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APPLY HERE: The Platinum Card® from American Express (60,000 points after $5,000 spent within the first 3 months)

The Platinum Card® from American Express is one of the best premium credit cards out there. Its biggest benefits, including Centurion Lounge access and $200 in airline fee credits annually, are widely known. However, there are many additional perks that really help to set the Platinum Card apart from other premium cards in the market. Here are eight of the Platinum’s perks that are worth knowing about.

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1. Starwood and Hilton Gold Status

The American Express Platinum card gets you Gold status in two hotel programs: Hilton Honors and Starwood Preferred Guest. With Hilton, this entitles you to a 25% points bonus, space-available upgrades to preferred rooms, a fifth night free on award stays and free breakfast.

As an SPG Gold member, you’ll enjoy upgrades to enhanced rooms (when available), 3 points per dollar on eligible stays and 4pm late checkout when available, among other benefits. Even better, thanks to the brand’s merger with Marriott, you can match your SPG status to Marriott and also receive Gold membership in that program and enjoy a 25% points bonus, free breakfast and complimentary upgrades. Three hotel statuses through one card is not too shabby.

2. Baggage Insurance Plan

With the Platinum Card, you won’t have to worry as much about your bags when you travel. The baggage insurance plan covers eligible lost, damaged or stolen luggage when you purchase the entire cost of travel with the card. Eligible travel includes plane, train, ship and bus costs. You’re covered up to $2,000 per covered incident for checked bags and up to $3,000 for carry-ons, and a maximum of $3,000 for combined checked and carry-on luggage.

The insurance doesn’t cover when the damage or loss was caused by war or acts of war; any act by customs; defective workmanship, normal wear and tear and gradual deterioration; or fraud, abuse or illegal activity by the cardholder. In addition, the plan doesn’t cover cash or its equivalents, credit cards or other travel documents, securities, tickets and documents, living plants and animals, food or perishable items, eyeglasses, sunglasses, contact lenses, hearing aids, prescription drugs, artificial teeth and limbs or property shipped as freight.

Once you’re a cardholder, you can file a claim with Amex directly through your Platinum Card’s benefit page.

APPLY HERE: The Platinum Card® from American Express (60,000 points after $5,000 spent within the first 3 months)

3. By Invitation Only

Being a cardholder of the Platinum Card gives you exclusive access to a variety of events. While they’re not free, the events themselves are hard to find elsewhere. Events take place all around the world — from New York to Abu Dhabi — and they range from meals with celebrity chefs to celebrity-focused experiences like holiday shopping with Tory Burch. TPG himself even met Vogue’s creative director Grace Coddington at a By Invitation Only event.

In order to purchase access to By Invitation Only events, you’ll need to call Amex. Keep in mind that resales are prohibited and the experiences themselves are subject to change.  

4. Car Rental Loss & Damage Insurance

When you use your Platinum Card to reserve a rental car, your car will be covered if it’s damaged or stolen. In order to be eligible, you must pay for the rental in full with your card and decline the collision damage waiver at the rental car counter. This is secondary coverage rather than primary and does not cover liability, damage to vehicles other than those rented by the cardholder and injuries to people in other vehicles.

In addition, you’re covered for the loss or damage of personal property (or your passengers’) for up to $1,000 per person and up to $2,000 for all occupants. Medical expenses for the cardholder or your passengers can be reimbursed for up to $5,000 per person.

Keep in mind that not all car rentals are covered, such as full-sized or cargo vans, commercial mini-vans, customized vehicles, antique cars, limousines, off-road vehicles or any vehicles rented in Australia, Ireland, Israel, Italy, Jamaica and New Zealand.

5. Premium Roadside Assistance

Man working on broken down car in snow
Amex Platinum cardholders can receive complimentary roadside services up to four times a year. Image by Paul Viant / Getty Images.

No need to worry about getting help if you’re ever stuck on the side of the highway. With your Platinum Card, you’ll get premium roadside assistance when you need emergency car services. The emergency services from Amex are available 24/7, and an Amex representative can help you arrange eligible services like towing up to 10 miles, changing a flat tire or jumpstarting a battery. Even if you’re in your driveway, you’re covered by the Platinum Card. The best part is that your card doesn’t cover you just once — you’re eligible to call Amex for services up to four times per year.

In order to use this benefit, you’ll need to call Amex, which will then contact a third-party service. Amex will provide the previously mentioned services for free up to four times per year, but keep in mind that you’ll be responsible for all additional third-party service costs.

This benefit is only available for cardholders traveling in the US, Canada, Puerto Rico and the US Virgin Islands.

APPLY HERE: The Platinum Card® from American Express (60,000 points after $5,000 spent within the first 3 months)

6. Purchase Protection

The Platinum Card is one of the best options when you’re making large purchases, the reason being that it offers preferred purchase protection. If you make a covered purchase on your Platinum Card and the item is stolen, accidentally damaged or lost within 90 days from the date of purchase, Amex will reimburse you. The purchase protection coverage is limited to $10,000 per occurrence up to $50,000 per cardholder per calendar year.

When I purchased a new Apple Watch, it unfortunately broke within 48 hours of me picking it up at the Apple Store. But, because I paid for the entire purchase with my Platinum Card, I was able to file a claim with Amex. After a relatively painless process, Amex informed me that it was covering the entire pre-taxed amount. With that money, I went and bought a new watch. At the end of the day, this purchase protection turned out to be a lifesaver.

If you’re interested in filing a purchase protection claim from the coverage that comes with the Platinum Card, you must do so within 30 days from the date your item is stolen or accidentally damaged. You’ll only be covered up to the amount charged to your card, and any shipping and handling costs for the original purchase will not be refunded.

7. SoulCycle Perks

American Express took to targeting a new group when it announced new perks at SoulCycle for its Platinum and Centurion cardholders in November 2017. With the added benefits, cardholders can get their fit on with special rates for SoulCycle classes and other perks, including:

  • Three complimentary classes when a series of 20 classes is purchased online at soul-cycle.com
  • SuperSoul status with the purchase of a series of 25 SuperSoul classes (compared to the standard requirement of a 50-class SuperSoul purchase)
  • 10 First Time Free passes to provide to new riders
  • Retail perks including advance access to SoulCycle warehouse sales and free shipping on orders placed online at soul-cycle.com

In order to take advantage of the benefits, you have to go to the Amex SoulCycle page and log in to your SoulCycle account. You’ll then be asked to verify your Amex Platinum or Centurion account via a pop-up Amex window. Once you’ve connected your accounts, you’re ready to stand up out of the saddle and put the benefits to use.

8. Saks Fifth Avenue Credit

In June 2018, American Express announced a new benefit for the Platinum Card — an annual credit to use at Saks Fifth Avenue. With the perk, cardholders get up to $100 in credits per calendar year. The credit breaks down as follows: $50 to use between January and June, and an additional $50 to use between July and December.

The benefit became available to Platinum cardholders as of July 1, and it does require registration in order to take advantage. To register, visit this page on American Express’ website and fill out the proper fields in order to properly add it to your account. Once registered, you’ll be able to make your Saks purchases — either online or in-store — and credits will post within two to four weeks of making the purchase.

Bottom Line

Aside from the obvious perks of the Platinum Card from American Express, there are also some lesser-known benefits that really set the card apart from its competition. Between the hotel status with three different programs, the purchase protection benefit that could potentially save you from losing money  and the comfort of knowing you’re protected if you’re stuck on the side of the road, the Amex Platinum offers value beyond the Membership Rewards points it earns and the annual credits it offers.

Featured photo courtesy Hilton Hotels

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.
  • Get up to $100 in statement credits annually for purchases at Saks Fifth Avenue on your Platinum Card®. That's up to $50 in statement credits semi-annually. Enrollment required.
  • $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.

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