The American Express Platinum Card is a renowned premium charge card designed for high-income individuals who demand luxury, convenience, and top-tier financial services.
Recognized as one of the best travel rewards cards in the world, it offers a vast array of benefits, from access to exclusive airport lounges to comprehensive travel insurance.
The card is a symbol of prestige, giving cardholders access to unique perks and benefits that few other cards can match. However, like every financial product, the American Express Platinum Card is not without its drawbacks.
In this article, we’ll take an in-depth look at the pros and cons of the American Express Platinum Card, covering its best features as well as its potential downsides.
Whether you are considering applying for the card or just curious about how it stacks up against other premium cards, this guide will provide a clear and balanced view of what you can expect.
We will also explain how the card works, who should get it, and why it’s a great fit for some, while not ideal for others. By the end of this article, you’ll have a comprehensive understanding of whether the American Express Platinum Card aligns with your financial goals and lifestyle.
What Is the American Express Platinum Card?
The American Express Platinum Card is a high-end charge card primarily geared toward individuals who travel frequently and demand the best possible services. Unlike a traditional credit card, which allows users to carry a balance, a charge card requires you to pay off the full balance each month. This payment structure ensures that you avoid paying interest, making it a great option for those who can afford to pay off their bills in full each month.
The card’s benefits focus heavily on travel, with perks including priority boarding, airport lounge access, elite hotel status, and special travel protections. The Platinum Card offers a significant rewards program, particularly for travel-related expenses, with points that can be redeemed for a wide range of benefits, such as free flights, hotel stays, or shopping rewards.
Additionally, the card is known for its impeccable customer service, providing cardholders with personalized concierge assistance to help book flights, make dinner reservations, and even arrange for luxury experiences. The card is widely regarded as one of the most prestigious and exclusive on the market, but it comes with a hefty price tag—its annual fee is one of the highest in the industry.
How Does It Work?
The American Express Platinum Card works by allowing you to earn Membership Rewards points on every purchase. These points can then be redeemed in a variety of ways, such as for travel rewards, merchandise, or statement credits. The card offers elevated points on travel-related purchases, including flights, hotels, and car rentals booked through American Express Travel. This makes it an attractive choice for individuals who often travel for business or leisure.
One key distinction of the Platinum Card is that it’s a charge card, meaning you are required to pay your balance in full every month. This can be advantageous in that you avoid interest fees, but it also requires a disciplined approach to spending and managing your finances. With such high-value rewards tied to travel, many cardholders find that they can offset the high annual fee by taking full advantage of the travel perks and rewards the card offers.
Who Should Get the Amex Platinum Card?
The American Express Platinum Card is best suited for individuals who have high incomes, travel frequently, and are willing to pay for luxury experiences. If you spend a lot on travel and related expenses, this card can provide exceptional rewards and benefits. The card is especially valuable for individuals who fly often, enjoy staying at premium hotels, or appreciate exclusive experiences.
However, the card is not ideal for those who are trying to keep their spending low or for individuals who do not travel often. The high annual fee and the requirement to pay off the balance each month make it a poor choice for someone who isn’t going to maximize the travel perks and rewards. Additionally, it may not be ideal for those who prefer a credit card with lower fees or more straightforward, everyday rewards programs.
10 Pros of the American Express Platinum Card
1. Exclusive Travel Perks
The American Express Platinum Card provides unparalleled travel benefits, especially for frequent flyers. One of the most coveted perks is access to over 1,200 airport lounges around the world, including American Express’s Centurion Lounges, which are known for their luxury offerings, quiet atmosphere, and high-end amenities.
Many travelers, particularly those with long layovers, find the lounge access to be an invaluable benefit. The lounges offer a tranquil space away from the crowds, along with free food, beverages, and comfortable seating.
Moreover, the card also provides access to exclusive experiences like private airport transfers, VIP airport services, and luxury vehicle rentals. This can make your travel experience significantly more enjoyable and less stressful.
For those who value comfort and luxury during their travels, these perks elevate the overall experience and make flying far more pleasant. The added benefit of expedited security checks through TSA PreCheck or Global Entry can further streamline the travel process, saving valuable time.
2. Generous Rewards Program
The American Express Platinum Card offers one of the most rewarding loyalty programs in the industry. Cardholders earn 5 Membership Rewards points for every dollar spent on flights booked directly with airlines or through American Express Travel.
Additionally, you can earn 5 points per dollar for prepaid hotels booked through the same platform. This makes the card particularly attractive for those who travel often, as you can rack up points quickly on your flights and hotel stays.
Beyond the elevated rewards for travel-related expenses, the card earns 1 point per dollar on other purchases. While this may seem less exciting compared to some other cards, the card’s overall points-earning potential is still quite lucrative for frequent travelers.
Points can be redeemed for flights, hotel stays, merchandise, or even transferred to a variety of airline and hotel partners to maximize their value. For those who take full advantage of the rewards program, the points can add up rapidly, making the card an excellent choice for those who can optimize its use.
3. Airport Lounge Access
The Platinum Card’s airport lounge access is one of its most celebrated features. With access to over 1,200 lounges worldwide, including the exclusive American Express Centurion Lounges, the card provides you with a peaceful retreat while waiting for your flight. The Centurion Lounges, in particular, are known for their premium offerings, such as high-quality food, drinks, comfortable seating, and shower facilities.
In addition to the Centurion Lounges, the card provides access to Priority Pass Select lounges, Delta Sky Clubs (when flying with Delta), and other partner lounges. This means you’re never far from a quiet, comfortable space, even in the busiest airports.
For travelers who frequently deal with long wait times or layovers, the lounge access alone can justify the card’s steep annual fee. The lounges offer a comfortable, relaxing environment with complimentary amenities, such as Wi-Fi, food, and beverages, making them a valuable resource for anyone who spends a lot of time in airports.
4. Hotel Status and Benefits
The Platinum Card also provides elite status with several major hotel chains, which can lead to a range of complimentary benefits, including upgrades, early check-ins, and late check-outs. For example, cardholders receive Hilton Honors Gold status and Marriott Bonvoy Gold Elite status, which can provide room upgrades, free breakfast, and additional perks during stays.
These hotel benefits are particularly valuable for those who frequently stay at high-end hotels and want to maximize their experience. Even if you don’t have a reservation in a suite, you could be upgraded to a better room simply for being a Platinum Cardholder. Early check-in and late check-out are especially helpful for those who have tight schedules and need more flexibility when booking their stays.
Moreover, many luxury hotel chains offer additional perks for American Express Platinum Cardholders, such as welcome gifts, discounted rates, and access to exclusive offers. If you travel frequently for business or leisure and enjoy staying at top hotels, the Platinum Card’s hotel benefits can significantly enhance your stays.
5. Concierge Services
A standout feature of the American Express Platinum Card is its concierge service, which offers personalized assistance for a wide variety of tasks. Whether you need to book a last-minute flight, secure a reservation at an exclusive restaurant, or arrange a special event, the Platinum Card concierge service is available 24/7 to meet your needs.
This concierge service is highly regarded for its attention to detail and commitment to customer satisfaction. It’s not just about booking travel or reservations—it can also help with life’s little luxuries, like sending flowers, organizing gifts, or arranging for private events.
For busy professionals, executives, and those who appreciate convenience, this service can save significant time and effort, making it one of the most valuable benefits of the card. The Platinum concierge team’s ability to handle complex requests with ease and efficiency adds a layer of sophistication to the cardholder experience.
6. Travel Insurance and Protection
Travel can be unpredictable, which is why having comprehensive travel insurance is a significant perk of the American Express Platinum Card. The card offers a range of travel protections, including trip cancellation and interruption insurance, lost baggage insurance, and rental car insurance. These protections provide peace of mind, especially if you’re frequently on the go.
For instance, if your trip is interrupted due to unforeseen circumstances like illness or a canceled flight, you could be reimbursed for your non-refundable expenses. Similarly, if your baggage is lost or delayed, you may be eligible for compensation to cover the costs of purchasing essential items. Rental car coverage provides protection in case of damage or theft when you use the card to pay for the rental.
These protections can save you money and hassle when things don’t go as planned, and they add significant value to the card, especially for those who travel often or internationally.
7. No Foreign Transaction Fees
One of the most convenient features of the American Express Platinum Card is its no foreign transaction fees policy. This is especially valuable for those who frequently travel abroad, as foreign transaction fees can quickly add up when making purchases in different currencies.
With the Platinum Card, you can use it globally without worrying about additional fees for foreign purchases, making it an ideal option for international travelers. This perk further enhances the card’s appeal for those who make frequent purchases abroad or need a reliable card for their travels.
8. Access to Exclusive Events
Cardholders are often granted access to exclusive events through the American Express Experiences program, which includes invitations to concerts, fashion shows, private events, and sporting events. This can be a major draw for individuals who enjoy unique experiences and want to be part of exclusive events that aren’t available to the general public.
Whether it’s attending a VIP concert, watching a sporting event from the best seats in the house, or gaining access to a high-end fashion show, the American Express Platinum Card opens doors to experiences that most people wouldn’t have access to. These special invitations can make owning the card feel like a ticket to a world of unique opportunities.
9. Fine Hotels & Resorts Program
The American Express Platinum Card comes with access to the Fine Hotels & Resorts (FHR) program, a luxury hotel booking service that offers a wide range of benefits at over 1,000 properties worldwide. These include room upgrades, daily breakfast for two, early check-in and late check-out, and exclusive amenities that make your hotel stay even more special.
Booking through the Fine Hotels & Resorts program can elevate your travel experience by ensuring that you get the best available rates and added value during your stay. Whether you’re booking a weekend getaway or a longer vacation, the added benefits make the price of booking through FHR worthwhile.
10. Automatic TSA PreCheck and Global Entry Reimbursement
For frequent flyers, the TSA PreCheck and Global Entry programs can be a game-changer. The Platinum Card offers reimbursement for the application fees of both TSA PreCheck and Global Entry, which can save you up to $100 for Global Entry and $85 for TSA PreCheck.
These programs allow you to skip the long security lines at airports, providing a faster, more convenient travel experience. If you travel internationally, Global Entry provides expedited customs processing upon arrival in the U.S. Having this benefit not only saves you time but also makes the travel process much more seamless and less stressful.
10 Cons of the American Express Platinum Card
1. High Annual Fee
One of the most significant drawbacks of the American Express Platinum Card is its annual fee of $695 (as of 2025), which is among the highest in the industry. While the card offers a host of luxurious benefits, the steep fee can be difficult to justify for some individuals, particularly those who don’t travel frequently or don’t use the card’s premium perks enough to offset the cost.
For many, the high annual fee could outweigh the benefits unless they’re able to fully leverage the card’s travel rewards, lounge access, and concierge services. Those who don’t make frequent use of the card’s luxury features may find that the card ends up being more costly than beneficial.
2. Limited Acceptance
While American Express is widely accepted in many places, it is still not as universally accepted as Visa or Mastercard. In certain countries and smaller businesses, American Express cards may not be accepted at all, which can be frustrating when you need to make a purchase.
Traveling abroad or shopping at places that do not accept American Express can force you to carry a backup card, potentially diluting the convenience of having a premium card. For those who like the idea of a one-card solution for all their purchases, the limited acceptance can be a significant inconvenience.
3. Requires Full Payment Each Month
Since the American Express Platinum Card is a charge card, cardholders are required to pay off the balance in full every month. This is different from most traditional credit cards that allow you to carry a balance over multiple months.
While this can be advantageous in terms of avoiding interest charges, it also means that the card is not suited for those who tend to carry a balance from month to month. If you aren’t able to pay off the full balance every month, the Platinum Card can become more of a burden than a benefit.
4. Limited Earning Categories
While the American Express Platinum Card offers generous rewards for travel-related purchases, it doesn’t provide bonus categories for everyday spending, like groceries, gas, or dining. You only earn 1 point per dollar on most everyday purchases, which is relatively low compared to other premium cards that offer bonus points for common spending categories.
This means that if you primarily use your card for non-travel expenses, you won’t earn as many rewards as you would with other cards designed for everyday spending.
5. No Bonus for Everyday Spending
Another downside of the American Express Platinum Card is its lack of bonus categories for everyday spending. While the card offers exceptional rewards for travel-related purchases, it doesn’t provide accelerated rewards in areas such as groceries, gas, dining, or entertainment. Many other premium credit cards offer bonus points for these everyday categories, which can make them more appealing for those who want to earn more rewards for their regular purchases.
For someone who doesn’t travel as often, this could be a significant limitation, as you won’t earn as many rewards on non-travel purchases. In comparison, cards like the Chase Sapphire Reserve or Citi Premier offer higher point rates on dining, groceries, and other common expenses, which might be more suitable for individuals who aren’t as focused on travel but still want a rewards-heavy credit card.
6. Harder to Justify for Non-Frequent Travelers
If you’re someone who doesn’t travel often or only makes occasional trips, the American Express Platinum Card might not offer enough value to justify its high annual fee. Many of its most attractive benefits, such as airport lounge access, elite hotel status, and travel protections, are most beneficial for people who fly frequently or stay in high-end hotels regularly.
For those who only fly a few times a year, paying $695 annually might not be worth the luxury perks, especially when there are many other credit cards with lower fees that offer competitive rewards for everyday spending. If you can’t fully utilize the travel-related perks, the card may become a costly and underutilized asset in your wallet. In these cases, a card with a lower annual fee and more general rewards might be more appropriate.
7. American Express Network Fees
While the American Express Platinum Card waives foreign transaction fees, which is a huge benefit for international travelers, some merchants may charge higher processing fees when you use American Express abroad. This is because American Express typically has higher merchant fees compared to Visa or Mastercard, and some businesses may pass those fees on to consumers.
In countries or regions where American Express isn’t as widely accepted, you might find that merchants prefer or exclusively accept Visa or Mastercard due to lower fees. This could lead to added costs or inconvenience when using your card internationally. Having a backup card is important to ensure smooth transactions, especially in places where American Express has limited acceptance.
8. Complex Rewards Program
The Membership Rewards program, while powerful, can be somewhat complex and difficult to navigate for new users. With so many ways to redeem points—such as for travel, merchandise, or statement credits—and the ability to transfer points to airline and hotel partners, understanding how to maximize the value of your points can be overwhelming.
Some cardholders might find it challenging to understand the best ways to redeem their points, especially since transfers to travel partners are not always straightforward and can require careful planning. Additionally, there are various transfer ratios to consider depending on the partner, and these ratios can affect the overall value of your points.
If you’re not a frequent traveler or someone who enjoys learning the ins and outs of reward programs, this complexity might make the card less appealing.
9. Limited Usefulness for Low-Spending Individuals
The high annual fee of the American Express Platinum Card makes it less appealing for individuals who don’t spend enough to offset the cost of the card. The card’s premium perks, such as travel rewards, concierge services, and airport lounge access, are generally most valuable to those who have a high level of spending on the card, particularly in travel-related categories.
If you’re not spending enough to take advantage of these benefits, you may find that the card doesn’t offer the same level of value that other, less expensive cards would. Individuals who don’t regularly travel, or those who don’t have large monthly expenses, might struggle to justify the $695 annual fee. For those in this category, a lower-tier card might provide better overall value by offering similar rewards without such a hefty fee.
10. No Introductory Bonus for New Cardholders
While many other premium cards offer a large introductory bonus for new cardholders, the American Express Platinum Card does not have a significant sign-up bonus. Other cards, such as the Chase Sapphire Preferred or the Capital One Venture Rewards Credit Card, may offer substantial welcome bonuses, which are an attractive feature for new cardholders looking to earn a significant amount of rewards quickly.
For individuals looking to earn a large amount of rewards upfront, the lack of a substantial sign-up bonus with the American Express Platinum Card can be a downside. The card’s value is largely tied to its ongoing perks and rewards for long-term users, but those who are seeking a quick and significant bonus may not find the Platinum Card to be the best choice.
Conclusion
The American Express Platinum Card remains one of the most prestigious and luxurious credit cards available on the market today, offering a host of benefits that can significantly enhance the travel experience. From airport lounge access and hotel status upgrades to concierge services and comprehensive travel insurance, the card is built for individuals who value premium services, convenience, and exclusivity. If you’re someone who frequently travels, stays at high-end hotels, or enjoys the convenience of having personal assistance, the Platinum Card can offer significant value.
However, it’s not for everyone. The high annual fee and the limited rewards for everyday spending make it less suited for those who don’t travel often or don’t spend enough to justify the fee. Additionally, the complexity of the rewards program and the limited acceptance of American Express cards in certain locations may be drawbacks for some.
Ultimately, the American Express Platinum Card is best suited for those who can maximize its travel-related benefits and rewards, especially frequent travelers and those with a high level of disposable income. If you’re someone who doesn’t travel regularly or isn’t looking to make the most of the card’s luxury features, you may find that a different credit card with lower fees and simpler benefits better suits your needs.
By weighing both the pros and cons, you can determine whether the American Express Platinum Card aligns with your financial goals and lifestyle. The card’s luxurious perks make it a powerful tool for those who travel frequently and appreciate high-end services, but its cost and limitations should not be overlooked for those who may not fully benefit from its offerings.