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Official Application Link: The Platinum Card from American Express (60,000-point bonus offer)

The Platinum Card from American Express has seen some substantial improvements over the last several months. Back in October, we learned it was getting a 5x bonus category for airfare purchased directly with the carrier or through Amex Travel, and earlier this month Amex announced additional new perks including $200 in annual Uber credits, 5x points on hotels booked through Amex Travel and a new metal card design.

While the Amex Platinum is a more compelling card than ever before, the downside is that the annual fee is about to increase. Starting March 30, if you apply for the card, you’ll pay $550 a year rather than the previous fee of $450. So if you’ve been considering adding this card to your wallet, it’s definitely worth signing up before that date to lock in the lower fee for your first cardmembership year. And if you currently hold the card, note that you’ll only be charged $550 this year if your renewal date is on or after September 1 (and everyone will be charged the full $550 in subsequent years).

With the $550 annual fee, the Amex Platinum will be the most expensive premium rewards card in its class, since competitors like the Chase Sapphire Reserve, Citi Prestige and the Ritz-Carlton Rewards Credit Card all still charge $450 per year. However, if you’re able to take full advantage of the new Uber perk — which gets you Uber VIP status plus $15 toward rides each month and $35 in December—  it isn’t hard to recoup the extra $100.

Bottom Line

At $550 per year starting on March 30, the Amex Platinum is certainly on the expensive side. Even $450 isn’t cheap, but if you can maximize its perks, such as earning an impressive 9.5% return on airfare and hotel purchases, it can definitely be worth a place in your wallet. If you’re interested, strongly consider signing up before March 30 so you can enjoy the new benefits without having to pay the higher annual fee for the first year.

The Platinum Card® from American Express

The American Express Platinum card has some of the best perks out there: cardholders enjoy the best domestic lounge access (Delta SkyClubs, Centurion Lounges, and Priority Pass), a $200 annual airline fee credit as well as up to $200 in Uber credits, and mid-tier elite status at SPG, Marriott, and Hilton. Combined with the 60,000 point welcome offer -- worth $1,140 based on TPG's valuations -- this card is a no-brainer for frequent travelers. Here are 5 reasons you should consider this card, as well as how you can figure out if the $550 annual fee makes sense for you.

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More Things to Know
  • Earn 60,000 Membership Rewards® points after you use your new Card to make $5,000 in purchases in your first 3 months.
  • Up to $200 for Uber rides annually. Credit and Uber VIP status available to Basic Card Member only.
  • 5X Membership Rewards® points on flights booked directly with airlines or with American Express Travel.
  • 5X Membership Rewards® points on eligible hotels booked on amextravel.com.
  • As a Platinum Card Member, you can enjoy access to the Global Lounge Collection, the only credit card airport lounge access program that includes proprietary lounge locations around the world.
  • Receive complimentary benefits with an average total value of $550 with Fine Hotels & Resorts. Learn More.
  • $200 Airline Fee Credit, up to $200 per calendar year in baggage fees and more at one qualifying airline.
  • $550 annual fee.
  • Terms Apply.
  • See Rates & Fees
Intro APR on Purchases
N/A
Regular APR
N/A
Annual Fee
$550
Balance Transfer Fee
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Recommended Credit
Excellent/Good
Terms and restrictions apply. See rates & fees.

Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.