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Platinum Card® from American Express review: An expensive but valuable coupon book

Updated:

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267 reviews from Intuit Credit Karma members

3.9

Rating: 3.9 out of 5.

Editors’ take: The seemingly endless list of benefits makes it the coupon book of credit cards. If you use enough of them, you’ll get unparalleled value even with the high annual fee.


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Great for maximizing your credits and perks

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Annual fee: $695

The average credit score for members who have matched with this card or similar cards is 711

The average credit limit for members who have matched with this card or similar cards is $14,542

Explore more about this card:

Here’s the average credit limit of members who matched their Platinum Card® from American Express or similar cards.

% of members by credit limit range

$0-$3K $3K-$5K $5K-$10K $10K-$20K $20K+ 0% 10% 20% 30% 14% 11% 21% 29% 26%
$0-$3K $3K-$5K $5K-$10K $10K-$20K $20K+ 0% 10% 20% 30% 14% 11% 21% 29% 26%
$0-$3K $3K-$5K $5K-$10K $10K-$20K $20K+ 0% 10% 20% 30% 14% 11% 21% 29% 26%

The average credit limit for members who have matched with this card or similar cards is $14,542, with $5,000 being the most common. The Platinum Card® from American Express does not have a traditional credit limit and was compared to similar premium cards.

Here’s the average credit score of members who matched their Platinum Card® from American Express or similar cards.

% of members by credit score range

Thin file Poor Fair Good Excellent 0% 10% 20% 30% 40% 50% 2% 14% 14% 45% 25%
Thin file Poor Fair Good Excellent 0% 10% 20% 30% 40% 50% 2% 14% 14% 45% 25%
Thin file Poor Fair Good Excellent 0% 10% 20% 30% 40% 50% 2% 14% 14% 45% 25%

The average credit score for members who have matched with this card or similar cards is 711, with 760 being the most common. Note this is just one of the deciding factors when it comes to getting approved.

This content is curated by Intuit Credit Karma’s Editorial team using data from members who were approved for this card or similar cards, or who self-matched this card or similar cards. Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse this content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.


Member stats

Updated daily

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26.5%

Average credit utilization (or what percent of the card’s credit limit is being used) of members who matched with this card or similar cards.


The Platinum Card® from American Express does not have a traditional credit limit; utilization for this card is not calculated the same as cards with credit limits.

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41 years

Average age of members who matched this card or similar cards.

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$103,999

Average annual income of members who matched this card or similar cards. Note: Income may be estimated for some members by Credit Karma and may differ from members’ actual incomes.


Pros and cons

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Big welcome bonus

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Plenty of interesting travel and lifestyle credits

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Lots of airline and hotel transfer partners


ConImage: Con

Expensive annual fee

ConImage: Con

Statement credits come with strings attached


Platinum Card® from American Express review

Updated November 11, 2024

This date may not reflect recent changes in individual terms.

Written by: Tim Devaney


Is the Platinum Card® from American Express worth it?

The Platinum Card® from American Express is designed for big spenders who aren’t afraid to pay more to get more.

If you can claim many of the travel and lifestyle credits, this card could be a great deal, even with its annual fee of $695.

The Amex Platinum also may be a good fit if you make enough travel purchases each year to help offset the annual fee or want extra perks like premium lounge access.

Platinum Card® from American Express at a glance

Platinum Card® from American Express best perks and features

A strong welcome bonus

The Platinum Card® from American Express has a generous welcome bonus. You’ll earn 80,000 points after spending $8,000 on purchases in the first 6 months from account opening.

That can make a big dent when you book your next trip.

More rewards when you travel

The Platinum Card® from American Express features top-notch travel rewards. You’ll earn …

Enjoy world-class lounges

The Platinum Card® from American Express comes with complimentary access to lounges around the world through the Global Lounge Collection.

The Global Lounge Collection is a consortium of airport lounges that includes The Centurion Lounge, Priority Pass, Lufthansa, Air Space Lounge, Escape Lounges and others.

If you like to relax in luxury while traveling, this benefit stands out.

More travel credits than you probably need

The Platinum Card® from American Express offers so many travel credits you might have a hard time using them all. Here are a few we recommend.

Lifestyle credits make it more than just another travel card

The Platinum Card® from American Express is a luxury travel card, but it also offers some lifestyle perks.

What are the drawbacks of Platinum Card® from American Express?

Expensive annual fee

The Platinum Card® from American Express charges an exceptionally high $695 annual fee that could drive away would-be cardholders.

Calculate how many credits you’ll use in a typical year and how much you plan to spend on eligible travel purchases to determine if the annual cost makes sense for you. Certain perks — like lounge access — could make the annual fee worthwhile depending on your preferences and budget.

Statement credits come with strings attached

The Platinum Card® from American Express offers plenty of statement credits, but most of them come with limitations — making it more difficult to get the most out of these travel and lifestyle credits without active management.

For example …

How to redeem American Express Membership Rewards® points

You can redeem your American Express Membership Rewards® points for travel, statement credits, shopping, gift cards and charitable donations. But these aren’t your only options.

American Express operates what’s known as a “flexible rewards program,” which means you can transfer your points to airline and hotel partners. In some cases, you might get more value for your points if you do this.

We calculated your points are worth 1 cent each when redeemed through American Express Membership Rewards. But you might get a better value if you redeem through an American Express transfer partner.

For example, if you redeem through British Airways Executive Club, your points could be worth an estimated 2.12 cents each, based on Credit Karma’s point valuations.

Other cards to consider


Credit Karma’s methodology

Credit Karma uses qualitative and quantitative measures to review travel and premium credit cards. Our goal is to help you understand a card’s most useful features — and where it may fall short compared to other options.

We take into account factors such as unique rewards and benefits, ease of redeeming rewards, fees and rates, transfer partners, lounge access and rewards rates.

Credit Karma editors have also built some proprietary metrics to measure the value of rewards credit cards.

Our point valuations estimate how much rewards programs are worth. We look at both the value you could get by redeeming your points directly through a credit card issuer, as well as the value you could get by transferring your points and miles to an airline or hotel rewards program.

Instead of just telling you how many miles you could earn, the editors’ estimated bonus value multiplies the sign-up bonus by the reward program’s point valuations to tell you how much we believe they’re worth.

Our goal is that these metrics will help you decide whether the card’s rewards and benefits are worth it for you.

FAQs about the Platinum Card® from American Express

Is the Platinum Card® from American Express a hard card to get?

We’ve found that Credit Karma members with the Platinum Card® from American Express or similar cards usually have good or excellent credit. But keep in mind that is just one factor American Express may consider when you apply.

What is the credit limit for the Platinum Card® from American Express?

We’ve found the majority of Credit Karma members who have this card or similar cards have credit limits above $10,000, but a significant percentage have credit limits less than that as well. Keep in mind that the Platinum Card® from American Express doesn’t have a traditional credit limit and was compared to similar premium cards.

Is the Platinum Card® from American Express worth it?

If you spend a lot on travel and can take advantage of the extensive travel and lifestyle credits, the Platinum Card® from American Express could be a great fit for you. However, if your spending habits don’t line up with these categories, you might want to consider other premium travel cards that better suit your needs.


Member reviews

Overall rating:

3.9

Rating: 3.9 out of 5.

267 reviews from Intuit Credit Karma members

Most helpful positive review

April 1, 2023

5

Rating: 5 out of 5.

Great Card

Credit Karma Member

This card isn't for everyone. If you don't travel alot it's probably not a good fit. All those who complain about the annual fee you shouldn't have got the card. If you take advantage of all the benefits, it's well worth the fee. If you take advantage of half the perks it's worth it. If you travel alot and use airport lounges, it's worth it. You can also get the annual fee waived or get a special promotion if you call and tell them you don't think you are getting much value from the card. If you don't travel alot, and won't use the yearly credits, it makes no sense to get this card. If you mainly purchase food and groceries, etc, get the gold card or the chase sapphire preferred card. Both of those are great cards as well. American express has the best customer service without question.

Most helpful negative review

January 14, 2023

1

Rating: 1 out of 5.

Excellent chances on CK…

Credit Karma Member

I have the gold American Express and was rated of having and excellent chance of securing the platinum with CK. Welp; they still denied me! Took a hard inquiry hit for trusting CK. I’m so angry!

All member reviews

*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the card shown, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.