The Platinum Card^® from American Express is often touted as one of the best rewards cards for frequent travelers. Cardholders receive extensive travel benefits that cover everything from lounge access to baggage insurance, airline fee statement credits, hotel elite status and much more.

The rewards program allows flexibility when redeeming Membership Rewards® points in a variety of ways, from booking new travel to transferring points on a 1:1 rate with many partner frequent flyer programs.

This card has a high $695 annual fee, so those who don’t travel often enough to take advantage of all of the card’s benefits may be better off with a no or low annual fee travel card or even a cashback card. We break down the pros, cons, what we like and what to watch out for with the The Platinum Card^® from American Express and whether this card is the best choice for you.

To see rates & fees for The Platinum Card^® from American Express please click here. 

• Welcome offer

  Earn 80,000 Membership Rewards® Points after you spend $6,000 on purchases on the Card in your first 6 months of Card Membership. If you use your points to book a flight through American Express Travel, that’s a $800 value.

• Rewards rate on travel purchases

  The Platinum Card^® from American Express offers 5X Membership Rewards® points on flights booked directly with airlines or with American Express Travel on up to $500,000 on these purchases per calendar year and 5X Membership Rewards® points on prepaid hotels booked with American Express Travel. Terms apply.

• Travel credits

  The Platinum Card^® from American Express offers valuable travel credits, including up to $200 annually for incidental airline fees (you must select one qualifying airline), up to $200 annually in Uber credits (U.S. only), up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings with American Express Travel, up to $189 annually toward a CLEAR membership to help you move through security faster (at select U.S. airports and stadiums), and a credit of up to $100 to cover your Global Entry (every 4 years) or TSA Precheck (every 4.5 years) application fee. Additionally, get a $100 onsite credit for qualifying activities, like dining and spa treatments, when you stay a minimum of two nights with The Hotel Collection through American Express Travel. Enrollment required.

• Hotel elite status

  The Platinum Card^® from American Express cardholders qualify for Marriott Bonvoy Gold Elite Status as well as Hilton Honors Gold Status (enrollment required).

• Global airport lounge access

  The Platinum Card^® from American Express offers card members access to The Global Lounge Collection, which includes more than 1,300 lounges in over 140 countries, as well as access to American Express Centurion lounges.

• Wellness and entertainment credits

  Whether you’re ready for a workout or eager to kick back with some digital entertainment, The Platinum Card^® from American Express has credits that can help. Get up to $300 back a year toward the Equinox+ digital fitness app, or eligible Equinox club memberships when you pay with your link provided by Amex to enroll. And get up to $240 back a year (enrollment required) toward eligible digital entertainment purchases with Peacock, Audible, SiriusXM and the New  York Times.

• Annual fee

  The Platinum Card^® from American Express charges an annual fee of $695. Regardless of the card’s extensive benefits, that is a hefty bill.

  However, it can be made back fairly quickly by taking advantage of the card’s many benefits and credits.

• You may have to pay your balance in full each month

  Unlike typical cards, The Platinum Card^® from American Express only allows you to carry a balance for certain charges — but not all.

Comparing it to the Chase Sapphire Reserve^®

 

These two great cards have been battling for supremacy since the Chase Sapphire Reserve^® debuted in 2016. The Chase Sapphire Reserve^® has a slight advantage by charging a lower annual fee of $550.

The Platinum Card^® from American Express offers a more travel centric rewards-earning program: 5X Membership Rewards® points on flights booked directly with airlines or with American Express Travel on up to $500,000 on these purchases per calendar year and 5X Membership Rewards® points on prepaid hotels booked with American Express Travel. Terms apply.

The Chase Sapphire Reserve^® focuses on travel and dining with 5x points on flights and 10x points on hotels and car rentals through Chase Ultimate Rewards®.

While these cards offer a few identical benefits, such as an up to $100 statement credit for Global Entry or TSA Precheck and a 1:1 points transfer to select frequent flyer programs, they also have benefits that are unique to each individual card, shown below.

To see rates & fees for The Platinum Card^® from American Express please click here. 

Each of these cards have their own rewards program where you can transfer your rewards to numerous airline and hotel travel partners. The advantage is that you have flexibility to where you can redeem your points, instead of being pigeonholed into points that can only be used with one brand. Ultimately, the choice comes down to a personal preference for Chase Ultimate Rewards or American Express Membership Rewards or whether you’ll take full advantage of the different benefits offered by each card.