The Platinum Card® from American Express review: Are the perks worth the price tag?

• American Express Platinum Card credits

  Travel credits

  • Up to $200 in airline fee credits (per calendar year) for incidentals with a qualifying airline
  • Up to $200 in credits for prepaid hotel bookings at Fine Hotels + Resorts or The Hotel Collection properties via American Express Travel annually when using your Platinum Card. (The Hotel Collection requires a minimum two-night stay)
  • Up to $100 credit on qualifying hotel purchases (per two-plus consecutive night stays with a brand in The Hotel Collection)
  • Up to $199 in Clear Plus membership statement credits by paying with your card (annually)
  • $120 application fee credit for Global Entry (every four years, includes TSA PreCheck®) or up to $85 application fee credit for TSA PreCheck® (every 4.5 years, through an official enrollment TSA provider), when charged to your Platinum card.

  Subscription service credits

  • Up to $200 in Uber Cash for rides and Uber Eats deliveries ($15 per month, plus an extra $20 in December, available to basic cardmembers only; benefit renews annually). Add your Amex Platinum to your Uber account and redeem with any Amex card. Terms Apply.
  • Up to $240 each year in digital entertainment credits (up to $20 in total statement credits per month) toward Disney+, Hulu, Peacock, ESPN+, Audible and The New York Times subscriptions (enrollment required). 
  • Up to $155 per year in Walmart+ monthly membership credits ($12.95 plus applicable local sale taxes, subject to auto-renewal; available as a statement credit when you use your Platinum card to pay; Plus Ups are excluded)

  Shopping and purchase credits

  • $300 credit for a single, eligible SoulCycle At-Home bike purchase using your card through Amex’s provided link
  • Up to $300 in eligible Equinox fitness membership credits per calendar year toward in-club or digital membership fees (enrollment required; see terms for details)
  • Up to $100 for Saks Fifth Avenue purchases annually ($50 for January through June and $50 for July through December)

The Platinum Card® from American Express

Bankrate Score

Rating: 4.8 stars out of 5

4.8

See Rates & Fees , Terms Apply

Apply now

on American Express's secure site

Annual fee

$695

Intro offer

Earn 80,000 points

Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership.

Rewards rate

5X - 5X

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. Earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.

Recommended Credit Score

Good to Excellent (670 – 850)

A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Chase Sapphire Reserve®

Bankrate Score

Rating: 5 stars out of 5

5.0

Apply now

on Chase's secure site

Annual fee

$550

Intro offer

60,000 bonus points

Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.

Rewards rate

1x - 10x

Earn 10x total points on hotels and car rentals when you purchase travel through Chase Travel℠. Earn 5x total points on flights through Chase Travel℠. Earn 3x points on other travel and dining. Earn 1 point per $1 spent on all other purchases.

Recommended Credit Score

Excellent (740 – 850)

A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

American Express® Gold Card

Bankrate Score

Rating: 4.9 stars out of 5

4.9

See Rates & Fees , Terms Apply

Apply now

on American Express's secure site

Annual fee

$325

Intro offer

60,000 points + earn up to $100 back

Earn 60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Plus, receive 20% back in statement credits on eligible purchases made at restaurants worldwide within the first 6 months of Card Membership, up to $100 back. Limited time offer. Offer ends 11/6/24.

Rewards rate

1X - 4X

Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year. Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year. Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com. Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com. Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.

Recommended Credit Score

Good to Excellent (670 – 850)

A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

• The Platinum Card from American Express vs. Chase Sapphire® Reserve

  Although it carries a much higher annual fee, the Platinum Card is often compared to luxury travel cards around the $500 annual fee price point, including the Chase Sapphire Reserve card. Despite the Amex Platinum’s deeper features, the Sapphire Reserve is still a stiff competitor thanks to its lower $550 annual fee.

  The Chase Sapphire Reserve gets an edge over the Amex Platinum with its flexible reward categories. The Sapphire Reserve earns unlimited 10X points on Chase Dining purchases, hotel bookings and car rentals through the Chase Travel℠ issuer portal — plus 3X points at restaurants and on all other eligible travel. However, Chase’s Sapphire Reserve card doesn’t carry as many yearly credits or airport lounge memberships as the Amex Platinum and most of the Reserve’s equivalent perks don’t continue beyond the first year.

  But on the bright side, you’ll still get the same recurring TSA PreCheck/Global Entry application credit and Priority Pass Select membership with the Sapphire Reserve. Plus its annual $300 travel credit is much broader than the Platinum Card’s hotel and airline-oriented credits, since both are practically tied in terms of travel insurance.

  One of the best reasons to look into the Sapphire Reserve is how much better (and more cost-efficiently) it pairs with Chase’s other rewards cards than the Amex Platinum pairs with other Amex cards. You'll also be able to redeem the rewards from the other Chase cards’ everyday expenses for Chase Travel through the Reserve for a 50 percent redemption value boost.

• The Platinum Card from American Express vs. American Express® Gold Card

  The American Express® Gold Card isn’t exactly a low-cost version of the Platinum Card, but its much lower $325 annual fee can make it a stronger option for loyal Amex travelers who can’t justify an intimidating $695 annual fee but still need the purchasing power its flexible spending limit provides

  Naturally, the Amex Gold doesn’t carry as many travel perks, but you’ll receive 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com along with solid travel protections and the same $100 hotel credit for consecutive stays of two or more nights at a property in The Hotel Collection booked through the issuer’s portal.

  Foodies may prefer the American Express Gold Card since it’s one of the best cards for dining. you'll earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year (then 1X points for the rest of the year) and 4X Membership Rewards® points per dollar spent at U.S. supermarkets, on up to $25,000 in purchases per calendar year (then 1X points for the rest of the year). The American Express Gold also offers an up to $120 Dining Credit; Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. (Enrollment required). 

• American Express Gold Card

  The American Express Gold Card is a popular partner. It shores up the Amex Platinum card’s narrow category selection by adding some of the best dining and U.S. supermarket and dining rewards rates to your category roster. The Amex Gold is especially handy since those two categories are already difficult to find on a single rewards card. 

  This duo will also snag extra annual hotel fee credits, plus dining-related credits each year with participating merchants. Although adding the American Express Gold card’s additional $325 annual fee to your plate is intimidating, the card’s valuable dining perks alone almost make up for the cost.

• Blue Business® Plus Credit Card from American Express

  A flat-rate rewards card is key to many rewards card strategies, so the Blue Business® Plus Credit Card from American Express is a pillar of the Amex trifecta. This card earns 2X points on all purchases on the first $50,000 each year (then 1X points) — catching anything that doesn’t fit in the Gold or Platinum cards’ categories. 

  If you don’t qualify for a business card, the closest flat-rate rewards alternative would be the American Express Cash Magnet® Card (1.5 percent cash back on all purchases). However, American Express doesn’t offer a consumer flat-rate card that earns Membership Rewards, so you may be better off with a more rewarding flat-rate cash back card. The Capital One Venture X or its lower-tier counterpart could be good flat-rate alternatives if you prefer travel rewards.

• Frequent luxury travelers

  The Platinum Card’s rich portfolio of travel features can smooth out your frequent trips with extensive travel insurance, several expedited airport security membership credits and an award-winning suit of travel assistance services.

  Travel often enough, and you can make up for the card’s premium price tag with comfort-oriented perks, including first-class airport lounge access, credits for airline incidentals like upgrades and in-flight luxuries, complimentary hotel privileges and more.

• Regular Marriott and Hilton hotel guests

  The Amex Platinum is a one-card powerhouse if you often stay at Marriott or Hilton properties. On top of the 5X points at prepaid hotels through the American Express Travel portal, you can enjoy hundreds of dollars in recurring credits toward eligible stays, hotel purchases, amenities, upgrades and other privileges with potential Marriott and Hilton locations in The Hotel Collection and Fine Hotels + Resorts Program.

  Plus, the Platinum Card grants you automatic access to Marriott Bonvoy Gold Elite Status and Hilton Honors Gold Status, which typically require many stays or two premium co-branded cards to qualify for. If you’re ever in a pinch and need a few extra points, the Hilton and Marriott loyalty programs are also Amex transfer partners.

• Rewards value

  The primary criteria for a rewards or cash back card’s rating is its rewards value. This includes the card’s average rewards rate, estimated annual rewards earnings, sign-up bonus value and reward redemption value.

  To estimate a card’s average annual rewards earnings, we first calculate its average rewards rate based on how much it earns in different bonus categories and how closely its categories align with the average person’s spending habits, according to data from the Bureau of Labor Statistics. 

  Based on this data, we determine a “chargeable” spend (which purchases are likely to be put on a credit card and earn rewards). This includes the following spending by category:

  • Groceries: $5,200
  • Dining out: $3,000
  • Entertainment: $2,500
  • Gas: $2,100
  • Apparel and services: $1,700

  Using this data, we assign a weighting to each of a card’s bonus categories. For example, a card’s grocery rewards rate receives a 23 percent weighting based on how much of the average person’s budget is spent on groceries. We also estimate the redemption value of points or miles from various issuer, airline and hotel rewards programs.

  This weighting and rewards valuation allows us to estimate a card’s average annual rewards earnings — how many points or miles you’d earn with a given card if your spending was about average and you used the card for all of your purchases, as well as what those points are worth. We also use point valuations to determine a card’s sign-up bonus value

  With these calculations complete, we assign each card a score based on how its average rewards earnings, sign-up bonus value, rewards rate and redemption value stack up against other rewards cards.

• Rates and fees

  We also rate cards based on how much it costs to keep them in your wallet or carry a balance. 

  To start, each rewards or cash back card is scored based on whether it offers an intro APR and how its ongoing APR compares to the rates available on other rewards or cash back cards. 

  We also score each card based on how its annual fee influences its overall value. 

  We consider a card’s annual fee in two ways — how it ranks relative to the fees you’ll find on other cards in the category and how it impacts a card’s overall rewards value. Cards with an annual fee will always be at a slight disadvantage in our scoring system since annual fees inherently cut into your rewards value, but if a card offers terrific value via its ongoing rewards and perks, it can earn a high score even if it carries a high annual fee. 

  With this in mind, we rate a card based primarily on how its ongoing rewards value and ongoing perk value (such as annual credits or bonuses) stack up against other cards in the category when you subtract its annual fee.

• Flexibility

  We rate each card’s flexibility based on the restrictions it imposes on earning and redeeming rewards and factor this rating into a card’s overall score. 

  Flexibility factors include whether a card only allows you to earn a high rewards rate on a small amount of spending or requires you to meet a certain earning threshold before you can redeem rewards. We also examine whether your points are worth less when you redeem for some options versus others and whether a card gives you the flexibility to transfer rewards to airline and hotel partners. 

• Perks

  We also score each card’s set of features – its perks and benefits — against five tiers of features to provide a rating. 

  We break down these tiers as follows:

  • Tier 1 has less than standard card features (an ultra-streamlined card that offers basic utility and next to nothing in the way of ancillary benefits. 
  • Tier 2 includes the benefits you’d expect on standard Visa or Mastercard credit cards, such as free access to your credit score, car rental insurance and $0 liability for fraudulent charges. 
  • Tier 3 includes “prime card” or better-than-average card features like cellphone insurance, lost luggage insurance, concierge services and purchase protection. 
  • Tier 4 includes luxury features such as airport lounge access, elite status with an airline or hotel and credits for expedited security screening membership programs. 
  • Tier 5 includes the sort of exemplary benefits you’ll find on top-tier luxury cards, such as high-value travel credits, cardholder memberships and other unique and valuable perks.

• How much can you earn with the Amex Platinum?

  Based on the formula we use to calculate each card’s average ongoing rewards value, the average cardholder will earn about $585 per year in Membership Rewards points with The Platinum Card from American Express (based on a $22,500 annual spend and high-value point transfers). Unfortunately, this reward’s yield isn’t nearly enough to recoup the $695 annual fee.

  However, the Amex Platinum’s bonus perks and credits can offer about $2,743 each year in value.

• How much do you have to spend to make the Amex Platinum card worth it?

  Based on the issuer’s 1-cent American Express Travel airfare redemption value, you’d have to spend about $13,900 per year across your 5X airfare and hotel categories to offset the $695 annual fee. Based on our recent point valuations, which give Amex points an estimated average value of around 2.1 cents each when you transfer to its best travel partners, this spending requirement could drop to about $6,619 per year.
  
  Plus, the potentially more than $2,000 in total recurring benefits provide plenty of opportunities to help reduce the annual fee or offset it entirely. That way you won't have to rely entirely on rewards spending each year.

• When do you have to pay the annual fee for the Amex Platinum card?

  You’ll owe the first year’s annual fee upon opening your Platinum Card, and you’ll need to pay the annual fee on that anniversary date each year after.

• Is the Amex Platinum card a credit card or charge card?

  Charge cards — cards that don’t have a set limit like a credit card but must be paid off each month — have largely gone by the wayside. Although The Platinum Card and other premium Amex cards have flexible spending limits, the issuer’s Pay Over Time feature lets you revolve a balance (with interest charges) by toggling the setting in your account.
  
  Since that means the American Express Platinum Card is now more of a hybrid solution, it’s technically a “card with a flexible spending limit” instead of an actual credit or charge card.

• What should your income be before applying for the Amex Platinum?

  American Express doesn’t have an official income requirement for The Platinum Card, but the issuer will need to see that you’ll earn enough to pay off your card each month. You should also be comfortable spending heavily on airline and hotel travel throughout the year if you want to earn decent rewards.
  
  It’s more important to have a good-to-excellent credit score (670+ FICO score) when you apply. An excellent FICO score of 800 to 850 will give you the best approval odds for the Amex Platinum. If you want to gauge your approval odds without a hard credit check temporarily denting your credit score, Bankrate’s CardMatch™ tool may match you with the Amex Platinum — or possibly a pre-qualified or pre-approved Amex Platinum offer with an exclusive, higher-value intro bonus.

What cardholders think

The Platinum Card® from American Express

4.4

50 ratings

In May 2024, Bankrate collaborated with third-party SliceMR to survey 6160 cardholders nationwide. Bankrate and Slice MR collected, averaged and presented website analytics and cardholder responses to six questions on a 5-point scale. Responses are unedited and have not been reviewed or approved by credit card issuers.

88% of customers recommend this card

Score breakdown

5 stars

58%

4 stars

30%

3 stars

10%

2 stars

2%

1 star

0%

Score by category

Overall 4.4 / 5

Extra perks 4.3 / 5

Privacy and security 4.6 / 5

Customer service 4.3 / 5

Online portal or mobile app 4.4 / 5

Ease of rewards redemption 4.3 / 5

Rewards value 4.2 / 5

In May 2024, Bankrate collaborated with third-party SliceMR to survey 6160 cardholders nationwide. Bankrate and Slice MR collected, averaged and presented website analytics and cardholder responses to six questions on a 5-point scale. Responses are based on individual cardholder’s product details, and therefore cannot be verified for accuracy. Users received an incentive for their feedback. User ratings are unedited and have not been reviewed or approved by credit card issuers, nor do these ratings reflect Bankrate’s own reviews of these cards.