Who should get the Platinum Card® from American Express?

A crucial aspect of moving to a new country is starting to establish credit with its financial institutions, especially if you plan to stay there for several years. When non-citizens move to the U.S. to study or work, they can apply for credit cards to help build their credit history and earn rewards that they can use for travel, dining and more.

While credit card companies typically require that you have U.S. credit history, American Express has partnered with Nova Credit to enable newcomers from supported countries to use their foreign credit history when applying for any American Express Personal Card—no U.S. credit history required.

American Express has a wide variety of credit card options available, but it can be difficult to figure out which card best fits your circumstances and lifestyle. 

This article will discuss one of Amex’s most popular cards—the American Express (Amex) Platinum Card®—to determine if it’s the right choice for you.

Amex Platinum Card®: An Overview

The Platinum Card® is a premium credit card that offers a welcome bonus, luxury perks, and other value-added services. Cardholders benefit from Uber credits, airfare discounts, bonus points, cashback and much more. Unlike typical credit cards, this card allows you to carry a balance for certain charges, but not all.

There is a catch, though: the Amex Platinum® carries a $695 annual fee, which is high compared to other options.

Let’s dive into the details of these fees and perks, to help determine if the fee is worth it for your specific lifestyle and financial circumstances.

Amex Platinum Card® fees

A premium credit card like the Amex Platinum is suited for individuals who do not mind paying a large annual fee ($695) in return for a ton of rewards and value-added services. 

Cardholders must also pay interest on purchases that are not paid off by the deadline on each monthly statement. 

For instance, American Express may send a bill for $2,000 spent over a one-month period. If you pay off all $2,000 before the due date, you won’t be charged interest. But if you only make a minimum payment and leave a remaining balance, you will be charged interest on that figure.

The interest rate for your Amex Platinum Card® is calculated when you apply, with factors such as age, occupation, and credit history impacting the rate.

Amex Platinum Card® benefits

Here’s an overview of the various perks that come with this premium card:

Welcome offer

Earn 80,000 Membership Rewards® Points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership.

These Membership Rewards® Points are usable in several ways, such as:

• Purchases at online retailers

• Gift cards

• Covering card charges

• Booking or upgrading travel

• Transferring points to another account

American Express provides an online calculator to show the value of these points. 

Membership Rewards® Points on purchases

Typically, American Express offers a single Membership Rewards® point for each dollar spent on the Amex Platinum® card. These points cover everyday purchases from groceries to gas and other essentials.

For some categories, there are added benefits:

• Cardholders earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel (up to $500,000 on these purchases per calendar year).

• Cardholders earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.

Partner deals

American Express Platinum Card® customers can also get a variety of deals from partner brands in transportation, shopping, and more. 

These deals include:

• $200 Uber Cash: Platinum Card® Members can get out and about and explore their local area with $15 in Uber Cash for US rides each month, plus a bonus $20 in December. That can be up to $200 in annual Uber savings. Simply download the Uber app and add your Platinum Card® to your Uber account to get started. Available to Basic Card Member only. Effective 11/8/2024, an Amex Card must be selected as the payment method for your Uber or Uber Eats transaction to redeem the Amex Uber Cash benefit.

• Up to $20 in statement credits each month when you pay for eligible purchases with the Platinum Card® at your choice of one or more of the following providers: Disney+, a Disney Bundle, ESPN+, Hulu, The New York Times, Peacock, and The Wall Street Journal. Enrollment required.

• $155 Walmart+ Credit: Save on eligible delivery fees, shipping, and more with a Walmart+ membership. Use your Platinum Card® to pay for a monthly Walmart+ membership and get up to $12.95 plus applicable taxes back on one membership (excluding Plus Ups) each month.

Travel perks

The American Express Platinum Card® has a variety of perks for frequent travelers. Here are some of our favorites:

• No foreign transaction fees.

• The American Express Global Lounge Collection® can provide an escape at the airport. With complimentary access to more than 1,400 airport lounges across 140 countries and counting, you have more airport lounge options than any other credit card issuer on the market. As of 03/2023.

• $199 CLEAR® Plus Credit: CLEAR® Plus helps to get you to your gate faster at 50+ airports nationwide and get up to $199 back per calendar year on your Membership (subject to auto-renewal) when you use your Card. CLEARLanes are available at 100+ airports, stadiums, and entertainment venues.

• $120 Global Entry Credit: Receive either a $120 statement credit every 4 years for a Global Entry application fee or a statement credit up to $85 every 4.5 years for a TSA PreCheck® (through a TSA official enrollment provider) application fee, when charged to your Platinum Card®. Card Members approved for Global Entry will also receive access to TSA PreCheck at no additional cost.

• Get up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings through American Express Travel using your Platinum Card®. The Hotel Collection requires a minimum two-night stay.

Value-added services

American Express makes it easier to book reservations at sought-after restaurants and grants cardholders the privilege to meet chefs through special dining events.

American Express also has a dedicated concierge number on the back of every Amex Platinum® card. It allows cardholders to call anytime they need help making a dinner reservation, securing tickets to a sporting event or concert, or with any other issue. The service is available 24/7 and requests can also be emailed. 

Is the Amex Platinum Card® right for you?

With these fees and benefits in mind, it’s time to determine if the pros outweigh the cons for your lifestyle. Here are a few common types of people that often find enough value with the card:

Rideshare users

If you regularly use Uber, Lyft or other rideshare services, the Amex Platinum Card®may be an ideal premium credit card. As mentioned, you can earn up to $200 in annual Uber savings on rides or eats orders in the US annually. Uber Cash offer is available to Basic Card Members only. Assuming an average ride cost of $10, the reward translates to up to 20 free rides each year.

Frequent flyers

Do you travel frequently every year? The bonus points earned for eligible flights and hotels can be significant if you travel often.

When to avoid the Amex Platinum Card®

While the American Express Platinum® credit card can be a valuable tool for travelers and shoppers, it is not the ideal card for everyone. There are circumstances where it may make sense to opt for a credit card from another company that offers a better value in your circumstances.

Low credit quality

Regardless of whether you use your foreign credit history or your U.S. credit history, you will need an excellent credit rating in order to qualify for this American Express card. If you're unsure about your rating, it's best to check it with your credit bureaus. If you’ve recently moved to the U.S., you may be able to apply for the American Express Platinum® credit card with your foreign credit history. Check your eligibility here.

Individuals who use travel agencies or websites

Do you often book airline tickets through the airlines themselves? Whether it is by visiting their website or calling, direct airline ticket purchases receive the greatest perks from the Amex Platinum Card®. The 5X Membership Points offer applies in those circumstances, not when booking through a travel agency or third-party website.

If you complete most of your airline and hotel bookings through sites like Expedia, Cheap Tickets, or Orbitz, look to other credit cards that offer bonuses on those airline ticket purchases. Possible cards include the Citi Prestige from Citibank or Chase’s Sapphire Reserve.

People who buy discount airline tickets

The American Express Platinum Card® shines when booking airline tickets through the airlines. The 5X membership rewards program can amount to a 10 percent return on every dollar spent on an airline ticket.

Unfortunately, though, the card does not provide many common travel protections that are available with cards like the Citi Prestige Card or Chase Sapphire Reserve. The Amex Platinum does not provide trip delay, baggage delay, or trip cancellation protection for cardholders, either.

A discount airline ticket means fewer dollars spent, which results in fewer membership points. Even with the 5X Membership Rewards® Points offer, the lack of protection can be problematic if you experience a trip interruption or baggage delay.

Individuals who don’t use Uber

The Amex Platinum Card® is increasingly popular due to its $200 in Uber savings annually on rides or eats in the U.S. But what if you do not use Uber? 

Individuals with cars or those who use public transportation may never get close to redeeming the full value of the $200 annual Uber credits. While Uber Cash is usable for food deliveries on UberEats, it is still not as useful for people who do not use Uber’s ride sharing service.

The Takeaway

With all of this in mind, the American Express Platinum Card® is one of the best premium credit cards available today. 

Make sure that you understand the terms and perks associated with the card, especially how Membership Rewards® points and discounts may help you save money in common spend categories within your lifestyle.

While its $695 annual fee is eye-raising, frequent shoppers, travelers, and Uber customers should have no problem exacting maximum value from the card’s benefits. If the American Express Platinum® card is ultimately not the right choice for you, make sure to check out other American Express cards with lower fees and different benefits tailored to different types of people. 

More information about American Express Platinum Card® rates and fees can be found here.

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