Even among “premium” credit cards – those with annual fees that cost $250 or more – some cards have more benefits than others.
The difference is that some were designed to offer a better lifestyle, while others spice up the high-end lifestyle that people already live.
Let’s find out more about the American Express Platinum card!
FEATURES of this Card
The annual fee of the American Express Platinum Credit Card is $550. Users will receive a 60,000 points bonus if more than $5,000 are spent in the first 3 months.
Points can be earned by purchasing plane tickets straight from the airline, and on prepaid hotels and flights booked through Amex Travel – 5x points. Everything else will bring 1 point/dollar. There is no fee for foreign transactions.
The reward earned from your spending is usually the signature of travel cards. This one, however, is not like that. Even the 5x points earned from hotel stays and flights are something hard to gather before you earn something consistent. Premium services, exclusive access, upgrades, and other benefits are also given, but they are small.
- $200/year for a single airline’s incidental fees that cover things like in-flight refreshments or checked-bag fees, but not upgrades or airfare.
- $200/year, divided per month for Uber. You will get $35 in December and $15 for the other months, but if the amount isn’t used in the given month, it will not be transferred to the upcoming month, but lost. VIP status is also given.
- $100/year for online and in-store purchases from Saks Fifth Avenue. They are split in $50 for January to June, and another $50 from July to December
- Reimbursements for trusted traveler programs for up to $100. You can receive reimbursement for the registration fee of $100 for Global Entry or $85 for TSA Precheck. The Global Entry refund is every 4 years, and TSA Precheck every 4.5 years.
Airport lounge access
The American Express Platinum Card® offers unique access that is worldwide for airport lounges. Some of them are Escape network, Airspace network, Plaza Premium’s lounges, lounges in the Priority Pass Select, lounges for International American Express, Centurion lounges and when flying Delta, you get access to Delta Sky Clubs.
Marriott Hotels have a rewards program, called Marriott’s bonvoy, to which you can get a Gold Elite status without fulfilling any hotel stay requirements.
You will receive automatic Gold status for Hilton’s loyalty program, Hilton Honors.
If you stay for at least two nights at The Hotel Collection, an automatic upgrade will be given, plus a $100 credit to use in the hotel’s activities such as resort, spa or dining.
Booking at the Fine Hotels & Resorts will get you facilities and upgrades that are worth $550 /stay, such as room upgrades, late checkout, early check-in, free Wi-Fi, and complimentary breakfast.
You will receive 24-hour concierge services access, available by phone. Global Dining Collection access for high-end restaurant reservations is another attractive feature that comes with the card. You will be able to enjoy the Kentucky Derby and Wimbledon events, by buying VIP tickets (by invitation only), and get to select your preferred seats for cultural events and select sports.
How To APPLY and Eligibility
For the application, click here and to check your eligibility, click here. To apply online, you will have to fill in personal and financial information, including the annual net income, that needs to be higher than the limit set by the American Express Bank.
In terms of eligibility, applicants need to be older than 18 years of age, with no payment defaults and good credit history. The required income varies.
FEES And Interest
Here are The American Express Platinum Card® fees and interests.
- Annual Fee: This is $550, to which another $175 will be added for as much as 3 additional platinum cards
- Cash Advance: $10 or 5% of any cash advance amount, whichever is greater.
- Foreign Purchase Transaction: There is no foreign purchase transaction
- Late Penalty: As high as $40
- Returned Payment: As high as $40
If you need help keeping track of your income and expenditure each month, be sure to read this article to find the best app to do so.
American Express’s Platinum Card® is probably the most distinguished card that can be found on the market, offering Membership Rewards® Points of 60,000 as an intro bonus, and 5x for purchases. It comes along with a long list of benefits such as access to airport lounges and travel credits.
However, the $550 annual fee, this card is suitable for those who already live quite a luxurious life, and want to make it even better through all the perks offered by this card.
Note: There are risks involved when applying for and using credit cards. Consult the institution’s terms and conditions page for more information.