This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. For an explanation of our Advertising Policy, visit this page.

MSN has partnered with The Points Guy for our coverage of credit card products. MSN and The Points Guy may receive a commission from card issuers.

The Platinum Card® from American Express packs a lot of punch into its metal shell. That shouldn’t come as much of a surprise, given that it’s both the heaviest and most expensive of the publicly available premium credit cards. While the welcome bonus alone is worth well over $1,000 and the luxury perks — including travel credits, elite status and lounge access — can add several hundred dollars a year to its long-term value, most people considering the Amex Platinum will fixate on one number: the $550 annual fee.

It’s easy to make the case that the Amex Platinum can pay for itself over time, but that doesn’t necessarily mean it’s right for you. So let’s take a look at who should — and who shouldn’t — get the Amex Platinum.

Key Benefits

Right now the public welcome offer on the Amex Platinum is 60,000 Membership Rewards points after spending $5,000 in the first 3 months. TPG values Membership Rewards points at 2 cents each, making that bonus worth $1,200, which is an excellent return in and of itself.

However, many readers are being targeted for an even better bonus by using the CardMatch tool. If you’re one of the lucky ones, you’ll be able to earn 100,000 Membership Rewards points after completing the same $5,000 spend in the first 3 months. This brings the value of your welcome offer up to a massive $2,000, and makes this card a no-brainer in my opinion. Note: This offer is subject to change at anytime.

(Photo by Isabelle Raphael/The Points Guy)
(Photo by Isabelle Raphael/The Points Guy)

But no matter which bonus offer you get, all Platinum card holders will enjoy the same valuable perks. To offset the annual fee, Amex offers three different statement credits:

  • Up to $200 annual credit for airline incidental charges, such as seat assignment, lounge access and checked bag fees.
  • Up to $200 in annual Uber credits in increments of $15 per month, plus a $20 bonus in December.
  • Up to $100 in Saks Fifth Avenue credits. You’ll receive $50 for purchases made between January and June, and another $50 for purchases between July and December. Registration is required.

The Amex Platinum also offers one of the single largest bonus categories — 5x (or 10% back based on TPG valuations) on airfare booked directly with the airline as well as airfare and prepaid hotels booked through Amex Travel (including prepaid Amex Fine Hotels & Resorts). That’s the best return you’ll get anywhere on buying airline tickets.

Frequent travelers will also enjoy that the Platinum offers the most comprehensive lounge access of any credit card, including a (now ubiquitous) Priority Pass Select membership, access to Amex’s global collection of Centurion Lounges and Delta Sky Clubs when flying Delta.

Rounding out the list of benefits are Gold elite status with Hilton and Marriott, access to a premium concierge service, car rental insurance, baggage insurance, SoulCycle benefits and a host of other lesser known perks.

Who Should Get the Amex Platinum?

1. People Who Are Targeted For The 100,000-Point Bonus

While many cards offer 100,000-point credit card bonuses, it’s important to remember that they’re not all created the same. Outside of the short-lived Chase Sapphire Reserve 100,000 point offer back in 2016, the 100,000-point bonus on the Amex Platinum available to targeted individuals via the CardMatch tool is one of the single most valuable welcome offers we’ve ever seen. One hundred thousand points can unlock some pretty sweet redemptions, including round-trip business class flights to Japan, Europe or parts of South America, or up to 25 short-haul one-way flights if you take advantage of British Airways’ distance-based award chart outside of the US.

Offer retrieved on April 5, 2019.
Offer retrieved on April 5, 2019. This offer is subject to change at anytime.

Not everyone will be targeted for this offer, but you can follow the steps in our guide on how to “Use the CardMatch Tool to Apply for the Best Credit Card Offers” to see if you’ve been chosen. If you are, the value of the welcome bonus alone makes up for your first three years of annual fees before even accounting for the card’s other perks. In addition to the CardMatch offer, Amex will sometimes send out mailers or emails, or even post 100,000-point offers on their website, so be sure to check your mail every now and then!

2. People Who Are Over 5/24

When people come to me looking for starter card recommendations, I’ll almost always suggest either the Chase Sapphire Preferred Card or the Chase Freedom Unlimited. Chase Ultimate Rewards points are just as valuable as Amex Membership Rewards pointsTPG values both currencies at 2 cents each — and Chase’s “5/24 rule” gives me plenty of reason to recommend getting your Chase cards first. If you aren’t familiar with this rule, it means that applicants who’ve opened 5 or more cards in the last 24 months will be automatically rejected for most Chase cards, which is why you should usually make Chase cards your five first credit cards.

But after you max out your five Chase slots, what comes next? The Amex Platinum is a perfect answer, and can even help you get more value out of your Chase points. Say you want to fly in EVA’s incredibly refined business class from the US to Singapore (SIN). You could transfer 90,000 Chase Ultimate Rewards to United (worth $1,800 based on TPG’s valuations), or you could transfer 78,000 Amex Membership Rewards (worth $1,560) to Aeroplan and book the exact same award, saving your Chase points for another more valuable use. Gaining access to new transfer partners within the same alliance can help you pick and choose your redemption options and get more value out of all of your points.

The other benefits of the Amex Platinum can also serve as a great compliment to a rewards strategy that started with Chase. Unlike the Platinum, Chase cards don’t offer hotel elite status, Uber credits, or as many different options for airport lounge access.

3. Frequent Delta Flyers and People Whose Home Airport Has a Centurion Lounge

If you can fully utilize the airline, Saks Fifth Avenue and Uber credits each year, the out-of-pocket cost for the Amex Platinum goes down to just $50 a year ($550 minus the $200 airline credit, $200 Uber credit and $100 Saks Fifth Avenue credit). Instead of thinking about this as an annual fee you pay to Amex for the privilege of spending money on its hunk of metal, think about it as an annual lounge membership fee. As a reminder, the Amex Platinum comes with a Priority Pass Select membership, access to Amex’s global Centurion Lounges and access to Delta Sky Clubs when flying Delta.

The Amex Centurion Lounge in Philadelphia (PHL). (Photo by Zach Honig / The Points Guy)

Centurion lounges, which are currently located in Dallas (DFW), Houston (IAH), Las Vegas (LAS), New York (LGA), Philadelphia (PHL), Miami (MIA), Seattle (SEA), San Francisco (SFO) and Hong Kong (HKG) are often a huge step up from regular airport lounges and even from Priority Pass lounges. Even some of Delta’s Sky Clubs are surprisingly nice for domestic lounges, especially in airports like Atlanta (ATL) and Minneapolis (MSP) where there aren’t great Priority Pass options. While it can be tough to put a value on an individual lounge visit, if you frequently pass through one of the cities mentioned above, it shouldn’t be hard to get at least $50 out of the Amex Platinum’s thorough and diverse lounge benefits.

4. People Who Stay at Hilton, Marriott or Select Luxury Hotels

(Photo by Katie Genter/The Points Guy)
The Marriott Gold status provided by the Platinum Card might get you an upgrade at Marriott properties like the Westin Langkawi Resort & Spa. (Photo by Katie Genter/The Points Guy)

The Platinum Card provides Gold elite status with Hilton and Marriott to cardholders, including authorized users. If you don’t have Gold status or higher with these brands through other credit cards or organically through stays, Gold status with these brands provides useful benefits like upgrades and welcome gifts. And at most Hilton brands that don’t provide breakfast for all guests, Gold status will get you and a guest complimentary breakfast.

If you like to stay at luxury hotels, you’ll also have access to the Amex Fine Hotels & Resorts (FHR) program as a Platinum card holder or authorized user. When you book a FHR stay, you’ll get elite-like benefits including guaranteed 4pm late checkout, daily breakfast for two and a unique property amenity valued at $100 or more. Plus, if you book a prepaid FHR stay online, you’ll also earn 5 Membership Rewards points per dollar spent, which is a 10% return based on TPG’s latest valuations.

Who Shouldn’t Get the Amex Platinum?

1. People Under 5/24

Many people just starting out in the points world underestimate the stringency of Chase’s 5/24 rule. I remember back when I got my first credit card, I couldn’t imagine possibly opening five or more cards in two years. Yet I ended up opening 17 in that time frame. I estimate that I lost well over $1,000 by never being eligible for an Ink Business Preferred Credit Card.

Even if you’re targeted for the 100,000-point Amex Platinum bonus via CardMatch, when you’re just starting out, there’s a case to be made for staying the course and sticking to a Chase strategy. These 100,000-point offers come around several times a year, and while you may not be currently targeted, you could be eventually. But once you get over 5/24, it’s very hard to get back under, and there’s a massive opportunity cost in doing so. Having a plan and sticking to it will serve you well in the long term.

2. People Who Book Airfare Through Online Travel Agencies

The Platinum Card provides 5 Membership Rewards points per dollar spent on flights booked directly with airlines or with American Express Travel. But, if you prefer to purchase airfare through online travel agencies (OTAs) like Orbitz and Expedia, you’ll only earn a measly 1 point per dollar spent with the Platinum Card. So, if you tend to purchase airfare from OTAs, you’ll do better with a card like the Chase Sapphire Reserve or the Citi Prestige that provides bonus earning on air travel purchases with OTAs.

3. People Who Book Award Travel and Inexpensive Flights

Baggage arrives from Delta Air Lines Inc. flights at Los Angeles International Airport (LAX) on Friday, March 29, 2019 in Los Angeles, Calif. © 2019 Patrick T. Fallon for The Points Guy
You’ll regret booking your award flight or cheap ticket with your Platinum Card if your baggage is delayed, since the Platinum Card doesn’t offer baggage delay protection. (Photo by Patrick T. Fallon for The Points Guy)

The Amex Platinum is a popular card for booking flights directly with airlines or through American Express Travel because these purchases earn 5 Membership Rewards points per dollar spent. This 10% return is noteworthy, but the Platinum Card is seriously lacking when it comes to travel protections. Indeed, the Platinum Card doesn’t include the travel protections you’re most likely to need: trip delay protection, baggage delay protection and trip cancellation/interruption protection.

While it may still make sense to use the Platinum Card on high-priced air travel tickets to get an effective 10% return, it won’t make sense on less expensive tickets and award tickets where you’re just paying taxes and fees. For these tickets, I’d recommend the Citi Prestige Card or Chase Sapphire Reserve. The Citi Prestige will provide a 8.5% return via earning 5 Citi ThankYou points per dollar spent on air travel, while the Sapphire Reserve will provide a 6% return via earning 3 Chase Ultimate Rewards points per dollar spent on travel.

4. People Who Can’t Maximize the Airline/Uber/Saks Credits

HONG KONG, HONG KONG - AUGUST 24: The startup screen app of Uber, a car transportation mobile app developed by the American technology company Uber Technologies Inc, is pictured on the display of an iPhone, on 24 August 2017 in Hong Kong, Hong Kong. (Photo by studioEAST/Getty Images)
(Photo by studioEAST / Getty Images)

The linchpin of the argument in favor of keeping the Amex Platinum on a long-term basis is the fact that the various credits — airline incidentals, Uber and Saks Fifth Avenue — drastically reduce the out-of-pocket cost you’re really paying. If for some reason you can’t take full advantage of all of these credits (or at least the airline and Uber ones), the math gets a little stickier. Uber credits, for example, can only be used within the US, so expats like myself end up mostly wasting them. And maybe you have no need for an extra $200 in airline credits — if you have elite status and all your travel is covered by points or your job, that extra money might be wasted on you, especially given the restrictions around the credits.

5. People Who’d Be Better Off With the Business Platinum Card

There are several different versions of the Platinum card, including the personal card, The Business Platinum® Card from American Express, the Platinum Card for Schwab and the recently discontinued Mercedes Benz Platinum card, among others. For the most part they share the same perks and benefits, but it’s the small differences that might lead you to pick one or the other.

(Photo by Eric Helgas/The Points Guy)
Does the Business Platinum Card fit your needs better? (Photo by Eric Helgas/The Points Guy)

For example, the Business Platinum has an annual fee of $595 a year, but it doesn’t offer the same $200 Uber credit that the personal version does. It adds another bonus category though — 1.5x points on purchases of over $5,000, up to 1 million bonus points a year — as well as a year of Platinum Global Access to WeWork and $200 of Dell statement credits each year. Then there’s the Schwab Platinum card, which lets you cash out Membership Rewards points at a rate of 1.25 cents each into a linked Schwab account. Because Amex considers each of these cards to be a different product, you should be eligible for the welcome bonus on each, but it doesn’t make sense to keep more than one long-term.

Bottom Line

The Platinum Card from American Express regularly makes the cut on TPG’s top card recommendations because of the outsized value it can provide, from the initial welcome bonus to the ongoing luxury perks it offers. But even when a card is valuable, it might not be the best choice for you. You have to take into account how this application factors into your long-term plans, especially as it relates to other issuers (*cough cough* Chase’s 5/24 rule). You also have to make sure you can max out the benefits in your own life, at least enough to recoup the hefty annual fee.

But if you’re not worried about Chase’s 5/24 rule, frequently travel through cities with a Centurion Lounge or Delta Sky Club and can use the monthly Uber credits and annual airline fee credit, the Amex Platinum can pay for itself and then some through it’s valuable benefits and redemption options.

Featured photo by Isabelle Raphael/The Points Guy.

Editorial Disclaimer: Opinions expressed here are the 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.

Know before you go.

News and deals straight to your inbox every day.

The Platinum Card® from American Express

WELCOME OFFER: 60,000 Points Terms Apply.


CARD HIGHLIGHTS: Delta Sky Club and Centurion lounge access, $200 annual airline fee credit and up to $200 in Uber credits annually

*Bonus value is an estimated value calculated by TPG and not the card issuer. View our latest valuations here.

Apply Now
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.
  • Enjoy Uber VIP status and free rides in the U.S. up to $15 each month, plus a bonus $20 in December. That can be up to $200 in annual Uber savings.
  • 5X Membership Rewards® points on flights booked directly with airlines or with American Express Travel.
  • 5X Membership Rewards points on prepaid hotels booked on
  • 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®. Enrollment required.
  • $550 annual fee.
  • Terms Apply.
  • See Rates & Fees
Intro APR on Purchases
Regular APR
Annual Fee
Balance Transfer Fee
See Terms
Recommended Credit
Terms and restrictions apply. See rates & fees.

Editorial Disclaimer: Opinions expressed here are the 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.