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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 has added new perks like digital subscription credits** and Equinox membership credits** to help offset the recently raised annual fee. If you don't travel much to begin with, though, this probably isn't the card for you.

Read more: The Amex Platinum card just increased its annual fee to $695 — but fancy new perks and a 100,000-point offer could take the sting out of it

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 huge 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 40,000 points. 

Beyond that, new cardholders can earn 10x points at restaurants worldwide and on U.S. Shop Small (small business) purchases in the first six months of card membership, on up to $25,000 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. 

Based on Insider's valuation of Amex points at 1.8 cents apiece, Platinum Card members can expect to get up to $1,800 in value from the current 100,000-point welcome bonus — and that's not even factoring in the bonus points you can earn on US Shop Small and worldwide restaurant 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 eligible purchases with a 50% bonus in point value with the Chase Sapphire Reserve®.

There's also the new Capital One Venture X Rewards Credit Card, which includes upscale benefits for an relatively low annual fee of Capital One Venture X Rewards Credit Card. It comes with a welcome bonus of Capital One Venture X Rewards Credit Card, plus new cardholders receive up to $200 in statement credits toward vacation rental purchases (like Airbnb and VRBO) made with their card in the first year. It also offers Priority Pass and Capital One lounge access and up to $300 in annual credit toward purchases made through Capital One travel.

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 $300 annually (up to $25 per month) in Equinox credits**

$179 per year in credits for CLEAR membership**

Up to $200 in credits per year toward prepaid hotel bookings through Amex Fine Hotels and Resorts or The Hotel Collection

Up to $240 in annual credits (up to $20 per month) toward eligible digital subscriptions*****

$12.95 in credits each month toward Walmart+ membership**

$300 statement credit toward a purchase of SoulCycle At-Home Bike online

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**

No foreign transaction fees The Platinum Card® from American Express – Rates & Fees

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**

No foreign transaction fees American Express® Gold Card – Rates & Fees

Secondary car rental insurance

Trip delay insurance

Baggage insurance

Purchase protection

Extended warranty

Global Assist Hotline

Discounts and bonuses through Amex Offers**

No foreign transaction fees

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)

*****Eligible digital subscriptions include Audible, SiriusXM, The New York Times, and Peacock

American Express Platinum vs other premium travel cards

 

The Platinum Card® from American Express

Chase Sapphire Reserve®

Capital One Venture X Rewards Credit Card

Annual fee

The Platinum Card® from American Express

Chase Sapphire Reserve®

Capital One Venture X Rewards Credit 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)

5x total points on air travel purchased through Chase Ultimate Rewards (after earning the $300 travel credit)

10x total points on hotels and car rentals purchased through Chase Ultimate Rewards (after earning the $300 travel credit)

10x points on Lyft rides through March 2022

3x points on other travel  and dining

1 point per dollar on everything else

10x miles on hotels and rental cars booked through Capital One Travel

5x miles on flights booked through Capital One Travel

2x miles on all other purchases

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

Capital One Venture X Rewards Credit Card

Up to $200 in statement credits for vacation rental purchases in the first 12 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 annually (up to $25 per month) in Equinox credits

$179 per year in credits for CLEAR membership

Up to $200 in credits per year toward prepaid hotel bookings through Amex Fine Hotels and Resorts or The Hotel Collection

Up to $240 in annual credits (up to $20 per month) toward eligible digital subscriptions*****

$12.95 in credits each month toward Walmart+ membership

$300 statement credit toward a purchase of SoulCycle At-Home Bike online

Up to $300 in statement credits each cardmember year toward travel purchases

Complimentary year of Lyft Pink membership when you activate by March 31, 2022

Complimentary year of DoorDash DashPass membership (activation required by March 31, 2022)

Up to $300 per year in statement credits toward Capital One Travel bookings 

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

No foreign transaction fees

Priority Pass Select airport lounge membership

Global Entry, TSA PreCheck, or NEXUS 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

No foreign transaction fees

Priority Pass and Capital One airport lounge access

10,000-mile bonus each account anniversary

Global Entry or TSA PreCheck application fee credit

Rental car elite status

Primary car rental insurance

Trip delay reimbursement

Travel accident insurance

Cell phone protection

Trip cancellation/interruption insurance

Return protection

Extended warranty

Visa Infinite concierge

No foreign transaction fees

Review

 

Chase Sapphire Reserve card review

Capital One Venture X card 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

*****Eligible digital subscriptions include Audible, SiriusXM, The New York Times, and Peacock

How to earn points with the Amex Platinum card

The Platinum Card doesn't have a terribly complicated earning structure. Cardholders earn:

  • 5 points per dollar on airfare purchased directly through the airline or through Amex Travel (on up to $500,000 per calendar year)
  • 5 points per dollar on hotels booked through Amex Travel 
  • 1 point per dollar on all other eligible purchases

Keep in mind that new cardholders also earn 10x points at restaurants worldwide and on U.S. Shop Small (small business) purchases in the first six months of card membership, on up to $25,000 in spending (then 1x). 

Read more: Guide to the best credit cards for dining

How to use Amex Membership Rewards points

The Platinum Card earns Membership Rewards points, the currency of Amex's loyalty program. You can exchange them for statement credits or cash back, use them to book travel through Amex's travel website, or transfer them to any of 18 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, 100,000 points are worth about $1,800, which alone makes up for more than 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:

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.

Read more: The Amex Platinum increased its annual fee to $695 — are the new benefits worth it?

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 Hilton Honors American Express Aspire 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.

Read more: Guide to the best credit cards with free airport lounge access

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.

Read more: Amex Platinum Uber credits are useful for more than just rides and food delivery — I've been redeeming mine to get free diapers

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 (currently awarded as a food and beverage credit). 

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.

Read more: The best credit cards with free Global Entry and TSA PreCheck

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).

Up to $200 hotel credit

Cardholders will get up to $200 in credit each calendar year toward prepaid bookings at Amex Fine Hotels and Resorts or Hotel Collection properties when they book with their card through Amex Travel. This credit expires at the end of every year and doesn't roll over, but you're only required to book by December 31 to receive the credit— your travel dates can be later.

Read more: My plan to maximize the Amex Platinum card's new $200 hotel credit for a nearly free luxury stay

Fine Hotels and Resorts bookings include perks such as free breakfast, guaranteed late checkout, room upgrades and early check-in when available, and a welcome amenity or credit unique to each property. If you would have otherwise paid cash for a luxury hotel stay, this perk can effectively shave $200 off your annual fee cost.

Bookings with The Hotel Collection must be for a minimum of two nights, and include benefits like room upgrades and a $100 on-property credit. 

$179 CLEAR credit

CLEAR is an expedited security screening program that can save you time waiting in long lines at select US airports and stadiums. A CLEAR membership normally costs $179 per year ($119 for members of the United or Delta frequent flyer programs, and further discounts are available for elite status members), but if you pay with your Platinum Card, you'll receive a credit to offset the CLEAR application fee**.

Read more: I wasn't interested in CLEAR until the Amex Platinum gave it to me for free. It's fantastic.

When you have a CLEAR membership, you can jump to the front of the security line, but — unlike TSA PreCheck members —you'll still have to remove items like your laptop and shoes before getting screened. CLEAR isn't a government program so the application requirements are much less stringent than those of TSA PreCheck and Global Entry.

The downside is that CLEAR screening is only in select locations, so if the airports you travel through don't participate, this benefit is of little use to you. However, the program is also available at a handful of stadiums, so if you're a sports fan who likes to attend live games, this could end up being a good deal.

Up to $240 digital entertainment credit

According to Amex, 78% of Platinum Card cardholders took advantage of limited-time statement credits for streaming services that were offered during the height of the pandemic in 2020. These new digital entertainment credits are permanent, and are awarded in chunks of up to $20 per month (maximum $240 per year). Enrollment is required before you can use this perk.

Read more: How to use the Amex Platinum digital subscription credit to save up to $240 per year on services like Audible and SiriusXM

However, the list of eligible digital subscription services is quite short:

  • Audible — Plans start at $7.95 per month (after free trial)
  • The New York Times — $17 every four weeks for a standard subscription (after any introductory offers)
  • SiriusXM — Plans start at $10.99 per month (after any introductory offers)
  • Peacock — Plans start at $4.99 per month

Depending on if these are subscriptions you already have (or would be likely to use), this credit might not make a difference for you. Amex says cardholders will also have access to exclusive experiences from these partners.

Up to $300 Equinox credit

Cardholders can receive up to $300 annually (up to $25 per month) in credits toward Equinox gym memberships or digital subscriptions to on-demand fitness classes through the Equinox+ app. Enrollment is also required to activate this benefit.

Read more: Amex Platinum cardmembers get up to $300 in Equinox credit every year — here's how to use the benefit, even if you're staying home

Equinox is a chain of high-end fitness clubs that are mostly located in large US cities. The company's website lists 106 locations, 40 of which are in Manhattan, and the rest are sprinkled around places like Chicago, Miami, London, and Washington, DC.

Again, if this is something you'd pay for anyway, these credits could amount to a nice little discount — but keep in mind that Equinox memberships are not cheap. For example, with a 12-month commitment, you'd pay $240 per month for membership at the Rockefeller Center location, and $275 per month if you want access to all US clubs.

Walmart+ membership credit

When you use your Platinum Card to pay for Walmart's subscription service, Walmart+, you'll receive a statement credit for the cost** ($12.95 plus applicable sales tax each month).

Read more: Amex Platinum cardholders can get a Walmart Plus membership at no cost — here's how to enroll and make the most of this benefit

Only Walmart+ monthly memberships (not annual) qualify for this perk. A Walmart+ membership gets you free delivery, free shipping with no minimums, pharmacy discounts, and other perks — so if you're already a Walmart shopper it's a no-brainer to use this benefit.

$300 SoulCycle at-home bike credit

If you're in the market for a SoulCycle at-home bike, use your Platinum Card to make the purchase through your Equinox+ account online and you'll receive a $300 statement credit. These bikes cost about $2,500, so this isn't a massive discount — but if you're making this purchase anyway, it's a nice deal.

Read more: Amex Platinum cardholders can now get statement credits at 2 more places: Walmart and Soulcycle

You can actually redeem this credit for up to 15 separate bike purchases each year, but keep in mind each purchase requires a 12-month Equinox+ membership ($40 per month plus applicable tax) to qualify, and purchases made in-store or through the Equinox mobile app aren't eligible for the credit.

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: 6 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.

Read more: The best credit cards with trip delay insurance

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 $10,000 per occurrence and $50,000 per year.

Read more: The best credit cards with purchase protection

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.

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.

Read more: I almost canceled my Amex Platinum card when the annual fee came due — here's what convinced me to keep it another year

The card doesn't charge foreign transaction fees but it does have an APR of  The Platinum Card® from American Express 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).

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.

Amex Platinum — Frequently Asked Questions (FAQ)

Is the Amex Platinum worth the annual fee?

If you can use the Platinum Card's generous range of benefits, you can get a value that far exceeds the card's The Platinum Card® from American Express annual fee. Even if you don't maximize every benefit, it's fairly easy to at least offset the annual fee between up to $200 in airline fee credits, up to $200 in Uber Cash, up to $100 in Saks credits, and up to $240 in digital entertainment credits each year.

Read more: Don't let the Amex Platinum's new 'lifestyle' benefits distract you from its true value — here's what the card is worth to the average person

Is the Amex Platinum hard to get approved for?

Because it's a premium rewards card, the Platinum Card is harder to get approved for than some other popular cards. Amex will look at your credit score, income, and other factors when it considers your application.

Keep in mind you won't be eligible for the welcome offer if you already have, or have had, the Platinum Card because of Amex's once-per-lifetime rule. However, if you have/had another version of the Platinum, such as The Business Platinum Card® from American Express, you're still eligible for the bonus.

What credit score do you need for the Amex Platinum?

Typically, most folks who are approved for the Platinum Card have a credit score in the good to excellent range. This means a FICO score of at least 670, or a VantageScore of at least 700.

Read more: What is a good credit score? It depends whether you're asking VantageScore or FICO

If your score isn't quite where it needs to be yet, read our guides on improving your credit score and how using credit cards can help boost your score.

Can you carry a balance on the Amex Platinum?

The Platinum Card requires you to pay your balance off in full each month, unless you're enrolled in Amex's Pay Over Time feature. This extended-financing option allows cardholders to pay off qualifying charges over $100 over a longer time period, with interest.

Can you add authorized users to the Amex Platinum card?

If you want your authorized users to receive select card benefits, including airport lounge access, a TSA PreCheck or Global Entry credit, and hotel/rental car elite status, you can add up to three Platinum authorized users at a cost of $175 total. Any additional authorized users after that cost $175 each The Platinum Card® from American Express – Rates & Fees.

Read more: There are actually 2 personal Amex Gold cards — but only one of them offers bonus rewards on dining

However, if you don't need these benefits for your additional cardholders, you can add up to 99 Gold authorized users at no cost. Authorized user Gold cards are not the same as the standalone American Express® Gold Card; in addition, these cardholders will not receive airport lounge access or elite status, but they are eligible for their own TSA PreCheck or Global Entry application fee credit.  

Which Amex Platinum benefits require activation?

Not all Platinum Card benefits are automatic — several require you to activate or enroll before you can start using them. These include:

  • Choosing an airline for the annual incidental fee credit
  • Adding your card to your Uber account to receive your monthly Uber Cash
  • Enrolling for the Saks credit
  • Registering for Marriott and Hilton Gold status and rental car elite status
  • Enrolling for the digital entertainment credit
  • Signing up for Equinox through Amex

You can follow this checklist of things to do when you receive your Amex Platinum card so you don't miss out on perks.

Read the original article on Business Insider

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