If you’re looking for a premium credit card that offers unparalleled travel benefits, exclusive perks, and a touch of luxury, the American Express Platinum Card might just be the card for you.
Known for its high annual fee and even higher value, the Amex Platinum is a favorite among frequent travelers, luxury seekers, and those who appreciate the finer things in life. But with big changes on the horizon, is it still worth the hefty price tag?
In this guide, we’ll dive deep into the current benefits of the Amex Platinum Card, explore the upcoming changes, and show you how to get the most value out of this elite card.
Current Benefits of the Amex Platinum Card
The Amex Platinum Card is packed with benefits that can easily offset its $695 annual fee if used correctly. Here’s a breakdown of what you get:
Travel Perks
- Airport Lounge Access: Enjoy access to over 1,400 airport lounges worldwide, including Centurion Lounges, Delta Sky Clubs (when flying Delta), and Priority Pass lounges.
- Airline Fee Credit: Get up to $200 annually in statement credits for incidental fees with your chosen airline.
- TSA PreCheck/Global Entry Credit: Receive a statement credit of up to $100 every 4 years for Global Entry or $85 every 4.5 years for TSA PreCheck.
- Hotel Benefits: Enjoy elite status with Hilton Honors (Gold) and Marriott Bonvoy (Gold Elite), along with benefits like room upgrades, late check-outs, and bonus points.
- Fine Hotels + Resorts Program: Get up to $200 back in statement credits each year on prepaid bookings through American Express Travel.
Lifestyle Benefits
- Uber Cash: Get up to $200 annually in Uber Cash ($15 per month, plus a $20 bonus in December) for rides and Uber Eats in the U.S.
- Digital Entertainment Credit: Receive up to $240 annually in statement credits for eligible digital entertainment services like Disney+, Hulu, and The New York Times.
- Walmart+ Credit: Get up to $155 annually in statement credits for a Walmart+ monthly membership.
- Equinox Credit: Get up to $300 annually in statement credits for Equinox memberships or SoulCycle at-home bike purchases.
- Saks Fifth Avenue Credit: Receive up to $100 annually in statement credits for purchases at Saks Fifth Avenue.
Rewards Structure
- 5x Points: Earn 5x Membership Rewards points on flights booked directly with airlines or through American Express Travel (up to $500,000 per calendar year).
- 5x Points: Earn 5x points on prepaid hotels booked through American Express Travel.
- 1x Points: Earn 1x points on all other purchases.
Travel Protections and Insurance
The Amex Platinum Card offers a suite of travel protections, including trip delay insurance, baggage insurance, and car rental loss and damage insurance. Additionally, you get access to premium global assist services for medical, legal, and travel emergencies.
Upcoming Changes to the Amex Platinum Card
American Express has announced that major updates are coming to the U.S. Consumer and Business Platinum Cards later this year. While details are still scarce, here’s what we know and what we can speculate based on recent trends and announcements.
Confirmed Changes
- Largest Investment Ever: American Express is making its largest investment ever in a card refresh, indicating significant updates to benefits and features.
- Enhanced Travel, Dining, and Lifestyle Benefits: The refresh aims to elevate the card’s offerings in travel, dining, and lifestyle, appealing to a broader range of customers, especially Millennials and Gen Z.
- New Centurion Lounges: American Express plans to open three new Centurion Lounges in Newark, Salt Lake City, and Tokyo, bringing the total to 32.
Speculated Changes
- Increased Annual Fee: With the last fee increase in 2021 from $550 to $695, and given the trend of premium card fees rising, it’s possible the annual fee could increase to $895 or even $999.
- New Credits and Benefits:
- Resy Restaurant Credit: Rumored to be a new $300 annual credit for dining at Resy partner restaurants.
- Lifestyle/Wellness Credit: A potential new credit for gym memberships, spas, and wellness apps, replacing the Equinox and SoulCycle credits.
- Flight Credit: The current airline fee credit might be replaced with a more flexible flight credit of up to $200 annually.
- Rideshare Credit: The Uber credit could be expanded to include other rideshare services, with a potential increase to $240 annually.
- Walmart Cash: The Saks credit might be replaced with a more versatile Walmart cash credit.
- Delta Complimentary Upgrades: There’s speculation about new benefits like complimentary upgrades on Delta flights for Platinum cardholders.
Comparison with Other Premium Cards
To understand the value of the Amex Platinum Card, it’s helpful to compare it with other premium travel cards like the Chase Sapphire Reserve.
Amex Platinum vs. Chase Sapphire Reserve
| Feature | Amex Platinum | Chase Sapphire Reserve |
|---|---|---|
| Annual Fee | $695 | $550 |
| Lounge Access | Over 1,400 lounges worldwide, including Centurion Lounges | Priority Pass Select (1,000+ lounges) |
| Travel Credits | Up to $200 airline fee credit, $200 Uber Cash, $200 hotel credit | $300 annual travel credit |
| Points Value | 5x on flights and prepaid hotels, 1x on other purchases | 3x on travel and dining, 1x on other purchases |
| Elite Status | Hilton Gold, Marriott Gold Elite | None |
| Global Entry/TSA PreCheck Credit | Yes (up to $100 every 4 years) | Yes (up to $100 every 4 years) |
While both cards offer exceptional travel benefits, the Amex Platinum stands out with its extensive lounge access, elite hotel status, and broader range of statement credits. However, the Chase Sapphire Reserve offers a simpler rewards structure and a lower annual fee.
Who Should Get the Amex Platinum Card?
The Amex Platinum Card is not for everyone. Here’s who can benefit the most from this premium card:
The Boujee Traveler
If you’re someone who loves luxury travel and wants to experience the best that airports, hotels, and airlines have to offer, the Amex Platinum is a no-brainer. The lounge access, hotel perks, and travel credits alone can justify the annual fee.
The Frequent Traveler
For those who find themselves at airports often, the Amex Platinum’s lounge access and travel credits can make your journeys more comfortable and enjoyable. The card is designed to enhance your travel experience at every step.
The Credits Lover
If you love maximizing statement credits and perks, the Amex Platinum is packed with them. From Uber Cash to digital entertainment credits, there are plenty of ways to offset the annual fee.
Gen Z and Millennial Spenders
Interestingly, a significant portion of Amex Platinum cardholders are Millennials and Gen Z, who accounted for 35% of total U.S. consumer spending last quarter. These generations value experiences and luxury, making the Amex Platinum an attractive option.
Who Should Not Get the Amex Platinum Card?
If you’re someone who doesn’t travel often, doesn’t value luxury experiences, or struggles with credit card debt, the Amex Platinum might not be the right fit. The high annual fee can be hard to justify if you’re not using the majority of the benefits.
How to Maximize the Benefits of Your Amex Platinum Card
Getting the Amex Platinum Card is just the first step. To truly maximize its value, you need to strategically use its benefits and rewards. Here are some tips:
Use All Statement Credits
Make sure to take advantage of all the statement credits offered by the card. Set reminders on your calendar to use your Saks credit every six months, and ensure you’re using your Uber Cash and digital entertainment credits each month.
Book Travel Through Amex Travel
To maximize your points, book flights and prepaid hotels through American Express Travel. You’ll earn 5x points on these purchases, which can add up quickly.
Transfer Points to Travel Partners
Membership Rewards points are most valuable when transferred to Amex’s travel partners. Consider transferring points to airlines like Delta, Emirates, or Qatar for premium cabin flights, or to hotel partners like Hilton or Marriott for luxury stays.
Utilize Lounge Access
Make the most of your airport lounge access. Centurion Lounges and Priority Pass lounges offer comfortable spaces to work, relax, and enjoy complimentary food and beverages before your flight.
Take Advantage of Elite Status
Use your Hilton and Marriott elite status to enjoy perks like room upgrades, late check-outs, and bonus points. These benefits can enhance your hotel stays and save you money on upgrades.
Use the Card for Big Purchases
While the Amex Platinum doesn’t offer bonus points on everyday spending, using it for large purchases can still earn you valuable Membership Rewards points. Just make sure to pay off your balance in full each month to avoid interest charges.
Final Thoughts
The American Express Platinum Card is a powerhouse in the world of premium credit cards, offering an array of travel benefits, statement credits, and luxury perks. While the upcoming changes may bring a higher annual fee, they’re also expected to introduce new benefits and enhancements that could make the card even more valuable for frequent travelers and luxury seekers.
Whether you’re a boujee traveler, a frequent flyer, or someone who loves maximizing credits and perks, the Amex Platinum Card has something to offer. By strategically using its benefits and rewards, you can easily offset the annual fee and enjoy a world of luxury and convenience.
Keep an eye out for the official announcement of the card’s refresh later this year, and stay tuned for updates on how these changes might affect its value proposition. In the meantime, if you’re considering the Amex Platinum Card, now might be the perfect time to apply and start enjoying its elite benefits.
FAQ: Amex Platinum Card & American Express Platinum Card
What is the Amex Platinum Card?
The Amex Platinum Card is a luxury credit card from American Express designed for people who want top travel perks, airport lounge access, and big rewards. It’s famous for its exclusive benefits and high annual fee.
What are the new changes to the American Express Platinum Card?
American Express is making its biggest-ever update to the Platinum Card, adding more travel, dining, and lifestyle perks. There may also be a higher annual fee, possibly over $1,000. Expect new airport lounges, better hotel credits, and more exclusive experiences.
How much is the annual fee for the Amex Platinum Card?
The current annual fee for the Amex Platinum Card is $695, but it may soon rise to $1,000 or more with the new changes. Make sure you use the perks to get your money’s worth.
What travel benefits does the American Express Platinum Card offer?
You get access to over 1,550 airport lounges, automatic Gold status at Hilton and Marriott hotels, and up to $200 in airline fee credits every year. These perks make traveling smoother and more comfortable.
How do I maximize my Amex Platinum Card benefits?
Use all your credits (like airline, hotel, and digital entertainment), book flights and hotels through Amex Travel for 5X points, and always check for Amex Offers to save money. Set reminders so you never miss a perk!
What are common mistakes people make with the Amex Platinum Card?
Many people forget to use their credits, focus only on the high annual fee, or don’t use the airport lounges and hotel status. Don’t let these mistakes stop you from getting the most value.
Is the Amex Platinum Card worth it?
If you travel often and use the perks, the Amex Platinum Card can save you thousands and make every trip better. If you don’t travel much or use the credits, it might not be the best fit.
How does the Amex Platinum Card compare to other cards like Chase Sapphire Reserve?
The Amex Platinum Card offers more luxury perks, more lounge access, and better hotel status than most competitors, but it also has a higher annual fee. Compare your travel habits before choosing.
What’s the best way to use Amex Membership Rewards points?
Transfer your points to airline partners for business or first-class flights—that’s where you get the most value. Booking through Amex Travel is also a great option.
Who should get the American Express Platinum Card?
Frequent travelers, people who love luxury perks, and anyone who can use most of the credits will get the most out of the Amex Platinum Card. If you don’t use the perks, look for a card with a lower fee.
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