If you’re looking for a luxury rewards credit card with plenty of perks, The Platinum Card® from American Express is a great fit. While this card comes with a hefty annual fee, savvy cardholders can more than cover the cost through a combination of rewards, hotel and airline credits and more. Best suited for high spenders and frequent travelers, this travel credit card comes with plenty of additional perks and benefits for users, like access to Amex airport lounges around the world and automatic Marriott Bonvoy Gold Elite status.
Details of the Amex Platinum
This American Express credit card earns rewards on flights, hotel reservations and other purchases. It comes with a high annual fee of $695 (the annual fee was previously $550), but this can be partially offset in the first year with a generous welcome bonus.
- Rewards: 5X points on up to $500,000 spent on directly-booked airfare and flights and prepaid hotels booked through American Express Travel (per calendar year); 2X points on prepaid car rentals through American Express Travel; 1X points on all other purchases
- Annual fee: $695 (effective Jan. 1, 2022, for existing cardmembers)
- Welcome offer: 100,000 points after you spend $6,000 on purchases in the first six months
Amex Platinum airline benefits
Up to $200 in airline fee credits
In order to qualify for this perk, you need to select one qualifying airline. You’ll then receive up to $200 in statement credits per calendar year for airline fees like checked bags and in-flight refreshments. Keep in mind that this credit can’t be applied to the cost of a plane ticket itself.
Up to $179 in Clear membership statement credit
You can get up to $179 in statement credits annually if you purchase a Clear membership with your card.
Global Entry or TSA PreCheck credit
Cardholders will receive a statement credit of up to $100 every four years when they apply for Global Entry or TSA PreCheck.
Access to the American Express Global Lounge Collection
Trip delay insurance
The Platinum card also comes with trip delay insurance. Amex Platinum cardholders can receive up to $500 per trip (up to two claims each 12 months) to cover the cost of expenses if their flight is delayed for a qualified reason.
Trip cancellation insurance
If your trip is canceled, Amex will reimburse you up to $10,000 per trip or $20,000 per card (each year) in trip cancellation insurance.
Amex Platinum hotel benefits
Up to $200 in hotel credits
Cardholders can earn up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts or The Hotel Collection bookings with American Express Travel. Requires a minimum two-night stay.
Marriott Bonvoy Gold Elite status
Cardholders get automatic Marriott Bonvoy Gold Elite status, which includes benefits like room upgrades and late checkouts.
Hilton Honors Gold status
The card also comes with Hilton Honors Gold status. Perks of this status include room upgrades, food and beverage credits and more.
Amex Platinum additional card benefits
Up to $200 in Uber Cash
Amex Platinum cardholders receive $15 in Uber Cash for rides and deliveries every month (plus an extra $20 in December).
No foreign transaction fees
The Amex Platinum charges no foreign transaction fees, meaning you can use the card when traveling abroad without incurring any additional expenses.
Platinum travel service
Need help planning your travels? Amex provides complimentary travel services, including helping cardholders with itineraries and customized recommendations.
Premium car rental status
Cardholders can enjoy Amex Platinum rental car benefits like premium status at a number of major rental car companies, including Avis, Hertz and National Car Rental.
Car rental loss and damage insurance
With this card, you don’t need to pay extra for rental car insurance. You’re automatically covered for damage or theft of your rental vehicle through Amex Platinum.
Premium Global Assist hotline
When traveling more than 100 miles from home, cardholders have access to 24/7 medical, legal, financial or other select emergency coordination and assistance services.
Amex Platinum dining and entertainment benefits
Up to $240 in digital entertainment credits
Cardholders can get up to $240 in statement credits (up to $20 each month) for entertainment-related purchases like Peacock, Audible, SiriusXM and The New York Times (enrollment is required).
Up to $300 in eligible Equinox membership credits
The Amex Platinum card comes with a $25 per month statement credit for Equinox in-club or digital membership fees, including Equinox All Access, Destination, E by Equinox or Equinox+. Note (enrollment is required).
Up to $100 in Saks Fifth Avenue credits
Cardholders can get up to $100 in statement credits ($50 semi-annually) when they shop at Saks Fifth Avenue.
Up to $155 in Walmart+ credits
This credit covers the cost of a monthly Walmart+ membership.
If you try to return an eligible item within 90 days from the date of purchase and the merchant won’t take it back, American Express may refund you up to $300 per item (excluding shipping and handling), with a maximum of $1,000 per calendar year for each account.
New purchases are protected for up to 90 days if they’re lost, damaged or stolen. Purchase protection covers up to $10,000 per occurrence and $50,000 per year.
Extended warranty protection
Amex Platinum allows you to extend your warranty protection for longer, matching the original warranty for up to an additional year. (Terms apply.) The warranty protection covers up to $10,000 per item and $50,000 per year.
What benefits do Amex Platinum authorized users get?
Amex Platinum cardholders can add an authorized user to their account. It costs $175 to add up to three authorized users ($175 for each additional Platinum card thereafter) to your Amex Platinum card.
While authorized users don’t get as many benefits as primary cardholders, there are still some nice perks (beyond earning rewards on purchases) such as access to Equinox, digital entertainment, hotel, airline and Clear credits, among others.
How to maximize the perks and benefits offered by the Amex Platinum
Take advantage of credits
The most important thing to keep in mind when maximizing the Amex Platinum is that you should take advantage of as many of the annual credits as you can. The hotel and airline fee credits are especially valuable since they’re relatively easy to qualify for if you travel often. Use as many of these credits as possible to make the most of the card—potential credits are worth up to $1,400, which more than cover the $695 annual fee.
Steer clear of unnecessary purchases
Cardholders shouldn’t feel obligated to sign up for pricey services like Equinox just because it comes with the card. If you find yourself spending more money than you otherwise would for a product that you don’t feel strongly about, it’s a good sign that the purchase isn’t worth the cost. That said, there are many credits (like those for digital entertainment services, Walmart+ and Uber) that make certain purchases essentially free.
Maximize rewards earnings
To maximize your rewards earnings, it’s a good idea to book all flights and hotels using this card. Amex points are worth approximately 2 cents each, and you can redeem them for statement credits, gift cards, travel, loyalty programs and more.
The number of perks and benefits that come with this card can be overwhelming, but it’s worth spending time reviewing everything to make sure you take advantage of all the free stuff offered. Taking advantage of complimentary perks like airport lounge access, premium status at hotels and more can make your travel experience a little more luxurious.
The bottom line
The Amex Platinum comes with a hefty annual fee, but it’s relatively easy for frequent travelers to recover that fee thanks to the card’s generous welcome bonus, an impressive array of statement credits and the ability to earn rewards on each purchase. While there are a few extraneous benefits that the average cardholder may not end up taking advantage of, this card offers an impressive value. If you’re looking for a luxury rewards credit card with great travel perks, the Amex Platinum doesn’t disappoint.