4 Costly Mistakes to Avoid With the Amex Platinum Card

Published on Nov. 24, 2024

Lyle Daly

By: Lyle Daly

Writer

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KEY POINTS

  • This card has a generous welcome offer, but you'll miss out if you fail to meet the spending requirement.
  • To maximize the value of your card, stay on top of its many spending credits.
  • Don't use your points for cash back or carry a balance from month to month.

The Platinum Card® from American Express is known for being feature-packed. Even compared to other top card options, it's in a league of its own, with a long list of travel and lifestyle perks. And that's what you'd hope, since it has a $695 annual fee (see rates and fees).

Because this card has so much to offer, there's a learning curve to get the most out of it. You'll also want to watch out for a few common mistakes that could cause you to lose money or miss out on benefits.

Ratings Methodology

The Platinum Card® from American Express

Apply Now for The Platinum Card® from American Express

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The Platinum Card® from American Express
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Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Credit Score: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Apply Now for The Platinum Card® from American Express

On American Express' Secure Website.

Terms apply

Rates & Fees External Link Icon

Credit Score Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Good/Excellent (670-850)

Intro APR

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APR

See Pay Over Time APR

Rewards Circle with letter I in it. 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. Earn 1X Membership Rewards® Points on other purchases. Terms and limitations apply.

1X-5X Membership Rewards® Points

Annual Fee

$695

Welcome Offer Circle with letter I in it. Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership.

80,000 Membership Rewards® Points

  • This luxury travel card has some of the most prestigious perks you'll find — access to over 1,400 airport lounges, elite status with Hilton and Marriott Bonvoy (enrollment required), and spending credits worth over $1,500 in value every year. Just be ready for the hefty annual fee, which can be offset in the first year with a welcome bonus worth $800 in points. Terms apply.

    • Big welcome offer
    • Substantial spending credits
    • Airport lounge access
    • Hotel benefits
    • Flexible travel points
    • Annual fee
    • Limited bonus categories
    • Spending credits can be complicated to manage
    • Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership.
    • 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.
    • $200 Hotel Credit: 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.
    • $240 Digital Entertainment Credit: Get up to $20 back in statement credits each month on eligible purchases made with your Platinum Card® on one or more of the following: Disney+, a Disney Bundle, ESPN+, Hulu, The New York Times, Peacock, and The Wall Street Journal. Enrollment required.
    • 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.
    • $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.
    • $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to your Platinum Card®.
    • $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.
    • $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.
    • 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.
    • Shop Saks with Platinum: Get up to $100 in statement credits annually for purchases in Saks Fifth Avenue stores or at saks.com on your Platinum Card®. That's up to $50 in statement credits semi-annually. Enrollment required.
    • Unlock access to exclusive reservations and special dining experiences with Global Dining Access by Resy when you add your Platinum Card® to your Resy profile.
    • $695 annual fee.
    • Apply with confidence. Know if you're approved for a Card with no impact to your credit score. If you're approved and you choose to accept this Card, your credit score may be impacted.
    • Terms Apply.
Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Trip delay and cancellation insurance and cell phone protection underwritten by New Hampshire Insurance Company, an AIG Company. Extended warranty, purchase protection, car rental insurance, and baggage insurance underwritten by AMEX Assurance Company.

1. Not spending enough to earn the welcome offer

This American Express card has a spectacular welcome offer. You earn 80,000 Membership Rewards® Points bonus points after you spend $8,000 on purchases in the first 6 months. Terms apply. Points can be worth $0.01 to $0.03 per point or more, depending on how you use them, so this welcome offer could save you thousands.

You'll need to spend about $1,334 per month on purchases to hit the spend requirement. That's not a massive amount, but if you don't spend enough, you miss out on the entire welcome offer. Keep track of your spending until you've hit the requirement. Note that the annual fee doesn't count toward the requirement, because it's not a purchase.

The welcome offer is one of this card's most valuable benefits, and it's available exclusively for new cardholders. If you haven't gotten the card yet, click here to learn more about it and apply today.

2. Not keeping track of the spending credits

Lots of cards have spending credits, but this American Express card takes it to the next level. It has over $1,500 in annual spending credits. Here are some of the highlights:

  • $200 in Uber Cash
  • $200 in hotel credits
  • $240 for digital entertainment
  • $155 for Walmart+
  • $200 for airline fees
  • Terms apply; enrollment may be required

But these credits can be tricky to use. They're not all issued annually, as some are monthly or semi-annual credits. For example, you can get up to $200 in Uber Cash per year total, but it's distributed as $15 per month, with $20 extra every December. Terms apply.

Review the credits this card offers so you don't miss any. While you may not be able to use all of them, try to use as many as possible to maximize your card's value.

3. Redeeming points for cash back instead of travel

You can redeem your points for cash back, but it's not a good idea. You only get $0.006 per point, which makes this one of the worst ways to use American Express points. Terms apply. At that value, 100,000 points would only be worth $600.

Since this is a travel rewards card, points are worth much more if you use them for travel. When you use them to book flights on amextravel.com, you get $0.01 per point. You could also transfer points to transfer partners and potentially get $0.02 per point, $0.03, or more. Terms apply. When used for travel, 100,000 points could be worth $1,000 to $3,000 or more.

4. Carrying a balance

The Platinum Card® from American Express is intended to be a card you pay in full every month. Amex offers a Pay Over Time feature for eligible purchases, but it has a high APR (see rates and fees).

So, if you carry a balance, you'll have expensive interest charges on your next bill. To get the most out of this card, make it a goal to pay off your entire balance.

If you're able to use the Amex Platinum Card's benefits, and you avoid these common mistakes, you could easily get your money's worth on the annual fee.

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Lyle Daly
Lyle Daly icon-button-linkedin-2x icon-button-twitter-2x

Lyle Daly is a freelance writer who has been covering personal finance since 2016.