Amex Platinum card review: The best card for airport lounge access and other high-end travel perks, with a 75,000-point welcome bonus

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Table of Contents: Masthead StickyThe Platinum Card® from American Express

Review: Is the Amex Platinum the best card for you?

If you want a premium rewards card – one that offers 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 (See Rates), 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 and Marriott** and up to $200 in annual airline fee credits** – the Platinum Card had added some new limited-time perks to keep the card relevant during the coronavirus pandemic. If you don't travel much to begin with, though, this probably isn't the card for you.

Read more: The best American Express cards

The Platinum Card earns American Express Membership Rewards points that you can transfer to more than a dozen travel partners, including both airline and hotel programs. It also offers a strong welcome bonus of 75,000 points after you spend at least $5,000 in your first 6 months of account opening that can jumpstart your award travel.

This is a limited-time welcome bonus – the standard offer is 60,000 points after you spend $5,000 in the first three months, so you now have the opportunity to earn an additional 15,000 points.

Beyond that, new cardholders can earn 10x points at U.S. supermarkets and U.S. gas stations in the first six months of card membership, on up to $15,000 in spending (then 1x). The Platinum Card typically only earns bonus points on flights booked directly through the airline or through Amex Travel and on prepaid hotels booked through Amex Travel, so new cardholders have the rare opportunity to maximize non-travel purchases for a limited time with this offer.

Insider's David Slotnick found that he was able to get $2,000 in value during his first year with the Platinum Card when he factored in the 60,000-point welcome bonus. With the current 75,000-point welcome bonus, you're looking at an additional 15,000 points, which are worth $270 based on Insider's points and miles valuations. That boosts the potential first-year value to nearly $2,300 – and that's not even factoring in the bonus points you can earn on US supermarket and US gas station purchases in the first six months.

The main competitor of the Platinum Card is the Chase Sapphire Reserve®, which has a Chase Sapphire Reserve® annual fee. The Chase Sapphire Reserve® could be a better pick if you want high-value options for using your points that don't involve travel, since Chase's Pay Yourself Back program lets you redeem for groceries, home-improvement purchases, and more with a 50% bonus in point value with the Chase Sapphire Reserve® (through September 30, 2021). But if you travel frequently and want as many hotel and airport lounge perks as possible, the Platinum Card is hard to beat.

Comparison: Amex Platinum vs other American Express cards

	The Platinum Card® from American Express	American Express® Gold Card	American Express® Green Card
Annual fee	The Platinum Card® from American Express	American Express® Gold Card American Express® Gold Card – Rates & Fees	American Express® Green Card
Rewards rate	5x points on airfare purchased directly through the airline, and on flights and hotels booked through Amex Travel*** 1 point per dollar on everything else (Note: New cardmembers can earn 10x points on eligible purchases at U.S. Gas Stations and U.S. Supermarkets, on up to $15,000 in combined purchases, during the first 6 months of card membership)	4x points at restaurants, and at U.S. supermarkets* 3x points on flights booked directly through the airline or Amex Travel 1 point per dollar on everything else	3x points on travel, transit, and restaurants 1 point per dollar on all other purchases
Welcome bonus	The Platinum Card® from American Express	American Express® Gold Card	American Express® Green Card
Statement credits	Up to $200 in airline fee credits each calendar year Up to $100 in Saks credits each calendar year** Global Entry or TSA PreCheck application fee credit	Up to $120 in dining credits each calendar year**	Up to $100 in CLEAR credit per year** Up to $100 in LoungeBuddy credit per year**
Other benefits	Up to $200 in Uber Cash each calendar year** Gold elite status with Hilton and Marriott (enrollment required) Airport lounge access (Priority Pass**, Centurion lounges, and more) Amex Fine Hotels and Resorts (benefits at exclusive luxury properties) The Hotel Collection (property credits and upgrades) Cell phone protection Secondary car rental insurance Trip cancellation insurance Baggage insurance Trip delay insurance Return protection Purchase protection Extended warranty Premium Global Assist Hotline Discounts and bonuses through Amex Offers**	Up to $120 in Uber Cash each calendar year**** The Hotel Collection (property credits and upgrades) Secondary car rental insurance Baggage insurance Trip delay insurance Purchase protection Extended warranty Global Assist Hotline Discounts and bonuses through Amex Offers**	Secondary car rental insurance Trip delay insurance Baggage insurance Purchase protection Extended warranty Global Assist Hotline Discounts and bonuses through Amex Offers**
Foreign transaction fee	No The Platinum Card® from American Express – Rates & Fees	No American Express® Gold Card – Rates & Fees	No
Review		Amex Gold card review	Amex Green card review

*on up to $25,000 spent at U.S. supermarkets per calendar year, then 1x

**up to $10 in statement credits per month when you use the Amex Gold card at Grubhub, Seamless, The Cheesecake Factory, Ruth's Chris Steak House, Boxed, and participating Shake Shack locations. Enrollment required.

***Note: Starting January 1, 2021, the 5x points will apply up to $500,000 on flights booked directly with airlines or with American Express Travel per calendar year

****up to $10 in Uber Cash per month (this is only applicable to U.S. Eats orders and Rides, and the Gold Card needs to be added to the Uber app to receive the Uber Cash benefit)

Comparison: Amex Platinum vs other premium travel cards

	The Platinum Card® from American Express	Chase Sapphire Reserve®	Citi Prestige® Card
Annual fee	The Platinum Card® from American Express	Chase Sapphire Reserve®	$495 for the primary cardmember
Rewards rate	5x points on airfare purchased directly through the airline, and on flights and hotels booked through Amex Travel*** 1 point per dollar on everything else (Note: New cardmembers can earn 10x points on eligible purchases at U.S. Gas Stations and U.S. Supermarkets, on up to $15,000 in combined purchases, during the first 6 months of card membership)	10x points on up to $500 total in Chase Dining purchases through June 30, 2021 10x points on Lyft rides through March 2022 3x points on travel (after earning the $300 travel credit) and dining 1 point per dollar on everything else	5x points on air travel and hotels 3x points on hotels and cruise lines 1 point per dollar on everything else
Welcome bonus	The Platinum Card® from American Express	Chase Sapphire Reserve® after you spend $4,000 on purchases in the first three months of account opening	50,000 points after you spend $4,000 on purchases in the first three months of account opening
Statement credits	Up to $200 in airline fee credits each calendar year Up to $100 in Saks credits** each calendar year Global Entry or TSA PreCheck application fee credit	Up to $300 in statement credits each cardmember year toward travel purchases (through December 31, 2021, gas and grocery purchases also qualify) Up to $120 back on an eligible Peloton Digital or All-Access Membership through December 31, 2021 Complimentary year of Lyft Pink membership when you activate by March 31, 2022 Complimentary year of DoorDash DashPass membership (activation required by December 31, 2021)	Up to $250 in annual travel credits Global Entry or TSA PreCheck application fee credit
Other benefits	Up to $200 in Uber Cash each calendar year Gold elite status with Hilton and Marriott (enrollment required) Airport lounge access (Priority Pass, Centurion lounges, and more) Amex Fine Hotels and Resorts (benefits at exclusive luxury properties) The Hotel Collection (property credits and upgrades) Cell phone protection Secondary car rental insurance Trip cancellation insurance Baggage insurance Trip delay insurance Return protection Purchase protection Extended warranty Premium Global Assist Hotline Discounts and bonuses through Amex Offers**	Priority Pass Select airport lounge membership Global Entry or TSA PreCheck application fee credit Primary car rental insurance Complimentary elite status with Avis, National, and Silvercar car rental agencies Trip interruption/cancellation Trip delay insurance Baggage delay insurance Lost luggage reimbursement Extended warranty Purchase protection Travel and emergency assistance services Travel accident insurance Roadside assistance Emergency evacuation and transportation Emergency medical and dental benefit	Fourth Night Free on hotel stays of four or more nights booked through Citi (2x per year) Priority Pass airport lounge access Cell phone protection Extended warranty Purchase protection
Foreign transaction fee	No	No	No
Review		Chase Sapphire Reserve card review	Citi Prestige review

***Note: Starting January 1, 2021, the 5x points will apply up to $500,000 on flights booked directly with airlines or with American Express Travel per calendar year

How to use Membership Rewards points from the Amex Platinum card

The Platinum Card earns Membership Rewards points, the currency of Amex's loyalty program. They can be exchanged for statement credits or cash back, used to book travel through Amex's travel website, or transferred to any of 19 airline and three hotel transfer partners (transferable points like these are among the most valuable).

Read more: How to earn, redeem, and maximize Amex Membership Rewards points

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.

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 valuations, those are worth about $1,350, which alone makes up for over two years of the annual fee.

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.

Read more: How we assigned a cash value to points and miles from 29 of the most popular loyalty programs

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 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)

Amex Platinum card 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® and the Citi Prestige® 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 airline fee credit

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

Read more: Amex Platinum cardholders get up to $200 in airline fee credits each year – here's how to use them

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.

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 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.

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 $85 to $100, and American Express will provide a credit for that fee every four years (memberships are valid for five years).

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

Limited-time benefits to use during quarantine

It's also worth noting that American Express has added some limited-time benefits to account for the fact that Platinum cardholders can't easily take advantage of perks like airport lounge access during the coronavirus pandemic. Amex cardholders may notice more non-travel Amex Offers available in their accounts online. (Eligibility for these offers is limited. Enrollment is required in the Amex Offers section of your account before redeeming).

Cell phone protection

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

Read more: More credit cards than ever offer complimentary cell phone insurance – here are the best options for paying your wireless bill

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.

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.

Read more: 4 credit cards with the most comprehensive travel insurance – from trip cancellation to lost 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.

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 $1,000 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 manufacturers 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.

Read more: An emergency flight to the hospital could set you back $40,000 – unless you have one of 2 credit cards with medical evacuation coverage

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.

The Platinum Card® from American Express

Amex Platinum fees and costs

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 an APR of 15.99% to 22.99% (variable) when you use the Pay Over Time financing option (rather than paying your statement balance in full each month) . Additionally, there's a late payment fee and a returned payment fee of up to $40 (See Rates).

Read more: The best credit cards with no foreign transaction fees

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.

Sarah Silbert is the senior reviews editor at Personal Finance Insider. She's covered personal finance and credit card rewards for six years, and she's a Certified Educator in Personal Finance (CEPF).

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