Ever heard of the American Express Platinum Card®? If so, you probably know that it’s one of the most valuable travel cards out there — but the truth is, it’s not right for everyone.
That’s because the card comes with an $895 annual fee (see rates and fees), more or less the highest you’ll find. It’s got more than enough benefits to cover that — plus a super valuable welcome offer — but there are some things to consider before you hit that apply button.
Here’s what to know before you think about getting the Platinum Card®.
1. It’s got a great welcome bonus offer — but not everyone will get it
The Platinum Card® offers one of the biggest welcome bonus offers I’ve ever seen, but it works a bit differently than most others.
That’s because your actual bonus amount will vary, and not everyone will get the same bonus. The good news is that you can find out exactly what you’re getting before you land the card. Here’s how it works:
- Apply for the Platinum Card®. Apply and find out if you are eligible for as high as 175,000 Membership Rewards® Points after spending $12,000 in eligible purchases on your new Card in your first 6 months of Membership. Welcome offers vary and you may not be eligible for an offer. Terms apply.
- Find out if you’re approved by Amex without any impact to your credit score. If you’re approved, you’ll then find out your exact bonus amount.
- Accept the card and start earning your bonus, with a potential hit to your credit score once you accept.
When you redeem Amex points for travel, they’re worth a bare minimum of $0.01 per point. That means the max bonus is worth at least $1,750 in travel rewards, as estimated by Motley Fool Money. You can also get even more from your rewards if you move them to one of Amex’s transfer partners.
It’s not just that your exact value will vary, though. There’s also Amex’s infamous “once-in-a-lifetime” rule, which basically says that you can’t earn a welcome bonus on the same card more than once.
That means if you owned the Platinum Card® in a past life, got rid of it, and applied for it again, you almost definitely won’t qualify for any bonus. Bummer.
2. It’s got more than $3,500 in annual perks
The Platinum Card® comes with over $3,500 in yearly travel and lifestyle perks. That means you can cover the annual fee almost four times over, year after year.
Some of the better benefits include:
- $600 in annual hotel credits to use for bookings at Amex’s Fine Hotels + Resorts® collection or The Hotel Collection (THC requires a min. two-night stay)
- $300 a year in digital entertainment credits to use on streaming services and more
- An annual $209 CLEAR+ credit
- $200 a year in airline fee credits
- $200 in annual Uber Cash credits
- $120 in annual credits to cover the cost of Uber’s premium membership, Uber One
- Access to over 1,550 airport lounges worldwide
- Terms apply; enrollment may be required
You’d be hard-pressed to find another card offering that much in annual value. If you’re a frequent flyer or big spender, you’ll probably find a lot to love in the Platinum Card®.
Ready for more than $3,500 in annual perks? Read our full review of the American Express Platinum Card® to apply today.
3. It won’t be worth it for everyone
You might see “$3,500 in perks!” and be all ready to hit that apply button. But the truth is that, like any other credit card, the Platinum Card®’s only worth it if you actually use its perks.
If you only fly once or twice a year, for example, it’ll be tougher to get value from the hotel and airline fee credits and the airport lounge access. And if you’re not a big binge-watcher, the digital entertainment credits won’t do you much good.
Don’t get me wrong: The Platinum Card® offers a lot more than that. And if you use just a fraction of its benefits every year, you can easily cover the $895 annual fee (see rates and fees) — and then some.
Just keep in mind that if you want a less expensive option, there are plenty of alternatives that can help you save more easily. Click here to see our favorite no-annual-fee cards and save on travel, everyday spending, and more today.