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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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Is the Amex Platinum still the king of premium rewards cards?
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.
January 17, 2025 • 10 min read
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Quick summary
A longstanding premium rewards card remains a top choice for luxury travelers, offering extensive transfer partners and a variety of statement credits.
Key benefits include exclusive lounge access, high-value statement credits, and strong earning potential for airfare and select lodging purchases.
The card's transfer partner network is broader than competitors, enabling flexible point redemptions across airlines and hotels.
However, recent changes to lounge guest policies and limited bonus categories for everyday spending may reduce its overall value for some users.
What to consider
Statement credits require enrollment and may not be relevant for all cardholders, with some credits tied to specific merchants or services.
Lounge access guest policies have become more restrictive, and frequent family travelers may face additional charges.
Earning rates are highest for airfare and select lodging booked directly, but everyday purchases earn at a lower rate.
What you'll miss from the article
A detailed comparison of premium card perks, transfer partners, lounge access rules and which card best fits different travel styles.
Generated by AI with support from our editorial team.
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.
The card's list of pros is impressive, with over 20 transfer partners, a plethora of statement credits and, of course, being made of metal. However, the Amex Platinum has one of the highest annual fees in the industry — $895 (see rates and fees) — making consumers wonder whether it is still the king of premium rewards cards.
Both the Chase Sapphire Reserve® (see rates and fees) and the Amex Platinum have been in a neck-and-neck race for the title of the best premium rewards card since the launch of the Reserve in 2016. Sure, there are other premium airline or hotel cobranded cards, but they inherently appeal to a more limited audience. There's also the Capital One Venture X Rewards Credit Card that was more recently introduced into the sphere of credit cards and is certainly affecting how we view premium credit cards.
As someone who has the Amex Platinum and Sapphire Reserve, I'll break down how the Platinum card fares against competitors, considering the welcome offer, annual fee and perks. As you can see below, it's a bit more complicated than simply the welcome offer itself. Let's dive in.
Why the Amex Platinum is the king of premium cards
Several arguments can be made in favor of the Amex Platinum and why, after all these years, it's still an aspirational card for people, especially points and miles enthusiasts.
Lounge access
American Express was the first issuer to create its own network of lounges, jump-starting the trend for other issuers to follow. American Express has a sizable network of over 20 lounges worldwide.
ZACH GRIFF/THE POINTS GUY
For those who don't often fly in premium cabins or lack airline status or membership to a carrier's network of lounges (e.g., Admirals Club or United Club), Amex Centurion Lounge access is an excellent perk for Amex Platinum cardmembers. Despite other credit cards offering Priority Pass access, Centurion lounges offer a more elevated experience with chef-inspired meals, full bars and an elegant ambience.
However, the competition is quickly catching up with the Amex Platinum. Both the Sapphire Reserve and the Venture X have upped their game. Venture X cardholders can access Capital One's growing portfolio of lounges which includes three lounges and one Capital One Landing at Washington D.C. (DCA) airport. On the other hand, Chase has seven Sapphire lounges open across the U.S. and the world, with another three in the pipeline.
The Amex Platinum offers an impressive list of statement credits, providing cardmembers with tremendous value each year. The statement credits I find most valuable are up to a $120 statement credit that fully covers an auto-renewing $96 annual or $9.99 monthly Uber One membership (enrollment required), an up to $300 biannual lodging statement credit for Amex Fine Hotels + Resorts* or The Hotel Collection bookings (minimum two-night stay; enrollment required), the up to $25 monthly digital entertainment statement credit and an up to $219 statement credit for a Clear+ membership (subject to auto-renewal). Enrollment is required for select benefits.
*Beginning Jan. 1, 2027, FHR will also require a minimum two-night stay.
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When utilized to their fullest extent, the Amex Platinum's statement credits can more than cover the $895 annual fee (see ) you have to pay. As an Amex Platinum cardmember, I appreciate the savings the card can provide, especially compared to its competitors.
It may seem controversial to say the Amex Platinum shines in its earning rates, but I'd like to focus on receiving points for airfare purchases.
Cardmembers earn 5 points per dollar spent on purchases made directly with airlines or through American Express Travel® (on up to $500,000 in purchases annually), 5 points per dollar spent on prepaid lodging through amextravel.com and 1 point per dollar spent on all other purchases. According to TPG's January 2025 valuations, Amex Membership Rewards points are worth 2 cents each.
DAVID SLOTNICK/THE POINTS GUY
Sapphire Reserve cardholders can earn as much as 8 points per dollar spent on airfare purchases and Venture X cardholders can earn 5 miles per dollar spent on airfare purchases, but there's a huge caveat — you only earn rewards at those rates when booking through their respective travel portals. These travel portals are online travel agencies and they serve as the middleman between you and the carrier. In the case of schedule changes, flight cancellations, voluntary changes or travel disruptions, you're at the mercy of the OTA and its rules or restrictions.
The Amex Platinum's ability to earn 5 points per dollar spent on purchases made directly with an airline cuts out the middleman while also giving it the highest earning rate in the industry. For this reason, I find the card to still be the king of premium cards, which is why I charge airfare purchases over $500 to my Amex Platinum. This way, I am able to earn a hefty number of points when purchasing airfare in premium cabins.
American Express has 21 transfer partners, the most of any issuer. Earning Membership Rewards points can be quite useful and perhaps even more appealing than earning Chase Ultimate Rewards points or Capital One miles.
Why the Amex Platinum is not the king of premium cards
Coupon book-style statement credits
Despite the Amex Platinum offering a wide array of statement credits to cardmembers, not all of these credits are easily redeemable or even applicable to many people.
For example, the card offers a $300 Equinox credit, which I was able to utilize for six weeks' worth of membership; however, those who do not have an Equinox within their city or do not enjoy online training classes from an Equinox+ membership will not gain value from this statement credit. Enrollment is required.
MELANIE LIEBERMAN/THE POINTS GUY
Additionally, while many credits provide savings, some have restrictions. The credits have their own terms and limitations, and they provide money for services you may not have necessarily bought on your own, thus encouraging you to spend money on things you did not need in the first place.
Poor earning rate for everyday spending
Although the Amex Platinum offers an impressive 5 points per dollar spent on airfare and lodging booked through amextravel.com, the card has no other bonus categories. All other purchases outside these two will earn 1 point per dollar spent, a poor rate of return on a premium card. As a cardmember, you'll be missing out on earning bonus points in other travel categories and on dining purchases at restaurants (takeout and delivery included).
HYATT
Meanwhile, the Sapphire Reserve earns a solid 3 points per dollar spent on dining purchases, and dining is defined broadly. I earn 3 points per dollar spent at sit-down restaurants, coffee shops and fast-food chains, as well as when ordering Uber Eats.
In this regard, the Venture X also triumphs over the Amex Platinum, thanks to earning 2 miles per dollar spent on all purchases outside its bonus categories.
Amex Platinum cardmembers can access Centurion lounges; however, American Express tightened its guest policy in 2023. Guests accompanying cardmembers pay $50 for adults and $30 for children between the ages of 2 and 17. Children under 2 can enter for free with an accompanying adult.
To avoid paying for guests, Amex Platinum cardmembers must spend $75,000 each calendar year, a hefty sum for many people.
KYLE OLSEN/THE POINTS GUY
Additionally, Amex Platinum cardmembers have access to Delta Sky Club lounges, which will soon be limited, too. Cardmembers will receive only 10 Sky Club visits per program year when flying on Delta-operated or -marketed flights — unless they spend significantly.
Despite taking the lead in issuer-based airport lounges, Amex's changes to lounge access have lowered its place on the totem pole, with recent competitors moving up.
As an Amex Platinum cardmember, the lounge restrictions have been a pain point. I often travel with my family, and if we aren't flying in a premium cabin for international flights, paying $80 for lounge access is out of the question.
While the Amex Platinum tends to offer higher limits for travel insurance like trip delay insurance, cancellation and interruption insurance, and baggage insurance than mid- and lower-tier Amex cards*, the Sapphire Reserve outshines its competitor here. It offers the same coverage for trip delay insurance, but its baggage insurance is slightly better.
*Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.
ENCRIER/ISTOCK/GETTY PHOTOS
Furthermore, car rental insurance is far more comprehensive on the Sapphire Reserve than the Platinum. The Platinum does not cover car rentals in Australia, Italy or New Zealand, but the Sapphire Reserve does. This benefit was useful when I visited Australia and New Zealand last winter, so I used my Sapphire Reserve to protect my car rental.
Bottom line
The Amex Platinum was the original premium travel rewards card — decades before the Sapphire Reserve or Venture X launched. With the Chase Sapphire Reserve, Amex Platinum and Venture X differing in terms of annual fees and benefits, the competition among these three cards has gotten much more interesting. Ultimately, each of these cards offers a very different set of perks that will appeal to different types of customers.
My take is that those looking for luxury travel in the long term will likely fare better with the Amex Platinum, while those looking for a more straightforward premium card will do better with the Sapphire Reserve or Venture X.
