The Amex Platinum Isn't an Everyday Card, but You Should Always Use It for This

Published on Nov. 17, 2024

Brittney Myers

By: Brittney Myers

Writer

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KEY POINTS

  • Cardholders can earn a host of statement credits with eligible purchases.
  • The Amex Platinum Card is one of the best cards for rewards on flights.
  • Amex's FHR program is ideal for luxury hotel stays.

My wallet only holds a small percentage of my overall credit card collection, so I have to be picky. This usually means my Amex Platinum Card doesn't make the cut. 

Because let's be frank, friends: This isn't an "everyday" card. I'm not pulling it out at the grocery store or the gas pump. (Cards like these are way better for gas and groceries!)

That being said, I use my Amex Platinum Card to make purchases, and I do so regularly. Those purchases help me earn rewards and credits that easily make up for my annual fee each year.

Ratings Methodology

The Platinum Card® from American Express

Apply Now for The Platinum Card® from American Express

On American Express' Secure Website.

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The Platinum Card® from American Express
Rating image, 4.50 out of 5 stars.
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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

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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.

Happily, most of those purchases don't require hard choices about wallet slots. Here are the things I always put on my Amex Platinum Card.

Set-and-forget statement credits

The most frequent purchases I make with my Amex Platinum Card are those that qualify for various statement credits, particularly the ones I need to use monthly. This includes the Digital Entertainment credit and the Walmart+ credit (terms apply). 

I use the same streaming services each month for the entertainment credit, so all the work on my part ended once I enrolled and set my Amex Platinum Card to automatically pay my monthly subscription fee. Similarly, paying my Walmart+ membership with my card is all it takes to get that credit, so all I needed to do was set it up and then the work is done.

Every flight, every time

My absolute favorite way to book flights is for (mostly) free with my travel rewards. You can use many of our favorite travel rewards cards to score free flights.

Whatever I can't cover with points, however, winds up on my Amex Platinum Card. There are a few very important reasons for this:

  • 5X Membership Rewards points per $1 on flights booked directly with airlines or with American Express Travel, up to $500,000 on these purchases per calendar year (terms apply)
  • Up to $200 a year in statement credits for airline fees for your preferred airline (after you, you know, select a preferred airline; terms apply)
  • Various travel insurances, including trip delay, cancellation, and interruption coverages (terms apply)

Eligible FHR hotel bookings

I have several high-value hotel credit cards that I use for hotel bookings in most cases. However, there is one type of hotel stay I always, always book with my Amex Platinum Card: Fine Hotels & Resorts (FHR).

Amex's FHR program includes a ton of great luxury hotels around the world, and it offers you a ton of great extras for booking one of those hotels through the program. This includes room upgrades, free breakfast, and (my favorite) guaranteed late checkout (terms apply).

You book FHR stays through Amex Travel, so you earn up to 5X points per $1 on your Amex Platinum Card. Plus, you'll get an annual $200 statement credit on eligible FHR (or The Hotel Collection) stays each year (terms apply).

Not a daily driver, but hardly in the sock drawer

There are some cards that you use nearly every day. There are other cards you use for the welcome bonus or intro APR offer, then stick it in a drawer, never to be swiped again.

Then there's the ones you use now and then, but not enough to use up a coveted wallet slot. That's where the Amex Platinum Card sits.

For the right cardholders, this card is an excellent way to get perks, rewards, and statement credits, making it worth the $695 annual fee (see rates and fees). But if you find yourself wondering what you'd even use it for, it's probably not the best fit. Consider one of our other favorite credit cards for a better pick.

Our Research Expert

Brittney Myers
Brittney Myers icon-button-linkedin-2x

Brittney is a data-obsessed finance nerd whose personal credit card collection is in the double digits. She has been sharing personal finance advice with readers since 2016.