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Amex Platinum Card Review: Unveiling the Perks That Justify the High Annual Fee
August 30, 2024
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Introduction
The The Platinum Card® from American Express is a top-tier card designed for frequent travelers who value premium benefits and are willing to pay a higher annual fee. With a generous welcome bonus that easily offsets the annual fee in the first year, cardholders can enjoy a wide array of statement credits across travel, dining, and other categories, making the card a valuable addition to their wallet. For those who can take full advantage of its perks and don't mind the higher credit score requirement, the Amex Platinum Card is a compelling choice that pays for itself.
Key Features
- Annual Fee: $695. See rates & fees.
- Rewards:
- 5X Membership Rewards points on flights booked directly with airlines or through American Express Travel (up to $500,000 per calendar year, then 1X point)
- 5X Membership Rewards points on prepaid hotels booked with American Express Travel
- 1X Membership Rewards point on other purchases
- Welcome Offer: Earn 80,000 Membership Rewards points after spending $8,000 in your first 6 months of Card Membership
- Statement Credits: Up to $200 annual hotel credit, up to $240 digital entertainment credit, up to $200 airline fee credit, up to $200 Uber Cash (you must have downloaded the latest version of the Uber App and add your Platinum Card® to your Uber account, then pay with any AMEX card. The Amex benefit may only be used in United States), up to $155 Walmart+ credit, up to $199 CLEAR® credit, and up to $120 TSA PreCheck®/Global Entry fee credit
- Credit Score: Good to Excellent (670-850)
Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more. 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.
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The Kudos Take
When comparing the Amex Platinum vs the Capital One Venture X Rewards Credit Card and the Chase Sapphire Reserve®, the best choice depends on your travel habits and spending patterns. Here's an in-depth look at why the Amex Platinum might be the ideal card based on its features and benefits.
Amex Platinum Card
- Reward Rates: This card shines with 5X points on flights and prepaid hotels booked through Amex Travel, outpacing many competitors. Frequent travelers who book travel directly can quickly rack up substantial rewards.
- Annual Fee & Effective Cost: While the Platinum Card's $695 annual fee is on the higher end, leveraging the numerous statement credits can greatly offset this cost. Maximizing the up to $200 airline fee statement credit, up to $200 hotel statement credit, up to $200 Uber Cash statement credit, and other credits significantly reduces your effective annual cost.
- Lounge Access: The Amex Platinum is unmatched in airport lounge access, providing entry to over 1,400 lounges across 140 countries, including Centurion Lounges, Priority Pass Select lounges, and Delta Sky Clubs when flying Delta. This extensive lounge collection sets the Platinum Card apart for luxury travelers.
- Hotel Status & Upgrades: Enjoy complimentary Marriott Bonvoy Gold Elite status and Hilton Honors Gold status, unlocking perks like room upgrades, late checkouts, and bonus points at thousands of properties worldwide. The Platinum Card also offers exclusive benefits at Fine Hotels & Resorts and The Hotel Collection. Minimum two night stay.
- Travel Protections: Stay covered with trip cancellation and interruption insurance, trip delay insurance, and the Premium Global Assist Hotline. For extra peace of mind, the card includes car rental loss and damage insurance and access to the American Express Global Lounge Collection.
Capital One Venture X Rewards Credit Card
- Reward Rates: The Venture X earns 2X miles on all purchases, plus boosted rewards of 10X miles on hotels and rental cars and 5X miles on flights when booked through Capital One Travel. While simpler than the Platinum Card's rewards structure, the Venture X may be better for those seeking high flat-rate earning.
- Annual Fee & Perks: At $395, the Venture X's annual fee is lower than the Platinum Card's. It's further offset by a $300 annual travel credit for Capital One Travel bookings and 10,000 bonus miles each card anniversary, effectively reducing the cost to just $95 for frequent Capital One Travel users (see rates & fees).
- Lounge Access: Venture X cardholders can access 1,300+ Priority Pass lounges and Capital One Lounges. While a solid lounge benefit, it falls short of the Platinum Card's more comprehensive offering.
- Travel Protections: The card includes trip cancellation and interruption insurance, trip delay reimbursement, lost luggage reimbursement, and car rental insurance. It further waives foreign transaction fees.
Chase Sapphire Reserve
- Reward Rates: The Sapphire Reserve offers 10X points on hotels and rental cars, 5X points on flights booked through Chase TravelSM, 3X points on general travel and dining, and 1X points on other purchases. Its broader 3X travel and dining category may be appealing to some.
- Annual Fee & Perks: The $550 annual fee lies between the Platinum Card and Venture X. It is offset by a $300 annual travel credit that applies automatically to travel purchases.
- Lounge Access: The card includes a Priority Pass Select membership with access to 1,300+ lounges worldwide and up to $120 credit for Global Entry, TSA PreCheck®, or NEXUS.
- Travel Protections: Chase offers some of the best travel protections, with trip cancellation/interruption insurance, baggage delay insurance, trip delay reimbursement, travel accident insurance, and primary rental car coverage.
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The Final Verdict
For luxury-minded travelers who can maximize its premium perks, the Amex Platinum Card is hard to beat. Its unparalleled lounge access, wealth of annual credits, and high reward rates on flights and hotels booked through Amex Travel make it an excellent fit for frequent flyers seeking VIP treatment. The ability to transfer Membership Rewards points to airlines and hotels further augments its flexibility and value.
The Amex Platinum Card is Ideal For:
- Frequent travelers who can fully utilize the annual credits and lounge perks
- Those who prioritize luxury benefits like hotel elite status and upgrades
- Flyers who can maximize 5X points (up to $500,000 on these purchases per calendar year, then 1 point per dollar) by booking flights directly with airlines or via Amex Travel
Who Might Want to Look Elsewhere
- Travelers who won't use the card's premium benefits enough to justify the high annual fee
- Those who prefer higher rewards on general travel and dining, like with the Chase Sapphire Reserve
- Individuals seeking a lower annual fee travel credit card, such as the Capital One Venture X
Key Benefits
- Travel Insurance: Comprehensive coverage for trip cancellation/interruption, lost/damaged baggage, and car rentals
- Hotel Perks: Marriott Bonvoy Gold Elite status (enrollment required), Hilton Honors Gold status (enrollment required), and benefits at Fine Hotels & Resorts and The Hotel Collection
- Annual Credits: Over $1,400 in potential statement credits for travel, dining, and lifestyle purchases
- Transfer Partners: Transfer Membership Rewards points to 20+ airline and hotel partners for award travel
Bottom Line
The Amex Platinum Card stands out as the best card for luxury travelers seeking an elevated experience through premium perks. With lounge access that outshines competitors, extensive annual credits, and high rewards on flights and hotels, the Platinum Card is built for travelers who spare no expense. The ability to transfer points and enjoy hotel elite status further enhances its value proposition. While the $695 annual fee is high, the Platinum Card's best-in-class benefits can more than compensate for frequent travelers able to exploit its full potential.
FAQ: American Express Platinum Card
Is Amex Platinum a hard card to get?
Getting the American Express Platinum card is relatively straightforward if you have a good to excellent credit score, typically above 700. However, some applicants with scores as low as 670 have been approved. Your credit history, income, and debt-to-income ratio also play significant roles in the approval process. Maintaining a clean credit history and demonstrating the ability to manage debt effectively can improve your chances of getting approved.
Is Amex Platinum a rich card?
The American Express Platinum card is often considered a card for affluent individuals due to its high annual fee of $695 and extensive luxury benefits. These benefits include access to airport lounges, elite hotel status, and substantial travel credits. While it's marketed towards high spenders who can maximize these perks, the card's value depends on your ability to utilize its benefits effectively.
Is an American Express Platinum card worth it?
The worth of the American Express Platinum card depends on your lifestyle and spending habits. The card offers over $1,400 in potential annual statement credits, including travel credits, Uber credits, and digital entertainment credits. If you can maximize these benefits, the card can more than pay for its annual fee. Additionally, perks like airport lounge access, hotel elite status, and comprehensive travel protections add significant value for frequent travelers.
What salary do you need for a platinum Amex?
There are no strict salary requirements for the American Express Platinum card. However, having a higher income improves your chances of approval. Applicants with annual incomes around $100,000 are typically in a good position to qualify, though some with incomes as low as $40,000 have been approved, provided they have a low debt-to-income ratio and strong credit history.
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Editorial Disclosure: Opinions expressed here are those of Kudos alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
