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Review on the American Express Platinum Credit Card

The Platinum Card from American Express

The card offering luxury perks for a rather big price.

The card was first introduced to the market back in 1984. Back then the card offered really great benefits. 30 years later, the card was relaunched and came up with a new set of benefits that are most needed nowadays. The only question you may have about the card is whether these new benefits make up for the increase of the card’s annual fee up to $550. Actually, this happened not so long ago, in March 2017. Still, many of potential cardholders may wonder what makes the card so special that they have to pay such a big sum. In order to find an answer to this question, we need to have a look at the card’s benefits as well as drawbacks and some general facts about it.

Do you want to be treated like a VIP person?

If your answer is “yes”, you’re very likely to find the card attractive. If your answer is “no”, you’d better to continue looking for your ideal card. The truth is that the card isn’t meant for muddle class clients. It’s designed to meet the needs of those who are accustomed to live surrounded by beauty and luxury. Those who get the card will find out that it offers the perks that refer to a new level of luxury.

General information on the card

Advantages:

  • You get a high effective rewards rate that applies for the purchases made in certain categories.
  • You’re not expected to pay any fee for paying with the card when abroad.
  • You can enjoy a set of luxury travel perks that comes with the card.

Disadvantages:

  • The airline credit you get is rather limited.
  • There is a high annual fee to pay.
  • For the majority of your purchases, a low rewards rate applies.

The Platinum Card® from American Express

The Platinum Card from American Express

  • Special offer concerning APR: No offer for this card.
  • Standard APR – no APR.
  • Be ready to pay an annual fee of $550.
  • Special Offer: You can get 60,000 Membership Rewards® in case you spend $5,000 during the first 3 months of using the card. The offer is a subject to certain terms.

More details concerning the card:

  • You can get a rather big bonus if you meet the requirement mentioned above.
  • Each year you get $200 credit for Uber rides. Keep in mind that the credit and the VIP Uber status are provided only to those cardholders who are considered to be Basic Card Members.
  • In case you choose to book your flights either directly or via the AMEX Travel portal, you’ll get 5x Membership Rewards® points.
  • In case you choose to book any of the eligible hotels via the AMEX Travel portal, you’ll get 5x Membership Rewards® points.
  • Since this is a Platinum card, you get access to the lounges specified in the Global Lounge Collection. Actually, this is the only card that grants its cardholders the right to get into the proprietary lounge locations all over the world.
  • You can enjoy complimentary benefits the total price of which is up to $550. The benefits are provided at the Fine Hotels & Resorts. For more information, please visit the official website of the emitting bank.
  • You get $200 airline credit each year. The credit can be used to cover your baggage fees as well as the price of the tickets with an airline.
  • The offers that come with the card are subjects to certain terms.

Basic features and advantages of the card

The Platinum Card® from American Express now has a more attractive rewards program since you have an opportunity to get 5x points when you book either an airline or a hotel with the card. However, this isn’t all that you can expect when using the card. The thing is that it provides you with a big set of perks that makes the card really outstanding.

  • The card allows you to earn 5 Membership Rewards points for each dollar spent when booking directly via the airlines’ websites as well as when booking flights via the AMEX Travel portal. You’ll also get 5x points if you choose to book hotels via this portal. All the rest purchases will bring you 1 point for each dollar spent.
  • The sign-up bonus that’s waiting for you is also bigger now. It’s stated that you can earn as many as 60,000 Membership Rewards® points in case you mange to spend $5,000 during the first 3 months of using the card.
  • You’ll also be provided $200 airline credit each year. You can use the sum to cover some of the travel expenses. Pay attention to the fact that the credit can be used only for a single airline that you’re to choose beforehand. It’s possible to change the airline once a year, but you’ll still be unable to use the credit for airfare.
  • Once in four years you’re provided a reimburse to cover your expenses in terms of Global Entry or TSA Pre-Check application.
  • The card is the best you can have when it comes down to the access of airport lounges. To be more exact, the card allows you to get in more than 1,000 airport lounges all over the world. No other premium card will give you such a wide variety of lounges to choose from.
  • The card automatically grants you Gold status in the Starwood Preferred Guest as well as Hilton HHonors programs. Here are the advantages you can get when taking part in the programs being granted the status mentioned:
  • In case you decide to book 2 or more consecutive nights at one of the places included in the AMEX Hotel Collection, you’ll be able to get an automatic upgrade (if it’s possible) and you’ll be also provided with a credit of $75. This credit can be used to pay for a number of activities at the hotel you choose. An AMEX representative stated that a night at one of the hotels included in the Hotel Collection costs $150 and more.
  • You’ll be provided a credit an Uber of $200 each year. It means that you’ll get $15 each month of a year and $35 in December. In case you fail to use the sum provided to you for a month, you’ll simply lose it. Besides, you’ll also be granted Uber VIP status in case you happen to live in a city where the status really matters.
  • With this card you’ll have access to the Global Dining Collection. It means that you’ll be able to book and visit unique culinary events and you’ll also be able to get a dinning experience you’ll never forget. An AMEX representative stated that they are currently expanding the list of special events and VIP experiences that are available to those who are the members of the By Invitation Only program.
  • Cool design. The card is made of stainless steel.
  • As all the rest travel cards, this card doesn’t require you to pay fees for the purchases you make while travelling abroad.

The Platinum Card® from American Express in comparison with the Chase Sapphire Reserve℠

The reason for the relaunch the Platinum Card® from American Express is quite obvious. The thing is that the Chase Sapphire Reserve℠ was introduced to the market in 2016. It almost instantly gained popularity. Such a popularity among cardholders is also easy to explain. The card comes with a very appealing sign-up bonus and big credits that are provided to its cardholders each year. Overall, the card is meant for those people who have never ever thought that they can get a Premium status.

As for the Platinum Card® from American Express, it’s absolutely different. The card’s benefits are the automatic upgrades as well as top-class services and exclusive access to some places that you get. In other words, the card is more about certain benefits, than sums of money you’re provided with as a credit. The card’s aim isn’t to give you an opportunity to travel on a discount. No, it offers you a set of services that you can pay for with your points earned. Besides, there is a number of upgrades you get to make your stay at a hotel more enjoyable.

All in all, the card is definitely not for those who get a credit card only with a view of winning a sign-up bonus and then cancelling the card. This card is for those who want everything in their lives to be on a Premium level.

The reasons for you to consider applying for a different card

In case you feel that this Premium card isn’t right for you, it won’t be hard for you to find the reasons for refusing from the card. Whether or not you’re interested in applying for the card, you should be aware of the drawbacks that it has.

  • A very steep annual fee to pay. Most of the travel credit cards nowadays charge not more than $100 as an annual fee. As for the premium cards available, the annual fee of $450 has long since became standard. Consequently, there may arise doubts as to whether it’s so beneficial to have a premium card for which one has to pay $550 every year. The fact that the benefits provided by the card may seem to be not that essential only contributes to the doubts you may already have.
  • The way you can use your travel credit is limited. The $200 airline credit provided to a cardholder was a great benefit of the Platinum Card® from American Express once. Now, things have changed since there appeared a number of other cards that provide bigger credit an under better conditions. For example, there is the Citi Prestige® Card that provides its cardholder with an airline credit of $250 that can be used not only to pay for airline, but also to pay for airfare. One more card that’s worth mentioning in this respect is the Chase Sapphire Reserve℠ that gives you an airline credit of $300 that you can use to cover any travel expenses you wish.

Chase Sapphire Preferred Card

  • You don’t get any rewards in terms of dining. There are cards out there that give you extra rewards when you use them to pay for your meals at restaurants. Just compare: he Chase Sapphire Reserve℠ rewards you 3 points for every dollar you spend at the restaurants while the Platinum Card® from American Express only gives you 1 point. There are some more cards that you should pay attention to: the Chase Sapphire Preferred® Card and the Citi Prestige® Card (both reward you 2 points for each dollar spent at restaurants).

Summary: Is the Platinum Card® from American Express the best card for you?

The card is ideal for those who value quality and are ready to pay for it some extra money. Of course, the card implies that you’ll be rewarded for doing so. When deciding whether or not to get the card try to answer the following question: “Are you the one who can be considered to be a Premium person?”

 

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Comments: 5
  1. BillGuy

    I’ve recently got the card. I want to find out if there are some ways by means of which I can get the most out of this card. One of my friends told me that I can get gift cards to be used for booking tickets with airlines. I’ve also found out that the card provides uber credit. Can anyone provide any tips on the ways to earn as much points with the card as possible? Thanks in advance.

    1. Eva

      I’ve been using the card for some time now. I came to the conclusion that you shouldn’t even bother applying for it in case you don’t plan to use it rather regularly. In order for the card to be extremely valuable, there are the following things that you should do (you should at least do these):

      1. Use an airline credit of $200 that’s provided to you by the card each year. Actually, there is a wide variety of options here. You can use the credit to pay for baggage fees, lounge passes, escorts etc.
      2. Of course, you should meet the requirement mentioned in terms of the Special Offer so that to get the sign-up bonus promised.
      3. The card also provides you with Uber credit every year ($200). Make sure you use it in full.
      4. Use the Global Entry credit of $100.
      I hope this information will help.

  2. Caleb NY

    I have the Amex Platinum and the Chase Sapphire Reserve cards. I’ve got negative experience if using the AMEX card and I don’t think that anyone should ever try to get it. The thing that I dislike so much about the card is that the bonus points you earn with it are credited to your account 2 months after a purchase is made. This is just awful. I’ve never had any of such like problems with my Chase Sapphire card. The points are successfully credited to my account within several days.

    Such a delay is extremely inconvenient in case you plan to use your points to book hotels or flights. The thing is that the prices are fluctuating and there maybe no available seats or rooms by the time you get your points.

  3. Ollie

    Could anyone tell me if its possible to use the airline credit to buy gift cards? Thanks in advance.

    1. Johnathan

      Hello there! I usually buy a 50$ gift card once a week if I need it. Everything is fine. However, you need to call them before and set your airline before buying any gift cards.

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