Review: The Platinum Card® from American Express

Going has partnered with CardRatings for our coverage of credit card products. Going and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses, and recommendations are the author's alone, and have not been reviewed, endorsed, or approved by any of these entities. Some of all of the card offers that appear on this page are from advertisers; compensation may affect how and where the cards appear on the site; and Going does not include all card companies are all available card offers.‍

While this prestigious metal card opens doors to valuable, exclusive benefits and privileges, it's also known for carrying one of the top annual fees. Still, it can be well worth it for consumers who prefer extra comforts and benefits when traveling. Let's dig into the world of the American Express Platinum Card, exploring its features, perks, and whether it's worth carrying in your wallet.

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Overview

*Enrollment required for select benefits. 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. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.

Pros

• $1,500 worth of benefits on travel as well as food delivery, shopping, and gym membership. Enrollment required.
• Earn 5X points for each dollar you spend when you book your flights directly with the airline or through American Express Travel, up to $500,000 per calendar year, and on eligible prepaid hotels booked at amextravel.com, including The Hotel Collection.
• Earn and redeem points with a variety of airline and hotel brands.

Cons

• The annual fee will always be the primary downfall, no matter how valuable the benefits are. Even frequent travelers and hardcore Platinum fans agree it's a hefty annual fee.
• Limited opportunities for bonus rewards. You won't earn any bonus points for regular spending like gas or groceries. The 5X is limited to booking flights with the airline and prepaid hotels booked through the portal.

What is the annual fee for the American Express Platinum Card?

Earning points

It might seem like a fairly complex card, but the rewards program is pretty straightforward. You earn 5X Membership Rewards® Points per dollar spent, but only when you book your flights directly with the airline or through American Express Travel, up to $500,000 per calendar year, and on eligible prepaid hotels booked at amextravel.com, including The Hotel Collection. All other eligible purchases earn 1X point per dollar spent.

In the world of travel rewards, you won't see 5X points per dollar spent very often. Since the only bonus points spending categories are airfare and hotels, it won't be worth anything if you don't travel, especially if you're loyal to a particular brand.

What is the welcome offer on the American Express Platinum Card?

How do you earn points with the American Express Platinum Card?

In addition to the points you earn from the welcome offer, you'll earn 5X points per dollar when booking flights and hotel stays through the Amex portal. You'll find a variety of airlines and hotels you can book to earn the maximum amount of points, including The Hotel Collection, which includes luxury hotel brands and smaller boutique hotels around the globe. 

As a cardholder, you also get extra perks when you book The Hotel Collection through the portal, such as room upgrades and dining, and spa and resort credits if you stay for two or more nights at select hotels. You will earn 5X points for each dollar you spend, and you could save some money on your getaway.

Otherwise, all other eligible purchases made with the card earn 1X points for each dollar you spend. So, if your spending varies and you want to earn rewards on other categories like groceries or gas, the Amex Platinum won't be your best option.

Redeeming points

Like earning points, redeeming points is pretty straightforward and will appeal primarily to frequent travelers. You can redeem in a few different ways, but one of the most valuable uses of your points can be booking travel through transfer partners. In some cases, you can double the value of your points from 1 cent each to 2.

What are the points transfer partners of the American Express Platinum Card?

You can transfer Amex points to 18 airline partners:

• Aer Lingus: 1,000 Points = 1,000 Avios
• AeroMexico: 1,000 Points = 1,600 AeroMexico Rewards Points
• Aeroplan: 1,000 Points = 1,000 Aeroplan® Points
• AIR FRANCE KLM: 1,000 Points = 1,000 Flying Blue® Miles
• ANA Mileage Club: 1,000 Points = 1,000 ANA Mileage Club Miles
• Avianca LifeMiles: 1,000 Points = 1,000 LifeMiles
• British Airways Executive Club: 1,000 Points = 1,000 Avios
• Cathay Pacific: 1,000 Points = 1,000 Asia MilesTM
• Delta Air Lines: 1,000 Points = 1,000 miles
• Emirates Skywards: 1,000 Points = 1,000 Skywards Miles
• Etihad Guest: 1,000 Points = 1,000 Etihad Guest Miles
• HawaiianMiles®: 1,000 Points = 1,000 HawaiianMiles®
• Iberia Plus: 1,000 Points = 1,000 Avios
• JetBlue TrueBlue®: 250 Points = 200 TrueBlue points
• Qantas Frequent Flyer: 500 Points = 500 Qantas Points
• Qatar Airways Privilege Club: 1,000 Points = 1,000 Avios
• Singapore Airlines KrisFlyer: 1,000 Points = 1,000 KrisFlyer® Miles
• Virgin Atlantic Flying Club: 1,000 Points = 1,000 Virgin Points

In most cases, you can transfer your points to airline points or miles at a ratio of 1:1. Some might be slightly higher or lower. For example, with AeroMexico, you'll get 1,600 for 1,000, and JetBlue offers 200 TrueBlue points for 250 points. 

There are also three hotel partners you can transfer your points to. While most are 1:1, you can earn 2,000 Hilton Honors Points for 1,000 Membership Rewards Points.

Hotel partners:

• Choice Privileges®: 1,000 Points = 1,000 Choice Privileges®
• Hilton Honors: 1,000 Points = 2,000 Hilton Honors Points
• Marriott Bonvoy: 1,000 Points = 1,000 Marriott Bonvoy Points

Membership Rewards Points are usually transferred right away but usually no longer than 48 hours. Read more here about how to transfer American Express Membership Rewards Points.

What kinds of flights can I take using the points I earn from the American Express Platinum Card?

The current welcome offer of 80,000 points can get you a wide variety of travel experiences. Here are some ideas of what you could do with those points.

• Book a flight or hotel through the portal, where the welcome offer of 80,000 points is worth about $800 in travel. 
• Transfer 80,000 points to 160,000 Hilton Honors points, where hotel award stays start as low as 35,000 points per night.
• Transfer 80,000 points to British Airways Executive Club for 80,000 Avios toward your next flight.
• Transfer 80,000 points to AeroMexico for 128,000 AeroMexico Rewards Points—enough for at least a one-way ticket with AeroMexico or its partners, which include Delta Air Lines, Korean Air, and Air France.

What are the other benefits of the American Express Platinum Card?

The American Express Platinum Card is known for providing big benefits. In fact, its current lineup of goodies is valued at $1,500. So, you can get enough value out of the card's benefits in multiple ways to more than cover the annual fee. For example, the $200 in statement credits for airline incidentals, $200 annual hotel credit, and up to $200 in Uber Cash is $600.

Some of the other benefits that come with the card include:

• Up to $189 in statement credits for your Clear Plus annual membership.
• Up to $240 in annual digital entertainment credit, given as $20 in monthly statement credits for digital entertainment, up to $240 per year.
• Up to $300 in annual Equinox credit on Equinox gym and Equinox+ app memberships.
• Up to a $155 statement credit for a monthly Walmart+ membership.
• $100 statement credit for Global Entry every four years or an up to $85 fee credit for TSA PreCheck every 4½ years.
• Up to a $100 Saks Fifth Avenue credit in two statement credits of $50 each between January and June, then July through December.
• Access to the American Express Global Lounge Collection, including Centurion Lounges, Priority Pass lounges, Airspace lounges, Escape lounges, Plaza Premium lounges, and Delta Sky Clubs (when traveling on same-day Delta flights; limited to six annual visits from Feb. 1, 2025).
• Complimentary Gold status with Hilton Honors and Marriott Bonvoy.
• Complimentary car rental status: Hertz Gold Plus Rewards President's Circle, Avis Preferred Plus, and National Emerald Club Executive.
• Access to Amex Fine Hotels + Resorts and The Hotel Collection.
• Trip delay reimbursement for up to $500 per covered trip If it is delayed by more than six hours because of a covered reason.
• Cancellation insurance reimburses up to $10,000 per covered trip if you need to cancel or interrupt your trip because of a covered reason.
• Terms and conditions apply.

*Enrollment required for select benefits. 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. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc. Trip Cancellation and Delay Coverage is underwritten by New Hampshire Insurance Company, an IAG Company.

What are the drawbacks of the American Express Platinum Card?

The biggest drawback of the Amex Platinum Card is and has always been the luxury-priced annual fee. Combined with the limited opportunities to earn rewards, you'll need to be a super frequent traveler who isn't loyal to a particular airline or hotel brand to get enough from the card to be worth the annual fee. It won't hurt to take a quick tally of the benefits you'll use to determine the potential value to you.

Who is the American Express Platinum Card for?

However, it's important to reiterate that because of the high annual fee, not everyone can take advantage of enough of the perks to make the card worthwhile. If you're budget-conscious and don't frequently travel. Frequent travelers who can fully leverage the travel-related perks and offset the annual fee with regular use of the travel credits will get the most value out of the card. Additionally, there's value in luxury experiences, and if you appreciate the flexibility to book flights and hotels across various brands, the American Express Platinum Card might be for you. It may not be the best fit for those seeking a more cost-effective or infrequent travel card option.

Going has partnered with CardRatings for our coverage of credit card products. Going and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses, and recommendations are the author's alone, and have not been reviewed, endorsed, or approved by any of these entities. Some of all of the card offers that appear on this page are from advertisers; compensation may affect how and where the cards appear on the site; and Going does not include all card companies are all available card offers.