Rewards Credit Cards July 4, 2020 0

American Express Platinum Credit Card Review

American Express Platinum Credit Card

Hello Friends, I hope all is well with you! I am going to be reviewing the American Express Platinum Credit Card today. These opinions are my own, and I am in no way influenced by anyone.

Overall Verdict: This is the top of the line credit card for Amex, well, besides the infamous Amex Black Card. The American Express Platinum credit card comes with a hefty annual fee, but it comes with so many luxurious benefits. It offers a high amount of points on certain categories; however, anything outside of the high reward categories earns a low amount of rewards. This card is made for the frequent travelers.

Some things about this card that I do like:

  1. Top of the line luxurious benefits
  2. Sign-up bonus
  3. High reward amount on certain categories

Some of the things that I don’t like:

  1. Hefty annual fee
  2. Low rewards amount on everything outside of the high reward category

What type of reward are you getting?

The Amex Platinum credit card offers you the chance to earn membership points for every dollar that you spend. The points accumulate in your account until you are ready to use them. There are a number of ways that you can redeem your membership points. You can redeem your points as a statement credit. You can redeem your points for merchandise, entertainment, and gift cards. Additionally, you can transfer your points to one of Amex’s travel partners. These partners have their own frequent travel loyalty programs, and they allow you to use your Amex points to redeem flights or book trips with them. Sometimes, the partner programs will value your points higher than Amex does. So, if Amex values each of your points at $0.01, one of their partners might value your points at $0.02. It’s important to check before you transfer your points.

Is there an annual fee?

This Amex card has a hefty $550 annual fee.

What is the rewards amount?

The American Express Platinum credit card gives you the chance to earn 5x points on flights that are directly booked through their website or for flights that are directly booked through the airline’s website. You also get 5x points on prepaid hotels when you book through Amex’s travel website. All other purchases will earn you 1x points. Additionally, Amex does offer special deals that let you earn extra points for shopping or buying products from certain brands or stores. You can also earn extra points on certain brands in entertainment and dining.

Is there a bonus offer?

The Amex Platinum credit card has a sign-up bonus of 60,000 membership points when you spend $5,000 or more in purchases in the first three months of the account opening. That’s about a 12% return on the money that you would have spent anyway.

Are there foreign transaction fees?

There aren’t any foreign transaction fees.

Are there any other benefits?

This card offers so many luxurious and outstanding benefits and protections. This is not an exhaustive list of everything they offer.

  1. Zero liability protection – you are not responsible for unauthorized purchases
  2. Purchase protection – this covers new purchases for 120 days against damage or theft up to $500 per claim
  3. Extended warranty protection – this extends the time period for the manufacturer’s warranty
  4. Auto rental collision damage waiver – you need to decline the rental company’s collision insurance and use your card for the rental car purchase. You are covered for theft or collision incidents on most cars in the U.S and abroad. Coverage is primary to your insurance. Amex’s rental insurance will be maxed out before you use your personal car insurance
  5. Trip delay reimbursement – you are reimbursed for expenses for expenses up to $300 per trip if your common carrier travel is delayed more than 12 hours
  6. Baggage insurance plan – you are covered for eligible stolen, lost, or damaged baggage when you use your card to pay for the ticket. Checked baggage is covered up to $500 and carry-on baggage is covered up to $1,250
  7. Premium Global assist hotline – you get 24/7 access to different kinds of services when you travel more than 100 miles from home. Services include medical, legal, financial or other select emergency coordination and assistance services, including medical and legal referrals, assistance with cash wires, passport replacement, missing luggage and more
  8. Airline fee credit – you can receive up to $200 in statement credits when you use your Amex Gold card to pay for fees such as checked baggage, in-flight snacks, movies, etc.; it’s important to note that you must choose one qualifying airline and make those transactions
  9. The hotel collection – you can get a $100 hotel credit and free room upgrades if you stay at least two consecutive nights when you book a hotel that is part of the hotel collection through Amex’s travel website
  10. Platinum travel service – you are able to contact Amex and arrange all of your travels from flights, to hotel, to ground transportation and more
  11. Travel collection – you are able to get access to travel discounts and more when you enroll in the Travel Collection by Travel Leaders Group
  12. Trip cancellation and trip interruption insurance – you can be reimbursed if your trip is canceled or cut short for covered situations; this is up to $10,000 per trip and $20,000 per eligible card 12 consecutive month period
  13. Brand status boost – you are able to become a gold status member of certain hotel and brands

Again, this is not an exhaustive list. The Amex Platinum credit card has a lot of luxury benefits that I have not mentioned. They also offer free room and car rental upgrades where applicable.

For more information and details on their benefits, check out their benefits page.

What is the interest rate and are there any other fees?

The American Express Platinum credit card does not have an introductory APR offer. Your APR will be between 15.99% and 22.99%, but the rate you get depends on your credit score.

Their other fees include:

  1. Cash Advance fee – $10 or 5% of the amount of each cash advance, whichever is greater.
  2. Late Payment Fee –up to $40
  3. Return Payment Fee – Up to $40

For more information on their fees, check out their fee schedule.

How is the customer service like?

There are a couple of ways you can contact their customer service. The first and most common way would be to call the number on the back of the card. The second way to contact them would be through their online chat system; you would initiate this chat by logging into your account and clicking on the “Chat” icon. It’s important to mention that you have 24/7 access to their member service team for any questions you might have.

Should you get the American Express Platinum Credit Card?

Who it’s perfect for:

  1. People who travel very frequently
  2. People who spend in their high rewards categories
  3. People who want the benefits and protections
  4. People who are big spenders in the high rewards categories

Who it isn’t perfect for:

  1. People who want either a no annual fee card or a low annual fee card
  2. People who spend in a variety of categories
  3. People who don’t travel often
  4. People who don’t spend a good portion of money in the high rewards categories
  5. People who won’t be able to utilize all of their benefits

If you are still unsure if a rewards credit card makes sense, check out my post on Why You Should Use Rewards Credit Cards.

Additionally, if this card isn’t right for you, I invite you to check out my credit cards page for more information on other cards.

About the author

Mr. NahasFinance:


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