Amex Platinum Card Review 2023

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If you want as many premium travel perks as possible, The Platinum Card® from American Express - Product Name Only could be the right card for you. The $550 annual fee is high, but you get a long list of benefits such as airport lounge access, travel statement credits, complimentary hotel elite status, and more. Many of the best credit cards have no annual fee, but here's why the Amex Platinum's fee might be worth it for you.

American Express Platinum Fees and Other Costs

Amex Fees

As discussed above, the Platinum Card has a $550 annual fee. This isn't waived for the first year, so you'll start paying it as soon as you're approved for the card. However, if you're an active-duty servicemember, you could be able to get the Amex Platinum without the annual fee.

The card doesn't charge foreign transaction fees, but it does have the Amex Pay Over Time financing option (rather than paying your statement balance in full each month), The Platinum Card® from American Express to see your rates. Other fees include:

• Late payment fee: Up to $40
• Cash advance fee: $10 or 5% of the amount of each cash advance, whichever is greater

If you're considering this card, make sure you're able to pay your statement balance in full each month — both because the interest fees will rack up quickly if you don't, and there are better cards to consider if you need to carry a balance from month to month.

Amex Credits

The The Platinum Card® from American Express - Product Name Only is unparalleled when it comes to the number of statement credits it offers. Here's a complete list:

• Up to $200 annual airline fee credit
• Up to $200 in Uber Cash each year ($15 per month, with an extra $20 in December)
• Up to $100 in Saks credit ($5o each for the first and second half of the year)
• Up to $100 credit to cover the cost for Global Entry or TSA PreCheck
• Up to $200 hotel credit
• $189 credit for CLEAR® expedited security screening program
• Up to $240 digital entertainment credit (up to $20 per month for eligible services)
• Up to $300 Equinox credit
• Walmart+ membership credit
• $300 SoulCycle at-home bike credit

Is the Amex Platinum Worth the Annual Fee?

Whether or not the Amex Platinum is worth the yearly fee ultimately comes down to your preferences as a cardholder, and whether you can take advantage of the card's many travel-related benefits and statement credits. 

If you value things like Centurion Lounge access, complimentary elite status with Hilton and Marriott, and extras like the annual airline fee credit, it could very well be worth paying the The Platinum Card® from American Express - Annual Fee to hold this card. But if you don't travel very often and don't think you'll be able to put the card's many benefits to use, you'll likely be better off with another of the best rewards credit cards—some of which have annual fees under $100.

Amex Platinum Review: Is it the Best Card for You?

If you want a premium rewards card — one with benefits like airport lounge access and annual statement credits for travel — the Platinum Card® from American Express should absolutely be on your shortlist. It has a $550 annual fee, but you get some great perks in return, including access to fancy Centurion lounges at airports around the world. 

While most of its benefits are related to travel — such as complimentary elite status with Hilton Honors and Marriott Bonvoy** and up to $200 in annual airline fee credits** — the Platinum Card has added new perks like digital subscription credits** and Equinox membership credits** to help offset the annual fee. 

The Platinum Card earns American Express Membership Rewards points that you can transfer to more than a dozen airline and hotel partners. If you don't travel much to begin with, this probably isn't the card for you. But if you travel frequently and want as many premium perks as possible and don't get an invite for the exclusive Amex Black card, this is the next best thing.

Amex Platinum Rewards

Welcome Bonus

The Platinum Card comes with a welcome offer of 75,000 points after you spend at least $5,000 in your first 6 months of account opening. Based on our rewards program valuations, the current welcome bonus is worth about The Platinum Card® from American Express, which alone makes up for more than two years of the annual fee.

How to Earn Points

The Platinum Card doesn't have a terribly complicated earning structure. Cardholders earn:

• 5 points per dollar on airfare purchased directly through the airline or through Amex Travel (on up to $500,000 per calendar year)
• 5 points per dollar on hotels booked through Amex Travel 
• 1 point per dollar on all other eligible purchases

How to use Amex Membership Rewards points

The Platinum Card earns Membership Rewards points, the currency of Amex's loyalty program. You can exchange them for statement credits or cash back, use them to book travel through Amex's travel website, or transfer them to any of 17 airline and three hotel transfer partners (transferable points like these are among the most valuable).

Membership Rewards points don't have a fixed value, so it's a bit tricky to figure out how much they're worth. To get an idea, Insider's rewards experts developed a set of points and miles valuations, which approximates the value of each Amex point at 1.8 cents on average, though it's possible to get a lesser or much greater value depending on how you use them.

If you transfer points to airline frequent-flyer programs and use them to fly round-trip to Europe — or even one-way in first class — you could end up getting a much higher value.

If you're staying close to home, you can still use Amex Membership Rewards points for lots of non-travel redemptions, including:

• Statement credits to cover charges on your account (0.6 cents per point)
• Merchandise — pay with points at checkout with Amazon, Best Buy, Walmart, and other merchants (0.7 cents per point)
• Food delivery with GrubHub and Seamless (0.7 cents per point)
• New York City taxi fare (1 cent per point)
• Charity donations (0.7 cents per point)
• Gift cards (1 cent per point)
• Merchandise (point value varies — usually around 0.5 cents per point)

American Express Platinum Benefits and Features

Even among premium cards, the Platinum Card stands out for offering the longest list of benefits you'll find. This includes both a healthy selection of travel credits and perks like lounge access, as well as statement credits for Saks purchases and access to the Amex concierge service.

Airport Lounge Access

The Platinum Card offers access to various airport lounges, not just the Priority Pass lounges** you can access with the Chase Sapphire Reserve®, Capital One Venture X Rewards Credit Card, and the Hilton Honors American Express Aspire Card (though you can access these, too).

This includes:

• Amex's proprietary Centurion lounges, located at more than 10 airports in the US and with one location in Hong Kong. These lounges offer comfortable seating, complimentary cocktails, and food created by award-winning chefs. Access to these lounges is limited to holders of Platinum Card or Amex Centurion cards.
• If you're flying with Delta and carry a Platinum Card, you can also access any Delta Sky Club lounge. With more than 30 locations, Sky Clubs offer snacks, complimentary soft and alcoholic drinks (with more "premium" drinks available for purchase), fast WiFi, and a place to unwind. Some also feature showers.
• International American Express lounges (with locations in countries like Argentina, Australia, and Mexico)
• Escape Lounges, with locations in the US and UK
• Finally, the Platinum Card comes with a membership to Priority Pass, a network of more than 1,300 airport lounges around the world. With that membership, you and two guests can access any lounge location (as long as there's room) to enjoy free snacks, drinks, newspapers and magazines, showers, and more.

Up to $200 Annual Airline Fee Credit

Every calendar year, the Platinum Card offers up to a $200 credit toward incidental fees** on one airline of your choice.

It doesn't cover tickets but applies to a wide variety of things such as checked bags, flight-change fees, inflight food and drinks, fees for traveling with a pet, airport-lounge day passes (if you don't already have complimentary access), and sometimes even things like seat assignments and extra-legroom upgrade fees at one airline.

Up to $200 in Uber Cash Each Year

The Platinum Card offers up to $200 in Uber Cash credits** each year. The credit is broken into chunks — each month, you'll get a $15 credit added to your linked Uber account, with an extra $20 for a total of $35 each December.

If you travel regularly or live close to a city, this is an easy perk to get value from. You can also put the credits toward UberEats orders for food or even groceries and household supplies.

In addition, your account will be upgraded to Uber VIP status. There aren't a ton of perks with this, and it's available only in some cities, but you'll only be connected to drivers with at least a 4.8-star rating. 

Up to $100 in Saks Credit Each Year

The Platinum Card offers up to $50 in statement credits with Saks when you use the card to make a Saks purchase from January to June, and up to $50 again from July through December each year**.

Elite Status With Hilton Honors and Marriott Bonvoy 

The Platinum Card comes with Gold-level elite status at both Marriott and Hilton loyalty programs**. 

If you stay at hotels even a few nights a year, these benefits can be extremely valuable — Hilton offers Gold elites free breakfast for two each morning (currently awarded as a food and beverage credit in the US). 

Up to $100 to Cover the Application Fee for Global Entry or TSA PreCheck 

TSA PreCheck and Global Entry are absolute musts for just about any traveler. Once you enroll, you can use special lanes to breeze through airport security — you won't have to remove shoes and light coats, and you can leave your laptop in your bag. With Global Entry, you can use a fast lane when you return to the US from abroad, which makes clearing immigration and customs easy and quick.

The programs cost $78 to $100, and American Express will provide a credit for that fee every four years (memberships are valid for five years).

Up to $200 Hotel Credit

Cardholders will get up to $200 in credit each calendar year toward prepaid bookings at Amex Fine Hotels and Resorts or Hotel Collection properties (with a minimum of two-night stay) when they book with their card through Amex Travel. This credit expires at the end of every year and doesn't roll over, but you're only required to book by December 31 to receive the credit— your travel dates can be later.

Fine Hotels and Resorts bookings include perks such as free breakfast, guaranteed late checkout, room upgrades and early check-in when available, and a welcome amenity or credit unique to each property. If you would have otherwise paid cash for a luxury hotel stay, this perk can effectively shave $200 off your annual fee cost.

Bookings with The Hotel Collection must be for a minimum of two nights, and include benefits like room upgrades and a $100 on-property credit. 

$189 CLEAR® Credit

CLEAR® is an expedited security screening program that can save you time waiting in long lines at select US airports and stadiums. A CLEAR® membership normally costs $189 per year ($119 for members of the United or Delta frequent flyer programs, and further discounts are available for elite status members), but if you pay with your Platinum Card, you'll receive a credit to offset the CLEAR® application fee**.

When you have a CLEAR® membership, you can jump to the front of the security line, but — unlike TSA PreCheck members —you'll still have to remove items like your laptop and shoes before getting screened. CLEAR® isn't a government program so the application requirements are much less stringent than those of TSA PreCheck and Global Entry.

The downside is that CLEAR® screening is only in select locations, so if the airports you travel through don't participate, this benefit is of little use to you. However, the program is also available at a handful of stadiums, so if you're a sports fan who likes to attend live games, this could end up being a good deal.

Up to $240 Digital Entertainment Credit

The card offers various digital entertainment credits, which are awarded in chunks of up to $20 per month (maximum $240 per year). Enrollment is required before you can use this perk.

Eligible digital subscription services for the credit include:

• Audible — Plans start at $7.95 per month (after free trial)
• The New York Times — $17 every four weeks for a standard subscription (after any introductory offers)
• SiriusXM — Plans start at $10.99 per month (after any introductory offers)
• Peacock — Plans start at $4.99 per month
• Disney+ — Plans start at $7.99 per month
• The Disney Bundle — Plans start at $13.99 per month
• ESPN+ — Plans start at $6.99 per month
• Hulu — Plans start at $6.99 per month

Depending on if these are subscriptions you already have (or would be likely to use), this credit might not make a difference for you.

Up to $300 Equinox Credit

Cardholders can receive up to $300 annually in credits toward Equinox gym memberships or digital subscriptions to on-demand fitness classes through the Equinox+ app**. Enrollment is also required to activate this benefit. 

Equinox is a chain of high-end fitness clubs that are mostly located in large US cities. The company's website lists 106 locations, 40 of which are in Manhattan, and the rest are sprinkled around places like Chicago, Miami, London, and Washington, DC.

Again, if this is something you'd pay for anyway, these credits could amount to a nice little discount — but keep in mind that Equinox memberships are not cheap. For example, with a 12-month commitment, you'd pay $240 per month for membership at the Rockefeller Center location, and $275 per month if you want access to all US clubs.

Walmart+ Membership Credit

When you use your Platinum Card to pay for Walmart's subscription service, Walmart+, you'll receive a statement credit for the cost** ($12.95 plus applicable sales tax each month).

Only Walmart+ monthly memberships (not annual) qualify for this perk. A Walmart+ membership gets you free delivery, free shipping with no minimums, pharmacy discounts, and other perks — so if you're already a Walmart shopper it's a no-brainer to use this benefit.

$300 SoulCycle at-home bike credit

If you're in the market for a SoulCycle at-home bike, use your Platinum Card to make the purchase through your Equinox+ account online and you'll receive a $300 statement credit. These bikes cost about $2,500, so this isn't a massive discount — but if you're making this purchase anyway, it's a nice deal.

You can actually redeem this credit for up to 15 separate bike purchases each year, but keep in mind each purchase requires a 12-month Equinox+ membership ($40 per month plus applicable tax) to qualify, and purchases made in-store or through the Equinox mobile app aren't eligible for the credit.

Amex Fine Hotels & Resorts

Amex Platinum cardmembers can access the Amex Fine Hotels & Resorts program. When you book participating hotels through Amex Travel, you'll enjoy perks including room upgrades, free breakfast, late checkout, free Wi-Fi, and a unique amenity at each hotel, like a credit to use at on-property spas or restaurants.

Amex Platinum Concierge

Platinum Card holders also get exclusive concierge service. The concierge service can be helpful for things like getting tickets to shows or helping you plan a trip itinerary. While the services are complimentary, you're responsible for paying for any services booked or purchases made on your behalf

Cell Phone Protection

Amex has added cell phone protection to a number of premium cards, including the Platinum Card.

When you use the card to pay your wireless bill, you're covered for the cost of repair or replacement if your phone is damaged or stolen, up to $800 per claim and up to two claims per 12-month period. There's a $50 deductible, and you must file your claim within 90 days of the incident.

Car Rental Insurance

The Platinum Card offers secondary car rental insurance when you use the card to pay for your rental in full and decline the rental company's collision damage waiver. Coverage is for theft or damage only (not liability) and some rentals, vehicle types, and countries are excluded, so be sure to read the terms.

Trip Cancellation and Interruption Insurance

If you paid for a covered trip with the Platinum Card and it's canceled or cut short for a covered reason, you could be reimbursed up to $10,000 per trip and up to $20,000 per card per consecutive 12-month period. The card is even one of our picks for best credit cards for travel insurance.

Baggage Insurance

When you pay for a covered trip with your Platinum Card, you can be covered for baggage loss or damage, up to $2,000 per person for checked bags and $3,000 per person for carry-on luggage.

There are exclusions for high-risk items and some states have different limits, so check the terms and conditions for specific details.

Trip Delay Insurance

You can get reimbursed up to $500 for meals, lodging, toiletries, medication, and other personal items if you've paid for a covered trip with your Platinum Card and it's delayed by six hours or more, up to two times per consecutive 12-month period. It also appears on our list of the best cards for trip delay insurance.

Return Protection

If you purchased an eligible item with the Platinum Card and the merchant won't accept your return, you're may get a refund of the full purchase price (excluding shipping and handling), up to $300 per item and a maximum of $1,000 per calendar year.

Purchase Protection

When you pay for an eligible item with the Platinum Card, you can be covered for loss or damage up to 90 days from the date of purchase, up to a maximum of $10,000 per occurrence and $50,000 per year.

Extended Warranty

Cardholders can also get an extended warranty on eligible items when they use their Platinum Card to pay — up to one additional year added to eligible US manufacturer's warranties of five years or less.

Premium Global Assist Hotline

The Platinum Card comes with an underrated perk that can be a lifesaver if you have an emergency while you're away from home. Cardholders get access to Amex's Premium Global Assist Hotline, which can help arrange things like passport replacement, medical referrals, and translation services.

The service itself is complimentary, but you may be responsible for any third-party costs. One big difference from the regular (versus premium) Global Assist Hotline is emergency medical evacuation coverage — Amex may provide emergency medical transportation assistance at no cost if it's approved and coordinated by Premium Global Assist Hotline.

Amex Offers

Like other American Express cards, the Platinum Card includes targeted discounts and bonus rewards at participating merchants through Amex Offers**.

How the Amex Platinum Card Compares

Amex Platinum vs Chase Sapphire Reserve

The The Platinum Card® from American Express - Product Name Only and the Chase Sapphire Reserve® - Product Name Only are often compared because they have some of the highest annual fees among travel rewards cards. though the Reserve's is slightly lower.

The Platinum Card has a much longer list of benefits and credits, while the Chase Sapphire Reserve® - Editorial Name Only arguably has better bonus earning categories. You'll also want to take a look at the Amex and Chase programs' transfer partners to get a sense of which rewards will be easier for you to redeem. Read our full Amex Platinum vs Chase Sapphire Reserve comparison for more details.

Amex Platinum vs Capital One Venture X

The Capital One Venture X Rewards Credit Card - Product Name Only is a relatively affordable alternative to the Platinum Card, with benefits like a $300 annual travel credit and Priority Pass airport lounge access. Its Capital One Venture X Rewards Credit Card - Annual Fee fee could be easier for you to justify, but you won't get the long list of statement credits available on the Platinum Card. Read our Capital One Venture X Rewards Card review for more information.

Amex Platinum vs Amex Gold

If you spend a lot on dining, whether by eating out or ordering in, and at U.S. supermarkets, the American Express® Gold Card - Product Name Only is worth considering. It earns 4x points at restaurants and 4x points at U.S. supermarkets (on up to $25,000 per calendar year, then 1x), and it offers up to $10 in monthly statement credits at select restaurants. It has a lower annual fee of American Express® Gold Card - Annual Fee, but it doesn't offer the various luxury travel benefits of the Platinum Card. If you're on the fence, read our Amex Gold Card review for more info.

Amex Platinum vs Amex Business Platinum

If you have a small business, the The Business Platinum Card® from American Express - Product Name Only could be the better option thanks to benefits like a 35% points rebate when you book flights through Amex Travel and statement credits for Dell, Indeed, Adobe, and more. The card also has a The Business Platinum Card® from American Express - Annual Fee. If you don't have a small business or aren't a big spender, the Platinum Card is probably the better option, since the minimum spending requirement to earn the welcome bonus on the The Business Platinum Card® from American Express - Editorial Name Only is quite high. Read our comparison of the Amex Platinum and the Amex Business Platinum for more details.

Amex Platinum Frequently Asked Questions

Is the Amex Platinum worth the annual fee?

If you can use the Platinum Card's generous range of benefits, you can get a value that far exceeds the card's The Platinum Card® from American Express annual fee. Even if you don't maximize every benefit, it's fairly easy to at least offset the annual fee between up to $200 in airline fee credits, up to $200 in Uber Cash, up to $100 in Saks credits, and up to $240 in digital entertainment credits each year.

Is the Amex Platinum hard to get approved for?

Because it's a premium rewards card, the Platinum Card is harder to get approved for than some other popular cards. Amex will look at your credit score, income, and other factors when it considers your application.

Keep in mind you won't be eligible for the welcome offer if you already have, or have had, the Platinum Card because of Amex's once-per-lifetime rule. However, if you have/had another version of the Platinum, such as The Business Platinum Card® from American Express, you're still eligible for the bonus.

What credit score do you need for the Amex Platinum?

Typically, most folks who are approved for the Platinum Card have a credit score in the good to excellent range. This means a FICO score of at least 670.

If your score isn't quite where it needs to be yet, read our guides on improving your credit score and how using credit cards can help boost your score.

Can you carry a balance on the Amex Platinum?

The Platinum Card requires you to pay your balance off in full each month, unless you're enrolled in Amex's Pay Over Time feature. This extended-financing option allows cardholders to pay off qualifying charges over $100 over a longer time period, with interest.

Can you add authorized users to the Amex Platinum card?

If you want your authorized users to receive select card benefits, including airport lounge access, a TSA PreCheck or Global Entry credit, and hotel/rental car elite status, you can add up to three Platinum authorized users at a cost of $175 total. Any additional authorized users after that cost $175 each.

However, if you don't need these benefits for your additional cardholders, you can add up to 99 Gold authorized users at no cost. Authorized user Gold cards are not the same as the standalone American Express® Gold Card; in addition, these cardholders will not receive airport lounge access or elite status, but they are eligible for their own TSA PreCheck or Global Entry application fee credit.  

Which Amex Platinum benefits require activation?

Not all Platinum Card benefits are automatic — several require you to activate or enroll before you can start using them. These include:

• Choosing an airline for the annual incidental fee credit
• Adding your card to your Uber account to receive your monthly Uber Cash
• Enrolling for the Saks credit
• Registering for Marriott and Hilton Gold status and rental car elite status
• Enrolling for the digital entertainment credit
• Signing up for Equinox through Amex

You can follow this checklist of things to do when you receive your Amex Platinum card so you don't miss out on perks.

Methodology: How We Reviewed the American Express Platinum

Insider's credit card experts evaluated the The Platinum Card® from American Express - Product Name Only in comparison to other premium rewards cards and travel rewards cards. We focused on the following criteria: 

• User-friendliness — Are the card's benefits easy to use and activate, or are there lots of hoops to jump through? Is it easy for cardholders to redeem their rewards?
• Earning potential — Can a cardholder earn significant rewards from the welcome bonus as well as ongoing bonus categories? We also look at whether any bonus categories are capped.
• Benefits — Are the card's benefits appealing and useful, and do they justify the card's annual fee? We especially look at whether the card's benefits can save you money.
• Annual fee — If the card has a high annual fee, is it offset by the value of its benefits and rewards? And how does it compare to other similar cards?

You can read our full methodology for reviewing credit cards for more details about how we come up with ratings.