The Amex platinum is a traveler friendly card that earns 5x points on many travel related purchases and offers many ways to cover its hefty $695 annual fee through rewards in entertainment, shopping, and high end services.

Rates and Fees:

·        Annual fee

$695

·        Rewards rate

1x-5x

·        Bonus offer

Earn 175,000 Membership Rewards® Points (current Amex offer) after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Check Amex directly to see the most updated membership reward offer as it fluctuates (generally from 80,000 to 175, 000 points). Terms Apply.

·        Intro APR

N/A

·        Ongoing APR

APR: See Pay Over Time APR (American Express Pay Over Time FAQs | Amex US)

Cash Advance APR: 29.99%, Variable

·        Balance transfer fee

N/A

·        Foreign transaction fee

None

From Amex:

·        Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.

·        $200 Hotel Credit: Get up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings with American Express Travel when you pay with your Platinum Card®. The Hotel Collection requires a minimum two-night stay.

·        $240 Digital Entertainment Credit: Get up to $20 back in statement credits each month on eligible purchases made with your Platinum Card® on one or more of the following: Disney+, a Disney Bundle, ESPN+, Hulu, The New York Times, Peacock, and The Wall Street Journal. Enrollment required.

·        The American Express Global Lounge Collection® can provide an escape at the airport. With complimentary access to more than 1,400 airport lounges across 140 countries and counting, you have more airport lounge options than any other credit card issuer on the market. As of 03/2023.

·        $155 Walmart+ Credit: Save on eligible delivery fees, shipping, and more with a Walmart+ membership. Use your Platinum Card® to pay for a monthly Walmart+ membership and get up to $12.95 plus applicable taxes back on one membership (excluding Plus Ups) each month.

·        $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to your Platinum Card®.

·        $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Uber Cash and Uber VIP status is available to Basic Card Member only. Terms Apply.

·        $189 CLEAR® Plus Credit: CLEAR® Plus helps to get you to your gate faster at 50+ airports nationwide and get up to $189 back per calendar year on your Membership (subject to auto-renewal) when you use your Card. CLEARLanes are available at 100+ airports, stadiums, and entertainment venues.

·        Receive either a $100 statement credit every 4 years for a Global Entry application fee or a statement credit up to $85 every 4.5 year period for TSA PreCheck® application fee for a 5-year plan only (through a TSA PreCheck® official enrollment provider), when charged to your Platinum Card®. Card Members approved for Global Entry will also receive access to TSA PreCheck at no additional cost.

·        Shop Saks with Platinum: Get up to $100 in statement credits annually for purchases in Saks Fifth Avenue stores or at saks.com on your Platinum Card®. That's up to $50 in statement credits semi-annually. Enrollment required.

·        Unlock access to exclusive reservations and special dining experiences with Global Dining Access by Resy when you add your Platinum Card® to your Resy profile.

·        $695 annual fee.

·        Terms Apply.

Overview:

The Amex platinum is a premium card through and through, even standing above many other cards in this category (cards with more than a $250 annual fee) with its $695 yearly cost. That being said, the card has a powerful array of benefits and can get you access to numerous perks and savings opportunities to offset that cost.

Highlights:

·       5x membership rewards points on eligible travel expenses

·       Statement Credits and complimentary access to luxury perks and services

·       Transfer partners for maximizing the value of earned points

·       Embedded benefits

·       Access to restricted Events and Spaces

Drawbacks:

·       High annual fee ($695)

·       Some benefits are to geographically limited partners

·       Requires a high credit score to qualify (690-850 (Good - Excellent))

Making the Most of your AMEX:

To showcase the benefits of your Amex Platinum card, let's take a trip together highlighting all the areas you can save and use your perks.

Flights

So we’ve decided to reward ourselves with a nice weeklong vacation. With our Amex, we can start doubling down on those rewards from the moment we book our flights and stays. Let's start with how we’re getting to our destination. Check out these rewards for getting more out of your flight!

•  5x points on flights and hotels booked through the Amex travel website (American Express Travel: Book Flights, Hotels, Cars, Cruises & More) or directly through airlines.
  • You can transfer these points directly to any of Amex’s hotel or airline partners. Points will get you more or less with different partners so make sure to check the transfer rates at Amex.com (see below for a summary of current rates)
  • Airline Partners

·       Aer Lingus (1:1 ratio).

·       AeroMexico (1:1.6 ratio).

·       Air Canada. (1:1 ratio).

·       Air France/KLM (1:1 ratio).

·       ANA (1:1 ratio).

·       Avianca (1:1 ratio).

·       British Airways (1:1 ratio).

·       Cathay Pacific (1:1 ratio)

·       Delta Air Lines (1:1 ratio).

·       Emirates (1:1 ratio).

·       Etihad Airways (1:1 ratio).

·       Hawaiian Airlines (1:1 ratio).

·       Iberia Plus (1:1 ratio).

·       JetBlue Airways (2.5:2 ratio).

·       Qantas (1:1 ratio).

·       Qatar Airways (1:1 ratio).

·       Singapore Airlines (1:1 ratio).

·       Virgin Atlantic Airways (1:1 ratio).

• Get Credit for your favorite airline or hotel to make your next trip a little more special!
  • $200 credit (each year) on flights booked with a selected partner airline.
    • Check Amex for updates on partner airlines
      • Current participating airlines include Alaska Airlines, American Airlines, Delta Airlines, Hawaiian Airlines, JetBlue Airways, Spirit Airlines, Southwest Airlines, and United Airlines

Hotels

Let's not forget about the hotels. Those 5x points also apply for any stays you reserve through the Amex travel site or selected affiliates. You can also unlock some transfer points to hotel partners (see below for rates) and unlock special perks at locations from The Hotel Collection and Fine + Resorts ®.

• Hotel Partners
  • Choice Hotels (1:1 ratio).
  • Hilton Hotels & Resorts (1:2 ratio).
  •  Marriott Hotels & Resorts (1:1 ratio)
•    $200 hotel credit on stays booked through prepaid Fine Hotels + Resorts® or The Hotel Collection¹ bookings through American Express Travel 
  •   Stays at Hotel Collection hotels must be at least two nights and will get you a complimentary upgrade when available and $100 for dining, spa, or other special offerings at the hotel.
  • Stays at Fine + Resorts ® come with multiple potential offers such as free upgrades and breakfast, additional amenities, and late check out.
  •   Through September 2024 you can get a complimentary 3^rd night on eligible stays at Fine + Resorts ® and The Hotel Collection properties

Shopping

So now we know where we’re staying and how we’re going to get there. Now it's time to stock up on some new fits and essentials for our adventure. Why not get rewarded as we do so?

• If you sign up for Walmart+ with your Amex you’ll get a $12.95 rebate on your membership
•  By shopping with your Amex at Saks fifth avenue or the Saks website you can get up to $100 statement credits ($50 January-June and $50 July-December)

At the Airport

How about getting to the airport and on to our flight? Usually this can be one of the most stressful parts of travel. Thankfully, we can use our Amex to smooth even this dreaded part of the trip.

• If you use your Amex on Uber, you’ll receive $200 yearly Uber credit ($15 a month and $20 in December) for use on rides or Uber eats. A nice way to make that airport trip a little more affordable (or stock up on some last minute snacks before you go).
•  $189 Credit for CLEAR Plus® helps you navigate security using face recognition software to get you through airports and other venues much faster.
• Those with the Amex Platinum Card can also receive a credit of up to $100 towards a TSA PreCheck or Global Entry membership, a great help with international getaways and domestic escapes alike

Like getting to the airport early? We can use our Amex to turn those extra hours into a luxury rather than a chore.  Enjoy access to the American Express Lounge Collection with high-speed internet, food, drink, and other special perks at the following US airports.

• Charlotte (CLT), Dallas (DFW),  Denver (DEN), Hong Kong (HKG), Houston (IAH),  Las Vegas (LAS), Los Angeles (LAX),  Miami (MIA), New York (JFK),  New York (LGA),  Philadelphia (PHL), Phoenix (PHX),  San Francisco (SFO), Seattle (SEA)
  •  You also get access to additional lounges through Priority Pass (enrolment required), Delta Sky Clubs (when flying Delta), and lounges in Escape, Plaza Premium, and Airspace networks.

Rental Cars

Finally we’ve arrived at our destination and it’s time to get to the hotel and figure out how we’ll be getting around. Fortunately, our Amex also gives us some stress relieving and money saving Rental car benefits as well.

• Rental Car Protection for theft or damage when you rent a car with your Amex Platinum
• Complimentary special status with three major rental car companies (Avis, Hertz, and National)
  •  Special Status can get you discounted rates, free vehicle upgrades, and expedited service.

Dining and Entertainment

Maybe now that we’ve arrived, we want to cap off the day by relaxing in the hotel room and streaming a favorite show or movie.

•  Get up to $20 a month on streaming services like Disney+, Hulu, ESPN+, The New York Times, Peacock, and the Wall Street Journal when you sign up using your Amex.

Or maybe we’re ready to get out and get going at a nice restaurant or special event.

• Signing up for Global Dining Resy ® with your Amex gets you special access for restaurant reservations and other dining events.
•  Using your Amex on By Invitation Only will give you access to purchase tickets for VIP experiences such as private screenings or special behind the scenes access at events and festivals.

Additional Services

And what happens if we need something booked but we don’t have the time to reserve it?

• Amex card holders enjoy 24 hour concierge service that can help make reservations and book services on our behalf.

Or something goes wrong, like a lost cell phone?

• Cell phone damage with cell phone protection is embedded in our card benefits.
  •  Coverage goes up to $800 per claim, or $1,600 (two claims) per 12-month period. Each approved claim carries a $50 deductible. Terms apply.

Fitness

What a great trip! Seems like we may have had a little too much fun and need to get back on our fitness routine though. Once again, our Amex can help us out here.

• Sign up for an Equinox membership or Equinox+ subscription with your Amex to receive your $300 credit.
• If you sign up for Equinox+, you can also get a $300 statement credit for the purchase of a SoulCycle at home bike.

Before Applying For an Amex Platinum:

It is important to highlight that the Amex Platinum card is not for everyone. If you do not travel frequently and/or prefer staying in more economic lodging while traveling, the luxury focused perks and benefits may not be as attractive or useful for you. Additionally, some of the perks for Amex are a bit complicated to figure out as they require enrollment in other services or apps, or are restricted geographically (e.g., Equinox gym locations).

You also are limited with the number of points you earn back from your Amex card, especially on everyday purchases. Apart from those 5x membership rewards points you get on flights and hotels; you’ll only be getting 1x points on everything else.

Lastly, there’s the elephant in the room: the big $695 annual fee. If you are on top of using all the credit opportunities, it can be relatively easy to cover and surpass the $695, but it is still far higher than many other premium credit cards. Its worthwhile to take the time to see if the perks provided by the card will allow you to incorporate luxury you want in your life, or if the hefty fee pushes you to make purchases you would not usually make to justify having the card.\

Take Home Message:

The Amex Platinum is a powerful, and expensive, travel card that can get you access to elite status and luxury perks. If you enjoy travel and the finer things in life, this card can be a great tool that can more than make up for the big price tag.