American Express Platinum card Review

American Express Platinum card

With the American Express Platinum Card, you get Exclusive benefits and services around the world. This card provides you greater purchase options with no pre-set spending power and the prime concierge benefit gets you VIP treatment at home and around the world.

There were few changes made to this card that added some super cool benefits but also increased the annual membership fee. With the recent changes, this card is now useful for all the members no matter if they frequently travel or love staying at home during this pandemic.

Annual Membership fee

The Annual membership fee has been recently changed to $695 from $550. However, this fee change will be applicable after the existing members renew their cards next year in 2022. The new cardmembers who apply for the card beginning July 2021 will have the new fee billed.

Welcome Bonus

The current welcome bonus on the card is to get 125,000 membership reward points after spending $5000 within 6 months and 10x points on eligible purchases at restaurants worldwide and when you Shop Small in the U.S. If you wish to apply for this card, you can click here.

The membership reward benefits and redemption options.

  • 5X points on flights booked directly with airlines
  • 5X points on flights booked directly Amex travel website for Hotel Booking
  • All the other charges are eligible to get 1x reward points.
  • You can redeem the memvershup reward points on Amex travel website to Pay for the booking instead of paying the charge on your cards. The travel website gives you the Flight booking option, the Hotel stay, the car rentals and several other options.
  • You do not wish to use the points for those options, you still have the additional option to transfer the reward points to your partner Airlines and Hotels.
  • The other redemption options are available where you can buy the Gift cards and can use the points directly to a charge on the card with Merchants like Amazon and several others. If you wish to see the list of merchants with whom you can redeem the rewards or transfer the points, you can click here for all the details.

The prime benefits of the American Express Platinum card

  • $200 Hotel Credit
  • $179 clear credit
  • $300 Equinox Credit
  • $240 digital Entertainment credit
  • $100 Saks Credit
  • $200 Airline credit
  • $100 Hotel credit

So, paying a $695 annual membership fee on the Platinum card is worth it where we are getting the $1400 service credit and all the other benefits make this card way premium than any other card.

$200 Hotel Credit

$200 Hotel Credit
$200 Hotel Credit

Being a U.S. Platinum cardmember, you are entitled to get $200 Back in statement credit each year for Fine Hotel and Resorts or the Hotel collection when you use the Platinum card for the Booking with the American Express travel website. The benefits get renewed each year. This benefit needs one-time requires enrollment.

The hotel credit benefit offers you $200 back against your booking in form of statement credits each year on prepaid Fine Hotel+Resorts (FHR) bookings with American Express Travel when you pay using a Platinum Card.

This is one of the credits offered by the Platinum Card directly on the account in one go and you do not have to enroll every time or have a look into it monthly as it doesn’t get added on a monthly basis where you have to keep a close eye on it to miss the credit.

$179 Clear credit

American Express Clear
$179 Clear credit

Clear is a system that verifies the identification and is called an Identity verification system. It uses features such as Fingerprints and eye to expedite the checking process at Major Airports and event stadiums. There is a fee of $179 for this membership. But if you have an American Express Platinum Card, you can enroll in this feature and get the fee reimbursed on your card.

$300 Equinox credit

$300 equinox credit
$300 Equinox credit

Equinox is a fitness club that offers a range of wellness and fitness program to more than 150 clubs in the US, Canada, and London. This American Express benefit which has been added to the account recently helps you get a $25 fee reimbursed monthly when you make charges at Equinox.

The Platinum Card from American Express offers you a benefit in which you can earn up to $300 in annual credit when paying for Equinox memberships. $25 is the monthly credit issued when you pay for an Equinox membership with your enrolled Platinum card.

The offer requires enrollment and you must enroll to receive the credits. The benefit is not carried forward to next months, so you miss and you lose.

$240 digital Entertainment credit

$240 digital Entertainment credit
$240 digital Entertainment credit

If you are a music lover and prefer listening to news and audiobooks, this benefit will help you a lot. In this benefit, when you make charges at Peacock, Audible, SiriusXM, and the NYT, you are eligible to get a $20 monthly credit.

All of the services are less than $20 per month, so you have an opportunity to avail the benefit and credit for more than one every month. The credits are only useful and valuable to you if you have an interest in these services. And unlike any other benefit it stands, the choices to select the services are less.  

You can use these credits with few subscriptions like:

  • Peacock
  • Audible
  • Sirius XM
  • The New York Times

Although the entertainment groups are far from popular as we were expecting Netflix, Hulu, YouTube TV, etc., they’re relevant enough to appease few cardmembers and attract new ones. 

Global Dining access by Resy

Global Dining access by Resy
Global Dining access by Resy

Are you a food lover and love going outside to eat, this is a benefit you are looking for on your card. You can unlock the access to exclusive reservation and dining experience with the Global dining access by Resy when you add your Platinum card with Resy account.

Finally after American Express acquired Resy, the restaurant reservation service is rolling out some major benefits for Platinum card members as part of the new benefit which was recently launched as an embedded benefit for the U.S. Consumer Platinum Card.

The Global Dining Access by Resy gives Amex platinum card members exclusive access to some of the USA’s high-profile restaurants, including Le Bernardin and Eleven Madison Park in New York and several other locations.

After linking the American Express Platinum Card to your Resy account to unlock the Global Dining Access benefits, you can access primetime tables that are being held every night at the participating restaurants.

No Foreign transaction fees

No Foreign transaction fees
No Foreign transaction fees

As we travel around the world or use the card with the international merchant you must have thought about the foreign transaction (FX) fees.

These small charges are often lost deep in the terms and conditions of your credit card agreement and you keep on wondering: What exactly are these charges? Do they always the same? Are there cards that does not have foreign transaction fees?

Where most of the cards are charging 2% to 3% foreign transaction fee to offset the current conversion rate, you can have complete peace of mind with the American Express Platinum card.

Be wherever you are, you will not have any additional fee to use the card as there is no fee charged on the card when you use it at any global location.

No pre-set spending limit

No pre-set spending limit
No pre-set spending limit

If you are a high spending member and do not wish to worry about reaching your credit limit which may also impact your score, you need to have the platinum card which does not have a pre-set limit.

This also means you are worried free when using the card to spend high as you also will be getting a good reward bonus on it.

Unlike a traditional credit card, The American Express Platinum card does not have a preset spending limit, which is quite a unique feature that gives you flexible spending capacity.

No pre-set limit does not mean unlimited spending power. If you’re ever unsure if a charge you wish to make will be approved, you can always use the Check Spending Power tool which is a tool designed by American Express for their members.

The Pre-set limit depends on several factors like :

  • Income
  • Credit
  • Payment history
  • Spending patterns
  • Financial assets

Suppose your income, credit report, and payment history remain more or less the same, you may be able to charge up to the same amount on your card each month.

Any change in the above factors may change your spending power and the limit upto which your card issuer allows you to spend.

Plan it and Pay over time

Plan it and Pay over time
Plan it and Pay over time

This is a new feature added by American express. In this feature, when you see a charge over $100 and do not wish to pay it at one time, you can bundle all the charges above $100 and can pay them in installment without worrying about interest as the plan does not charge you any interest amount but a minimum plan fee.

You also have an option to pay the minimum due balance and yes you heard it right, even on a platinum card. All you need is to need to contact American express and check if they have paid an overtime offer for you.

You can enroll in this and can pay a minimum due balance instead of paying the full statement. It will help you manage your finances.  

Pay Over Time by American Express on Platinum card is a simple extended repayment feature offered by cardmembers. It allows you a little more flexibility when it comes to paying off a card by giving the option to pay the balance partially and revolve the remaining balance.

Overall, Pay Over Time turns a charge card into a more traditional credit card.

American Express’s Pay Over Time feature, adds flexibility to the members who need a little more time to pay off the balances. In reality, though, the feature comes with interest charges. So, even you consider using the feature, make sure you are aware of the additional fee coming with this feature.

While carrying a balance is almost never recommended, there are benefits to consider when enrolling in Pay Over Time.

With all the information and knowledge about the feature along with a little planning, you can maximize this option while avoiding paying a high balance with less fee.

Shop Saks with Platinum

Saks benefit
Shop Saks with Platinum

If you prefer making changes on Saks, why miss the $100 credit on the Platinum card. You can get a $50 Semi-annual credit for charges at Saks.com and with Saks Fifth Avenue.

The benefit was added in 2018 and it’s been the most popular benefit on the American Express Platinum card. Using this benefit you can easily earn up to $100 in statement credits annually for purchases at Saks Fifth Avenue or saks.com on your Platinum Card. You get a $50 credit between January till June and the rest $50 between July till December.

No minimum purchase is required to get the credit, however, you need to submit the request for enrolment as the enrollment is required.

But please make sure you charge at least 10-15 days in advance so that it gets posted well in time and the credit is applied. It’s a miss-and-lose benefit as the unused credit from the previous cycle is not carried for the upcoming cycle.

$200 Airline credit

$200 Airline credit
$200 Airline credit

If you are a frequent Flyer, you must select your preferred Airline and can get the $200 Annual credit with them for charges like baggage fee or seat selection and several other services with them.  

There are many travelers who aren’t sure how to take advantage of the airline incidental charge credit and what all charges are covered.

Even though the Airline fee is not covered, it does let you cover other charges incurred from an airline, be it inflight or at the airport.

Before you use your American Express airline credit, you have to ensure you have chosen a qualifying airline. You can log in to your online account and can select the Airline from there. You should choose carefully because you are not allowed to change your airline until January of the next calendar year. (Although you can call customer support and they do make exceptions few times).

Here are the Airlines which currently is eligible for the Amex $200 travel credit:

  • Alaska Airlines
  • American Airlines
  • Delta Air Lines
  • Frontier Airlines
  • Hawaiian Airlines
  • JetBlue Airways
  • Spirit Airlines
  • Southwest Airlines
  • United Airlines

Global Entry and TSA benefit

Global Entry and TSA benefit

All you need is to Stay focused on getting where you need to go. You can receive a statement credit available every 4 years after you apply for Global Entry which would cost $100 or a statement credit available every 4.5 years after you apply for a five-year membership through any Authorized Enrolment Provider for TSA Pre✓ up to $85 with an eligible Card. You just need to make a charge on a Platinum card to get the credit benefits.

You might not be a frequent flyer and may fly only a few times a year, the hassle of waiting in airport security lines is more than enough to ensure you are signing up for TSA PreCheck and Global Entry.

These two U.S. government programs are dedicated to minimizing the amount of wait time in queue queues during check-in, and it is a nice travel perk.

Before applying for the program, you must know the difference between them. Global Entry gives you expedited entry back into the U.S. after traveling internationally.

Paying the fee of $100, you get a five-year membership that includes both Global Entry and TSA PreCheck. If you hardly travel abroad and don’t want to pay for Global Entry, TSA PreCheck is a feature designed for you by paying $85 and gives you expedited security screenings at participating airports.

All you need is to Pay for the Global Entry or TSA Precheck application fee with The Platinum Card from American Express, and you will be eligible to get a statement credit that will appear on your account within eight weeks.

You’ll receive this credit benefit every four years for Global Entry and every 4.5 years for TSA Precheck.

$200 Annual Uber benefits

$200 Annual Uber benefits
$200 Annual Uber benefits

Being a Platinum Member you get $15 in Uber Cash for U.S. rides or Uber eats each month, plus a bonus of $20 in December. That makes a total of $200 in annual Uber savings. Additionally, you can enjoy Uber’s new safety features – like the Door-to-Door Safety Standard. All you need is to simply download the Uber app and add your Platinum Card to your Uber account to get started.

Being American Express Platinum cardholders, you get up to $200 in Uber credits every year. You wish to make the most out of it, here’s how to make the most no matter even if you are staying at home and are not willing to take rides. This is how the Uber credit works on your Platinum card:

  • You receive monthly $15 in Uber Cash each month from January through December.
  • You receive an additional $20 in Uber Cash for the month of December which makes it a total $35 for December and total $200 per year.

Simply go ahead and add the American Express Platinum Card to your Uber account and make that your preferred card for payment. Once done, simply select Uber cash and the credit will be applied to the overall charge and only the remaining amount will be billed. So it is actually an upfront credit feature that you would like instead of waiting for few weeks for the credit to appear as a statement credit.

In case you are not comfortable enough to use this service, perhaps your friend or neighbor would love a free ride to work or a meal. You can order them a nice meal and ensure you’re using that credit.

Conclusion

Overall, this card will give you all kinds of premium experiences you are looking for. I am not sure if we can ask for any more benefit or additional feature as Amex Platinum already have added all the benefits as a feature someone can think upon.

Yes, the card comes with a hefty $695 annual fee but the benefits worth $1400 and above on this card are certainly worth it and you should surely go for it no matter even if you are a frequent traveler or prefer staying at home there days.

We will keep updating the post and will list if any new benefit is included or removed so that you can have all the information all together.

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