American Express Platinum: Why It’s Worth the Fee
With its high annual fee, you may think The Platinum Card® from American Express is overpriced for anyone outside the Rockefeller family. But you may be surprised to find that the annual fee is easily outweighed by this card’s awesome perks and signup bonus. When it comes to combining luxury and practicality, no one does it like The Platinum Card® from American Express. Here’s what you need to know about this card.
on American Express's
on American Express's
|At a glance|
|Foreign transaction fee||None|
|Rewards program||Membership Rewards points to use for travel, dining, merchandise, etc.|
|Signup bonus||Earn 40,000 points after you spend $3,000 on purchases on your new Card in your first 3 months.|
|Verdict: If you travel frequently and luxuriously, go for it|
In this article:
The Platinum Card® from American Express: The basics
The Platinum Card® from American Express offers 1 Membership Rewards point per dollar spent on anything, redeemable for a multitude of things, including travel and merchandise. It also has a killer signup bonus: Earn 40,000 points after you spend $3,000 on purchases on your new Card in your first 3 months.
The Platinum Card® from American Express has an annual fee of $450 and no foreign transaction fees.
Fringe benefits, front and center
The Platinum Card® from American Express has a number of auxiliary perks that aren’t exclusively the domain of the ultra-rich. Most of these perks are quantifiable, obliterating any doubt: The $450 annual fee is an investment that’ll pay for itself and then some if you use the benefits.
- Complimentary Priority Pass Select membership: Cardholders have access to more than 600 airport lounges worldwide with the Priority Pass program, as well as Centurion and select Delta and Airspace lounges. American Express offers Select access, which means cardholders get complimentary access to lounges all over the world (and pay only $27 for guests). This access normally costs around $400 and is definitely worth it to anyone who flies overseas regularly.
- $100 credit toward the Global Entry program: Global Entry is a government program that allows certain individuals “expedited clearance” upon re-entry to the United States. American Express can’t guarantee that cardholders will be approved — an extensive application and background check process are necessary to prove you aren’t a risk — but it will rebate the $100 application fee.
- Up to $200 credit toward expenses on your favorite airline: Register your preferred airline with American Express to get refunded up to $200 per year on incidentals like baggage fees, change fees and in-flight meals.
Where The Platinum Card® from American Express shines
The Platinum Card® from American Express is a great travel credit card for the right cardholder. Here are the perks of getting The Platinum Card® from American Express:
Killer signup bonus. The Platinum Card® from American Express has a signup bonus worth writing home about: Earn 40,000 points after you spend $3,000 on purchases on your new Card in your first 3 months.
EMV technology and no foreign transaction fees. Provided your overseas destination widely accepts American Express, The Platinum Card® from American Express is a great travel card for international travel. It has an EMV chip for more secure transactions, domestically and abroad, and no foreign transaction fees on your overseas purchases.
Luxury perks. Frequent travelers, especially those who travel overseas, will enjoy the luxury perks of The Platinum Card® from American Express. Between the incidentals credit, access to airline lounges all over the world and application fee reimbursement for the Global Entry program, it will be hard not to get used to traveling like a rockstar.
Where The Platinum Card® from American Express falls short
Of course, this card isn’t for everyone. If you fit one of the below profiles better, you may want to consider one of the recommended cards.
You travel, but aren’t likely to use the travel perks.
The Chase Sapphire Preferred® Card has an Introductory Annual Fee of $0 the first year, then $95, which is much more manageable for smaller travel budgets. It boasts no foreign transaction fees, so you can enjoy using this card overseas as well.
You want the perks, but you also want higher ongoing rewards.
If you’re worried about missing out on the perks, don’t! The Citi Prestige® Card boasts an annual $250 airline credit, a complimentary 4th night on all hotel stays, and access to luxury perks, like chauffeured cars and private jets. The card has an annual fee of $450 and
The bottom line: Should I get The Platinum Card® from American Express?
If you travel frequently and internationally — where American Express is widely accepted — The Platinum Card® from American Express is a great card. Provided you can stomach the high annual fee, you’ll be rewarded with luxury perks like airport lounge access and an annual incidentals credit. Enjoy traveling in style, we have a feeling you’re going to enjoy it.