The Platinum Card® from American Express Review 2024

Pros

• The most comprehensive airport lounge access program of any publicly-available premium credit card
• Over $1,500 in value through statement credits and merchant offers
• Earns 5X Membership Rewards points on flights booked directly with airlines or through American Express Travel (on up to $500,000 in purchases per calendar year, then 1X points)

Cons

• Statement credits can be difficult to use
• Some travel insurance protections offer less coverage than competing premium cards
• High annual fee

Vault’s Viewpoint on the Platinum Card® from American Express

When the Platinum Card from American Express was first launched in the 1980s, it quickly became both a status symbol and an essential tool for travelers. The card offered the most comprehensive lounge access program of any publicly-available premium credit card, gave cardmembers access to increased status with travel providers and included luxury travel perks. If you were a road warrior or a frequent traveler, having the American Express Platinum card in your wallet was almost a necessity.

Today, any Amex Platinum review will note that the card still offers those same premium travel perks, but the annual fee has increased to $695—and Amex has added a bunch of merchant credits to the list of benefits, including Uber Cash, Walmart+ credits and digital entertainment.

Some may criticize the American Express Platinum card for becoming an expensive coupon book, but the card still ranks as one of the best travel rewards cards around. If you can find value from the long list of statement and merchant credits, the card can pay you back with more than airport lounge access.

The Platinum Card® from American Express Highlights

Annual fee: $695

Welcome bonus: Earn 80,000 Membership Rewards points after you spend $8,000 on the card within the first six months of card membership

Earning Rewards With the Platinum Card® from American Express

The Amex Platinum rewards come in the form of Membership Rewards, a transferable point currency that can be redeemed for a variety of rewards or transferred to partner programs. Here’s what the American Express Platinum card earns:

• 5X Membership Rewards points on flights booked directly with airlines or through American Express Travel (on up to $500,000 on these purchases per calendar year, then 1X)
• 5X points on eligible prepaid hotels booked on American Express Travel
• 1X points on all other eligible purchases

Redeeming Rewards

The most profitable uses of American Express Membership Rewards are to pay for travel through Amex’s travel portal or transfer points to airline and hotel partners. Points can be used to cover card charges, purchase merchandise, pay with points at select merchants or purchase gift cards. The value you can get for your points and the exact options available to you will vary depending on the specific American Express cards you hold.

Rates and Fees

The American Express Platinum card is not a traditional credit card—charges must be paid in full on your due date. If you need to carry a balance, Amex offers a feature called Pay Over Time, with interest rates similar to a credit card. Here are the details on the rates and fees of the American Express Platinum card:

• Annual fee: $695
• Intro APR: N/A
• Variable APR for Pay Over Time Features: See Pay Over Time APR
• Foreign transaction fee: None
• Late payment fee: Up to $40
• Penalty APR: See Pay Over Time Penalty APR
• Cash advance fee: 5% (minimum $10)
• Cash advance APR: 29.99% variable
• (see rates and fees)

Amex Platinum Benefits

Travel Benefits

The American Express Platinum card offers several travel benefits that will keep you protected when you travel and upgrade your travel experience.

• Amex Global Lounge Collection: Get access to airport lounges across the globe when traveling on a same-day flight. Lounge access includes American Express’ flagship Centurion Lounge, and global lounge partners include Escape Lounges, Delta Sky Club, Lufthansa, Plaza Premium Lounges and Priority Pass. Restrictions apply to lounge access, and Priority Pass requires enrollment.
• Complimentary car rental status and special rates: Receive complimentary status in car rental programs with Avis, Hertz and National just for being a cardmember. As a cardmember, you also get access to exclusive rates with Amex car rental partners. Status benefits require enrollment.
• Hotel status benefits: Receive Hilton Honors Gold status and Marriott Bonvoy Gold Elite status. Each hotel status upgrade requires a separate enrollment.
• Trusted traveler credit: Receive a statement credit of $100 toward Global Entry or $85 toward TSA PreCheck when you charge your enrollment fee to the card. You are eligible to receive one credit every four years for Global Entry or one credit every 4.5 years for TSA PreCheck.
• Trip cancellation and interruption insurance*: If a covered trip charged to your eligible card is canceled for eligible reasons (including bodily injury, a change in military orders or a quarantine imposed by a physician), you can be reimbursed for the non-refundable amount you have paid to a travel supplier (up to $10,000 per covered trip and up to $20,000 per card each 12 consecutive month period).
• Trip delay insurance*: If your trip is delayed by more than six hours, trip delay insurance can cover your incidental expenses and overnight hotel stay (up to $500 per covered trip with a maximum of two claims per eligible card each 12 consecutive month period). To be eligible for trip delay insurance, you must charge your entire common carrier fare to your card.
• Baggage insurance plan*: Receive reimbursement in the event of baggage damage or baggage loss when traveling on a common carrier, such as an airline, when you book your entire fare using your card. Coverage is subject to a $2,000 limit for checked baggage and a combined maximum of $3,000 for checked and carry-on baggage.
• Car rental loss and damage insurance*: Decline the car rental company’s collision damage waiver and pay for your car rental using your card to be covered against damage to or theft of a rental car. Amex rental car insurance is secondary to your other insurance, such as personal auto insurance.

Consumer Benefits

When you use your American Express Platinum card for purchases, enjoy free shipping at select merchants (enrollment required) and know your purchases are protected by American Express’ consumer insurance benefits.

• Cell phone protection*: Pay your monthly cellphone bill with your card and receive protection against damage to or theft of your personal cell phone (up to $800 per claim with a limit of two claims per 12-month period; a $50 deductible applies). Amex cell phone protection covers damage, including cracked screens.
• Return protection*: If you try to return an eligible item you purchased with your card within 90 days and the merchant won’t take it back, American Express may refund the purchase price, up to $300 per item and $1,000 per calendar year.
• ShopRunner membership: Get free two-day shipping on eligible items at over 100 online stores with a complimentary ShopRunner membership. Enrollment required.
• Extended warranty*: Amex extended warranty provides up to one additional year of warranty coverage beyond the original manufacturer’s warranty on warranties of five years or less for covered purchases you make using your card (up to $10,000 per eligible purchase and $50,000 in total reimbursements per calendar year).
• Purchase protection*: Get protected against damage, loss or theft of eligible items you buy using your card. Purchase protection covers your purchases up to 90 days from the date of purchase (up to $10,000 per occurrence and $50,000 per eligible card, per calendar year).

Statement Credits

The Amex Platinum offers a long list of statement and merchant credits that Amex promotes as having over $1,500 in value. Here are the various credits offered by the Amex Platinum.

• Up to $200 in hotel credits: Receive up to $200 back in statement credits each year for stays booked with Amex Fine Hotels + Resorts or The Hotel Collection using your Platinum card. Minimum 2-night stay is required for The Hotel Collection stays.
• Up to $300 in Equinox credits: Pay for an Equinox+ digital subscription or Equinox club membership with your card and receive up to $300 in statement credits annually. Subject to auto-renew.
• Up to $200 in airline fee credits: Receive up to $200 in statement credits each calendar year when you charge incidental fees with a single chosen airline to your card.
• $155 in Walmart+ credits: Get a statement credit covering the full cost of a Walmart+ monthly membership, $12.95 plus applicable taxes, when you use your card to pay for your membership. Subject to auto-renew.
• Up to $240 in digital entertainment credits: Get up to $20 each month back in statement credits when you use your card for eligible purchases with Disney+, a Disney Bundle, ESPN+, Hulu, The New York Times, Peacock, and The Wall Street Journal. Enrollment required.
• Up to $200 in Uber Cash: Automatically get $15 in Uber Cash each month, plus a bonus $20 in December. Uber Cash can be used toward Uber rides or Uber Eats purchases in the United States, and unused Uber Cash expires at the end of each calendar month. Enrollment required.
• Up to $189 in CLEAR® Plus credits: Speed through airport security with CLEAR® Plus membership. Charge your membership to your card and receive up to $189 in statement credits each calendar year.
• Up to $100 in Shop Saks credits: Shop at Saks Fifth Avenue using your Platinum card and earn up to $50 in statement credits twice per year—once from January through June and once from July through December. Enrollment required.

What Are the Upcoming Changes to Delta Sky Club Access?

The Platinum Card from American Express currently offers unlimited access to Delta Sky Clubs when traveling on a same-day Delta flight. Starting February 1, 2025, the lounge access benefit on the Platinum Card changes. Instead of unlimited access, Platinum Card members will be able to access the Delta Sky Club for 10 days per Medallion year.

All Sky Club entries within 24 hours of your first lounge check in will count as a single day of access. Once you’ve exhausted your included lounge visit allowance, Delta will offer you additional Delta Sky Club visits for $50 per person, per day.

Amex and Delta will offer a path to unlimited Sky Club access, but it will no longer be an automatic benefit of the Platinum Card. To earn unlimited access, you must spend $75,000 on your Platinum Card within a calendar year. Once you’ve spent $75,000 on your card in a year, you’ll receive unlimited complimentary Delta Sky Club access for the remainder of the current Medallion year through the end of the following Medallion year.

About Additional Platinum Card Members and Companion Platinum Cards

American Express gives you two options to add additional users to your Platinum card account. You can give someone else access to use your account as either an additional Platinum Card Member or through a Companion Platinum Card.

Platinum Card Members can be added to your account for $195 each annually (see rates and fees). Additional Platinum Card Members get access to the Amex lounge network, including Delta Sky Clubs and Centurion lounges. They will receive Fine Hotels and Resorts benefits (but not an additional $200 statement credit) when booking these hotels through Amex travel and car rental elite benefits with Avis, Hertz and National. Additional Platinum Card Members may also enroll in complimentary hotel elite status with Marriott and Hilton.

Companion Platinum Cards can be added to your account for free (see rates and fees). You’ll receive points for any purchases that a Companion Platinum Card holder charges to your account, but the Companion Platinum Card holder won’t receive benefits like airport lounge access or hotel elite status.

Who Is the Platinum Card® from American Express Best For?

Today, the American Express Platinum card sits somewhere between being the premier card for travelers and an expensive (but useful) coupon book. You’re likely to get enough value from the card to justify paying its $695 annual fee if you frequently use the Global Lounge Collection when you travel and take advantage of several of the card’s statement credits.

Most travelers can probably make use out of the Uber Cash and airline incidentals credits, and the digital entertainment credit offers a wide enough selection of subscription services that it’s probably useful to most cardmembers. If you don’t already have TSA PreCheck or Global Entry, that credit can provide some marginal value. And although CLEAR® Plus isn’t the ticket to shorter lines that it once was, it might occasionally help you get through security faster at select airports.

Who Should Consider an Alternative to the Platinum Card® from American Express?

Unless you use your Platinum card to visit American Express Centurion Lounges, Escape Lounges, Delta Sky Clubs (when traveling on Delta) and other lounge partners, many travelers will be better off with another premium travel card.

The Chase Sapphire Reserve® offers a simpler $300 annual travel credit and a robust set of travel insurance protections for a lower annual fee ($550). You still get access to Priority Pass airport lounges with the Sapphire Reserve. Plus, the Sapphire Reserve offers more points on a wider variety of travel purchases.

The Capital One Venture X Rewards Credit Card is also a reasonable alternative. At $395 per year, the Venture X offers a more restrictive $300 credit toward Capital One Travel purchases and Priority Pass lounge access.

How Does the Platinum Card® from American Express Stack Up to Its Competitors?

Whether you’re considering the American Express Platinum card for its lounge access program or for its premium travel benefits, here’s how the card compares against other cards you might consider.

Amex Platinum vs. Chase Sapphire Preferred® Card

If your reason for getting a premium travel card is to gain access to travel insurance protections like trip delay protection, baggage insurance and car rental insurance, you should take a serious look at the Chase Sapphire Preferred® Card. You won’t get airport lounge access with the Sapphire Preferred, but you will get one of the best suites of travel insurance protection benefits available on any credit card.

The Chase Sapphire Preferred’s travel insurance protections are, on balance, better than what is offered by American Express. For example, the Amex Platinum trip delay insurance* requires that you purchase round-trip travel; the Chase Sapphire Preferred is less restrictive. Further, the auto rental collision damage waiver offered on the Sapphire Preferred is primary insurance, meaning you won’t have to make a claim against your personal auto insurance if your rental car gets scratched or dented while on vacation.

If it’s travel insurance you’re after, the Chase Sapphire Preferred delivers a more comprehensive package than the American Express Platinum card—and at a better price.

Amex Platinum vs. American Express® Gold Card

One might expect that the American Express® Gold Card is a scaled-down version of the Platinum card, but the cards are two very different products. For a $250 annual fee (see rates and fees) the Gold Card doesn’t offer most of the perks or statement credits of the Amex Platinum card. You won’t get airport lounge access or statement credits toward airline fees, Fine Hotels + Resorts, digital entertainment or Walmart+. But you will get a card that rewards you generously for spending at restaurants worldwide and at U.S. supermarkets.

With the Amex Gold card, you earn 4X points at restaurants worldwide, plus takeout and delivery in the U.S.; 4X points at U.S. supermarkets (on up to $25,000 in purchases per year, then 1X points); 3X points on flights booked directly with airlines or on AmexTravel.com; and 1X points on all other eligible purchases. The card also comes with a smaller amount of value related to dining and Uber Cash.

If you don’t need lounge access and want a card that earns Membership Rewards points at restaurants and U.S. supermarkets, the American Express Gold Card might be a better choice.

Amex Platinum vs. Capital One Venture X Rewards Credit Card

If you like the idea of getting airport lounge access, but the Platinum Card’s $695 annual fee feels a bit steep, take a look at the Capital One Venture X. For a $395 annual fee, the Venture X is the least expensive premium credit card offering unlimited airport lounge access through Priority Pass.

If you choose the Venture X, you won’t get access to American Express’ lounge network, Delta Sky Clubs or Lufthansa lounges. But if Priority Pass, Plaza Premium and Capital One lounges work for you, you can avoid the hassle of trying to use the Platinum’s myriad of statement credits to justify keeping the card.

The Capital One Venture X card offers unlimited access to Priority Pass, Plaza Premium and Capital One airport lounges for you and two guests. It also offers a $300 credit toward travel purchases with Capital One Travel each year. In terms of rewards, you earn 2X miles on every purchase, plus 5X miles on flights booked through Capital One Travel and 10X miles on rental cars and hotels booked through Capital One Travel.

If you want airport lounge access, don’t want to deal with an overwhelming number of statement credits and value simplicity, the Venture X might be the better choice.

Is the Platinum Card® from American Express Worth It?

For many frequent travelers, the Platinum Card from American Express is an essential tool. The card offers one of the most comprehensive lounge access programs available, and—if the statement credits cover purchases you would make anyway—the effective cost can be in line with other cheaper credit cards.

Before choosing the Platinum card, consider if a less-expensive card like the Chase Sapphire Reserve or Capital One Venture X can provide the lounge access you’re looking for. If your home airport is an airport where either of these issuers operates its own airport lounge, those cards are almost certainly a better deal. Consider how much you would pay in cash, in advance, for the Platinum card’s lounge access benefits.

Also take a look at how many of your expenses might be covered by the Platinum’s statement credits. If you normally pay for a subscription to Disney+, for example, the digital entertainment credit might be as good as cash. If you’re getting more than $695 a year in value, the Platinum card is worth it.

Valuations by Vault: Our Thoughts on the Amex Platinum’s Value

If you’re looking for cash back rewards, cards that earn Membership Rewards points aren’t a great choice. If you redeem your points for a statement credit, you’ll only get 0.6 cents per point in value—not very compelling when you consider that other cards make it easy to get 1 cent per point in value for cash-equivalent redemptions.

You can get up to 1 cent per point toward travel when you book through American Express, but the best way to use your Membership Rewards points is to transfer them to one of Amex’s airline partners and book travel through those partner programs.

According to Newsweek valuations, on average, you can get 1.19 cents of value out of each point when you redeem for a mix of travel rewards, including easy-to-use transfer partners and travel bookings through American Express.

*Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by Amex Assurance Company.