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The American Express Platinum Card is made for people who want to level up their travel game and enjoy a few extra perks along the way.
Think access to over 1,400 airport lounges, 5X points on flights and hotels, plus credits for things like entertainment and shopping. It’s packed with benefits, but the high annual fee isn’t for everyone. Wondering if it’s worth it for you?
Keep reading to get the scoop on how the American Express Platinum works, its top benefits, and how to apply!
American Express Platinum
Amazing travel rewards High annual feeHow does the American Express Platinum work?
The American Express Platinum is a charge card, so it works a bit differently than regular credit cards. Instead of a fixed spending limit, your spending ability is based on things like your credit history, income, and how you typically spend.
It’s really designed for people who can pay off their balance in full every month, but if you need to, you can use the “Pay Over Time” option. Just keep in mind, using that option means you’ll pay interest on the balance.
Every time you make a purchase, whether you’re booking a flight or grabbing lunch, you’re earning rewards points.
The best part is that if you pay off your balance each month, you won’t get hit with interest, which is the smart way to use the card. You can track all your purchases and rewards through the American Express app or website, making it easy to stay on top of things.
So, in short, the Platinum Card is perfect for people who like to manage their money, enjoy great perks, and want to make their spending work for them.
Main benefits for the American Express Platinum
The American Express Platinum is full of perks, especially if you travel a lot. One of the best benefits is earning 5X points on flights booked directly with airlines or through Amex Travel. You’ll also rack up 5X points on prepaid hotel bookings through Amex Travel, which can really add up if you travel often.
Another huge benefit is the access to the Global Lounge Collection. This gives you entry to over 1,400 airport lounges around the world, which is perfect for when you’re stuck in an airport for hours.
Plus, you get $200 in Uber Cash each year to use for rides or food delivery, and $240 in digital entertainment credits for things like streaming services.
The Platinum Card also offers several travel credits. You’ll get up to $200 in airline fee credits, plus up to $100 in shopping credits at Saks Fifth Avenue. These benefits are super handy if you travel regularly or enjoy dining and entertainment.
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Cons for the American Express Platinum
Of course, there are a few downsides to the American Express Platinum, with the biggest one being the steep $695 annual fee. That can be a tough pill to swallow if you don’t use the benefits enough to make it worth it.
Another thing to consider is that this card really shines for people who travel or dine out often. If that’s not you, you might not get as much value from the rewards. Also, the card requires good to excellent credit to get approved, which could leave some potential applicants out.
And while the “Pay Over Time” option is helpful, remember that carrying a balance means you’ll pay interest, and that can add up quickly if you’re not careful.
APR and fees
The American Express Platinum comes with an annual fee of $695. It’s a lot, but it covers all the perks you get, so if you’re using the benefits regularly, it could be well worth it.
If you choose to carry a balance, the card has a variable APR ranging from 20.24% to 28.24%, depending on your credit. But, honestly, if you’re paying off your balance in full every month (which is what the card is designed for), you won’t have to worry about this.
There are also a few other fees, like a late payment fee of up to $40 and a 5% cash advance fee (or at least $10). But the good news is, there are no foreign transaction fees, so it’s great for travel abroad.
How to apply for the American Express Platinum
Applying for the American Express Platinum is super easy. Just head to the American Express website, check out the details about the card, and hit the “Apply Now” button.
You’ll need to provide some basic info, like your name, address, Social Security number, and income.
American Express will look at your credit profile to see if you qualify. If you’ve got good to excellent credit, you’ll likely get approved.
The decision usually comes pretty quickly, sometimes in just a few minutes, and if you’re approved, your card will arrive in a few business days.
Once your card arrives, you’ll need to activate it online or through the mobile app. After that, you can start using it right away to earn rewards and enjoy all the benefits it has to offer.
