With more than 50 million redeemed miles under her belt, Becky Pokora is a rewards travel expert. She's been writing about credit cards and reward travel since 2011 with articles on Forbes Advisor, BoardingArea, The Points Guy and more. Her redemptio.
Becky Pokora Credit Card Rewards ExpertWith more than 50 million redeemed miles under her belt, Becky Pokora is a rewards travel expert. She's been writing about credit cards and reward travel since 2011 with articles on Forbes Advisor, BoardingArea, The Points Guy and more. Her redemptio.
Written By Becky Pokora Credit Card Rewards ExpertWith more than 50 million redeemed miles under her belt, Becky Pokora is a rewards travel expert. She's been writing about credit cards and reward travel since 2011 with articles on Forbes Advisor, BoardingArea, The Points Guy and more. Her redemptio.
Becky Pokora Credit Card Rewards ExpertWith more than 50 million redeemed miles under her belt, Becky Pokora is a rewards travel expert. She's been writing about credit cards and reward travel since 2011 with articles on Forbes Advisor, BoardingArea, The Points Guy and more. Her redemptio.
Credit Card Rewards Expert Clint Proctor Lead Editor, Credit Cards & Travel RewardsClint Proctor is a lead editor with the credit cards and travel rewards team at Forbes Advisor. He has five years of experience in personal finance journalism and has contributed to a variety of leading national publishers including Business Insider.
Clint Proctor Lead Editor, Credit Cards & Travel RewardsClint Proctor is a lead editor with the credit cards and travel rewards team at Forbes Advisor. He has five years of experience in personal finance journalism and has contributed to a variety of leading national publishers including Business Insider.
Clint Proctor Lead Editor, Credit Cards & Travel RewardsClint Proctor is a lead editor with the credit cards and travel rewards team at Forbes Advisor. He has five years of experience in personal finance journalism and has contributed to a variety of leading national publishers including Business Insider.
Clint Proctor Lead Editor, Credit Cards & Travel RewardsClint Proctor is a lead editor with the credit cards and travel rewards team at Forbes Advisor. He has five years of experience in personal finance journalism and has contributed to a variety of leading national publishers including Business Insider.
| Lead Editor, Credit Cards & Travel Rewards
Updated: Mar 27, 2024, 3:49pm
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
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The Platinum Card® from American Express (terms apply, see rates & fees) has long been one of the most popular travel rewards cards. Thanks to the versatility of the Membership Rewards® points it earns and an array of valuable perks, the card has received significant acclaim. Now the Amex Platinum offers more statement credits than ever before for purchases like airline incidental fees, hotel reservations and even subscriptions to digital entertainment services.
But those credits and benefits come at a price. The venerable Platinum card has a $695 annual fee. Here’s what you need to know to decide whether this card is worth it for you.
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Forbes Advisor created additional star ratings so that you can see the best card for specific needs. This card shines for this use, but overall the star ratings may differ when compared to other cards.
On American Express's WebsiteEarn 5 Membership Rewards Points per dollar on prepaid hotels booked with American Express Travel and on flights booked directly Read More
Earn 80,000 points
See Pay Over Time APR
Good,Excellent (700 - 749)
Editorial ReviewThe Platinum Card is destined for frequent travelers who intend to fully leverage the rich set of luxury travel benefits and Platinum Concierge service. In the right hands, the classic status card’s staggering annual fee is well justified.
Pros & ConsEarn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership.
Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.
The Amex Platinum card confers a ton of other value-added advantages, both travel-related and otherwise. They include:
With so many premium perks, the Amex Platinum can easily pay for itself every year, even if you can’t take full advantage of all of them. But with such a steep annual fee, the card is best suited for people who travel at least a few times a year and can consistently use enough of the card’s benefits to make the yearly cost worthwhile.
Even if you don’t max out all of the card’s perks, getting VIP treatment at the airport, car rental agency and hotel can make the card a handy travel companion.
Keep in mind that many of the card’s benefits require a little legwork to maximize. To determine if the card is worth it for you, review the terms for each perk to gauge how much effort you’d need to get the promised value, whether you’re willing to make that effort and if the benefit is one you’d use.
Before you apply for The Platinum Card® from American Express, it’s important to consider both the benefits and potential drawbacks of the card.
The Platinum Card® from American Express may or may not be the right fit for you. Here are some scenarios where it could make sense.
The card offers an impressive welcome bonus. New cardholders can earn 80,000 Membership Rewards Points after spending $8,000 on eligible purchases on the card in the first 6 months of card membership.
That’s worth hundreds if you redeem your rewards with American Express. You could potentially get even more value, if you transfer and redeem your rewards with one of the card issuer’s travel partners.
The value of your Membership Rewards varies based on the type of redemption you make. Study up on your options so you can maximize your value to the best of your ability.
Those who travel regularly are likely to unlock the most value because the card’s benefits can touch just about every aspect of your trip—from the airport to the car rental agency and the hotel.
American Express recently changed some of its airport lounge benefits. At some lounges, you’ll have the ability to bring a guest. At other lounges, you may only have guest access if you’ve spent a certain amount on your card over the year and at other lounges, only the cardholder may enter. Make sure you understand which club locations make sense for your next trip.
Even if you don’t travel several times a year, you can still get a solid return from the card’s lifestyle benefits, which range from shopping to digital subscriptions and wellness.
Keep an eye on deadlines for the different benefits. Some must be used monthly, some are semi-annually and some are once per year. You’ll need to stay organized (and maybe set calendar alerts) if you intend to use them all on time.
The Amex Platinum Card’s annual fee is one of the highest on the market. While it can be easy for some cardholders to get that value back each year, it’s still important to budget for the yearly $695 charge.
If your lifestyle or budget changes in the future, you may be able to downgrade the card to an option with a lower or no annual fee—though that also means you’ll lose access to the Platinum card’s many benefits.
With The Platinum Card® from American Express you’re required to pay your balance in full every month. Although Amex provides cardholders with other options, paying in full every month can help you avoid interest charges and make the most of the card’s value.
The Amex Platinum requires good to excellent credit for approval. American Express also considers other factors beyond your credit score, such as your debt-to-income ratio and prior history with Amex.
With the card issuer’s Apply With Confidence feature, you can know if you’re approved for the card with no impact on your credit score. However, your credit score may be impacted if you are approved and choose to accept the card.
The new application experience is available for individuals applying for a U.S. personal card via Forbes Advisor, at AmericanExpress.com/us/credit-cards, or by calling American Express and is not available if you apply for a card after you log into an existing account.
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On American Express's Website Rates & Fees / Terms Apply Welcome Bonus Earn 80,000 points Annual Fee Credit Score Good,Excellent Regular APR See Pay Over Time APRCredit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.
Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership.
Chase Sapphire Preferred® Card On Chase Bank USA, NA's Website Welcome Bonus 60,000 bonus points Annual Fee Credit Score Excellent, Good Regular APR 21.49%-28.49% VariableCredit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.
Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Travel℠.
Chase Sapphire Reserve® On Chase Bank USA, NA's Website Welcome Bonus 60,000 bonus points Annual Fee Credit Score Regular APR 22.49%-29.49% VariableCredit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.
Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $900 toward travel when you redeem through Chase Travel℠.
Like The Platinum Card® from American Express, the Chase Sapphire Reserve® offers complimentary airport lounge access—though only through Priority Pass—and an annual travel credit. The Sapphire Reserve’s travel credit is broader, making it easier for you to use it up completely every year. However, unlike the Amex Platinum, the Sapphire Reserve comes with fewer statement credit offers and lifestyle benefits.
In addition to Global Entry and TSA PreCheck, the Sapphire Reserve allows you to apply your application fee credit to NEXUS, which could make it a better fit for people who frequently travel to Canada.
On the rewards front, the Sapphire Reserve offers more earning potential on everyday spending than the Amex Platinum. On top of bonus rewards on flights, hotels and rental cars, you’ll also earn bonus points on dining purchases.
The Sapphire Reserve offers a welcome bonus of 60,000 bonus points after spending $4,000 on purchases in the first three months from account opening. Points are worth more when redeemed for travel through Chase Travel℠, which nets you 1.5 cents per point in value. You can also transfer your points to several airline and hotel loyalty programs at a 1:1 ratio.
One of the more affordable premium rewards cards, the Capital One Venture X Rewards Credit Card (rates & fees) charges a $395 annual fee. It doesn’t take much legwork to make up for it because the card offers a $300 annual credit for Capital One Travel bookings and an annual 10,000-mile bonus after renewal (worth $100 toward travel).
The card also offers better rewards, giving cardholders 2 miles per dollar on all eligible purchases, 5 miles per dollar on flights and vacation rentals booked through Capital One Travel, 5 miles per dollar on Capital One Entertainment purchases through 12/31/25 and 10 miles per dollar on hotels and rental cars when booking via Capital One Travel. While your miles aren’t necessarily more valuable, you’ll get more flexibility with how you can redeem them for travel.
The Venture X also offers access to Priority Pass Select lounges, Plaza Premium lounges and Capital One lounges, giving cardholders more options than many premium credit cards. However, that still pales in comparison to the lounge access the Platinum Card offers.
And again, in terms of statement credits, elite status and lifestyle perks, The Platinum Card® from American Express comes out the winner.
The Chase Sapphire Preferred® Card isn’t a premium travel credit card, so you won’t get as much in the way of perks. However, if you can’t stomach the steep annual fee of a high-end card, the Sapphire Preferred’s $95 annual fee is much more palatable.
The card does offer an annual $50 statement credit on hotels booked through Chase, solid travel protections and a handful of benefits with partners like Lyft and DoorDash. You’ll also get an excellent welcome bonus, solid rewards on travel, dining, online grocery shopping and streaming subscriptions. And if you use your points to book travel through Chase, they’re worth 25% more.
But if you want the gamut of travel benefits a premium credit card can offer, the Sapphire Preferred will fall short of your expectations.
Looking beyond the welcome offer, which is pretty lucrative, you’ll have to map out which of The Platinum Card® from American Express’s perks you’ll be able to utilize and to what extent.
With the card’s many statement credits, you could potentially reap double the annual fee in value before even factoring in benefits like airline lounge access and automatic elite status with travel partners. That’s only if you actually plan to use them though. Someone who won’t take advantage of the majority of these statement credits should skip this card.
On the other hand, if you will utilize its ongoing benefits, such as lounge access, the Fine Hotels + Resorts program, Marriott and Hilton elite status and International Airline Program ticket savings, as well as one or two of the credits, then springing for The Platinum Card® from American Express may be worthwhile.
If you’re on the fence, you might try it out for a year and see how many of its benefits you actually use, all while earning an impressive welcome bonus. When the annual fee comes due again, you’ll be able to make a more educated decision on whether you want to keep it and enjoy the benefits for another year.
Forbes Advisor Contributor Ben Luthi contributed to this article.
To view rates and fees for The Platinum Card® from American Express please visit this page.
¹Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.
²Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.
³Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.
The best American Express card depends on your lifestyle and what type of rewards, benefits and other card features you’re looking for, as well as how large of an annual fee you’re willing to consider.
New cardmembers will see the annual fee on their first billing statement. In subsequent years, you’ll see the annual fee in the anniversary month of your account.
The value of your rewards varies depending on how you redeem them. You can get up to 1 cent per point in value if you redeem your points with American Express. Or, you can transfer them to one of the card issuer’s partners and gain more value. Here’s what you can get with Amex:
