The Platinum Card® from American Express Review

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There’s no doubt about it: The Platinum Card® from American Express is one of the most high-flying travel rewards cards on the market, offering perks, bonuses, and credits at nearly every step of the journey. It comes at a high cost—$695 per year—but if you’re a savvy traveler who uses all of the card’s features while out and about, you can get a lot of value. See rates and fees.

The Platinum Card® from American Express

Overall Rating
The Platinum Card® from American Express
Recommended Credit
Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Good - Excellent
Regular APR (%) 15.99% - 22.99% variable
Annual Fee $695
Rewards Earning Rate Earn 5X Membership Rewards(R) Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year. Earn 5X Membership Rewards(R) Points on prepaid hotels booked with American Express Travel.
Foreign transaction fee (%) 0%
Ratings Breakdown
for Interest
for Fees
for Rewards
for Credit
Current Offer

Earn 100,000 Membership Rewards(R) Points after you spend $6,000 on purchases on the Card in your first 6 months of Card Membership. Plus, earn 10x points on eligible purchases on the Card at restaurants worldwide and when you Shop Small in the U.S., on up to $25,000 in combined purchases, during your first 6 months of Card Membership.

Who Is This Credit Card Best For?

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    Jet Setter
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    Deal Seeker
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    Adventure Seeker

The Platinum Card from American Express is meant for people who can be summed up in two words: luxury travelers. You won’t earn any cash back, you won’t earn a lot of points from non-travel purchases, and you won’t be able to pay off existing credit card debt by transferring it to this card.

What you will get is access to unrivaled luxury travel benefits after enrollment that cover every stage of your journey, from opulent Saks Fifth Avenue clothing to pack for your trip to the Uber ride back home from the airport.

The Platinum Card® from American Express used to be a charge card, but it now allows cardholders to carry a balance for some purchases using the issuer's “Pay Over Time” and “Plan It” features (for a fee, of course). However, unless you absolutely need the extra time to pay for a purchase, we always recommend paying off your charges in full each month, especially with travel rewards cards. The interest you’ll pay far outweighs the value of the rewards you earn.

  • Luxury travel perks galore

  • Lots of reward redemption options

  • High annual fee

  • Limited financing options

  • Low rewards-earning rate on non-travel spending

Pros Explained

  • Luxury travel perks galore: This card offers a plethora of benefits such as airline and hotel credits, status upgrades at luxury hotels, and access to exclusive events and experiences. It also offers some "lifestyle" perks like credits toward an Equinox fitness membership or streaming entertainment services.
  • Lots of reward redemption options: You can redeem your points for travel booked through American Express Travel, purchases from popular online retailers, electronics and merchandise, gift cards, statement credits, and more.

Cons Explained 

  • High annual fee: $695 is just about the highest annual fee out there, even for luxury travel cards. Although the card offers up to $1,400 in value each year (according to American Express), you'll really need to make sure you use the benefits in order to come out ahead
  • Limited financing options: Because this isn't a traditional credit card, you can’t easily carry a balance month-to-month. However, Amex does offer a couple of financing tools if you would like to pay a charge over time—“Plan It” and “Pay Over Time." Each has different rules and fees.
  • Low rewards-earning rate on non-travel spending: If you don't spend a lot of money on travel, you won’t earn many points. Unless your purchases are made through American Express Travel or directly with an airline, you'll earn a measly 1 point per $1 spent—a lot less than many of this card’s competitors.  

The Platinum Card From American Express Welcome Offer

If you spend $6,000 within the first six months after you get the card, you’ll earn a welcome offer of 100,000 Membership Rewards points. You'll also earn 10 points for every dollar you spend at Restaurants Worldwide and Shop Small in the US, on up to $25,000 worth of purchases, for the first six months. That's potentially another 350,000 membership rewards points. (It can take eight to 12 weeks for the points to be credited to your account after you’ve earned them.)

This is a good welcome offer, worth about $1,110 (not including the restaurant and small business spending), according to our valuation of credit card rewards points. You can stretch the value much further with some of your redemption options (see below). That’s about on par with many of the card’s competitors.

One thing to note: the welcome offer you see may vary depending on your internet browsing history.

Earning Points & Rewards

When you open this card, it’ll be linked to your Membership Rewards account so that if you open any other American Express cards (or if you already have one open), all of your points will fall into a single account. 

To maximize your earnings, you should use this card to pay for travel. You'll get 5 points per $1 spent on airfare and hotels booked through American Express Travel, on prepaid hotel packages booked at, and on flights booked directly with airlines. For everything else, you'll earn the pretty low rate of 1 point per $1 spent.

It’s important to know that unless you’re using this card to buy travel through American Express frequently, you probably won’t be earning many points. There are no opportunities to earn extra points outside of travel purchases. Most other luxury travel cards offer other bonus categories, notably at restaurants, but you won’t get that option with the Platinum Card.

Redeeming Rewards

To spend your points earned from this or other American Express cards, access your Membership Rewards account, where all of your points are tracked and stored. The value of each point will depend on how you redeem them:

  • Book travel: 0.5 cents to 1 cent, depending on type of travel and destination
  • Redeem for gift cards: Up to 1 cent 
  • Pay with points at checkout: 0.5 cents to 1 cent, depending on retailer
  • Cover your card charges with a statement credit: 0.6 cents 
  • Shop the Membership Rewards shopping portal: 0.5 cents

Transferring Points

One of the best parts about earning Membership Rewards is the option you'll have to transfer them to the airline or hotel loyalty programs that partner with American Express. Most of the more than 20 eligible programs let you convert them at a one-for-one ratio, which is a big advantage if the partner has high-value rewards.

We consider a points value of 1 cent per point a good baseline: Avoid anything less and seek out anything more. Our analysis found that Membership Rewards points are worth an average 1.11 cents apiece when used for travel. You'll get the best value (2.04 cents per mile) when you transfer points to British Airways.

How to Get the Most Out of This Card

The annual fee is high, but you can get your money’s worth out of this card by following a few rules. First, make sure you’re able to meet the spending requirement in order to get the welcome offer—the Welcome Offer is too good to pass up.

Whenever possible, book travel through American Express Travel to capture the 5 points per $1 reward. Also, be sure you sign up for any rewards that require enrollment, such as the $200 airline credit and premium hotel status upgrades.

Finally, steer clear of the low-yielding rewards redemption options, such as paying for charges you’ve already made with your card or using the Membership Rewards shopping portal.

Elevate your trips with this card's slew of travel perks, too. Enjoy little luxuries like airport lounge access, statement credits for airline and hotel purchases, and complimentary membership in premium rental car programs to get upgrades and special pricing to soften the blow of this card's sky-high annual fee. (More about this card's perks in the next section)

The Platinum Card® from American Express' Benefits

The Platinum Card from American Express offers plenty of travel perks and programs with enrollment. Here are some we think are especially valuable:

  • $Global Entry/TSA PreCheck application fee reimbursement: American Express will issue a statement credit ($85-$100) to cover the application fees for these programs once every four years (for Global Entry) or every four and a half years (for TSA PreCheck). 
  • $179 CLEAR reimbursement: Each year you'll get a $179 statement credit towards a CLEAR security membership, which offers expedited security screening at certain airports and stadiums.
  • $200 hotel reimbursement: You'll get a $200 statement credit when you prepay for stays at hotels in the Fine Hotels + Resorts or The Hotel Collection portfolios. To qualify, you'll need to pay up-front for the trip through American Express Travel.
  • $200 airline fee reimbursement: This perk covers “incidental fees” charged by an airline to your card, such as checked baggage, in-flight food and drinks, and in-flight internet. (It does not cover the fare and you must pre-select the airline in your Membership Rewards account.)
  • $240 digital entertainment reimbursement: You can get up to $20/month in statement credits towards certain streaming services or subscriptions, such as Peacock, Audible, or The New York Times.
  • Airport lounge access: You’ll get access to The Global Lounge Collection, a network of 1,300+ airport lounges worldwide including Delta Sky Club lounges, Priority Pass Select lounges, and American Express’s Centurion Lounges with enrollment. Cardholders can bring up to two guests into Centurion Lounges for no additional cost, too.
  • Insurance coverage for trip cancellation, interruption, or delay: If your travel plans are delayed by six hours or more, you can file for compensation for up to $500 to cover things you need to buy. Similarly, if your trip is cancelled or if it’s delayed for some reason, you can file for up to $10,000’ worth of reimbursement expenses.
  • Insurance coverage for lost baggage: If you pay for the cost of your trip with your card and your baggage is lost, you may be covered for the cost of replacing your baggage, up to $3,000 worth of value.
  • Elite hotel membership status: You can register separately for Hilton Honors Gold status or for Marriott Bonvoy Gold Elite status, both of which offer a variety of complimentary hotel guest perks. Hotel perks may include waived resort fees, breakfast, late check-out (and an online check-in option), and higher reward earning rates on stays with eligible hotels through each loyalty program.

Terms apply.

The Platinum Card From American Express' Other Features

  • Discounts and free perks through several hotel programs
  • Sports, music, and event ticket presales, plus VIP access at some events
  • Upgrades with select car rental companies
  • Concierge for booking event tickets, travel, and other services
  • $100-$300 credits for select cruise reservations
  • Discounts on Wheels Up private jets
  • Lowest hotel rates guarantee on
  • Premium travel and emergency assistance
  • Up to $200 of Uber credit annually
  • Refund when merchant won’t accept returned item
  • Up to $100 of Saks Fifth Avenue credit annually
  • Free shipping through ShopRunner membership
  • Extra benefits when you use your card to help pay for a car
  • Rental car collision insurance (secondary to your own policy)
  • Extended warranties

Terms apply.

Customer Experience

American Express is consistently one of the top-ranked credit card issuers in terms of customer service. According to a 2021 J.D. Power study, American Express ranked first among the largest credit card companies for overall customer satisfaction. 

If you need to speak with someone, you’ll have access to an online account with live chat support. You can also contact customer service 24/7 over the phone.

American Express offers a smartphone app for account access and customer service; the app also shows you nearby offers you may be interested in.

Security Features

Security-wise, the Platinum Card® from American Express doesn’t offer quite as many tools as some other cards. That said, if something fishy pops up with your account, you’ll receive a fraud alert. American Express also offers a free credit monitoring service called MyCredit Guide, which is available to anyone, even non-cardholders. It provides a VantageScore 3.0 credit score and other credit watching tools. Cardholders can also check their FICO Score 8 through their account page online or via the app.


The Platinum Card® from American Express charges a $695 annual fee, one of the highest among cards we have surveyed. For many, the benefits will outweigh the high cost, but it's still worth noting.

To see the rates and fees for The Platinum Card® from American Express, please see the following links: rates and fees.

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The Platinum Card® from American Express
overall rating
Recommended Credit
Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Good - Excellent
Regular APR (%) 15.99% - 22.99% variable
Annual Fee $695
Rewards Earning Rate Earn 5X Membership Rewards(R) Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year. Earn 5X Membership Rewards(R) Points on prepaid hotels booked with American Express Travel.
Our Methodology
At The Balance, we are dedicated to giving you unbiased, comprehensive credit card reviews. To do this, we collect data on hundreds of cards and score more than 55 features that affect your finances.
  • Our Reviews Are Always Impartial: No one can influence which cards we review, the way we present them to you, or the ratings they receive. The scores and reviews come directly from the data we collect and our editorial expertise, and we focus on three areas:
  • How Much Does It Cost? With credit card debt at an all-time high, we believe you should know the cost of carrying a balance. Because of that, we give regular purchase APRs significant weight in overall scores, and cards receive low marks if they have an array of pricey fees.
  • What Are the Rewards Worth? Cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely. To simplify the problem, we built a system that fairly compares rewards and gives them a dollar value. We do this by looking at the ways you can earn and use rewards, which includes evaluating Americans’ typical spending habits and analyzing common travel patterns.
  • Does It Make Your Life Easier? Our scoring system favors cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting customer service. Finally, we give preference to credit cards that have several tools for dealing with fraudulent charges.
  • For every review on The Balance, we hold the credit cards to these standards, and we set the bar high. While we recognize the appeal of splashy features like six-digit sign-up bonuses, our approach ensures that credit cards with the best combination of value, affordability, and accessibility receive the highest scores. See our full methodology for more details.

Article Sources

The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. J.D. Power. "While Many U.S. Credit Card Issuers Struggle to Meet Evolving Customer Expectations, Some Bright Spots Exist, J.D. Power Finds." Accessed November 15, 2021.