyebrow-raising annual fee, but it comes with a range of exclusive benefits and travel perks. On the flip side, the Amex Gold card is a good choice for those who enjoy eating out and are no strangers to mammoth grocery bills. 

The key differences lie in your spending habits and travel preferences. If you’re a foodie and want to keep your costs in check, the Amex Gold is a more budget-friendly choice. But if you’re a frequent traveler with an eye for premium perks, the Amex Platinum could be a better fit. 

Here’s a quick breakdown of Amex Gold vs. Amex Platinum–

Details  card_name card_name
On FIRE score 3.8/5 3.6/5
Annual fee  annual_fees annual_fees
APR  reg_apr,reg_apr_type reg_apr,reg_apr_type 
Welcome bonus bonus_miles_full bonus_miles_full
Rewards 5x points on flights 

5x points on prepaid hotels 

1x points on other purchases

4x points on restaurants 

4x points on groceries 

3x points on flights 

1x points on other purchases 

See Rates and Fees  See Rates and Fees

 

How to get the Amex Platinum fee waived?

 

Our Verdict

The American Express Platinum Credit Card is a luxury travel card with a steep $695 annual fee. Premium perks include $200 Uber Cash, $155 Walmart+ Credit, $240 Digital Entertainment Credit (enrollment is required), and access to airport lounges. You also get 5x Membership Rewards points on flights and hotels. Redemption options can be complex, but you get the best value by transferring points to Amex’s travel partners at a 1:1 ratio.

3.8
Welcome Bonus
N/A (can't find this in QMP)
Annual Fee
annual_fees
Regular APR
reg_apr,reg_apr_type
Credit Score
credit_score_needed

 

For most, there’s no avoiding that dreaded annual fee. But for the lucky few, here are some options worth investigating—

  • Morgan Stanley Account: When you add one additional card to your Amex Platinum account, the annual fee is waived if you’re a Morgan Stanley Card Member (after which each additional card has an annual fee of $195). Plus, the sign-up bonus gets boosted from 80,000 points to 125,000 points. 
  • Military Members: Amex Platinum will waive the $695 annual fee as part of their military relief. The SCRA caps the interest rate at 6%, while MLA relief caps interest and fees at 36%. 

If you can score premium cards through your workplace, you could ask your employer to cover the annual fee as part of your employee benefits. But if this approach isn’t practical, make sure you check whether the card’s benefits align with your spending habits before applying.

 

Is the Amex Platinum worth the yearly fee?

There’s no simple answer here—it all depends on your lifestyle and how often you use the card’s perks. While the card comes with a high yearly fee, if you make full use of the travel points and other benefits, it can be well worth the cost. 

Here’s a breakdown of the redemption options and point values–

Redemption Option  Value
Online Checkout 0.5–1 cents per point
Gift cards 0.5–1 cents per point
Statement credit 0.6 cents per point
Travel 0.5–1 cents per point
Travel transfers 1:1 ratio (average)
Online Shopping 0.5 cents per point

*These values are subject to change at Amex’s discretion. 

 

Before committing, weigh the annual fee against the value you’ll receive from the card’s rewards, points, and perks. It’s worth crunching the numbers on your spending habits, travel frequency, and how much you’ll use the card’s perks to see if it’s a good match. 

You can also use the Amex rewards calculator to see what you get with your points. 

 

How to Maximize Points With the Amex Platinum Card

Amex points are worth roughly between 0.5 cents and 1 cent each depending on how you redeem them. Here’s how you can maximize them—

 

Focus on travel

 

The Amex Platinum shines with its maximum 5x points on travel, so this is where you should focus your spending. You’ll rack up the points when booking through the Amex travel portal, plus you’ll score some nice travel insurance benefits. Generally, you should focus on the categories that offer more than 1x points. 

Regarding hotels, Raddison Rewards offers the best transfer ratio at 1:3—but this will take 10 working days to go through, way longer than Hilton and Marriot Bonvoy.

Hotel Membership Reward Points (MRP) Points when transferred Transfer time 
Hilton Honors  1 MRP  2 Hilton Honors Points 5 working days 
Marriott Bonvoy™ 2 MRP 3 Marriot Points  1 business day
Radisson Rewards™ 1 MRP  3 points  10 working days

 

However, the values of each point can also differ depending on the hotel chain. According to Bankrate, 50,000 Membership Reward Points equate to $300 at Hilton, $350 at Marriot Bonvoy, and $200 at Radisson Rewards. But remember, these rates can change, so check out the latest offers before booking.

 

Choose the right redemption

While the best use of Amex Membership Rewards points is often transferring them to airlines, make sure you have a specific redemption in mind to get the best value (most transfers can be completed 1:1). 

According to Bankrate, if each Membership Reward Point equals 1 cent when transferring to an airline, the estimated value of 50,000 points is around $950

There’s another big plus—if you’re loyal to a particular airline, transferring your Amex rewards to that airline’s points can add to your existing miles, and help you gain loyalty-based upgrades, rewards, and points bonuses. 

Amex currently has tons of airline partnerships, with most offering a 1:1 ratio (roughly 1 cent for 1 mile/point). 

At a 2:3 ratio, Marriot Bonvoy offers the best transfer redemption offer, with 50,000 membership points equating to 75,000 Mariott points. You can then transfer your Marriot Bonvoy Points into over 35 airlines’ frequent flyer programs. 

Here’s a breakdown of the Amex airline partners and their transfer ratios—

 

Airline Membership Reward Points (MRP) Airline points/miles  Minimum transfer amount 
Asia Miles  1 MRP  1 Asia Miles  1000 points
British Airways  1 MRP 1 Avios  1000 points 
Delta SkyMiles® 1000 MRP  1000 SkyMiles® 1000 points 
Emirates Skywards  1 MRP 1 Skywards mile  1000 points 
Etihad Guest  1 MRP  1 Etihad Guest mile  1000 points 
Finnair Plus  1 MRP  1 Finnair Plus point  1000 points 
Flying Blue  1 MRP  1 Flying Blue mile  500 points 
Iberia Plus  1 MRP  1 Avios  1000 points 
Marriot Bonvoy  2 MRP  3 Marriot Points  400 points 
Qantas Frequent Flyer 1 MRP  1 Qantas Point  500 points 
SAS Eurobonus  1 MRP  1 EuroBonus Point 1000 points 
Singapore KrisFlyer  3 MRP  2 KrisFlyer mile 900 points 
Virgin Atlantic Real Time UK 1 MRP 1 Virgin Point  1000 points 

 

Enroll in everything

To make the most out of the perks—enroll, enroll, enroll. Amex Platinum benefits include hotels and car rentals (Hertz, Hilton, Marriott), CLEAR, Global Entry, Priority Pass, Airline Fee Credit, Uber Eats, Saks Fifth, Walmart+, Digital Entertainment, and Equinox. If you use all the credits, the amount should surpass the annual fee. 

This includes taking advantage of the $240 annual credit for streaming and entertainment, where you can subscribe to multiple services to get the best value. For example, you could subscribe to Disney+ Basic ($7.99/month), The New York Times ($2/month), and Peacock ($5.99/month), which would cover $16 of the $20 monthly credit. 

Find out how to use your Amex points to boost your Prime Day Amazon purchases.

 

Best Cards to Pair With the Amex Platinum Credit Card

 

Each Amex card has its own points and perks, focusing on travel, business, groceries, or everyday purchases. Combining cards that align with your spending habits and lifestyle choices is the best way to maximize points. 

To score the ultimate trifecta, you can use the Amex Platinum for hotels and airfare (5x points), the card_name for groceries and dining (4x points), and card_name for business purchases (2x points).

And if you’re not tied to Amex, you can branch out with card_name. This is also a great card for foodies as it offers 3% cash back on dining and an intro offer of 5% cash back on gas station and grocery store purchases. 

Check out the best business credit cards for more alternatives.

 

Alternatives to the Amex Platinum Credit Card

Still not sold on the Amex Platinum? Here are some alternatives—

If Chase has caught your eye, find out more about Chase Sapphire Preferred vs. Sapphire Reserve.

 

Amex Platinum Credit Card: Useful Links

 

Amex Platinum Credit Card Customer Reviews

 

Here are some firsthand reviews to reveal more Amex Platinum benefits and drawbacks—

One customer highlights the travel benefits—“If you travel often, just the lounge access pays for the card, otherwise, I’d be paying $100 on dining/drinks at an airport each time. Amex travel is limited and often not the best price, but if you book one of their preferred hotels, the perks are pretty great ($100 credit for dinner/spa, welcome gift, room upgrades, etc.). It also has $0 international fees.”

Another cardholder has a generally positive experience, “If you travel a lot, get this card. 5x points on all flight payments, free clear membership, money back on airline incidentals, Centurion lounge access, plus cash back on various things like Uber and Equinox. This card has paid for itself many times over. The only disappointment is the travel phone line, they are not U.S.-based and are little to no help.” 

Other reviews also criticized the Amex Platinum customer service— “Very arrogant and slow employees—horrible service. They seem to think they are the customers and we should do their job at resolving issues. All they did was repeat that they couldn’t help. Long waiting time and very rude customer service”

 

Is the Amex Platinum Credit Card Good for Me?

 

Whether the Amex Platinum is worth it ultimately boils down to your lifestyle and how you like to spend your money. If you’re a frequent traveler who can fully utilize the card’s perks (airport lounge access, travel credits, and premium insurance), it can be of fantastic value. 

But if you don’t travel much or use all the perks, the high annual fee will probably outweigh the advantages. The card_name is a better alternative if your spending leans more towards groceries and dining out–with a much lower fee. 

Plus, there’s always the option to combine cards, maximize those points, and get the best of both worlds. 

If you’re set on the Amex Platinum, apply here. 

 

FAQ

 

Is Amex Platinum a hard card to get?

American Express accepts good to excellent credit scores, which means you’ll need a FICO score of 690 or higher. They also consider your income, existing debt, and credit history. Make sure you have a strong financial profile to increase your chances of approval.

Check out more top travel credit cards.

 

What salary do you need for a Platinum Amex?

While there’s no specific income requirement, American Express typically looks for applicants with a stable and substantial income. To comfortably manage the annual fee and maximize the card’s benefits, a six-figure household income will give you a good chance of acceptance.

 

Does Amex Platinum have a limit?

The Amex Platinum doesn’t have a preset spending limit. Instead, it offers a spending capacity that can be adjusted based on your spending and payment history. It’s like having a flexible credit line that adapts to your financial behavior. 

But this doesn’t mean you have unlimited spending power. The card still considers your creditworthiness, income, and other factors when determining your capacity. So, while it offers more flexibility than a set credit limit, it doesn’t mean you can spend without restraint.

 

Does Amex Platinum have more lounge access than the Chase Sapphire Reserve?

Yes, while both cards offer excellent lounge access, the Amex Platinum has a slight edge in terms of the number and variety of lounges you can enjoy.

The Amex Platinum provides access to over 1,400 airport lounges across 140 countries worldwide, including the Centurion Lounges and Priority Pass lounges. The card_name provides access to over 1,300 Priority Pass lounges in over 500 cities globally. 

Find out what’s the best Chase credit card for you. 

 

Our Methodology

 

Our credit card reviews aim to provide a comprehensive assessment of both quantitative and qualitative factors. The quantitative analysis focuses on the financial costs and benefits associated with each card, including interest rates, fees, rewards programs, cash back offers, and other monetary perks. However, we also consider qualitative aspects that impact the everyday use and value of the card. These include the simplicity of the application process, the structure of the rewards program, the likelihood of utilizing certain card features, and the suitability of the card for frequent or infrequent use. Our On FIRE rating system allows for quick comparisons between cards within a particular category. When choosing a new credit card, consumers should weigh the quantitative dollar amounts along with qualitative ease-of-use factors to select the best overall option for their needs.

 



 

Terms and Restrictions Apply
Physician on FIRE has partnered with CardRatings for our coverage of credit card products. Physician on FIRE and CardRatings may receive a commission from card issuers.
Some or all of the card offers that appear on the website are from advertisers. Compensation may impact on how and where card products appear on the site. POF does not include all card companies or all available card offers. Credit Card Providers determine the underwriting criteria necessary for approval, you should review each Provider's terms and conditions to determine which card works for you and your personal financial situation.
Editorial Disclosure: Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

User-Generated Content Disclosure: Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

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