The Platinum Card® from American Express Review 2025: Is the $695 Annual Fee Worth It?
CREDIT CARDS
The Platinum Card® from American Express Review 2025: Is the $695 Annual Fee Worth It?
The Platinum Card® from American Express is a top-tier luxury credit card renowned for its premium travel rewards, exclusive perks, and elite status benefits tailored for frequent travelers and high spenders. With a $695 annual fee, it’s a significant investment, but for those who maximize its travel benefits, lounge access, and statement credits, the card delivers exceptional value. In this comprehensive Amex Platinum review, we’ll explore the pros and cons, benefits, eligibility criteria, who should apply, and how to apply for The Platinum Card® from American Express, optimized for U.S. readers searching for the best travel credit card.
Overview of The Platinum Card® from American Express
The Platinum Card® from American Express is a premium charge card designed for individuals seeking luxury travel perks, elite hotel status, and exclusive lifestyle benefits. Unlike traditional credit cards, it has no preset spending limit (subject to approval based on creditworthiness and payment history). The card earns American Express Membership Rewards® points, which are highly flexible for travel rewards programs. With unparalleled airport lounge access, travel credits, and elite status benefits, it’s a favorite among frequent travelers and those seeking the best credit card for travel.
Key Features at a Glance:
Annual Fee: $695
Welcome Offer: Earn 80,000 Membership Rewards® Points after spending $8,000 on eligible purchases within the first 6 months (terms apply).
Rewards Rate:
1) 5X points on flights booked directly with airlines or through American Express Travel (up to $500,000 per year).
2) 5X points on prepaid hotels booked via Amex Travel.
3) 1X points on all other purchases.
Foreign Transaction Fees: None
Credit Score Requirement: Good to excellent (FICO score of 670 or higher)
Pros of The Platinum Card® from American Express
The Platinum Card® excels with its luxury credit card benefits, particularly for those prioritizing travel rewards credit cards. Here are the top advantages:
Unmatched Airport Lounge Access -The card grants access to the American Express Global Lounge Collection, including over 1,400 lounges worldwide, such as:
1) Centurion Lounges: Exclusive lounges with gourmet dining, cocktails, and spa services.
2) Delta Sky Club: 10 visits per year (unlimited with $75,000 annual spending).
3) Priority Pass Select: Access to over 1,300 lounges globally (enrollment required).
4) Lufthansa Lounges: Complimentary access when flying Lufthansa. For frequent flyers, this airport lounge access can justify the annual fee, valued at over $500 annually.
Generous Annual Statement Credits -The card offers up to $1,500+ in credits (enrollment required), including:
1) $200 Airline Fee Credit: Covers incidental fees like baggage fees with a selected airline.
2) $200 Uber Cash: $15 monthly credits for U.S. rides or Uber Eats, plus a $20 bonus in December.
3) $240 Digital Entertainment Credit: Up to $20 monthly for Disney+, Hulu, ESPN+, The New York Times, Peacock, or The Wall Street Journal.
4) $200 Hotel Credit: For prepaid bookings via Fine Hotels + Resorts or The Hotel Collection (minimum two-night stay).
5) $199 CLEAR® Plus Credit: For expedited airport security.
6) $155 Walmart+ Credit: Includes free shipping and same-day delivery.
7) $100 Saks Fifth Avenue Credit: Up to $50 semi-annually. These travel credits and lifestyle credits can offset the Amex Platinum annual fee.
Elite Status with Hotels and Car Rentals -Cardholders receive complimentary elite status (enrollment required):
1) Hilton Honors Gold Status: Room upgrades, daily food credits, and bonus points.
2) Marriott Bonvoy Gold Elite Status: Room upgrades and late checkout.
3) Premium Car Rental Status: With Hertz, Avis, and National for upgrades and discounts. These perks enhance the luxury travel experience.
Valuable Welcome Bonus -The 80,000 Membership Rewards® points welcome offer (after spending $8,000 in 6 months) is worth $800-$1,600, depending on redemption (e.g., 1-2 cents per point for travel). This can cover the Amex Platinum cost for the first year.
Flexible Membership Rewards Points
Points can be redeemed for travel rewards, transferred to over 20 airline and hotel partners (e.g., Delta, British Airways, Marriott), or used for statement credits or shopping. Transferring points to partners maximizes credit card points value.
Comprehensive Travel Insurance
The card includes robust travel insurance benefits (terms apply):
1) Trip Cancellation/Interruption Insurance: Up to $10,000 per trip.
2) Trip Delay Insurance: Up to $500 for delays over 6 hours.
3) Car Rental Loss and Damage Insurance: Up to $75,000 (secondary).
4) Baggage Insurance: Coverage for lost or damaged luggage. These protections are ideal for frequent travelers.
Global Dining Access by Resy
Priority reservations and exclusive dining experiences at top restaurants enhance the luxury lifestyle credit card appeal.
No Foreign Transaction Fees
Perfect for international travel, the card incurs no fees for purchases abroad.
Cons of The Platinum Card® from American Express
Despite its premium credit card benefits, the card has drawbacks:
High Annual Fee
The $695 annual fee (plus $175 for additional cardholders) is steep. For those who don’t travel often, the Amex Platinum cost may not be justified.
Limited Rewards on Everyday Spending
Only 1X points on non-travel purchases, lagging behind competitors like the Chase Sapphire Reserve® (3X on dining/travel).
Complex Credits
Credits require enrollment and are limited to specific partners (e.g., one airline for the $200 credit). If you don’t use these services, the credit card benefits lose value.
High Welcome Bonus Spending Requirement
The $8,000 spending requirement in 6 months may be challenging for moderate spenders.
No Preset Spending Limit Restrictions
Spending is subject to approval, which can limit large purchases.
Once-Per-Lifetime Bonus Rule
American Express restricts welcome bonuses to once per lifetime, impacting repeat applicants.
Benefits of The Platinum Card® from American Express
The Platinum Card® offers a robust suite of luxury travel credit card benefits:
Travel Benefits
Global Lounge Collection: Access to Centurion Lounges, Priority Pass, and more.
Fine Hotels + Resorts: Upgrades, late checkout, and $100 experience credits.
The Hotel Collection: $100 credit and upgrades for two-night stays.
TSA PreCheck/Global Entry Credit: Up to $100 every 4-5 years.
Travel Insurance: Coverage for trip delays, cancellations, and baggage loss.
Premium Concierge Service: 24/7 assistance for travel plannings.
Lifestyle Benefits
Global Dining Access by Resy: Priority restaurant reservations.
By Invitation Only Events: Exclusive concerts and VIP experiences.
Saks Fifth Avenue Credit: Up to $100 annually.
Walmart+ Membership: Free shipping and delivery.
Rewards Program
Earn 5X points on flights and hotels via Amex Travel, 1X points elsewhere.
Points never expire and transfer to partners for high-value redemptions.
Additional Perks
Car Rental Insurance: Up to $75,000.
Purchase Protection: Up to $10,000 per incident.
Extended Warranty: Adds one year to eligible warranties.
Eligibility Criteria for The Platinum Card® from American Express
To qualify for this premium travel credit card, applicants need:
Credit Score: Good to excellent (FICO 670+, 700+ preferred).
Income: Suggested minimum of $50,000 annually (based on third-party sources).
Credit History: Minimal late payments, low debt-to-income ratio.
Residency: U.S. resident.
The card requires full monthly payment, though Pay Over Time allows carrying a balance with interest.
Who Should Apply for The Platinum Card® from American Express?
Ideal for:
Frequent Flyers: Those who use lounge access and travel credits.
High Spenders: Able to meet the $8,000 welcome bonus requirement.
Luxury Travelers: Value elite status and premium experiences.
International Travelers: Benefit from no foreign transaction fees.
Not Ideal for:
Those who rarely travel or lack access to Centurion Lounges.
Individuals unable to use specific credits (e.g., no Uber Eats).
Those sensitive to the high annual fee.
How to Apply for The Platinum Card® from American Express
Applying for this luxury travel rewards card is simple:
Check Eligibility: Use the pre-qualification tool at americanexpress.com to check approval odds without a hard inquiry.
Complete Application: Provide personal details (name, SSN, income) on the Platinum Card® page.
Activate Benefits: Enroll in lounge access, elite status, and credits upon approval.
Tips for Approval:
Maintain a 670+ credit score.
Reduce existing debt.
Avoid multiple recent credit applications.
How to Maximize The Platinum Card® from American Express
To optimize this best credit card for travel rewards:
Use all statement credits to offset the $695 annual fee.
Visit Centurion Lounges or Priority Pass lounges.
Book via Amex Travel for 5X points.
Transfer points to airline partners for premium cabin redemptions.
Activate Hilton and Marriott elite status.
Add Amex Offers for extra savings.
Comparison to Competitors
Amex Platinum vs. Chase Sapphire Reserve®
Annual Fee: Chase ($550) vs. Amex ($695).
Rewards: Chase’s 3X on travel/dining beats Amex’s 1X on non-travel.
Travel Credits: Chase’s $300 credit is more flexible than Amex’s airline credit.
Lounge Access: Amex’s Centurion Lounges outshine Chase’s Priority Pass.
Best For: Chase for everyday rewards; Amex for luxury travel perks.
Amex Platinum vs. Capital One Venture X
Annual Fee: Venture X ($395) vs. Amex ($695).
Rewards: Venture X’s 2X on all purchases is better than Amex’s 1X.
Credits: Venture X’s $300 travel credit is simpler; Amex offers more total credit value.
Lounge Access: Amex includes Centurion Lounges.
Best For: Venture X for affordability; Amex for premium travel benefits.
Is The Platinum Card® from American Express Worth It?
The Platinum Card® is worth the $695 annual fee for frequent travelers who maximize travel credits, lounge access, and elite status. With over $1,500 in potential credits and a valuable welcome bonus, it can deliver significant value. However, for those who don’t travel often or can’t use the credits, the Amex Platinum cost may outweigh the benefits.
Final Verdict: The best credit card for frequent travelers seeking luxury perks, but consider alternatives like Chase Sapphire Reserve® or Capital One Venture X for lower fees or simpler rewards.
Conclusion
The Platinum Card® from American Express is a standout luxury travel credit card, offering unmatched airport lounge access, travel credits, and elite status benefits. While the $695 annual fee is high, the card’s value exceeds the cost for those who fully utilize its perks. Evaluate your travel and spending habits to determine if it’s the best travel rewards credit card for you.
Apply at americanexpress.com to start enjoying premium credit card benefits.
Terms apply. Visit americanexpress.com/benefitsguide for details.