Platinum Card From American Express Review

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Reviewed by:
Rating:
5
On December 7
Last modified:December 5

Summary:

Although the Platinum Card from American Express has a high annual membership fee, this prestigious charge card gives its cardholders benefits that are second-to-none, resulting in thousands of dollars saved yearly on travel, shopping, and more.

The Platinum Card from American Express is another popular product offered by the well-known credit card company. This card does not have a pre-set spending limit, which is a perk that many individuals love about this charge card. Cardholders do not have to worry about going over their limits and paying over limit fees.

Despite the fact there are no charge limits or associated fees with such limits, it does have one of the credit card industry’s highest annual fees. This is because it is a premium rewards card for those spenders that like better-than-average rewards and travel privileges that are unmatched. In other words, this is a very prestigious card.

The Benefits

For those cardholders wishing to reap the rewards, spending at least $2,000 within the first three months of acquiring the card should not be difficult. If you do spend $2,000 within the 3 months, you will receive 25,000 membership rewards bonus points. That’s enough points to automatically redeem for a domestic economy class round-trip airline ticket. All you have to do is make sure you are enrolled in the Membership Rewards program so that you can receive this perk.

In addition, you can receive an annual airline fee credit of up to $200. You can apply this credit to flight-change fees, baggage fees, in-flight food and drink, and a day pass in the airport lounge. You can also choose the airline as long as it is a qualifying airline.

Other benefits include:

AMEX Platinum Card

  • A discounted companion ticket every time you buy a First Class international ticket or a qualifying Business Class ticket with your American Express Platinum card.
  • Airport club access that allows you to wait for your flight in style. The lounges that you can relax in include the Delta Crown Room Club, the US Airways Clubs and the American Airlines Admirals Club. This applies to you, your spouse, and any children under 21 years of age or two traveling companions. You do not have to fly First Class to be granted this award that consists of comfortable sofas, complimentary food and drink, Internet access, nice restrooms, and more.
  • One to two points are earned for every dollar that is spent. You receive 1 point for every $1 you spend on any purchase you make with your card. You receive 2 points for every $1 when you use the American Express travel services website to book your trips.
  • Points never expire and there is no point limit.
  • Points can be redeemed for travel rewards, dining, entertainment, shopping, and much more. If you wish to redeem points for a reward and you do not have enough, you have the option to advance points or buy extra points to be able to claim the reward you want.
  • Exclusive concierge service when making restaurant reservations, needing gift recommendations, and even arranging events.
  • You receive Premium Access, which means you can obtain advanced tickets to concerts, theaters, family, and sporting events with preferred seating.
  • Free accident insurance when you travel in the amount of $500,000, which covers accidental death or dismemberment. You will also receive baggage insurance, roadside assistance, and much more.
  • Car rental damage and loss insurance when you charge your rental car to your Platinum card.
  • Free upgrades and late check-out at any of the 600 or more resort, luxury, and boutique hotels around the world.
  • When you make purchases with the card, your card will refund you for items that stores will not take back. You can also extend warranties on purchases an additional year as long as the original warranty is under 5 years.
  • There are no foreign transaction fees and airport travel lines can be bypassed with Global Entry.
Note: See the online American Express Platinum Card application for details about terms and conditions of the offer. Reasonable efforts are made to maintain accurate information. However all information is presented without warranty.

And these are not all of the benefits received with the card. For instance, you can receive a $100 statement credit when you use the American Express travel Services website to book a vacation or cruise valued at $3,000 or more.

Fees

Platinum Card

Source: American Express

The annual membership fee for the Platinum Card from American Express is $450. While this fee does make some potential cardholders think seriously about applying for the card, the fee is a small price to pay for the rewards that will be received from frequent use of the card. For those that travel frequently, thousands of dollars can be saved annually, making the $450 a palatable cost.

Furthermore, the card does not have an APR. This is simply due to the fact that this is a charge card rather than a credit card. Charge cards do not require any interest to be accrued, which is because the balance has to be paid off every month, making this a great way to receive vast rewards while avoiding steep debt.

The alternative is to not have the card, make purchases, and not receive any kind of reward. With the card and the fact it must be paid in full each month, cardholders do not spend money they don’t have and receive great benefits at the same time.

If the card is not paid off in full on time, there is a $35 late payment fee. If the payment is not made in two consecutive billing periods, the fee is the $35 fee or 2.99% of the past due balance depending upon which is greater. If a payment is returned, the fee is also $35 and the late payment fee will also apply.

The Verdict

Overall, luxury does come with a price, but when that price is one that will pay for itself again and again to the point you will come out ahead financially, it is well worth it. Cardholders are able to shop smarter and enhance travel and shopping experiences. The privileges that are received are literally one-of-a-kind. They are exclusive and will greatly benefit those individuals that travel for business or simply like to travel a lot. Even the frequent shopper is going to benefit from the points that are awarded for every dollar spent.

Have you had any personal experience with American Express Platinum Card?


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About Author

Ginger has over a decade of experience in the area of personal finance. She has provided informative content and advice on a number of finance-related topics to individuals in the U.S. and Europe. She is able to do this because of her personal and professional experience, which includes work in the financial sector and 10 years in tax preparation. She resides in Ohio with her husband and three children.


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Advertiser Disclosure

CREDIT DAD is an independent, advertising-supported website. Many debit cards, credit cards and other financial offers that appear here are from companies from which CREDIT DAD Websites receive compensation. This compensation may impact how and where products appear on this website (including, for example, the order in which they appear). CREDIT DAD Websites do not include all card offers in the marketplace.