Platinum Card® from American Express
Great for maximizing your credits and perks
Annual fee: $695
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.
Updated: November 1, 2023
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.
Average age of members who matched this card or similar cards.
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.
Big welcome bonus
Plenty of interesting travel and lifestyle credits
Lots of airline and hotel transfer partners
Platinum Card® from American Express review
Updated October 12, 2023
This date may not reflect recent changes in individual terms.
Written by: Tim Devaney
- Big welcome bonus
- Plenty of interesting travel and lifestyle credits
- Lounge access
- Lots of airline and hotel transfer partners
- Big annual fee
- Statement credits come with strings attached
Key features of the Platinum Card® from American Express
Benefits leave the annual fee in the dust
Total Benefit Value: $4,293
Ease of Use: Difficult
The Platinum Card® from American Express has an estimated Total Benefit Value of $4,293 as of May 2022, based on Credit Karma’s calculation.
The Total Benefit Value measures how much a premium rewards card could be worth if you use each benefit once. We found the Platinum Card® from American Express pays for itself with travel perks that are worth a whopping six times as much as the $695 annual fee.
Here are a few of our favorite benefits.
- Up to $200 in Uber Cash
- Airline fee credits
- Access to The Centurion Lounge and Delta SkyClub
There’s no doubt the Platinum Card® from American Express offers tremendous value.
Generally speaking, these benefits are practical for most people because they cover run-of-the-mill expenses like travel, rideshares, shopping, fitness and entertainment purchases that are part of a regular budget. With the exception of a handful of perks you might never use, we expect that people in all walks of life could find benefits that appeal to them.
Unfortunately, many of the perks this card offers come with so many strings attached that you might find it difficult to use all of them. Still, with so much value packed into this card, you should have no problem offsetting the annual fee at the very least.
$695 annual fee will make you gulp
The Platinum Card® from American Express charges an exceptionally high $695 annual fee that could drive away many would-be cardholders.
Enjoy world-class lounges
The Platinum Card® from American Express comes with complimentary access to more than 1,400 lounges around the world through the Global Lounge Collection.
The Global Lounge Collection is a consortium of airport lounges spanning seven networks: The Centurion Lounge, Delta Sky Club, Priority Pass, Lufthansa, Air Space Lounge, Escape Lounges and Plaza Premium. This is the highlight of the card for many people.
Welcome bonus raises the stakes
The Platinum Card® from American Express boasts a generous welcome bonus.
You’ll earn 80,000 Membership Rewards points after spending $8,000 on purchases in the first 6 months from account opening.
Earn more rewards when you travel
The Platinum Card® from American Express features top-notch travel rewards.
You’ll earn five points for every $1 you spend on flights booked directly through airlines or through the American Express travel portal on up to $500,000 spent per calendar year, then one point per $1. You’ll also get five points per $1 on prepaid hotels booked with American Express Travel.
You’ll earn one point per $1 on all other eligible purchases.
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. Take a look.
- Airline fee statement credit: You’ll get up to $200 each year in statement credits to pay for things like checked bags and in-flight food and drinks.
- Airport security fee credits: Get reimbursed for airline security programs when you apply using the Platinum Card® from American Express: Clear ($189), plus either Global Entry or TSA PreCheck (up to $100).
- Hotel credit: Receive a credit of up to $200 each year on qualifying prepaid reservations of two nights or more at Fine Hotels and Resorts and The Hotel Collection.
- Cruise credit: You’ll get up to $300 when you book a trip of at least five nights through the American Express travel portal, depending on the cruise line and the type of room you choose.
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.
- Uber credit: Get up to $200 each year that you can use for rides or food delivery orders.
- Digital entertainment credit: You’ll get up to $240 each year to spend on Disney+, ESPN+, Hulu, Peacock, SiriusXM, The Wall Street Journal and The New York Times.
- Fitness credit: Get up to $300 each year to spend at Equinox.
- Cellphone protection: When you pay your monthly bill with the card, you’ll be covered for up to $800 (minus a $50 deductible) if your phone is damaged or stolen.
- Shopping credit: Get up to $100 each year to spend at Saks Fifth Avenue.
Statement credits come with strings attached
The Platinum Card® from American Express offers plenty of statement credits, but most of them come with certain constraints — making it difficult to get the most out of the travel and lifestyle credits. For example …
- The $200 airline fee credit can’t be used to purchase a ticket.
- The hotel credit can only be used at two preapproved hotel collections that you might not typically visit.
- The Uber and Saks credits are issued on a semi-regular basis, not all at once. So if you don’t spend at these places right now, you might end up making purchases you don’t need to justify using the credit.
We’re not saying you won’t get any use out of these credits. It’s just something to keep in mind.
Understanding your points
You can redeem your points for travel, statement credits, shopping, gift cards and charitable donations. But that’s not your only option.
American Express operates what’s known as a “flexible rewards program,” which means you can transfer your points to a number of airline and hotel partners. In some cases, you might get more bang 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 Delta SkyMiles®, your points could be worth an estimated 1.61 cents each, based on Credit Karma’s point valuations.
Who this card is good for
The Platinum Card® from American Express certainly wasn’t designed with budget-conscious people in mind.
It’s intended for big spenders who aren’t afraid to pay more to get more. If you manage to claim a majority of the travel and lifestyle credits, this card could be a great deal, even with its annual $695 price tag. But if you can’t take advantage of these credits, it’s probably not worth it.
Updated: November 7, 2023
Most helpful positive review
April 2, 2022
Do Not Trust Credit Karma
— Credit Karma Member
Credit Karma indicates that I have a fair chance of getting the American Express Platinum Card. When I went on the AMEX Website and went through there PRE-APPROVAL Process AMEX indicated that they could not issue me a AMEX Card at this time. Good thing I have learned from my past mistakes, I was fortunate to have went to the AMEX Website and went through the pre approval process, and spared my self from a Hard Credit Inquiry. Many Credit Card Issuer's have a Pre approval process like AMEX, DISCOVER, CAPITAL ONE and many others.
Most helpful negative review
November 27, 2022
a very premium price for not so premium perks
— Credit Karma Member
Do not get the credit card unless the perks it offers actually are going to be beneficial to you. I don't even use walmart+. The airline credit is only eligible for one airline that you have to choose, it is very inconvenient. The Centurian lounge access is ending in January 2023. The concierge service cannot do anything more than we can do. They just do google searches and make calls, unless you need them for selects events that they have access to. The 1% back is nothing compared to what other cards offer. The only perk I like is the $20 entertainment credit. To me, this card is not worth the annual fee.
*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.