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The Points Guy believes that credit cards can transform lives, helping you leverage everyday spending for cash back or travel experiences that might otherwise be out of reach. That's why we publish a variety of editorial content and card comparisons: to help you find a great card to turn your goals into reality.
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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How to maximize your earning with the Amex Platinum
Stella is a full-time writer with expertise in credit cards, points and miles, and all things travel. She is a journalism graduate of the University of North Carolina, Chapel Hill and previously worked as a copywriter at JetBlue Airways and as a credit cards writer at LendingTree.
October 12, 2021 • 10 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 premium travel rewards card offers extensive annual statement credits, lounge access and elite status with select hotel and car rental programs.
Cardholders can access a wide range of airport lounges and receive travel and shopping protections, including cell phone coverage and purchase protection.
Optimal value is found by using the card for flights and prepaid hotels booked through the issuer's travel portal, as well as for large purchases and monthly cell phone bills.
Everyday purchases and most hotel bookings outside the travel portal may not yield strong rewards, so alternative cards may be better for those categories.
What to consider
Many benefits require enrollment and have specific terms, such as booking requirements or designated merchants.
Some statement credits are distributed monthly or biannually, and unused portions typically do not roll over.
Certain hotel bookings through the travel portal may not qualify for elite night credits or loyalty benefits with major chains.
What you'll miss from the article
Detailed strategies to maximize statement credits, protections and travel perks while minimizing missed earning opportunities.
Generated by AI with support from our editorial team.
Update: Some offers mentioned below are no longer available. View the current offers here.
The Platinum Card® from American Express is an iconic card that's recognizable from across the room. You may think that the card is reserved only for the most luxury-oriented of travelers, as it comes with a daunting, $695 annual fee (see rates and fees).
But did you know that the Amex Platinum comes with the most statement credits of practically any rewards card available? With more than $1,400 in potential annual credits, not to mention other value-added perks like Centurion Lounge access and the ability to earn Membership Rewards points for travel, the sticker shock starts to wears off — at least a little.
In this post, we'll go over strategies for maximizing your earning and the benefits on the Amex Platinum to ensure that you're getting more value than you're paying to keep the card in your wallet, year after year.
(Photo by Isabelle Raphael for The Points Guy)
Overview of the Amex Platinum benefits
When you pay a bigger price, expect bigger benefits. That's exactly the case with the Amex Platinum — here's an overview of the card's main features:
Welcome offer: Earn 80,000 Membership Rewards points after you spend $6,000 on purchases on your new card in your first six months of card membership.
Rewards rates: Earn 5x on flights booked directly with airlines or with Amex Travel (on up to $500,000 on these purchases per calendar year), 5x on prepaid hotels through Amex Travel and 1x on all other eligible purchases.
The Global Lounge Collection: Access to The Centurion Lounge, Priority Pass lounges, Delta Sky Clubs (when flying same-day Delta) and more — one of the most extensive lounge access perks offered by any card.
Up to $200 in annual airline statement credit: Eligible for incidental fees charged by one U.S. airline you designate each year, such as baggage fees, inflight purchases and more.
Up to a $155 annual Walmart+ statement credits: Covers the cost of a Walmart+ monthly membership (subject to auto-renewal), plus any applicable taxes and fees. Plus Ups are excluded.
Up to $100 in Saks Fifth Avenue statement credit: Distributed into two $50 Saks statement credits, one between January and June, then July through December.
Up to $240 annual digital entertainment statement credit: Distributed in the form of $20 in monthly statement credits when you pay for participating digital entertainment services with the Amex Platinum.
Amex Fine Hotels and Resorts: When you book a hotel through the Amex FHR program, you’ll get elite-like perks such as daily breakfast for two, room upgrades and early check-in (upon availability), guaranteed 4 p.m. checkout, $100 amenity credit and more.
Platinum Concierge: For travel requests, trip advice, restaurant bookings and more, the Platinum Concierge can help you arrange plans.
The Hotel Collection: When you book a minimum of a two-night stay at a hotel through The Hotel Collection, you'll get a $100 experience credit for qualifying activities like dining or spa treatments.
Cell phone protection: Pay your monthly cell phone bill with your card and get up to $800 per claim (with a $50 deductible) with a limited of two claims in a 12-month period.
(Enrollment is required for select benefits, and terms apply.)
That's a lot of potential perks. Sure, you may not use every benefit on the list, but most cardholders should have no problem justifying the $695 annual fee from the core benefits alone — whether that's the comprehensive airport lounge access or the airline and hotel statement credits.
Strategies for maximizing the Amex Platinum
Once you score the full welcome offer of 80,000 bonus points after meeting minimum spend, in what scenarios should you use your Amex Platinum to keep earning points quickly? Focus on these two specific categories, and then use your cards for other purchases that can benefit from its robust protections.
Use your Amex Platinum to pay for flights
The Amex Platinum's 5x earning rate on flights is incredibly lucrative. Since TPG values Membership Rewards points at 2 cents each, you're looking at a whopping 10% return on flight spending -- up to that annual $500,000 cap, of course.
For example, a $1,000 flight yields 5,000 Membership Rewards points — an estimated $100 value in return. You can either book directly with the airlines (which we generally recommend) or through the Amex Travel portal. Plus, you'll receive complimentary travel protections if something happens during your trip.
Use your Amex Platinum to pay for some hotels
Similarly, the Amex Platinum racks up 5x on hotels — though there's a pretty significant asterisk involved. They must be prepaid hotels booked through Amex Travel, which we don't recommend if you're booking with a major hotel chain. That's because you likely won't earn elite night credits (or points) or your elite status benefits aren't acknowledged. Still, the 5x rate can be significant if you're booking boutique or independent hotels.
Use your Amex Platinum to pay for expensive items
Buying a new couch or laptop anytime soon? Although you'll only earn 1x on these purchases, it's not always about earning the maximum number of points.
The ability to enjoy purchase protection, extended warranty and return protection can help you save potentially hundreds of dollars. These coverages can come in a pinch if you accidentally break, damage or lose your item within the duration of coverage.
With the Amex Platinum card specifically, purchase protection covers you against damage, loss, or theft, up to $10,000 per purchase and $50,000 per eligible card. That should cover a lot of items.
Use your Amex Platinum to pay for your cellphone bill
Cell phone protection is an important benefit that comes with the Amex Platinum. (Image by Irina Dobrolyubova / Getty Images)
American Express added cell phone protection on several of its premium cards this year, and there's tremendous value to be found if you're accident-prone with such a costly item like your phone.
Simply pay your monthly bill with your Amex Platinum and if your phone is stolen or damaged, you can ask for up to $800 per claim, subject to a reasonable $50 deductible, and two claims per card per consecutive 12-month period.
When not to use the Amex Platinum
While there are many scenarios where the Amex Platinum is the ideal card to use, steer clear of these other circumstances because you won't find outsized value from them.
Don't use your Amex Platinum for everyday purchases
You're missing out on thousands of points if you solely use your Amex Platinum for everyday purchases. (Photo by Oscar Wong/Getty Images)
Since it only earns 1x on most everyday purchases such as groceries, gas or dining, avoid using your Amex Platinum unless you're trying to hit the spending requirements on your welcome offer.
Other cards can offer much better returns (often 2x, 3x, 4x or more) on various everyday purchase categories.
Don't use your Amex Platinum to pay for most hotels
As mentioned above, you might want to reconsider using your Amex Platinum to pay for most of your hotel stays since those that do not fall into its very limited bonus-earning terms will only earn you a single point per dollar. Plus, booking through Amex Travel might mean giving up elite-qualifying activity, so if you're trying for hotel elite status, you should just book direct.
Plus, there are many other terrific cards that offer bonus points on hotel bookings (and general travel purchases, whether that's rideshares or train tickets).
You can still maximize your points
If you want to stick within the Amex Membership Rewards family, you can open other cards to help supplement your earning potential. This strategy is what we call the Amex Trifecta — which can help you maximize your points by pinpointing the right combination of cards for your spending habits.
Cards we recommend for this route include the American Express® Gold Card, specifically for its 4x earning rate on U.S. supermarkets (on up to $25,000 per calendar year, then 1x) and at restaurants.
If you qualify for a business card, you can open The Blue Business® Plus Credit Card from American Express for 2x on the first $50,000 in spending per calendar year, then 1x. This 2x earning rate will help you earn bonus points on purchases outside of traditional bonus categories, whether that's your oil change or new shoes.
Bottom line
The Amex Platinum has a lot to offer, particularly because of its extensive statement credits that amount to almost $1,700 each year. Beyond that (and the huge welcome bonus), it helps to know when to use the card, and when to rely on other trusty cards in your wallet.
Official application link: Amex Platinum.
Official application link: Amex Gold.
Official application link: Amex Blue Business Plus.
For rates and fees of the Amex Platinum, 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.
