The Platinum Card From American Express 2021 Review

If the Real Housewives franchise had a credit card, it would be the The Platinum Card® from American Express. Once considered “the” premium travel credit card,  The Platinum Card® from American Express now aims to reposition itself as a flashy premium lifestyle credit card, overflowing with upscale benefits, for those who don’t mind an over-the-top annual fee of $695.

Cardholders will get a rich rewards rate on travel: Earn 5 Membership Rewards points per dollar for flights booked directly with airlines or with American Express Travel on up to $500,000 per calendar year, 5 Membership Rewards points per dollar on prepaid hotels booked with American Express Travel and 1 point per dollar on all other eligible purchases. Plus, the card provides access to the extensive airport Global Lounge Collection, which includes more lounges than any other U.S. credit card program with 1,300 airport lounges in over 500 airports and 140 countries around the world.

Other premium travel cards offer generous rewards on getting around too, but the Amex Platinum is bursting with plumped-up perks aimed at a very specific audience: someone who wants to breeze through airport security and head right to a lounge, who lives in a major metropolitan area and likes to work out at the upscale Equinox gym, shops at Saks Fifth Avenue and takes Uber on the regular. That’s a fairly narrow slice of consumers.

Consider that there’s a $695 annual fee, which means that no matter how fancy those statement credits are, what you’re essentially getting with the card is an upscale coupon book. Pay the annual fee and get discounts that will potentially outweigh the cost of ownership, but only if fully maximized.

• Welcome bonus: Earn 100,000 Membership Rewards® 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. Terms Apply.
• $695 annual fee
• Earn 5 Membership Rewards points per dollar for flights booked directly with airlines or with American Express Travel on up to $500,000 per calendar year, 5 Membership Rewards points per dollar on prepaid hotels booked with American Express Travel and 1 point per dollar on all other eligible purchases.
• Up to $200 annual airline incidental fee credit on one airline when you enroll
• Up to a $179 CLEAR membership fee credit each year with enrollment
• Up to a $100 TSA PreCheck or Global Entry fee credit after paying application fee with the card
• Gold elite status with Hilton Honors and Marriott Bonvoy with enrollment
• Elite status with Hertz, Avis and National Car Rental with enrollment
• Uber Cash totaling $200 in $15 per month increments (with a $20 bonus in December) each year when you link your eligible card to your Uber account. Uber Cash is good for U.S. rides or Eats
• Up to $300 annual Equinox Credit in $25 per month statement credits with enrollment

Earning Rewards

The Platinum Card from American Express earns rewards at the following rates: Earn 5 Membership Rewards points per dollar for flights booked directly with airlines or with American Express Travel on up to $500,000 per calendar year, 5 Membership Rewards points per dollar on prepaid hotels booked with American Express Travel and 1 point per dollar on all other eligible purchases.

There’s also a welcome bonus: Earn 100,000 Membership Rewards 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. Terms Apply.

American Express Membership Rewards points don’t expire as long as your account is open, and points earned from multiple Amex Membership Rewards cards are automatically pooled into one Membership Rewards account.

Redeeming Rewards

You can redeem Membership Rewards in multiple ways. For travel you can use your points for flights and other travel through AmexTravel.com. Points are worth one cent each when used this way for flights, but only 0.7 cents each when you redeem for prepaid hotels, rental cars and cruises.

Membership Rewards points can also be transferred to over a dozen airline and hotel partners, many at a 1:1 transfer ratio. Among the most popular are Delta Airlines, British Airways Avios (which can be used to fly American Airlines) and Air Canada Aeroplan (which can be used to fly United Airlines). Hotel partners include Hilton, Marriott Bonvoy and Radisson. Transferring points and using them for premium cabin travel can be a way to maximize the value of your points but you can also use your rewards to upgrade your travel.

Gift card redemptions are generally worth one cent per point and using your rewards as a statement credit against a purchase is worth 0.6 cents per point. Another option is to pay with points at checkout with select retailers like Amazon, Best Buy, Boxed.com, Saks Fifth Avenue, and more. This option is typically worth 0.7 cents per point although some options can be worth more or less.

Rewards Potential

Forbes Advisor uses data from various government agencies in order to determine both baseline income and spending averages across various categories, which we used to compile rewards potential for various credit cards. The 70th percentile of wage-earning households brings in $100,172 annually and has $52,820 in standard expenses. Assuming 50% of such expenses are charged to this card, total annual card spending would be $26,410.

If our sample household spends $2,438 in airfare and hotels booked via Amex Travel, they’d earn 12,190 Membership Rewards. The remaining $23,972 would earn 23,972 points for a total of 36,162 points in addition to the welcome bonus earned in the first year only.

There’s more benefits on this card than you can shake a skinny margarita at:

• $240 Digital Entertainment Credit: Up to $240 in annual statement credits ($20 per month) on purchases or subscriptions with Audible, The New York Times, SiriusXM and Peacock. Additionally, cardholders will have access to exclusive experiences from these partners. Enrollment required.
• $300 Equinox Credit: Card Members can now receive up to $300 annually in statement credits ($25 per month) on select Equinox memberships or a digital subscription to Equinox+ (the on-demand fitness app). Enrollment required.
• Exclusive Global Dining Access by Resy: The Global Dining Access program by Resy gives Platinum Card Members exclusive reservations at some of the world’s top restaurants, access to premium events and other perks.
• $200 Airline Fee Credit: Annual credits good for incidental fees at one selected qualifying airline when you enroll.
• $200 Uber Cash: Up to $200 in Uber Cash each year ($15 per month each month, plus a $20 bonus in December) toward U.S. Uber Rides or Uber Eats after you link your eligible card to your Uber account.
• Global Entry or TSA PreCheck Application Fee Credit: Up to $100 credit for the application fee.
• $100 Saks Fifth Avenue Credit: Good for purchases in-store or online at saks.com, for up to $50 in statement credits from January through June and up to $50 in statement credits from July through December, once enrolled.
• Fine Hotels + Resorts Benefits: Credits and welcome gifts may be available at participating properties when booked through Amex Travel.
• Platinum Card Concierge: American Express offers concierge service to Platinum cardholders.
• Cell Phone Protection: With Cell Phone Protection, you can be reimbursed for your repair or replacement costs following damage or theft for a maximum of $800 per claim with a limit of 2 approved claims per 12-month period, when your cell phone line is listed on a wireless bill and the prior month’s wireless bill was paid by an Eligible Card Account. A $50 deductible will apply to each approved claim.

Interest Rates

• Regular APR: See Pay Over Time APR
• Purchase Intro APR: N/A
• Balance Transfer Intro APR: N/A

Fees

• Annual Fee: $695
• Balance Transfer Fee: N/A
• Cash Advance: Either $10 or 5% of the amount of each cash advance, whichever is greater.
• Foreign Purchase Transaction Fee: None

The Platinum Card® from American Express vs. Delta SkyMiles® Reserve American Express Card

If you want premium airport perks and are loyal to Delta, consider the Delta SkyMiles® Reserve American Express Card. In exchange for a $550(Terms apply. See rates & fees), you’ll get complimentary access to both Delta Sky Club and Centurion lounges (when flying same day with Delta) and an application fee credit for Global Entry or TSA PreCheck.

The rewards rate is just so-so: Earn 3 miles per dollar on Delta purchases and 1 mile per dollar on all other eligible purchases., but the card does offer the ability to earn Medallion Qualification Miles (MQMs). The most valuable benefit of this card is the annual companion certificate good for main cabin, Delta Comfort+ or first-class seats when you pay for applicable taxes and fees. This buy-one get-one offer could be worth more than the annual fee on the card itself.

The Platinum Card® from American Express vs. Chase Sapphire Reserve®

A worthy contender in the premium travel credit card market is the Chase Sapphire Reserve®. Similar to the Amex Platinum, the card carries a steep annual fee but also a number of benefits and credits that can offset that price tag if fully maximized. In exchange for the $550 annual fee, the card comes with a $300 annual travel credit, Priority Pass Lounge access with enrollment, Global Entry or TSA PreCheck reimbursement and benefits at hotels in the Luxury Hotels and Resorts collection. The card also offers one year free Lyft Pink membership, $120 statement credit on eligible Peloton memberships and a DoorDash Dash Pass subscription and $60 annual DoorDash statement credit in 2021.

Cardholders can earn 5 points per dollar on air travel and 10 points per dollar on hotels and car rentals when you purchase travel through Chase Ultimate Rewards® immediately after the first $300 is spent on travel purchases annually. Earn 3 points per dollar on other travel and dining and 1 point per dollar spent on all other purchases.  Those points are worth 50% more when redeemed for travel through the Chase Ultimate Rewards travel center and points can be transferred at a 1:1 ratio to airline and hotel partners like United and Hyatt. These perks—especially the $300 annual travel credit—may be more accessible to utilize than the Amex Platinum.

The Platinum Card® from American Express vs. Citi Prestige® Card*

If high rewards potential is just as important to you as some upscale travel perks, the Citi Prestige® Card* might be right for you. Earn 5 points per dollar on air travel and restaurants, 3 points on hotels and cruise lines and 1 point per dollar on all other eligible purchases.

For an annual fee of $495, you’ll get a $250 annual travel credit, Priority Pass Lounge access, Global Entry or TSA PreCheck application fee reimbursement. The card also offers a complimentary fourth night free (exclusive of taxes and fees) at a hotel of your choice after a minimum four consecutive night booking through ThankYou.com (based on your average night stay). This benefit can be used up to two times per calendar year.

If you fit the profile that can take full advantage of the perks offered with the American Express Platinum Card, or if you value widespread airport lounge access at any price, this card fits the bill. But for the majority of consumers, you’re more likely to see the Housewives get along peacefully on Andy Cohen’s couch than you are to use most of the perks offered on this card.

To view rates and fees for Delta SkyMiles® Reserve American Express Card please visit this page.

To view rates and fees for The Platinum Card® from American Express please visit this page.