When travelers discover travel credit cards, they enter a whole new world. Travel credit cards can be the stuff of luxury. One card that is one of the staircases to luxury is the Platinum Card from American Express.
Travelers tend to struggle with getting value for their money and tend to get a poor travel experience for their money. Not so with this card. Numerous outlets awarded this card top honors – particularly for the long list of perks.
The Platinum Card is worth considering if you want a premium travel card.
Where did the American Express Platinum Card come from?
American Express launched The Platinum Card in 1984. The annual fee was very high, $250 – relatively high at the time, not too different from today. The annual fee and benefits went up over the years to the current yearly fee of $695 and a long list of perks. Since then, the card became a roaring success despite the payment.
There is just one problem. The annual fee now is higher than its peers, like the Chase Sapphire Reserve, with a $395 annual fee.
Who should get the American Express Platinum card?
This card is best for the person who can answer yes to a simple question: Will you get enough value to make the annual fee worthwhile? If you are not getting at least $695, the cost of the yearly fee, in benefits, then another card may be more appropriate.
But suppose you often travel and use several services with statement credit perks. In that case, you are bound to get the maximum value of this card.
If you have gotten all of the Chase cards you want – meaning you are over Chase’s 5/24 rule – and maxed out your five Chase slots, then American Express Platinum card is a great choice. One big reason is that you can access different airlines within the same airline alliance. You can pick and choose your redemption options and get more value out of your points. In short, if you need to increase your options beyond Chase or another card provider, then American Express Platinum card can be just the card to do it.
Amex Platinum Card Reward Rate
The Amex Platinum Card has a simple earning structure. Here it is:
• 10X 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 six months of Card Membership.
• 5X Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel for up to $500,000 on these purchases per calendar year.
• 5X Earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
Amex Platinum Card Benefits
Here are the benefits American Express Platinum Card is known for:
• Access to the American Express Global Lounge Collection, including Centurion Lounges, Priority Pass lounges, Airspace lounges, Escape lounges, and Delta Sky Clubs (when traveling on same-day Delta flights).
• Complimentary Gold status with Marriot Bonvoy and Hilton Honors and Marriott Bonvoy.
• Complimentary card rental memberships in Hertz Gold Plus Rewards, Avis Preferred and National Car • Rental Emerald Club Executive.
• Access to Amex Fine Hotels + Resorts and The Hotel Collection.
• Trip delay coverage.
• Trip cancellation or interruption reimbursement coverage up to $10,000.
• Extended warranty benefit extension
• Purchase protection
• Return protection on eligible items within 90 days from the purchase date if the merchant won’t take the product back.
Additional Benefits Offered
Frequent fliers and shoppers will maximize the rewards doled out by this card to cover the annual fee. Some of the benefits cardholders receive include:
• Up to $200 in statement credits annually for incidental fees charged by one airline you select.
• Up to a $200 annual hotel credit, in the form of a statement credit, on prepaid Amex Fine Hotels + Resorts or The Hotel Collection bookings with Amex Travel when you pay with your Amex Platinum.
• Up to $179 in annual Clear credit to cover your yearly membership.
• Up to $240 in annual digital entertainment credit, in the form of $20 in monthly statement credits, when you pay for eligible purchases with the Amex Platinum at suitable partners.
• Up to a $100 statement credit for Global Entry every four years or an $85 fee credit for TSA PreCheck every 4 1/2 years.
Again, the biggest question regarding the American Express Platinum card is: Will you use all the benefits the card confers to cover the annual fee?
How to Redeem Points
American Express Membership Rewards program is available for cardholders. Some estimate the value of each Membership Rewards point is worth two cents. The program partners with nearly twenty airlines and three hotel transfer partners. You can use your points to book travel from Amex’s travel portal.
Competitors
The American Express Platinum card is the poster child for premium credit cards. Since its launch, however, two primary competitors arose to challenge the Amex Platinum card’s dominance in the space. Those two cards are Capital One Venture X Rewards and Chase Sapphire Reserve.
Capital One Venture X Rewards Credit Card
A common opinion is that the Venture X card is for people wanting a better travel experience without doling out money for a hefty annual fee — like the Amex Platinum card.
Let’s face it: The Capital One Venture X card is for those who want luxury perks cheaper than the competition.
If that is you: the Venture X Rewards card – with its $395 annual fee – may be right for you.
This card comes with $300 annual statement credits for travel through Capital One Travel. The credit takes a huge bite out of the $395 annual fee.
Plus, you will receive 10,000 bonus miles every account anniversary, Capital One and Priority Pass lounge access, and travel protections. You can even add up to four authorized users for free.
Capital One has more airline and hotel partners than ever. What’s more, Venture X transfer miles at a one-to-one ratio to most of its partners.
Cardholders can go to the new Capital One lounge at Dallas-Fort Worth International airport ( with more to come soon).
Having one of these cards enables you to do a lot for the annual fee.
What’s more, you receive 75,000 bonus miles after you spend $4,000 on purchases in the first three months from account opening.
The Venture X has an easy-to-understand earning rate plan:
• Ten miles per dollar on hotels and car rentals booked via Capital One Travel.
• Five miles per dollar on flights booked via Capital One Travel.
• Two miles per dollar on other purchases.
The Venture X will appeal to those who want a cheaper annual fee, lounge access, and the benefits of being an early bird for one of the latest cards on the market.
Chase Sapphire Reserve Credit Card
The Chase Sapphire Reserve is a premium card for the masses. Even average frequency travelers can take advantage of the cards’ notable perks.
This card accrues Chase Ultimate Rewards points. This program is comparable to the Amex Platinum card’s program. Chase’s program is one of the most versatile card currencies in the market. Ultimate Rewards has easy point transfer to a host of airline and hotel partners at a one-to-one ratio and ways to use the points.
The $550 annual fee may be a concern. However, a $300 annual travel credit and other bonus categories chip the annual fee down to a lower effective fee.
Given its premium status, the Reserve confers the following rewards for spending:
• Ten points per dollar on car rentals and hotels bought through Chase’s travel portal.
• Ten points per dollar on dining purchases through Chase Ultimate Rewards.
• Five points per dollar for flight purchases on Chase’s travel portal.
• Three points per dollar on all other travel and dining purchases worldwide. This perk does not include the $300 travel credit.
• One point per dollar on everything else.
Conclusion
The American Express Platinum Card is often the card to beat in the premium card realm.
A look at the benefits offered – including statuses, rewards, and valuable Amex Membership Rewards program points – and you can see why. The card’s relatively high $695 annual fee may put off some interested applicants. But the array of credits offered can make the cost easier to swallow. This card is worth considering.
If you have a taste for luxury, then the American Express Platinum card is a great choice. If not, another option may be right for you.
