Even within the ranks of "premium" cards — which we can roughly define as those with annual fees of $250 or more — some cards are more premium than others. Many of them exist primarily to give regular folks a little taste of the high-end lifestyle. Others, however, are designed to make that high-end lifestyle tastier for people who are already living it. Show
The card's $695 annual fee, which increased from $550 on July 1, 2021, is among the steepest in the industry. But that fee unlocks an extensive portfolio of benefits focused on travel, entertainment, dining, retail and wellness. It's not about saving money. It's about getting more for the money you spend. If you spend a lot and expect a lot, then the original luxury card may be for you. The Platinum Card® from American Express: Key featuresTo view rates and fees of The Platinum Card® from American Express, see this page. Annual fee: $695. Bonus offer: Earn 80,000 Membership Rewards® points after you spend $6,000 on purchases on your new Card in your first 6 months of Card Membership. Terms Apply. Rewards:
Membership Rewards points are worth a baseline value of about 0.5 cents to 1 cent each, depending on how you redeem them. Travel and gift card redemptions are generally the most valuable. Points are also transferable to and can be worth even more if redeemed strategically after being transferred to other travel loyalty programs. Travelers can often get outsized value for their points by taking advantage of the transfer options, and NerdWallet values Membership Rewards as much as 2 cents each when redeemed this way.
Full list of Membership Rewards transfer partners Airlines
Hotels
Interest rate: See terms. 🤓Nerdy Tip This card has an unusual payment structure due to its history as a charge card. Unlike traditional credit cards, charge cards don't let you carry a balance and require instead that pay your bill in full every month. However, this card offers two different features — "Plan It®" and "Pay Over Time" — that allow it to function more like a traditional card. Plan It® lets you set up a payment plan for eligible purchases, during which you pay a monthly fee instead of interest charges. With this feature, you know how much you'll pay each month. "Pay Over Time" lets you finance eligible purchases over a term with interest. There is a limit to the amount you can finance with a Pay Over Time plan. Purchases that aren't covered by Plan It® or Pay Over Time must be paid in full. Foreign transaction fees: None. Additional benefits:
Benefits of the The Platinum Card® from American ExpressWith most travel cards, the rewards you earn for your spending are the signature feature. Not with The Platinum Card® from American Express. To be sure, the welcome offer for new cardholders is lucrative, but even earning 5X points on eligible flights and hotel stays, you'll have to book an awful lot of travel before you earn back that fat annual fee. The bulk of this card's value lies instead in its annual statement credits for specific purchases, along with automatic upgrades, premium services, exclusive access and other "soft" benefits. Automatic credits
Airport lounge accessThe Platinum Card® from American Express offers unmatched access to airport lounges worldwide — more than 1,300 and counting. They include:
Hotel benefits
Other goodies
Why you might want a different cardIf "getting your money's worth" from a card means that every dollar you spend has to make its way back to your pocket in the form of spending rewards, credits or discounts, you'll probably find plenty of reasons to pass on The Platinum Card® from American Express. The most obvious potential deal-breakers for some are: That annual feeIn a world where many travel cards charge less than $100 a year for excellent rewards and benefits, and even other premium cards charge much less, a $695 annual fee could push anyone off the fence into "no" territory on this card. That's especially true considering that so many of the benefits on The Platinum Card® from American Express aren't easily quantifiable. How much is late checkout worth to you? Or a spa package and breakfast? How about an exclusive opportunity to spend $8,900 for VIP seating at the Grand Prix de Monaco? Limited rewards earningCertain travel spending excepted, you won't earn more than 1 point per dollar with The Platinum Card® from American Express. Other cards concentrate more of their value in spending rewards. The Capital One Venture X Rewards Credit Card, for example, gives you 2 miles per dollar spent on purchases. Miles can be redeemed for any travel purchase at a value of 1 cent apiece. You also get a $300 travel credit on purchases made through Capital One Travel, a solid sign-up bonus, and reimbursement for the TSA PreCheck or Global Entry application fee — all for an annual fee of $395. Limited-use creditsThe $200 annual credit for airline fees and incidentals was a great deal at one time, but the competition has improved on it. The $300 travel credit on the Capital One Venture X Rewards Credit Card is much more flexible. And even more flexible, the Chase Sapphire Reserve® offers $300 a year in credit for any travel expense — not just incidental fees and not just through a travel portal. And while the full list of annual statement credits are, combined, worth more than the annual fee, you actually need to use them to get any benefit. That might not be easy to do if you don’t live in a city with Equinox gyms or an airport served by CLEAR. The credits aren’t going to save you much if you’re enticed to spend more on luxuries just to use the credits once. Platinum vs. Sapphire ReserveThe most prominent competitor of The Platinum Card® from American Express among premium travel cards is the Chase Sapphire Reserve®. Is The Platinum Card® from American Express right for you?If you're an occasional traveler who flies coach and stays at the Holiday Inn, The Platinum Card® from American Express isn't going to magically get you into first class and the presidential suite at the Ritz-Carlton at no extra charge. For many, the usability of the card's many annual credits may make it or break it. If you can maximize the credits, they can more than make up for the card's steep annual fee. But if you won't be able to make use of many of the annual credits that come with the card, it may not make sense for you. If you're a frequent-to-constant traveler who doesn't mind spending money for quality and would love to be rewarded for doing so, then it might be a perfect fit for your wallet. Hear it from Nerds who carry the cardNerdWallet team members who carry The Platinum Card® from American Express say using the exclusive perks is the key to getting your money's worth: To view rates and fees of The Platinum Card® from American Express, see this page.To view rates and fees of the American Express® Gold Card, see this page. Information related to the Citi Prestige® Card has been collected by NerdWallet and has not been reviewed or provided by the issuer of this card. What income do you need for Amex Platinum?Annual income of $100,000 or more. Aged 18 years or over.
Can I get Amex platinum with low income?Salary Needed for Amex Platinum Credit Card
If you make near $100,000 a year and have good credit, you should have no issue getting approved. But, applicants with annual incomes as low as $40,000 have also been approved if they have a low debt-to-income ratio and pay their other credit cards in full every month.
Does Amex Platinum verify income?While American Express probably won't ask to verify your income, it's not a good idea to lie about your income on an application. In fact, providing false information on a credit card application is against federal law. Therefore, you're much better off being honest when applying for an American Express credit card.
Is it hard to get an American Express Platinum card?Yes, it is hard to get the American Express Platinum card because applicants need a 700+ credit score and a high income to qualify for approval. But if you have good or excellent credit and make a lot of money, you have a good shot.
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