This American Express Platinum Card is a charge card for people with excellent credit. The card offers access to over 700 airport lounges and restaurants and the ability to earn points on everyday purchases.
This article will tell you everything you need to know about this opportunity: what it does, how it works, and who qualifies.
What is the American Express Platinum Card?
It is a credit card that comes with a lot of exclusive perks. It has no pre-set spending limit and offers rewards for travel, cash back, airline miles, and more. The Platinum Card® from AMEX has been around since 1984 but made its first appearance on TV in 1994 when it was featured as Homer’s dream credit card during his stay at Moe’s Tavern.
The card is one of the most prestigious around and comes with a hefty $550 annual fee. The American Express Platinum Card® also provides access to over 1000 exclusive airport lounges worldwide, has an auto rental collision damage waiver, travel accident insurance, baggage delay protection, and emergency evacuation/repatriation coverage. In addition, restaurants worldwide offer special discounts and services to Platinum cardholders.
Who should consider getting a card?
This card is one of the best credit cards on the market for those loyal to Amex. It offers several benefits that could be useful for travelers. The card also comes with many premium perks, including luxury gifts, access to airport lounges, travel credits, and even discounts at airport stores.
Travelers who fly more than once a year and spend over $250 on the airline of their choice can save up to $100 off an application for Global Entry. Global Entry is a program that allows travelers to bypass long customs lines when they return from international travel. The Platinum Card also offers access to Priority Pass lounges, which are available at over 500 airports worldwide.
Things can get interesting because some hidden gems come along with The Platinum Card® from AMEX, which could be appealing if you take full advantage of them. For example, this card offers access to over 600 airport lounges worldwide which could be very useful if you travel frequently or are a business traveler who needs easy access to Wi-Fi and refreshments.
How to apply for a Platinum Card®
The AMEX Platinum card is recommended for more experienced users. There are many benefits to using a credit card, but you need to know what they are before applying.
An application form can be obtained over the phone by calling 1800-253-1776 or in person at a local branch location. You can also apply online by visiting AMEX’s official website and filling out their form.
If approved, your new card will arrive within four weeks and with an accompanying welcome letter that contains full details of how it works along with contact information if there is an issue.
The people who are the most likely to be approved for this card are those with high credit scores. Conversely, if you have a poor or average score, there is little chance of being accepted unless it has improved in recent months when your application will be reconsidered.
Benefits of having this card
It offers travel insurance for medical, baggage, and car rental when you charge your purchases on this credit card. Many cards provide nothing in these categories, so it’s a significant benefit to have them included without paying extra or opt-in with another company like AARP who has partnered up with many banks to provide their members discounted travel benefits.
You can earn two Membership Rewards points for every dollar spent on flights booked directly with airlines or through American Express Travel. Prepaid hotels booked through American Express Travel are eligible for the five points per dollar spent. In addition, get $200 back in your annual statement credits on prepaid fine hotels + resorts or the hotel collection bookings with American Express Travel when you pay with your Platinum Card®.
Other benefits include access to over 800 airport lounges around the world after an easy enrollment in Priority Pass™ Select, additional travel protection including travel accident insurance up to $250,000 per individual as well baggage delay insurance which reimburses cardholders if they are delayed more than 12 hours while traveling by air because of a flight cancellation or long-term delay.
The Platinum Card® from AMEX is accepted worldwide, making it very versatile even though there are still some businesses that do not accept Amex payments so having another card, for this reason, could be helpful.
Similarities and differences between The Platinum Card® from AMEX and the Chase Sapphire Preferred card:
Both cards share many similarities, such as offering a similar points benefit. You earn two times the rewards when dining at restaurants or booking travel through its respective website. Still, they differ on things like how those points can be redeemed.
A platinum card from American Express is a charge card that earns you rewards when you use it. However, you will have to pay off your balance in full every month or face interest charges of over 20 percent depending on the annual percentage rate (APR), which will be adjusted if there is a change in your creditworthiness.
You also get up to 600 airport lounge access worldwide with Priority Pass™ Select along with special privileges such as complimentary companion tickets on full-fare coach tickets purchased through AMEX Travel and an online savings of up to $200 every calendar year by taking advantage of discounts offered at amextravel.com. In addition, with both products, holders will receive 24/hrs per day of emergency assistance when traveling.
The Platinum Card® from AMEX has an annual fee of $550. In contrast, the Chase Sapphire Preferred card does not have one, making it a much more affordable option. In addition, you don’t need an excellent credit rating either as long as your score is good enough, which means lower risk than those who apply for The Platinum Card® from AMEX.
The last difference is that the Chase Sapphire Preferred card has a higher minimum income requirement at $75,000. In contrast, you only need to have an annual salary of around $40,000 or more for this product, making it much easier to get approved even though your credit score might not be as high either.
Membership rewards points
Exclusive Privileges such as complimentary companion tickets on full-fare coach tickets purchased through American Express Travel and an online savings of up to $200 every calendar year by taking advantage of discounts offered at amextravel.com
Costs and fees associated with the card
The annual fee is $550, but you get an introductory bonus offer of 50,000 bonus points if you spend at least $5000 within the first three months. Other fees include a foreign transaction fee which starts at 0% for purchases made in currencies other than US dollars and varies depending on what country or region that purchase was initiated.
There are no penalties to paying your bill late according to the terms and conditions provided by American Express as long as it’s paid before the 23rd day after the billing statement closing date (statement closing date depends on when payment due date falls during the month).
If it goes unpaid past this point, interest will be charged annually starting from 24.99%. In addition, late payments can increase APRs up to 29.49%, the current standard APR for cash advance transactions.
Why you might not want this card, even if it has great benefits
Even though the benefits are great, this card will not benefit everyone in every circumstance. One of the reasons you might not want this credit product is if you struggle with paying your bill on time because there is a high interest rate which starts at 24.99% for cash advances and can go up even higher depending on when it’s paid.
For those who don’t want to fork over the north of $500 for an annual fee, consider the Chase Sapphire Preferred® Card and American Express® Gold Card. The Sapphire Preferred currently has a 60,000-point welcome bonus which you’ll earn after spending $4,000 in the first three months of card membership.
Those points are worth $750 for travel when booking through Chase, and the card carries an annual fee of only $95. In addition, the Amex Gold is a solid points-earning card since it gets 4X points for every dollar spent on dining, including restaurants, takeout, and delivery, and 4x points for every dollar spent on flights booked directly with airlines.
Tips on how to use your new card responsibly
One way to use your new credit card responsibly is by only spending what you can afford and paying it off in full each month. In addition, it’s a good idea to review the terms of service to know exactly when interest will be charged if payment isn’t made before the statement closing date, etc.
It would be best if you also looked into any fees associated with using your card before signing up to avoid any extra charges that you may not be expecting.
It would help if you also researched the benefits of this product and how it can benefit you on an everyday basis, but also when traveling abroad or making purchases online, which is where paying attention to foreign transaction fees comes into play, as well as online savings discounts.
Make sure to compare the benefits of this credit card against other similar products so you can decide which ones will be best for your circumstances and needs.
Different ways to use Platinum Card from American Express
The platinum card is a great way to keep track of all expenses, as it has an easy-to-use interface. You can also earn reward points when using this card for your everyday purchases, which you can redeem later or use towards purchasing flight tickets, etc.
You’ll get to enjoy travel insurance if something goes wrong while traveling. The purchase protection plan is a bonus that every person with the platinum card will have access to if anything happens to their purchase.
Earning rewards from the AMEX Platinum Card comes with plenty of ways to earn points. First, you’ll earn 5X membership rewards points on flights you book directly with American Express Travel or with airlines. This bonus is good on your first $500,000 of flights. Second, you’ll also earn 5X points on prepaid hotels that you book through AmexTravel.com. Finally, you’ll earn 1X points. Losing rewards While there are several ways to earn Membership Rewards points, it’s also possible to lose points.
You’ll also lose points with gift cards, duty-free purchases, and award tickets. However, you can avoid losing points by not holding a balance on your credit card at the end of every month because interest charges will eat away at any reward point balances that you have accumulated for travel or other items.
Also, make sure to pay attention to the point expiration date. If you don’t have any points in your account, they will expire after a certain period, typically three years from when they were earned.
As you can see, there are many benefits to using the AMEX Platinum card and different ways that you can make use of it.
You may want to consider this product if your spending habits fit those outlined in the terms and conditions for American Express or any other credit cards that will match your needs and lifestyle.