If you’re looking for a credit card with exceptional perks, the American Express Platinum Card is definitely worth considering. However, it does come with a high annual fee. In this review, we’ll explore whether the benefits outweigh the costs and if this card is the right fit for you.
TIME’s Take: Is it Worth it?
If you spend a significant amount on travel expenses like flights and hotels, the American Express Platinum Card could be a great deal for you. In order to make the annual fee worth it, you would need to use enough rewards and earn enough points. Spending around $20,000 to $30,000 or more on travel costs would definitely make this card worthwhile.
Amex Platinum Cost and Fees
Here are the key costs and fees associated with the American Express Platinum Card:
- Annual fee: This card comes with a high annual fee. However, if you take advantage of the perks and rewards, it can easily offset the cost.
- Foreign transaction fee: There is a foreign transaction fee, so this card may not be the best option for international travel.
- Pay over time option available: This feature allows you to pay off your balance over time, but keep in mind that interest charges will apply.
- Late payment and returned payment fees: These fees can add up, so make sure to always make your payments on time.
Is the Amex Platinum Card Right for You?
The American Express Platinum Card is best suited for the following individuals:
- Major travelers: The card offers exclusive perks such as access to airport lounges, hotel credits, and TSA PreCheck or Global Entry application credits.
- Big spenders: If you spend a significant amount on flights each year, you can earn 5x points on up to $500,000 worth of flights annually. Additionally, there’s a generous welcome bonus for new cardholders.
- Those with excellent credit: This card is reserved for individuals with good or excellent credit scores.
Amex Platinum Rewards
The rewards offered by the American Express Platinum Card include:
- Bonus miles: You can earn bonus miles for signing up and meeting certain spending requirements.
- 5x points on hotels and flights booked through American Express Travel.
- Statement credits for various expenses such as hotels, airlines, Equinox subscriptions, and more.
- Access to airport lounges worldwide.
- Various credits for Uber rides, Walmart+ memberships, digital entertainment subscriptions, and Saks Fifth Avenue shopping.
- Flexible points redemption options for travel or transfer to partner airlines and hotels.
- Purchase protection, trip cancellation/interruption insurance, and elite status at select hotels.
Rewards vs. Annual Fee
The statement credits and rewards offered by the American Express Platinum Card can more than offset the annual fee. By taking advantage of the hotel credits, airline fee credits, and other perks, you can save a substantial amount of money. Additionally, earning 80,000 bonus points in the first six months is a significant incentive.
Amex Platinum Pros and Cons
Here are the pros and cons of the American Express Platinum Card:
Pros
- No foreign transaction fees: This card is perfect for international travelers.
- Send cash without fees: You can send money through Venmo and PayPal using the Amex app without paying additional fees.
- Great travel rewards: Earn 5x rewards on travel purchases and enjoy various perks that enhance your travel experience.
Cons
- High annual fee: The annual fee for the American Express Platinum Card is higher compared to other travel cards.
- Eligibility requirements: This card is only available to individuals with good or excellent credit scores.
- Certain restrictions: The airline credit can’t be used for airfare purchases.
Card Alternatives
While the American Express Platinum Card offers exceptional rewards for big spenders who travel frequently, there are competitors that may provide better deals for maximizing points on non-travel expenses, such as dining out or everyday purchases.
FAQs
What credit score is needed?
To qualify for the American Express Platinum Card, you’ll need a good-to-excellent credit score. The higher your score, the better your chances of being approved.
Do the rewards offset the annual fee?
If you plan on utilizing the statement credits and spend a significant amount on flights and hotels each year, the rewards should easily outweigh the annual fee.
Does it have more lounge access than its competitors?
The American Express Platinum Card provides access to over 1,400 airport lounges in 140 countries, making it one of the best credit cards for lounge access. However, other cards may offer unlimited access or allow you to bring guests at no extra charge.
Can you add authorized users?
Yes, you can add authorized users to your account. However, additional users won’t receive extra perks, such as the TSA PreCheck credit or digital entertainment credit.
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