The bottom line:
The rewards are solid and the perks are outstanding, but the annual fee can't be ignored.
Automatic elite status
Has annual fee
Requires good/excellent credit
Foreign transaction fee
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Compare to Other Cards
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16.24%-23.24% Variable APR
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Recommended Credit Score
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Even within the ranks of "premium" cards — which we can roughly define as those with annual fees of $250 or more — some cards are more premium than others. Many of them exist primarily to give regular folks a little taste of the high-end lifestyle. Others, however, are designed to make that high-end lifestyle tastier for people who are already living it.
The Platinum Card® from American Express is most definitely the latter.
The card's $695 annual fee, which increased from $550 on July 1, 2021, is among the steepest in the industry (existing card holders are spared the fee increase until January 1, 2022). But that fee unlocks an extensive portfolio of benefits focused on travel, entertainment, dining, retail and wellness. It's not about saving money. It's about getting more for the money you spend. If you spend a lot and expect a lot, then the original luxury card may be for you.
The Platinum Card® from American Express: Key features
To view rates and fees of The Platinum Card® from American Express, see this page.
Annual fee: $695.
Bonus offer: Earn 100,000 Membership Rewards® Points after you spend $6,000 on purchases on the Card in your first 6 months of Card Membership. Terms Apply.
5 Membership Rewards points per dollar spent on flights booked directly with airlines or with American Express Travel.
5 points per dollar on prepaid hotels booked with American Express Travel.
2 points per dollar on other eligible travel expenses booked with American Express Travel.
1 point per dollar on all other purchases.
Membership Rewards points are worth a baseline value of about 0.5 cents to 1 cent each, depending on how you redeem them. Travel and gift card redemptions are generally the most valuable.
Points are also transferable to and can be worth even more if redeemed strategically after being transferred to other travel loyalty programs. Travelers can often get outsized value for their points by taking advantage of the transfer options, and NerdWallet values Membership Rewards as much as 2 cents each when redeemed this way.
Interest rate: See terms.
Foreign transaction fees: None.
Up to $1,400 in annual statement credits toward eligible purchases.
Access to airport lounges through the American Express Global Lounge Collection.
Cell phone protection.
Benefits and perks
With most travel cards, the rewards you earn for your spending are the signature feature. Not with The Platinum Card® from American Express. To be sure, the welcome offer for new cardholders is lucrative, but even earning 5X points on eligible flights and hotel stays, you'll have to book an awful lot of travel before you earn back that fat annual fee. The bulk of this card's value lies instead in its annual statement credits for specific purchases, along with automatic upgrades, premium services, exclusive access and other "soft" benefits.
$200 a year for airline incidental fees. This is reimbursement for things like checked-bag fees or in-flight refreshments, but not airfare or upgrades. It applies to a single airline you choose when you enroll; you can change airlines once a year.
$200 a year for hotel bookings. This credit applies to prepaid bookings through American Express Travel at the more than 1,700 hotels that are The Hotel Collection (two-night minimum stay required) or Fine Hotels + Resorts properties.
$200 a year for Uber. These credits are issued on a monthly basis — $15 each month and $35 in December — good for rides or eats orders in the U.S. They don't roll over; if you don't use them in the month they're issued, you lose them. You also get Uber VIP status, if you live in a city where that matters.
$300 a year for Equinox gym memberships. This comes in the form of a $25 statement credit per month for select eligible Equinox memberships, including Equinox All Access, Destination, E by Equinox memberships or the on-demand fitness app Equinox+.
$100 a year at Saks Fifth Avenue. When you enroll you get $50 worth of credit for in-store or online purchases from January through June, and another $50 for purchases from July through December.
Fee credit for TSA Precheck or Global Entry.
$179 a year for CLEAR. Speed through airport security and get into stadiums more quickly with a credit that’s enough to cover CLEAR’s annual cost.
$240 a year for digital entertainment. Get up to $20 per month toward eligible subscriptions for Peacock, Audible, SiriusXM, Disney+, The Disney Bundle, ESPN+, Hulu and The New York Times.
Airport lounge access
The Platinum Card® from American Express offers unmatched access to airport lounges worldwide — more than 1,300 and counting. They include:
The issuer's own Centurion Lounges and International American Express lounges.
Delta Sky Clubs, when flying Delta.
Priority Pass Select lounges (enrollment required).
Lounges in the Plaza Premium, Escape and Airspace networks.
Marriott. You can enroll to upgrade to Gold Elite status in Marriott's Bonvoy rewards program without meeting any stay requirements.
Hilton. You get automatic Gold status in the Hilton Honors loyalty program when you enroll.
The Hotel Collection. Book a stay of at least two nights at one of these properties (search for locations here), and you'll get an automatic upgrade, if available, and a $100 credit for dining, spa, resort or other activities at the hotel.
Fine Hotels & Resorts. Book a stay at one of these ultra-high-end places (search for locations here) and get upgrades and amenities that the issuer says are worth an average of $550 per stay. They include automatic room upgrades, if available, early check-in, late checkout, complimentary breakfast, free Wi-Fi and amenities unique to each property.
Cell phone protection. This increasingly popular benefit joins the card’s already robust return and purchase protections, along with extended warranties. Coverage goes up to $800 per claim, or $1,600 (two claims) per 12-month period. Each approved claim carries a $50 deductible. Terms apply.
Concierge service. Cardholders get 24-hour access to concierge services by phone.
Global Dining Access by Resy. Special access to reservations and events, like chef meet-and-greets at high-end restaurants, when you add your card to your Resy profile.
By Invitation Only. This program offers members-only VIP experiences at events such as Wimbledon and the Kentucky Derby. It's important to note that your card only gives you the ability to buy tickets for these experiences — it doesn't get you in for free.
Preferred Seating. Your card may let you jump the line to buy tickets for select sports or cultural events.
Drawbacks and considerations
If "getting your money's worth" from a card means that every dollar you spend has to make its way back to your pocket in the form of spending rewards, credits or discounts, you'll probably find plenty of reasons to pass on The Platinum Card® from American Express. The most obvious potential deal-breakers for some are:
That annual fee
In a world where many travel cards charge less than $100 a year for excellent rewards and benefits, and $450 is more or less standard for premium cards, a $695 annual fee could push anyone off the fence into "no" territory on this card. That's especially true considering that so many of the benefits on The Platinum Card® from American Express aren't easily quantifiable. How much is late checkout worth to you? Or a spa package and breakfast? How about an exclusive opportunity to spend $8,900 for VIP seating at the Grand Prix de Monaco?
Limited rewards earning
Certain travel spending excepted, you won't earn more than 1 point per dollar with The Platinum Card® from American Express. Other cards concentrate more of their value in spending rewards. The popular Capital One Venture Rewards Credit Card, for example, gives you 2 miles per dollar spent on purchases. Miles can be redeemed for any travel purchase at a value of 1 cent apiece. You also get a solid sign-up bonus and reimbursement for the TSA PreCheck or Global Entry application fee for an annual fee of just $95.
The $200 annual credit for airline fees and incidentals was a great deal at one time, but the competition has improved on it. The Chase Sapphire Reserve® offers $300 a year in credit for any travel expense — not just incidental fees and not just on airlines. The Citi Prestige® Card gives you $250 a year.
And while the full list of annual statement credits are, combined, worth more than the annual fee, you actually need to use them to get any benefit. That might not be easy to do if you don’t live in a city with Equinox gyms or an airport served by CLEAR. The credits aren’t going to save you much if you’re enticed to spend more on luxuries just to use the credits once.
Platinum vs. Sapphire Reserve
The most prominent competitor of The Platinum Card® from American Express among premium travel cards is the Chase Sapphire Reserve®.
Alternate pick: Flat-rate rewards
How to decide if it's right for you
If you're an occasional traveler who flies coach and stays at the Holiday Inn, The Platinum Card® from American Express isn't going to magically get you into first class and the presidential suite at the Ritz-Carlton at no extra charge.
For many, the usability of the card's many annual credits may make it or break it. If you can maximize the credits, they can more than make up for the card's steep annual fee. But if you won't be able to make use of many of the annual credits that come with the card, it may not make sense for you.
If you're a frequent-to-constant traveler who doesn't mind spending money for quality and would love to be rewarded for doing so, then it might be a perfect fit for your wallet.
Hear it from Nerds who carry the card
NerdWallet team members who carry The Platinum Card® from American Express say using the exclusive perks is the key to getting your money's worth:
Information related to the Citi Prestige® Card has been collected by NerdWallet and has not been reviewed or provided by the issuer of this card.
NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.
Frequently asked questions
The Platinum Card® from American Express earns 5 Membership Rewards points per dollar spent on flights booked directly with airlines or with American Express Travel; 5 points per dollar on prepaid hotel purchases booked through amextravel.com; 2 points per dollar on other travel expenses booked through amextravel.com; and 1 point per dollar on all other spending. Terms apply. Keep in mind that the spending rewards provide only a portion of this card's overall value. To get the most value for your hefty annual fee, you'll want to make use of the card's extensive list of perks.
The Platinum Card® from American Express offers some lucrative perks and benefits. These include access to more than 1,300 airport lounges worldwide; an annual $200 airline fee credit; VIP status and credits with Uber; elite status in the Marriott Bonvoy and Hilton Honors hotel loyalty programs; concierge service; reimbursement for TSA PreCheck or Global Entry application fees; and more. More about the card's benefits.
The card has a $695 annual fee.
The Platinum Card® from American Express requires good to excellent credit to qualify. This is typically defined as a credit score of 690 or better. Issuers will usually also consider your current debts, income, and other pertinent information.
Cardholders have access to more than 1,300 airport lounges worldwide, including American Express Centurion Lounges, International American Express lounges, Delta Sky Clubs (when flying Delta), Priority Pass Select lounges and lounges in the Plaza Premium, Escape and Airspace networks.
The Platinum Card® from American Express was introduced as a charge card, meaning your balance was due in full every month. However, cardholders can now carry a balance on certain purchases with American Express's Pay Over Time feature, which allows the card to function more like a traditional credit card.
The American Express® Gold Card may be the better choice if you're primarily interested in earning rewards on everyday spending. The Platinum Card® from American Express is geared toward travelers who want VIP perks. Gold has a significantly lower annual fee, too: $250, compared with $695 for Platinum. See our comparison article for more details.