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MoneyGeek’s Take
The Platinum Card® from American Express Review
Updated: September 20, 2024
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The Platinum Card® from American Express
On Partner's Website
Rewards Summary
Earn 1X – 5X pointsEarn 5X Membership Rewards® Points on flights booked directly with airlines or American Express Travel (up to $500,000 per year) and on prepaid hotels booked with American Express Travel. 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel. And earn 1X Membership Rewards® Points for all other purchases.
APR
20.74% to 28.74%Annual Fee
$695Recommended Credit
670-850 (Good to Excellent)Moneygeek.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
With its potent allure of luxury and exclusivity, The Platinum Card® from American Express is a beacon for the seasoned globetrotter seeking to turn their spending into rewarding experiences. An impressive welcome offer of 125,000 Membership Rewards® Points sets the stage, a generous prelude for those who are prepared to meet the initial spend requirement. This card is not for the faint-hearted, requiring a hefty annual fee and excellent credit score, but it rewards the investment with a robust return in points, especially for those frequently prepaying hotels or booking flights directly through American Express Travel or airlines.
The Platinum Card® from American Express Overview
The Platinum Card® from American Express is positively packed with features and perks. Here are some of the key details to know first - we'll dive into the rest below.
- Rewards rate: Earn 5X Membership Rewards® Points on flights booked directly with airlines or American Express Travel (up to $500,000 per year) and on prepaid hotels booked with American Express Travel. 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel. And earn 1X Membership Rewards® Points for all other purchases.
- Welcome offer: Earn 125,000 Membership Rewards® points after you spend $8,000 on purchases in the first 6 months
- Regular APR: 20.74% to 28.74% See Rates and Fees
- Annual fee: $695 See Rates and Fees
- Intro APR offer: None
- Terms Apply
- See Rates and Fees
Important Card Details
With The Platinum Card® from American Express, cardholders can access a range of rewards and benefits, transforming spending into valuable points and advantages. Here's what you should know about this card.
Annual Fee
The annual fee for The Platinum Card® from American Express is $695, which is no small change. However, if you know you can make the best use of the card's high rewards rates on travel and various annual credits, you will more than recoup this cost in benefits.
Big Travel Rewards
With high rewards rates on common travel categories, like eligible flights and prepaid hotels, this card is clearly geared toward those who spend a lot on travel anyway. You can earn up to 5X points on certain travel expenses as long as you're willing to book through American Express Travel, which, when combined with the many travel-related benefits, make this card a slam-dunk for the frequent traveler looking for luxury at all stages of their journey.
Lucrative Welcome Offer
When you open your account and spend $8,000 on purchases in the first 6 months, you'll earn 125,000 Membership Rewards® Points. This is a big contribution to your rewards balance, but it's worth noting that this card often has much higher welcome offers for new cardholders. If you have the time to wait, you may see a better offer available.
Ample Annual Credits
This card comes with a huge number of annual credits ranging from travel and airline perks to digital entertainment, fitness memberships and certain retail stores. The combined value of these credits is more than double the cost of the annual fee. The trick is in actually making the most of them.
Regular APR
Consider the 20.74% to 28.74% APR (see terms) when evaluating the Platinum Card® from American Express. Keep in mind it will vary depending on creditworthiness.
No Foreign Transaction Fee
Since this card is tailored for jetsetters, it's no surprise that this card has no foreign transaction fees. This also comes in handy when stateside if you're shopping with merchants based overseas.
High Customer Satisfaction
According to J.D. Power's 2022 Credit Card Satisfaction Study, American Express customers are highly satisfied. Amex scored the highest rating among all major issuers.
How The Platinum Card® from American Express Compares To Other Cards
The Platinum Card® from American Express is a top-contender in the premium travel space because of its high travel rewards, benefits and fee-free foreign transactions. However, comparing it to other reward cards could help you find a better option for your wallet.
How This Card Compares
The Platinum Card® from American Express
- Rewards rate: Earn 5X Membership Rewards® Points on flights booked directly with airlines or American Express Travel (up to $500,000 per year) and on prepaid hotels booked with American Express Travel. 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel. And earn 1X Membership Rewards® Points for all other purchases.
- Welcome offer: Earn 125,000 Membership Rewards® Points after spending $8,000 on eligible purchases in the first 6 months.
- Regular APR: 20.74% to 28.74% APR See Rates and Fees
- Annual fee: $695 See Rates and Fees
- Intro APR offer: None
- Terms Apply
- See Rates and Fees
- Best For: Frequent flyers and international travelers
Chase Sapphire Reserve® Card
- Rewards rate: Earn 10x total points on hotels and car rentals when you purchase travel through Chase Travel℠, 5x total points on flights through Chase Travel℠, 3x points on other travel and dining and 1 point per $1 spent on all other purchases.
- Welcome offer: Earn 60,000 points after spending $4,000 on purchases in the first three months
- Regular APR: 22.49% to 29.49% (variable)
- Annual fee: $550
- Intro APR offer: None
- Best For: Frequent flyers and foodies
For rates and fees of The Platinum Card® from American Express, please click here.
About Doug Milnes, CFA
Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.
Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.
*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.