Why The Amex Platinum shouldn’t be your only card but might deserve a spot in your wallet

American Express Platinum Card®

Our review

American Express Platinum Card® is a status symbol in the credit card world, packed with premium travel perks that can make your journeys significantly more comfortable. However, it's important to note upfront: this isn't a card for those looking to rack up points on everyday spending. Let's start with the good stuff. The Amex Platinum shines when it comes to travel benefits. You'll get access to an impressive array of airport lounges, including Amex Centurion Lounges, Delta Sky Clubs (when flying Delta), and Priority Pass lounges. The card also offers elite status with Hilton and Marriott, a credit for Global Entry or TSA PreCheck, and Fine Hotels & Resorts benefits that can upgrade your hotel stays significantly. The annual credits are another strong point. You'll receive credits for airline incidental fees, Uber rides, Saks Fifth Avenue purchases, Resy, Lululemon and more. If you can fully utilize these credits, they go a long way toward offsetting the card's hefty annual fee of $895 (see rates & fees). Additionally, the Platinum typically comes with a substantial welcome bonus, which can give your points balance a significant initial boost.

Now, here's where the Platinum falls short: ongoing point earning. Despite its premium status, the card's earning structure is surprisingly limited. You'll get 5X points on flights booked directly with airlines or through Amex Travel (on up to $500,000 per calendar year), and 5X points on prepaid hotels booked through Amex Travel. That's it. All other purchases earn just 1X point per dollar. This earning structure means that unless you're a very frequent traveler or book a lot of prepaid hotels through Amex, you'll likely find your point earnings lacking compared to other premium cards. For everyday spending categories like dining, groceries, or general purchases, you'd be better off with a different card but this is a great card to have in wallet for the other benefits.

This is where pairing the Platinum with other cards becomes crucial. The American Express® Gold Card, for instance, complements the Platinum perfectly by offering 4X points at restaurants (up to $50,000, then 1X) and U.S. supermarkets (up to $25,000 per year, then 1X), filling the gap in dining and grocery categories. For everyday spending, the Capital One Venture Rewards Credit Card could be a great addition to your wallet, offering 2X miles on all purchases where the Platinum only earns 1X. Another solid option to consider is the Chase Sapphire Preferred® Card, which provides 2X points on travel and dining, and access to Chase's valuable transfer partners, diversifying your points portfolio. By combining the Amex Platinum with one or more of these cards, you can create a well-rounded strategy that maximizes luxury travel benefits while still earning substantial points on your day-to-day spending.

Is it worth it?

If you value luxury travel perks and can make use of the various credits, American Express Platinum Card® can provide excellent value despite its high annual fee. The card typically offers a substantial welcome bonus, which can significantly boost your points balance initially. However, beyond this initial bonus, if you're looking to maximize point earnings across a variety of spending categories, you might want to look elsewhere. The Platinum is best viewed as a card for travel benefits rather than a points-earning powerhouse.

In essence, the Amex Platinum is a card that can significantly elevate your travel experience, but it won't necessarily help you accumulate a large points balance quickly through everyday spending. That said, when strategically paired with cards like the Amex Gold, Capital One Venture, or Chase Sapphire Preferred, the Platinum becomes an essential part of a rewarding credit card portfolio, allowing you to enjoy premium travel perks while still maximizing your point earnings across various spending categories.