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If you’ve spent any time at all reviewing travel rewards cards, you’ve probably come across The Platinum Card from American Express.
First launched in 1984, the Amex Platinum was one of the first cards to introduce many of the most luxurious aspects of travel as we know it today: airport lounge access, luxury hotel partnerships, travel credits, and more. The card quickly became a status symbol among top business executives and luxury travelers.
One of the best-known premium options available to this day, this distinctive metal card is undergoing yet another evolution. For starters, the new Amex Platinum’s annual fee is now $895, making it the most expensive mainstream card available for U.S. consumers. In exchange, Amex Platinum cardholders can now enjoy more than $3,500 in annual value — assuming they can use most or all of its benefits.
Traditionally best known for generous airport lounge access and luxury hotel benefits, the newly updated Amex Platinum now emphasizes dining and wellness as well. Cardholder benefits like credits for purchases at Oura, Lululemon, and Resy establish this card as your new lifestyle bestie, but also raise fresh questions about whether the higher price point is worth paying if you’re not all about brand allure.
The basics
The Amex Platinum remains best suited for frequent travelers, urban professionals, and high spenders who value its many annual statement credits more than the potential of earning generous rewards on all expenses. People who gravitate toward luxury hotels and fine dining will love this card.
Current welcome bonus: 80,000 Amex points after spending $8,000 on the card
Annual fee: $895
Rewards:
- 5 points per dollar on flights and prepaid hotels booked through Amex Travel
- 5 points per dollar on flights booked directly with the airline
- 1 point per dollar on all other purchases
Foreign transaction fees: None
Other annual benefits (enrollment required for most):
- Up to $600 toward eligible hotel stays booked through Amex (up to $300 semi-annually)
- Up to $300 credit toward select streaming subscriptions (up to $25 monthly)
- Up to $400 Resy credit (up to $100 quarterly)
- Up to $200 Uber Cash credit (up to $15 monthly, plus up to $20 bonus in December)
- Up to $200 credit toward incidental fees with the airline of your choice
- Up to $300 Equinox fitness credit
- Up to $155 (plus taxes) credit toward Walmart+ membership (up to $12.95 monthly on eligible plans)
- $209 CLEAR Plus credit
- Complimentary hotel elite status with Marriott, Hilton, and Leading Hotels of the World
How the card’s recent changes affect users
The new Amex Platinum is ideal for frequent travelers who dine out regularly and value brands that partner with Amex, such as Equinox, Lululemon, Oura, and Resy.
The card’s higher price point and fragmented “coupon-book” perks make it less valuable for occasional travelers or those outside of major cities.
This travel card is evolving into a lifestyle membership that works best for big spenders who embrace its brand-name ecosystem. Others will question whether the prestige of carrying the Amex Platinum is still worth the cost, especially since earning rates are poor on non-travel expenses.
The pros and cons
The Amex Platinum is good for luxury, wellness, travel, and prestige — but it’s a bad card for actual expenses beyond travel.
Why we love the American Express® Platinum Card
- Luxury benefits — The Amex Platinum offers the most comprehensive collection of travel and luxury lifestyle benefits from any U.S. card. Among many other benefits, cardholders get automatic elite status with several global hotel chains as well as select rental car companies. They also enjoy complimentary travel and purchase insurance protections.
- Generous rewards on select travel — Cardholders earn 5 points per dollar spent on flights booked directly with airlines, as well as on flights and prepaid hotels booked through Amex Travel. Amex points are highly valuable in the travel rewards ecosystem, and this is a fantastic rate of return for high-ticket expenses.
- Complimentary credits on popular expenses — Travelers enjoy access to half a dozen global airport lounge networks, including the Amex Centurion Lounge, as well as benefits at home, including credits for Equinox gym and wellness, Resy dining experiences, and more.
Things to consider with the Amex Platinum
- High annual fee — The Amex Platinum costs $895 a year, which averages out to $2.45 per day.
- Poor earning rate beyond select travel — The Amex Platinum only earns 1 point per dollar on most expenses, including purchases at partner brands like Equinox, Lululemon, Resy, and Oura.
- Not accepted everywhere — Amex is an international name and boasts a 99% acceptance rate within the U.S. However, some retailers (and many government entities) still don’t accept Amex payments, and international acceptance rates are slightly lower as well.
Earning points with the American Express® Platinum Card
The Amex Platinum offers a mixed bag when it comes to rewards.
On the upside, the card earns 5 Membership Rewards points per dollar on flights booked directly with airlines or through Amex Travel, as well as on prepaid hotels booked via Amex Travel. This generous rate is one of the highest returns you’ll find on travel spending, especially if you can consistently book airfare this way.
However, there are limitations: you won’t earn the 5x rate if you book through online travel agencies like Expedia. You’ll also lose out on rewards for hotel stays if you prefer booking directly to maximize elite benefits or take advantage of flexible cancellation policies. Finally, you won’t earn bonus points on other common travel expenses such as cruises, rental cars, vacation rentals outside of Amex Travel, or public transit.
Beyond flight and hotel expenses, the Amex Platinum falls very flat, earning just 1 point per dollar on all other transactions. This 1x earning rate makes the card a particularly weak choice for everyday purchases — and it’s particularly ludicrous considering you have to use the Amex Platinum to pay for purchases from partner brands like Spotify, Lululemon, Resy, and Equinox in order to qualify for your annual statement credits.
Most savvy Platinum cardholders actually use one or more additional credit cards to earn better returns on daily expenses, while using the Platinum solely for airfare, hotel perks, and spending to trigger lifestyle credits.
Redeeming points with the Amex Platinum
The American Express Membership Rewards ecosystem is one of the most robust travel rewards “currencies.” As a result, Amex Platinum cardholders have a plethora of options when it comes to redeeming points.
One of the simplest ways to redeem Amex points is by booking through the Amex Travel portal, then paying with points at checkout. When redeemed this way, you’ll typically get a value of 1 cent per point: If you buy a $200 plane ticket, you can redeem 20,000 Amex points to avoid paying anything out of pocket.
Amex points are typically worth the most when transferred to Amex airline partners like Air Canada Aeroplan and ANA Mileage Club to book business- and first-class flights. You can usually get far more value out of each Amex point than you’d get if you book directly through the Amex Travel portal or paid with points.
There’s a relatively steep learning curve to maximizing points through transfer partners; fortunately, cardholders can utilize point.me as a guide for establishing good value opportunities.
Who this card is great for
The newly updated Amex Platinum is best suited for frequent travelers and luxury spenders who can maximize its wide array of perks. The high annual fee is significantly offset by one-of-a-kind benefits like Amex Centurion Lounge and Delta Sky Club access with eligible travel, Amex Fine Hotels + Resorts privileges, and generous statement credits for premium lifestyle purchases.
However, seasoned travelers with multiple premium travel rewards credit cards may want to weigh overlapping benefits, such as Priority Pass membership, to decide if the Amex Platinum is truly the best travel card for them.
Comparing the American Express Platinum Card to the American Express® Platinum Card for Business
The Amex Platinum card and its business counterpart share many premium travel benefits, but differ in how they reward spending and their focus on business versus personal purchases.
The Business Platinum Card from American Express is best for business owners with high software or technology expenses who can maximize its annual credits toward Dell, Indeed, and Adobe expenses. It’s also useful for entrepreneurs who spend significant amounts of money on the company card each year. Meanwhile, the Amex Platinum is more focused on luxury and lifestyle expenses.
Both cards offer the same airport lounge access, as well as up to $600 a year toward eligible hotel stays booked through Amex Travel. It’s worth noting that the Business Platinum card does not include credits for Uber or Uber One, even though rideshares are a common expense for most businesses.
| Amex Platinum | Business Platinum | |
| Annual fee: | $895 | $895 |
| Airport lounge access (enrollment required for some, and qualifying travel required for all): | Amex CenturionPriority PassDelta SkyClub, Plaza Premium, Escape Lounges, Lufthansa Lounges | Amex CenturionPriority PassDelta SkyClub, Plaza Premium, Escape Lounges, Lufthansa Lounges |
| Noteworthy credits: | Uber, Resy, Equinox, Amex Fine Hotels + Resorts | Dell, Indeed, Adobe, Amex Fine Hotels + Resorts |
Comparing the American Express® Platinum Card to the Chase Sapphire Reserve
The Chase Sapphire Reserve is the travel rewards credit card that most closely goes head-to-head against the Amex Platinum. Designed with a similar sleek metal finish, the Sapphire Reserve also comes with complimentary access to airport lounges, including the Chase Sapphire Lounges and Priority Pass membership (after enrollment).
Both the Amex Platinum card and the Sapphire Reserve have undergone significant updates this year — for a few months, the Sapphire Reserve card briefly overtook the Amex Platinum as the priciest travel rewards card after a similar annual fee increase accompanying a slew of new annual credits for dining and lifestyle purchases.
| Amex Platinum | Chase Sapphire Reserve | |
| Annual fee: | $895 | $795 |
| Airport lounge access (enrollment required for some, and qualifying travel required for all): | Amex Centurion, Priority Pass, Delta SkyClub, Plaza Premium, Escape Lounges, Lufthansa Lounges | $300 annual travel credit $500 The Edit hotel credit $120 One Peloton credit (new cardmembers), Marriott Bonvoy Gold* (conditional) and IHG Platinum elite status |
| Noteworthy credits: | $200 Uber credit, $400 Resy credit, $300 Equinox credit, $600 Amex Fine Hotels + Resorts credit, Marriott and Hilton Gold status | $300 annual travel credit, $500 The Edit hotel credit, $120 One Peloton credit (new cardmembers), Marriott Bonvoy Gold* (conditional), and IHG Platinum elite status |
Wrap up
If you travel frequently, enjoy luxury hotels, airport lounges, and premium lifestyle perks, and can utilize most or all of the Amex Platinum’s numerous credits, you can easily justify the $895 annual fee. If you don’t use most of these benefits or primarily focus on earning elevated rewards from everyday purchases, you’ll likely get more value from a different points and miles credit card.
Advertiser Disclosure: Some links to credit cards and other products on this website will earn an affiliate commission. Compensation may affect how and where the cards appear on the site, and we do not include all card companies and all available card offers. Opinions, reviews, analyses, and recommendations have not been reviewed, endorsed, or approved by any of these affiliate entities point.me has partnered with CardRatings for our coverage of credit card products. point.me and CardRatings may receive a commission from card issuers.
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