Tons of Luxury Travel Perks at a Steep Annual Fee: Your Guide to the Platinum Card from American Express
by Krish Patel
Out of all the premium travel credit cards out there, the Platinum Card from American Express is one of the most popular. It includes countless benefits, many of which are travel-related, a pretty solid welcome bonus, and multiple statement credits. While the Platinum Card comes with great benefits, it includes a high annual fee of $695. So, if you’re going to make use of all the benefits, then having this card might be worth the annual fee.
Amex Platinum Earning Rate and Welcome Offer
Currently, the Platinum Card from American Express offers a welcome bonus of 80,000 Membership Rewards points after spending $8,000 on purchases in the first six months of account opening. The Platinum Card’s welcome bonus is higher than what’s seen on many other premium travel credit cards, such as the Chase Sapphire Reserve or Capital One Venture X Rewards Card.
The Platinum Card comes with the following earning rates:
Earn 5 points per dollar on airline purchases booked directly through Amex Travel (on up to $500,000 on these purchases per calendar year, then 1 point per dollar)
Earn 5 points per dollar on prepaid hotels booked through Amex Travel
Earn 1 point per dollar on all other purchases
The Amex Platinum doesn’t have the best earning rates compared to other premium travel credit cards, such as the Capital One Venture X, which earns at least 2 points per dollar spent on purchases.
Benefits that Come with the Amex Platinum Card
While the Platinum Card doesn’t have the most competitive earning rates, it makes up for it by offering loads of perks, which include:
An annual statement credit up to $200 for incidental fees charged by an airline of your choice
An annual statement credit up to $200 for hotels on prepaid Amex Fine Hotels + Resorts or The Hotel Collection bookings with American Express Travel for stays that you pay for using your Amex Platinum (Hotel Collection stays must be at least 2 nights)
Up to $200 annually in Uber Cash (it’s split into credits of $15 each month plus a bonus of $20 in December)
A statement credit up to $199 to cover your annual membership with Clear Plus
An annual statement credit of up to $240 for digital entertainment that’s spread out into monthly increments of $20
An annual Equinox credit of up to $300
A statement credit of up to $155 that covers the cost of a monthly membership with Walmart+ when paying with the Amex Platinum (only on one membership, subject to auto-renewal)
A statement credit of $100 every four years or a fee credit up to $85 every 4 ½ years (depends on which application fee is charged to your card first)
An annual Saks Fifth Avenue credit of up to $100 that’s split into two credits, one $50 credit for January through June and another for July through December
Access to the American Express Global Lounge Collection, which includes Amex Centurion Lounges, Delta Sky Clubs (on same-day Delta ticket), and Priority Pass Lounges plus others (Effective from February 1, 2025, qualifying Platinum Card cardholders will receive 10 complimentary visits to the Sky Club per year)
Gold elite status with Hilton Honors and Marriott Bonvoy
Rental car status with Hertz Gold Plus Rewards President’s Circle, Avis Preferred Club and National Emerald Club Executive
Included access to The Hotel Collection and Amex Fine Hotels + Resorts
Possible eligibility for being reimbursed up to $500 per covered trip for reasonable additional expenses if your trip is postponed by more than 6 hours for a covered reason
Possible eligibility for reimbursement of up to $10,000 per covered trip if you need to cancel or interrupt your trip for a specific reason
Purchase protection to protect recent purchases against being stolen, loss for up to 90 days from the date of being purchased, or accidental damage
The benefit of extended warranty extends eligible manufacturer’s warranties of five years or less by an extra year
Note that terms apply to the benefits just listed. Even if you only end up using some of the card’s many benefits, you’ll still be able to cover most of its high annual fee.
Redeeming and Transferring Points on the Platinum Card
Membership Rewards are the points currency for American Express, and the best way to maximize them is to transfer them out to a specific transfer partner. They can also be used to book travel directly through American Express’s travel portal. When redeemed for airfare through Amex Travel, your points are worth one cent per point, however, they’re worth less if used to book hotel rooms. If you really want to book through Amex, you’ll get the best value by having another Amex credit card, but the value still isn’t as good as utilizing one of the transfer partners.
Amex has plenty of airline and hotel transfer partners, which includes major airlines from the Star Alliance, OneWorld Alliance, and SkyTeam Alliance. Most of Amex’s transfers occur at a 1:1 ratio. Some of the transfer partners include Singapore Airlines KirsFlyer, Qatar Airways Privilege Club, Delta SkyMiles, Air Canada Aeroplan, Hilton Honors, and Avianca LifeMiles.
Click here to read our guide to maximizing Membership Rewards with the Amex transfer partners.
Conclusion
If you can take advantage of some of (or all) the numerous American Express Platinum Card benefits, then it might be worth the steep annual fee. The Platinum Card is one of the best credit cards for a luxury traveler, as it includes plenty of travel benefits, such as lounge access, complimentary elite status with certain programs, and travel statement credits to cover a variety of purchases. With the Amex Platinum, it’s also possible to earn rewards on purchases that can be redeemed towards your next vacation. While the card has a very high annual fee attached, the annual statement credits make up for the steep annual fee before considering the other generous benefits.