Does american express platinum have travel insurance

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No other card comes with as much perk-potential as The Platinum Card® from American Express (Terms apply, see rates & fees). If you travel frequently and want to do so in style when you do, this card deserves a place in your wallet. But for anyone outside of a specific profile—an urban fitness buff who wants high rewards on flights and prepaid hotels, it may take some effort to justify the $695 annual fee.

The Platinum Card® from American Express

Welcome Bonus

Earn 100,000 points

Regular APR

See Pay Over Time APR

Credit Score

Excellent/Good

Pros

• High reward potential on flights and hotels booked through American Express Travel
• Multiple credits can help justify the fee
• Comprehensive airport lounge access
• Luxury travel benefits and elite status with Hilton and Marriott with enrollment

Cons

• Very high annual fee
• Maximizing the statement credits takes some work and could be unworkable for many
• Reward rate outside of travel is sub-par for a premium card

Highlights

• Earn 100,000 Membership Rewards® points after you spend $6,000 on purchases on your new Card in your first 6 months of Card Membership. Apply and select your preferred metal Card design: classic Platinum Card®, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu.
• 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 and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
• Get $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings, which requires a minimum two-night stay, through American Express Travel when you pay with your Platinum Card®. And if you fly, you can receive up to $200 in statement credits per calendar year after you select a qualifying airline and incidental fees are charged by the airline to your Platinum Card®.
• $240 Digital Entertainment Credit: Get up to $20 back each month on eligible purchases made with your Platinum Card® on one or more of the following: Audible, Disney+, The Disney Bundle, ESPN+, Hulu, Peacock, SiriusXM, and The New York Times. Enrollment required.
• $155 Walmart+ Credit: Cover the cost of a $12.95 monthly Walmart+ membership with a statement credit after you pay for Walmart+ each month with your Platinum Card. Cost includes $12.95 plus applicable local sales tax. Plus Ups are excluded.
• American Express has expanded The Centurion® Network to include 40+ Centurion Lounge and Studio locations worldwide. There are even more places your Platinum Card® can get you complimentary entry and exclusive perks.
• $200 Airline Fee Credit: Get up to $200 in statement credits per calendar year in baggage fees and more at one select qualifying airline.
• $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Uber Cash and Uber VIP status is available to Basic Card Member only.
• $300 Equinox Credit: Get up to $25 back each month on the Equinox+ digital fitness app, or eligible Equinox club memberships when you pay with your Platinum Card®. Enrollment required.
• $189 CLEAR® Credit: Use your Card and get up to $189 back per year on your CLEAR® membership. CLEAR® is available at select airports and stadiums.
• $695 annual fee.
• Terms Apply.

Introduction

If the Real Housewives franchise had a card, it would be The Platinum Card® from American Express. Once considered “the” premium travel card, The Platinum Card® from American Express now aims to reposition itself as a flashy premium lifestyle card, overflowing with upscale benefits, for those who don’t mind an over-the-top annual fee of $695.

Cardholders will get a rich rewards rate on travel: 5 Membership Rewards points per dollar for flights booked directly with airlines or with American Express Travel on up to $500,000 per calendar year, 5 points per dollar on prepaid hotels booked with American Express Travel and 1 point per dollar on other eligible purchases. Plus, the card provides access to the extensive airport Global Lounge Collection, which includes more lounges than any other U.S. credit card program with 1,300 airport lounges in over 500 airports and 140 countries around the world.

Other premium travel cards offer generous rewards on getting around too, but the Amex Platinum is bursting with plumped-up perks aimed at a very specific audience: someone who wants to breeze through airport security and head right to a lounge, who lives in a major metropolitan area and likes to work out at the upscale Equinox gym, shops at Saks Fifth Avenue and takes Uber on the regular. That’s a fairly narrow slice of consumers.

Consider that there’s a $695 annual fee, which means that no matter how fancy those statement credits are, what you’re essentially getting with the card is an upscale coupon book. Pay the annual fee and get discounts that will potentially outweigh the cost of ownership, but only if fully maximized.

Amex Platinum Quick Facts

• Welcome bonus: Earn 100,000 Membership Rewards® Points after you spend $6,000 on purchases on the Card in your first 6 months of Card Membership. Terms Apply.
• $695 annual fee.
• Earn 5 Membership Rewards points per dollar for flights booked directly with airlines or with American Express Travel on up to $500,000 per calendar year, 5 points per dollar on prepaid hotels booked with American Express Travel and 1 point per dollar on other eligible purchases.
• Elite status with Hertz, Avis and National Car Rental with enrollment.
• Elite airport lounge access with multiple lounge programs.
• Uber Cash totaling $200 in up to $15 per month increments (up to a total of $35 bonus in December) each year when you link your eligible card to your Uber account. Uber Cash is good for U.S. rides or Eats.
• Up to $300 annual Equinox Credit in $25 per month statement credits with enrollment

American Express Platinum Rewards

Earning Rewards

The Platinum Card from American Express earns rewards at the following rates: 5 Membership Rewards points per dollar for flights booked directly with airlines or with American Express Travel on up to $500,000 per calendar year, 5 points per dollar on prepaid hotels booked with American Express Travel and 1 point per dollar on other eligible purchases.

There’s also a welcome bonus: 100,000 Membership Rewards points after spending $6,000 on purchases on the card in the first 6 months of card membership.

American Express Membership Rewards points don’t expire as long as your account is open, and points earned from multiple Amex Membership Rewards cards are automatically pooled into one Membership Rewards account.

Redeeming Rewards

You can redeem Membership Rewards in multiple ways. For travel you can use your points for flights and other travel through American Express Travel. Points are worth one cent each when used this way for flights, but only 0.7 cents each when you redeem for prepaid hotels, rental cars and cruises.

Membership Rewards points can also be transferred to over a dozen airline and hotel partners, many at a 1:1 transfer ratio. Among the most popular are Delta Airlines, British Airways Avios (which can be used to fly American Airlines) and Air Canada Aeroplan (which can be used to fly United Airlines). Hotel partners include Hilton, Marriott Bonvoy and Choice. Transferring points and using them for premium cabin travel can be a way to maximize the value of your points but you can also use your rewards to upgrade your travel.

Gift card redemptions are generally worth one cent per point and using your rewards as a statement credit against a purchase is worth 0.6 cents per point. Another option is to pay with points at checkout with select retailers like Amazon, Best Buy, Boxed.com, Saks Fifth Avenue, and more. This option is typically worth 0.7 cents per point although some options can be worth more or less.

Rewards Potential

Forbes Advisor uses data from various government agencies in order to determine both baseline income and spending averages across various categories, which we used to compile rewards potential for various credit cards. The 70th percentile of wage-earning households brings in $100,172 annually and has $52,820 in standard expenses. Assuming 50% of such expenses are charged to this card, total annual card spending would be $26,410.

If our sample household spends $2,438 in airfare and hotels booked via Amex Travel, they’d earn 12,190 Membership Rewards. The remaining $23,972 would earn 23,972 points for a total of 36,162 points in addition to the welcome bonus earned in the first year only.

American Express Platinum Benefits

There are more benefits on this card than you can shake a skinny margarita at.

Amex Platinum Travel Benefits

• Up to $200 Airline Fee Credit: Annual statement credits good for incidental fees at one selected qualifying airline you choose each year.
• $189 CLEAR® membership: Get a $189 fee statement credit each year with enrollment in CLEAR.
• Global Entry or TSA PreCheck Application Fee Credit: Up to $100 statement credit for the application fee.
• Amex International Airline Program: Get exclusive access to lower fares for you and your travel companions every time you book premium class tickets through the International Airline Program.
• Centurion Lounge Access: Access to the Centurion Lounge Network
• Plaza Premium Lounge Access: Complimentary access to any global location of Plaza Premium Lounges for the cardholder and up to two guests.
• Priority Pass Lounge Access: Access to Priority Pass Lounge network with enrollment
  Lufthansa Lounge Access: Complimentary access to select Lufthansa Business Lounges (regardless of ticket class) and Lufthansa Senator Lounges (when flying business class).

Amex Platinum Hotel Benefits

• Up to $200 Hotel Credit: Annual statement credit good for a prepaid stay booked via Fine Hotels or Resorts or The Hotel Collection.
• Gold Elite Status: Receive Gold elite status and benefits with Hilton Honors and Marriott Bonvoy with enrollment.
• The Hotel Collection Benefit: Get an up to $100 hotel credit on qualifying charges and a room upgrade if available when you book at least two consecutive nights with The Hotel Collection with Platinum Travel service.
• Lowest Hotel Rates Guarantee: Get a refund of the difference if you book your hotel through Amex Travel and then find the exact same booking cheaper online elsewhere.
• Fine Hotels + Resorts Benefits: Credits and welcome gifts may be available at participating properties when booked through Amex Travel.

Amex Platinum Other Benefits

• $240 Digital Entertainment Credit: Up to $240 in annual statement credits ($20 per month) on purchases or subscriptions with Audible, The New York Times, SiriusXM and Peacock. Additionally, cardholders will have access to exclusive experiences from these partners. Enrollment required.
• $300 Equinox Credit: Card members can now receive up to $300 annually in statement credits ($25 per month) on select Equinox memberships or a digital subscription to Equinox+ (the on-demand fitness app). Enrollment required.
• Exclusive Global Dining Access by Resy: The Global Dining Access program by Resy gives Platinum Card Members exclusive reservations at some of the world’s top restaurants, access to premium events and other perks.
• $200 Uber Cash: Up to $200 in Uber Cash each year (Up to $15 per month each month, plus an up to $35 bonus in December) towards U.S. Uber Rides or Uber Eats after you link your eligible card to your Uber account.
• $100 Saks Fifth Avenue Credit: Good for purchases in-store or online at saks.com, for up to $50 in statement credits from January through June and up to $50 in statement credits from July through December, once enrolled.
• Platinum Card Concierge: 24/7 access.
• Cell Phone Protection: Coverage for a Stolen or damaged Eligible Cellular Wireless Telephone is subject to the terms, conditions, exclusions and limits of liability of this benefit. The maximum liability is $800, per claim, per Eligible Card Account. Each claim is subject to a $50 deductible. Coverage is limited to two (2) claims per Eligible Card Account per 12 month period. 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.
  

Amex Platinum Authorized User Benefits

• Centurion Lounge Access: Access to the Centurion Lounge Network for authorized users who hold a Platinum card. Authorized users with a Gold Card are not eligible for complimentary access.
• Priority Pass Lounge Access: Access to the Priority Pass Select Lounge Network for authorized users who hold a Platinum card. Authorized users with a Gold Card are not eligible for complimentary access. Enrollment is required.
• Global Entry or TSA PreCheck Application Fee Credit: Up to $100 statement credit for the application fee for authorized users in addition to the credit for the main cardholder.
• The Hotel Collection Benefit: Get an up to $100 hotel credit on qualifying charges and a room upgrade if available when you book at least two consecutive nights with The Hotel Collection with Platinum Travel service.

Related: Amex Platinum Benefits

Fine Print

Interest Rates

• Regular APR: See Pay Over Time APR
• Purchase Intro APR: N/A
• Balance Transfer Intro APR: N/A

Fees

• Annual Fee: $695
• Balance Transfer Fee: N/A
• Cash Advance: Either $10 or 5% of the amount of each cash advance, whichever is greater.
• Foreign Purchase Transaction Fee: None

How the Amex Platinum Stacks Up

The Platinum Card® from American Express vs. Chase Sapphire Reserve®

A worthy contender in the premium travel credit card market is the Chase Sapphire Reserve®. Similar to the Amex Platinum, the card carries a steep annual fee but also a number of benefits and credits that can justify that price tag if fully maximized. In exchange for the $550 annual fee, the card comes with a $300 annual travel credit, Priority Pass Lounge access with enrollment, Global Entry or TSA PreCheck reimbursement and benefits at hotels in the Luxury Hotels and Resorts collection.

Cardholders can earn 5 points per dollar on air travel and 10 points per dollar on hotels and car rentals when purchasing travel through Chase Ultimate Rewards® immediately after the first $300 is spent on travel purchases annually. Earn 3 points per dollar on other travel and dining and 1 point per dollar spent on all other purchases. Those points are worth 50% more when redeemed for travel through the Chase Ultimate Rewards travel center and points can be transferred at a 1:1 ratio to airline and hotel partners like United and Hyatt. These perks—especially the $300 annual travel credit—may be more accessible to utilize than the Amex Platinum.

The Platinum Card® from American Express vs. American Express® Gold Card

The American Express® Gold Card (Terms apply, see rates & fees) is the mid-range option for those who wish to earn American Express Membership Rewards points. Some cards offer bonuses for dining and others for U.S supermarket spending, but the American Express Gold Card is an industry leader by offering 4 Membership Rewards® points per dollar at restaurants, plus takeout and delivery in the U.S., 4 Membership Rewards® points per dollar at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1 point per dollar), 3 Membership Rewards® points per dollar on flights booked directly with airlines or through American Express travel and 1 point per dollar on other eligible purchases.

Like the Amex Platinum, the card also offers some potential valuable credits that, if fully maximized, can offset the card’s $250 annual fee. But these credits may not align with where you’re spending your money. And if you’re seeking plush travel perks, the card doesn’t come with any.

The Platinum Card® from American Express vs. Capital One Venture X Rewards Credit Card

The Capital One Venture X Rewards Credit Card is packed with extras that put it firmly in competition with the Amex Platinum and Chase Sapphire Reserve, but at an annual fee—$395—that leaves the others far behind. The card earns 2 miles per dollar on all eligible purchases, 5 miles per dollar on flights booked through Capital One Travel and 10 miles per dollar on hotels and rental cars when booking via Capital One Travel, comes with an annual travel credit of up to $300 in statement credits when booking through Capital One Travel and ability to enroll for complimentary Priority Pass Membership.

It may not have the various potential credits that come with the Amex Platinum, but it’s also several hundred dollars cheaper each year when it comes to annual fee expenses, freeing you up to choose if you want to spend money at Equinox, Saks or any of the other places offered on the Amex. The main potential drawback to choosing the Venture X over the Amex Platinum card is that the Amex Platinum card offers far more airport lounge access than the Venture X card.

Compare Amex Platinum With Other Cards

Is the American Express Platinum for You?

If you fit the profile that can take full advantage of the perks offered with the American Express Platinum Card, or if you value widespread airport lounge access at any price, this card fits the bill. But for the majority of consumers, you’re more likely to see the Housewives get along peacefully on Andy Cohen’s couch than you are to use most of the perks offered on this card.

To view rates and fees for American Express® Gold Card please visit this page.
To view rates and fees for The Platinum Card® from American Express please visit this page.

What credit score is needed for the Amex Platinum?

A premium card typically requires a top-notch score and the Amex Platinum is no exception. If you’re thinking about applying for the card, know that your best chance of approval includes a credit score that falls within the good to excellent range. FICO, the most widely known credit scoring model typically uses a scale of 300 to 850. On that scale, a credit score between 670 and 739 is generally considered “good.” Anything above that is considered to be excellent.

How To Offset the Annual Fee on the Platinum Card from American Express

When it comes to a high-end card like the Amex Platinum, it’s not likely you’re going to be able to get the annual fee waived. Instead, you can try to offset the cost of the annual fee by maximizing the credits and benefits that come with the card. For example, if you can fully use the up to $200 annual airline incidental fee statement credit, the up to $240 annual digital subscription statement credit and the up to $200 annual prepaid hotel booking statement credit for reservations made via Fine Hotels and Resorts or The Hotel Collection, you’ll come out ahead of the annual fee on those perks alone. Enrollment is required for select benefits.

How to Qualify for the Amex Platinum

Although there’s no official checklist required to qualify for the Platinum American Express card, in general your odds of approval are better with an excellent credit score and a solid financial standing. When reviewing your application for a card, in addition to your credit score, issuers will consider your income, how long you’ve had credit and what other credit lines are already extended to you. They’ll also consider how much debt, if any, you’re carrying on any other cards to make sure that if they extend you more credit you’re not at risk of being overextended and defaulting.

Is the Amex Platinum worth the annual fee?

That depends on the user. Whether or not any premium card is worth the annual fee is subjective. If you’re seeking widespread airport lounge access and you fly more than a handful of times, the Amex Platinum card’s ability to gain you access to nearly any lounge in the world may alone justify the fee. Or if you can max out enough of the credits to make the annual cost worth it to you, then that might make it worth it. It will come down to your spending habits and how, if at all, you plan to take advantage of the card’s benefits.

Does the Amex Platinum have more lounge access than the Chase Sapphire Reserve?

Yes, the Amex Platinum has more lounge access than the Chase Sapphire Reserve. The Chase Sapphire Reserve comes with same-day flight access to Priority Pass Select lounges upon enrollment. The Amex Platinum card gives the same Priority Pass Select Lounge access upon enrollment plus same-day flight access to the Global Lounge Collection, Airspace lounges, Delta SkyClub lounges, Escape Lounges-The Centurion Studio Parter, select Lufthansa Lounges, Plaza Premium Lounges, and the Centurion Lounges.

Does the Amex Platinum have more lounge access than the Capital One Venture X?

Yes, the Amex Platinum has more lounge access than the Capital One Venture X. The Capital One Venture X comes with same-day flight access to Priority Pass Select lounges upon enrollment and access to the small-but-growing Capital One Lounge network. The Amex Platinum card gives the same Priority Pass Select Lounge access upon enrollment plus same-day flight access to the Global Lounge Collection, Airspace lounges, Delta SkyClub lounges, Escape Lounges-The Centurion Studio Parter, select Lufthansa Lounges, Plaza Premium Lounges, and the Centurion Lounges.

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