A large annual fee on a card often means it comes with valuable perks to make it worthwhile and that is most definitely the case for the The Platinum Card® from American Express. Its $695 fee may scare prospective cardholders away, but once you understand all this card has to offer, it’s clear you can actually make money by having this card at the top of your wallet.
80,000 Point Welcome Offer
New cardholders can get a jump start with their rewards earning by banking 80,000 points after spending $8,000 within the first six months. Most purchases made on the card will earn a straightforward 1 point per dollar spent, however, you can get 5X points on flights booked directly with airlines or through American Express Travel (on up to $500,000 spent each year) and 5X points on prepaid hotels booked on AmexTravel.com.
Over $1,500 in Platinum Value
The Platinum Card® from American Express offers several different statement credits that will apply to different spending categories or specific merchants. In total, you can get over $1,500 in value. Here are the annual statement credits you can start receiving from day one:
- $300 Equinox Credit: Statement credits will be provided on an annual basis of up to $300 per calendar year when you put your digital or eligible club membership at Equinox on your card
- $240 Digital Entertainment Credit: Get up to $20 in statement credits each month when you put eligible streaming services on your card
- $200 Hotel Credit: Applies to prepaid Fine Hotels + Resorts® or The Hotel Collection bookings with American Express Travel. The Hotel Collection requires a minimum two-night stay.
- $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually.
- $200 Airline Fee Credit: Get up to $200 per year in statement credits when you charge incidental travel fees from one qualifying airline on your card
- $189 CLEAR Credit: Get up to $189 back per year when you charge your CLEAR membership to your card
- $155 Walmart+ Credit: Receive a statement credit each month to cover your Walmart+ membership cost
- $100 Saks Fifth Avenue Credit: Receive up to $50 in statement credits twice a year for purchases made at Saks Fifth Avenue on your card
Perks for Travelers
On top of the straightforward statement credits you can receive each year, there are some additional benefits that will appeal most to frequent travelers who can take advantage of them. Some of these perks include American Express Global Lounge Collection Access, Global Dining Access by Resy, Marriott Bonvoy™ Gold Elite Status, Hilton Honors Gold Status and Premium Car Rental Status. American Express continues to build on the Platinum Card so be sure to read through the full brochure of benefits to make sure you’re getting the most out of your card.
American Express Membership rewards can be redeemed in many different ways, but savvy travelers will know you can get the most value out of your points by transferring them to airline and hotel partners. If you want to take a simpler route, you can use Amex’s Pay with Points option to cover all or part of a charge, redeem for gift cards or book or upgrade your travel reservations.
5 points per dollar on prepaid hotels booked with American Express Travel.
1 point per dollar on all other purchases.
670 – 850*
Other Rewards Card Options
If you are in the market for a premium rewards card then the The Platinum Card® from American Express is tough to beat. Since it is always good to compare your top options, we have rounded up some other compelling rewards cards that may appeal to you as well.
Earn unlimited 2X miles on every purchase, every day
670 – 850*
5X miles on flights booked through Capital One Travel. Terms apply
Earn unlimited 2X miles on all other purchases
720 – 850*
As you can see, it is a great time to be in the market for a new rewards card. Issuers are really stepping up their game and offering incredible perks to win your business. Card offers like this often don’t stick around forever so we suggest applying for one of these stand-out options today.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.
*CardCritics references a FICO® 8 score, which is one of many different types of credit scores. A financial institution may use a different score when evaluating your application.