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Our site may earn compensation when a customer clicks on a link, when an application is approved, or when an account is opened with our partners, and this may impact how or where these products appear. While we don't cover all available credit cards, our editorial team creates and maintains all of the analysis of these cards, and our content is not influenced nor subject to review by any credit card company, bank or partner prior to (or after) publication. Please view our advertising policy and product review methodology for more information.
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Why the Amex Platinum still reigns supreme in the luxury travel space (and how other cards are catching up)
Credit card writer Danyal Ahmed is an avid traveler, averaging about 100,000 aeronautical miles per year. He regularly applies that knowledge and his expertise in credit cards to his role as a credit card writer at TPG.
December 9, 2024 • 9 min read
The cards we feature here are from partners who compensate us when you are approved through our site, and this may impact how or where these products appear. We don't cover all available credit cards, but our analysis, reviews, and opinions are entirely from our editorial team. Terms apply to the offers listed on this page. Please view our advertising policy and product review methodology for more information.Editorial disclaimer: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
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Quick summary
A leading premium travel card swept three major luxury categories at the 2024 TPG Awards, including best lounge access and best luxury hotel collection.
Its lounge network is the largest among competitors, offering access to multiple global partners and exclusive spaces, though guest policies are more restrictive unless high annual spend is met.
The card stands out for its high earning rate at airlines and a wide array of statement credits, including those for hotels, rideshare and select memberships.
It features extensive airline and hotel transfer partners, with points valued at 2 cents each as of December 2024 per TPG's valuations.
What to consider
Some offers mentioned in the article are no longer available.
Guest access to lounges may require significant annual spending, and enrollment is required for certain benefits.
Competitors offer less restrictive guest policies and unique transfer partners not available with this card.
What you'll miss from the article
A detailed comparison of luxury travel card lounge networks, hotel programs and transfer partner strengths across top issuers.
Generated by AI with support from our editorial team.
Update: Some offers mentioned below are no longer available. View the current offers here.
Every year, the TPG Awards honor excellence in credit cards, loyalty programs and travel. Please click here to read more about our winner selection process and methodology for the 2024 TPG Awards.
Despite newcomers to the premium credit card space vying for your business, American Express' top-tier consumer card continues to shine.
The Platinum Card® from American Express has swept all three of the data-driven luxury card honors at the 2024 TPG Awards, claiming the titles of Best Card for Lounge Access, Best Credit Card Lounge Network and Best Luxury Hotel Collection — and it's no shock why.
Let's explore how the Amex Platinum continues to hold first place among luxury travel rewards cards, as well as how competitors are catching up.
American Express Centurion Lounges can be found at 15 U.S. airports and another 11 worldwide, with more in the pipeline. Compare Amex's footprint to that of its competitors, such as Capital One Lounges and Chase Sapphire Lounges, and you'll quickly notice that their presence pales in comparison to American Express'.
ZACH GRIFF/THE POINTS GUY
Alongside Centurion Lounges, cardmembers receive access to Delta Sky Club lounges* (when flying on Delta) and Priority Pass Select lounges. Enrollment is required. Other lounges around the globe that cardmembers can access include:
Airspace Lounges
Escape Lounges
Plaza Premium Lounges
Select Lufthansa Lounges
Other Global Lounge Collection partner lounges
*Receive 10 visits to the Delta Sky Club or Grab and Go per eligible Platinum Card, per year when traveling on a same-day, Delta-operated flight.
This wide footprint played a major role in the card winning the two data-driven lounge awards. To determine the best card for lounge access, we analyzed the entire network of lounges available to cardholders, which consisted of 75% of the final score. Then, we dug into access policies — including guest and authorized user privileges — for the remaining 25%. The Amex Platinum rose to the top, scoring 8.79 out of 10.
We took a similar approach to determine the winner for the best card-exclusive lounge network award. Once again, the network made up 75% of the final score, and the remaining 25% was split evenly between the access policies and amenities offered to cardholders. The Amex Platinum again took the top spot with a score of 7.2 out of 10.
However, there's much to love about the other two issuers' offerings, as each took home honors for their premium options.
Capital One began opening its own lounges in 2021, and its top-tier personal travel rewards card, the Capital One Venture X Rewards Credit Card, has been named the Best Premium Travel Card at this year's TPG Awards.
The issuer currently has three lounges open within the U.S., with another two in the pipeline. In November, it also premiered a new lounge concept called the Capital One Landing at Ronald Reagan Washington National Airport (DCA).
Amex Platinum cardmembers can access Centurion Lounges at no cost. However, the ability to bring guests at no charge is contingent on spending at least $75,000 per calendar year.
Capital One is more generous in this area, as Venture X cardholders and authorized users can each bring up to two guests for no additional cost into Capital One and Priority Pass lounges. Chase's guest policies are also less restrictive than Amex's.
You can read our full methodology for determining all winners of the 2024 TPG Awards on this page.
High earning rate on airfare
The Amex Platinum was one of the first cards to introduce an astoundingly high 5 points per dollar spent on airfare when booking directly with an airline or through American Express Travel® (on up to $500,000 of airfare purchases per calendar year, then 1 point per dollar). This high earning rate on airfare is extremely valuable considering that Amex lets you earn bonus points when booking directly with an airline.
When it comes to luxury travel, earning 5 points per dollar spent on flights can help you rack up points quickly and then utilize them for premium cabin redemptions.
Abundance of statement credits and perks
The Amex Platinum provides numerous statement credits to cardmembers, which can be more than enough to offset its $895 annual fee (see rates and fees).
HYATT
The card offers an extensive list of statement credits, including:
Up to $200 in statement credits each calendar year when airline incidental fees are charged by a qualifying airline (enrollment required)
Up to $600 in statement credits each year, distributed as up to $300 semi-annual credits, for prepaid American Express Fine Hotels + Resorts or The Hotel Collection bookings made via American Express Travel when you pay with the Platinum Card (minimum two-night stay required for The Hotel Collection)
Up to $200 in Uber Cash annually (up to $15 per month, plus an up to $20 bonus in December) for rides with Uber and orders on Uber Eats in the U.S. when the Amex Platinum is added to your Uber account (you can even pay with any Amex card)
Up to $120 statement credit for Uber One, covering an auto-renewing $96 annual or $9.99 monthly membership (enrollment required)
There are many ways to maximize and get the most value from your Amex Platinum Card, including taking advantage of targeted Amex Offers for opportunities to earn cash back or bonus points on purchases with select merchants. Recently, I earned 20,000 Membership Rewards points after spending $1,000 on Air France and KLM tickets with my Amex Platinum Card, which was like getting a 40% kickback on my purchase.
The Amex Platinum takes it up a notch by giving cardmembers complimentary Gold status with both Marriott Bonvoy and Hilton Honors after enrolling. Benefits include bonus points on stays, room upgrades and late checkout.
But it was Fine Hotels + Resorts that led to the card winning this year's data-driven award for the Best Luxury Hotel Collection. For this honor, we evenly weighted the global footprint of the program (50%) and the benefits offered to cardholders (50%). Amex FHR came in first, with a score of 9.3 out of 10 — thanks largely to a massive portfolio of properties, the aforementioned up to $600 annual statement credit and the guaranteed late checkout.
However, we've seen some notable competition from Chase and Capital One. The Edit by Chase Travel is available for Chase Sapphire Reserve® (see rates and fees) cardholders, featuring similar perks (and now the confirmed ability to earn hotel rewards and enjoy loyalty perks at select properties). Meanwhile, Venture X includes access to Capital One Premier Collection, a curated set of hotels worldwide offering cardholders various on-property perks.
Hopefully, we'll continue to see investment in these programs as Amex, Capital One and Chase compete to capture luxury travelers.
The Amex Platinum has an impressive combined 20 airline and hotel transfer partners that cardmembers can utilize to book luxury travel experiences, such as premium cabin redemptions and top-tier hotel stays.
According to TPG's December 2024 valuations, Amex points are worth 2 cents apiece, coming in fairly close to Bilt Rewards and Chase Ultimate Rewards points, each valued slightly higher at 2.05 cents.
ERIC ROSEN/THE POINTS GUY
Amex continues to reign at the top thanks to its frequent offering of transfer bonuses to select partners. Over the past decade, Amex has been the issuer offering the most transfer bonuses each year.
However, its competitors have some unique transfer partners that Amex doesn't, like Chase's partnership with World of Hyatt and Capital One customers' ability to transfer points to Turkish Miles&Smiles.
Bottom line
Major credit card issuers continue refreshing their top-tier cards to help cardholders elevate their travel experiences.
The Amex Platinum set the standard for luxury travel years ago with its expansive lounge access policies, high earning rate on airfare, valuable transfer partners and lucrative statement credits — and the card still holds the title of king in this space.
But with many competitors catching up, it's time for the Amex Platinum to once again innovate to stay ahead and elevate luxury travel. For now, though, it's still the top pick for luxury-seeking travelers.
For rates and fees of the Amex Platinum Card, click here.
Comments
By commenting, you agree to our Community Guidelines to help create a positive space for conversation. The responses below are not provided or commissioned by the bank advertiser, our partners, or The Points Guy (“TPG”). They have not been reviewed, approved, or otherwise endorsed by any of these parties. All responses are submitted by individual contributors, and neither the bank advertiser, our partners, nor TPG are responsible for ensuring that all posts and/or questions are answered.
