For many years, the American Express Platinum Card has been regarded as one of the most prestigious credit cards in the world. With its premium benefits, exclusive access, and lifestyle perks, it has built a reputation as the “king” of luxury cards. However, the Platinum is not for everyone. Its steep annual fee, limited earning structure, and “coupon book” style credits can make it either an incredible value or a poor fit depending on how you use it. Let’s look at the main pros and cons.
Pros of the Amex Platinum
1. Unmatched Lounge Access
The Platinum Card is known first and foremost for its extensive airport lounge benefits. Cardholders receive entry to American Express Centurion Lounges, Delta SkyClubs (when flying Delta), Escape Lounges, and Priority Pass lounges. When combined, these offer one of the widest arrays of lounge access available from any single credit card. For frequent travelers, this benefit alone can be worth the fee.
2. Strong Hotel and Travel Perks
The Platinum provides complimentary Gold status with both Hilton and Marriott. While Marriott’s Gold tier is limited, Hilton Gold is highly valuable since it includes free breakfast or a food and beverage credit at most properties. In addition, cardholders can access Fine Hotels & Resorts (FHR), which offers perks like daily breakfast for two, late checkout, and property credits, alongside a $200 annual credit toward FHR bookings.
3. Wide Range of Credits
American Express includes several recurring credits that can offset the annual fee. Among the most useful are:
- $200 airline incidental credit
- $200 annual Uber credit (usable on Uber rides or Uber Eats)
- $240 digital entertainment credit ($20 per month)
- $100 Saks Fifth Avenue credit (two $50 installments each year)
For travelers who can consistently use these credits, the card’s fee can be reduced substantially.
4. High-Value Sign-Up Offers
The Platinum often carries some of the largest welcome bonuses available in the credit card world, ranging anywhere from 80,000 to 175,000 Membership Rewards points depending on the offer. These points can be transferred to airline and hotel partners, potentially unlocking thousands of dollars in travel value.
5. Lifestyle and Status Symbol
Beyond hard-dollar value, the Platinum Card holds strong prestige. It is recognized as a luxury card and signals membership in an exclusive tier of cardholders. For some, the lifestyle benefits and recognition are a key reason to carry it.
Cons of the Amex Platinum
1. Very High Annual Fee
At $695 per year, the Platinum is one of the most expensive personal credit cards on the market. It requires consistent use of credits and benefits to justify the cost. For those who don’t travel often, the value may be difficult to realize.
2. Limited Everyday Earning Power
The Platinum is not a strong spending card. It earns 5X points on airfare booked directly with airlines and through the Amex Travel portal, but just 1X on most other purchases. This makes it a poor daily driver compared to cards that earn higher rewards on groceries, dining, or gas.
3. Complicated Credits
While the credits can add up, they are spread across multiple categories and often require activation or specific conditions. For example, the airline incidental credit excludes airfare purchases, and the Uber credit resets monthly. Many cardholders find it challenging to use them all efficiently.
4. Best for Frequent Travelers
The Platinum’s most valuable perks—lounge access, hotel status, and airline benefits—primarily appeal to those who travel regularly. If your lifestyle doesn’t include frequent flights or hotel stays, much of the value will go unused.
Final Thoughts
The American Express Platinum Card remains a powerhouse in the premium credit card space. It excels in travel benefits, lounge access, and luxury perks, but it is not designed as an everyday spending card. For frequent travelers who maximize the credits, it can more than justify its fee. For others, the card may feel overpriced and overly complicated. The Platinum is best suited for those who value experience and prestige as much as raw rewards.
The Rewards Master 