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 credit cards on the market, offering perks, bonuses, and credits at nearly every step of the journey. It comes at a high cost—$550 per year—but if you’re a savvy traveler who uses all of the card’s features while out and about, it will actually pay for itself.

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 (%) N/A
Annual Fee $550
Rewards Earning Rate 5X Membership Rewards points on flights booked directly with airlines or with American Express Travel. 5X Membership Rewards points on prepaid hotels booked on 1 point per dollar on all other purchases.
Foreign transaction fee (%) 0%
Ratings Breakdown
for Interest
for Fees
for Rewards
for Credit
Current Offer

Earn 60,000 Membership Rewards® Points after you use your new Card to make $5,000 in purchases in your first 3 months.

Who Is This Credit Card Best For?

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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 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 is a charge card, and not a traditional credit card. That means that your full balance is due each month, and there is no set purchase APR. However, American Express may selectively offer you the ability to pay off charges over time (similar to a traditional credit card). You’ll owe interest at a rate they’ll disclose if you opt in to this service.

  • Luxury travel perks galore

  • Lots of reward redemption options

  • High annual fee

  • Limited financing options

  • Low rewards-earning rate on non-travel spending

  • Confusing rewards and perks programs

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. These perks add lots of value to this card for travelers who enjoy things like early hotel check-in times, room upgrades, statement credits for expenses like checked luggage and in-flight food and drinks, and airport lounge access to relax while on the go.
  • 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: An annual fee of $550 is a lot to spend for a charge card, and you’ll have to take advantage of many of this card’s perks to earn that back. 
  • Limited financing options: Because this is a charge card, you won’t be able to pay for large purchases over time, as you might with a traditional credit card.
  • 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.  
  • Confusing rewards and perks programs: This card is stuffed with travel perks, but some of the programs are confusing or require pre-registration.

Since this is a charge card, if you don't pay off your balance each month, you'll face a penalty APR, which may be as high as 29.24%. This is not a card for financing purchases.

The Platinum Card From American Express Welcome Offer

If you spend $5,000 within the first three months after you get the card, you’ll earn a bonus of 60,000 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, especially considering how long it might take to earn these points normally. We value it at $720, since The Balance estimates Membership Rewards points used for travel are worth 1.20 cents each, on average.

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 credit 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 by calling American Express Travel, on flights or 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.

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.

To see how Membership Rewards points stack up, check out our in-depth analysis of what credit card points are worth.

You always want your points to be worth at least 1 cent each, hopefully more. Factoring in the option to transfer to partner airlines and hotels, The Balance’s analysis found that Membership Rewards points are worth an average 1.20 cents apiece when used for travel. You'll get one of the best values (2.32 cents per mile) when points are transferred to an eligible transfer partner in the Oneworld airline network, like British Airways, according to our estimates.

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—60,000 Membership Rewards points is too good to pass up. Next, 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' Excellent Perks

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

  • Global Entry/TSA Precheck application fee reimbursement: American Express will issue a statement credit 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). 
  • $200 airline fee travel credit: This 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.)  
  • Airport lounge access: You’ll get access to The Global Lounge Collection, a network of 1,200+ airport lounges worldwide including Delta Sky Club lounges, Priority Pass Select lounges, and American Express’s Centurion Lounges. Cardholders can bring up to two guests into Centurion Lounges for no additional cost, too.
  • Coverage for lost luggage: 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. 
  • 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. 

You may have other (and easier) ways to earn/use this benefit right now, in light of recent travel disruptions. Read “Credit Card Deals Help You Earn and Use Travel Benefits During COVID-19” for more information. 

The Platinum Card From American Express' Other Features

  • VIP access to special events
  • Upgrades with select car rental companies
  • Concierge for booking event tickets, travel, and other services
  • $100-$300 credits for select cruise reservations
  • Discount on Delta private jets
  • Lowest hotel rates guarantee on
  • Premium travel and emergency assistance
  • Premium roadside assistance
  • Up to $200 of Uber credit annually
  • Purchase return protection
  • Up to $100 of Saks Fifth Avenue credit annually
  • ShopRunner membership
  • Save on auto purchases at participating dealerships
  • Secondary car rental loss and damage insurance
  • Extended warranties
  • Lowest advertised price match

Customer Experience

American Express is one of the top-ranked credit card companies in terms of customer service. According to a 2019 J.D. Power study, it ranked second among the largest credit card companies for overall customer satisfaction. The company scored 838 of a possible 1,000; industry average was 801. 

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 provides notifications for nearby rewards and deals 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’ Fee to Watch

The Platinum Card from American Express charges a $550 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.

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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 (%) N/A
Annual Fee $550
Rewards Earning Rate 5X Membership Rewards points on flights booked directly with airlines or with American Express Travel. 5X Membership Rewards points on prepaid hotels booked on 1 point per dollar on all other purchases.
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. American Express. "Important Information Regarding Rates, Fees, and Other Cost Information." Accessed Feb. 12, 2020.

  2. Marriott Bonvoy. "Gold Elite." Accessed Feb. 12, 2020.

  3. Hilton Honors. "Member Benefits." Accessed Feb. 12, 2020.

  4. J.D. Power. "Credit Card Rewards War Reaches Inflection Point as Competition Grows, J.D. Power Finds." Accessed Feb. 12, 2020.

  5. American Express. "The Platinum Card." Accessed Feb. 12, 2020.