How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.The information related to the The Platinum Card® from American Express has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication.
The Platinum Card® from American Express is one of the most coveted luxury cards among frequent travelers — and for good reason.
This card provides one of the best earning rates on travel, offers an extensive amount of travel and shopping credits and provides several types of travel insurance. It also offers airport lounge access, hotel elite status (enrollment required) and much more, making it a great asset for serious travelers. It does have a high $695 annual fee, but its benefits — including more than $1,000 worth of credits — can make it more than worth its annual fee each year.
However, those who don’t travel often enough to take advantage of all of the card’s benefits may be better off with a no or low annual fee travel card or even a cash back card.
Intro Purchase APR
N/A
Regular Purchase APR
See Pay Over Time APR
Intro BT APR
N/A
Regular BT APR
N/A
Annual Fee
$695
Cash Advance Fee
Either $10 or 5% of the amount of each cash advance, whichever is greater.
Foreign Transaction Fee
None
Balance Transfer Fee
N/A
Generous welcome offer
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. If you use your points to book a flight through American Express Travel, that’s a $800 value.
That’s one of the most valuable welcome offers among travel cards. You can increase the value of your points from 1 cent on American Express Travel to around 2.2 cents by transferring them to travel partners, depending on where and when you redeem them.
High rewards rate on travel purchases
The Platinum Card® from American Express offers 5X Membership Rewards® points on flights booked directly with airlines or with American Express Travel on up to $500,000 on these purchases per calendar year and 5X Membership Rewards® points on prepaid hotels booked with American Express Travel. Terms apply.
The rewards rate on flights is much higher than other similar cards, including the Capital One Venture X Rewards Credit Card and the Chase Sapphire Reserve®. Even though it doesn’t offer elevated rewards on much else, the rewards rate could still provide a lot of value to frequent flyers.
Credits worth more than $1,000
The Platinum Card® from American Express offers valuable travel credits, which can help you cover the cost of the annual fee, including:
These credits add up to more than $1,000 — which can cover the high annual fee of the card if you take advantage of them. Just be aware that not all of them are applied automatically, and you may have to jump through a couple of hoops to use them.
For example, the airline fee credit requires you to pick a qualifying airline before you can use the credit. The hotel credit also must be used on bookings for American Express’s Fine Hotels + Resorts® or The Hotel Collection through American Express Travel — and requires a minimum two-night stay.
Flexible redemption options
There are many ways you can use your American Express Membership Rewards. The most valuable way to redeem them is by transferring them to one of American Express’s travel partner loyalty programs, which include:
Depending on when and where you transfer points, they could be worth around 2.2 cents each — which is extremely valuable.
Some other ways you could redeem them include claiming statement credits, booking travel through American Express’s travel portal, using points at checkout in certain stores, selecting gift cards and more.
Hotel elite status
Cardholders qualify for Marriott Bonvoy Gold Elite Status, which allows you to receive upgrades to enhanced rooms upon check-in when available (enrollment required).
You will also be eligible for Hilton Honors Gold status (enrollment required), which lets you earn space-available room upgrades, daily food and beverage credits or continental breakfast and more.
Global airport lounge access
The Platinum Card® from American Express offers cardmembers access to The Global Lounge Collection, which includes more than 1,400 lounges in over 140 countries. That includes the Centurion® Lounges from American Express, which have plenty of services and amenities. Those include:
On top of access to Centurion® Lounges, The Global Lounge Collection also offers access to these groups of lounges, which are widely available at airports both in the U.S. and internationally:
Digital entertainment credits
If you’re ready to kick back with some digital entertainment, The Platinum Card® from American Express has credits that can help. Get up to $240 back a year (enrollment required) toward eligible digital entertainment purchases with Disney+, ESPN+, Hulu, The New York Times, Peacock and The Wall Street Journal.
Annual fee
The Platinum Card® from American Express charges an annual fee of $695. Regardless of the card’s extensive benefits, that is a hefty bill.
However, it can be made back fairly quickly by taking advantage of the card’s many benefits and credits.
You may have to pay your balance in full each month
Unlike typical cards, The Platinum Card® from American Express only allows you to carry a balance for certain charges — but not all.
Low rewards rate on non-travel purchases
The Platinum Card® from American Express earns 5X Membership Rewards® points on flights booked directly with airlines or with American Express Travel on up to $500,000 on these purchases per calendar year and 5X Membership Rewards® points on prepaid hotels booked with American Express Travel. Terms apply.
It doesn’t include other categories like dining or groceries, which may make it hard to earn points on everyday purchases outside of travel.
International acceptance may be limited
American Express is accepted by 99% of U.S. merchants, according to a 2022 Nilson Report. However, its availability abroad can be limited. If you’re traveling internationally, you should bring a Visa or Mastercard with you, which are more commonly accepted.
| The Platinum Card® from American Express | Chase Sapphire Reserve® |
|---|---|
| Up to $200 in Uber Cash per year for rides and eats in the U.S. Terms Apply. ($15 monthly, $20 in December, enrollment required) | Earn 10x total points on Lyft rides through March 2025 |
| Up to $100 annual statement credit to Saks Fifth Avenue or saks.com (enrollment required) | Up to $100 in statement credits for Global Entry, TSA Precheck or NEXUS applications every 4 years |
| Up to $240 digital entertainment credit per year for eligible transactions with partners such as Peacock and the New York Times (enrollment required) | Up to $300 annual travel credit |
| Access to the Global Lounge Collection over 1,200 airport lounges (including Priority Pass) (enrollment required) | Priority Pass™ Select membership |
| Complimentary benefits at Fine Hotels and Resorts (enrollment required) | Complimentary benefits at The Luxury Hotel and Resort Collection |
| $195/year for each authorized user | $75/year for each authorized user |
You’ll earn 2X Miles per dollar on every purchase, every day; 10X Miles per dollar on hotels and rental cars booked through Capital One Travel; 5X Miles per dollar on flights and vacation rentals booked through Capital One Travel, plus a generous sign-up bonus: Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel.
On the other hand, it doesn’t have as many travel benefits as The Platinum Card® from American Express . It offers a $300 annual travel credit for bookings through Capital One Travel and a $100 Global Entry or TSA PreCheck credit — but The Platinum Card® from American Express has a lot more credits available.
The card lets you earn 3X Miles on Delta purchases. Earn 1X Mile on all other eligible purchases. There’s also a big welcome offer: Earn 70,000 Bonus Miles after you spend $5,000 in eligible purchases on your new Card in your first 6 months of Card Membership.
Not surprisingly, this card comes with a ton of Delta benefits, including:
However, you can only use most of the card’s benefits with Delta Air Lines, which means it’s only worth it if you fly Delta frequently. If you’re looking for more flexibility, The Platinum Card® from American Express is the better choice.
| Credit Cards | Our Ratings | Annual Fee | Welcome Offer | Rewards Rate | |
|---|---|---|---|---|---|
The Platinum Card® from American Express
|
$695 | 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. | 5X Membership Rewards® points on flights booked directly with airlines or with American Express Travel on up to $500,000 on these purchases per calendar year and 5X Membership Rewards® points on prepaid hotels booked with American Express Travel. Terms apply. | ||
Chase Sapphire Reserve®
 Apply Now
on Chase's secure site |
$550 | Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. | Earn 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases. |
Apply Now
on Chase's secure site |
|
Capital One Venture X Rewards Credit Card
Apply Now
on Capital One's secure site Rates & Fees |
$395 | Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel | 2X Miles per dollar on every purchase, every day; 10X Miles per dollar on hotels and rental cars booked through Capital One Travel; 5X Miles per dollar on flights and vacation rentals booked through Capital One Travel |
Apply Now
on Capital One's secure site Rates & Fees |
|
Delta SkyMiles® Reserve American Express Card*
Learn More
on American Express's secure site |
$650 | Earn 70,000 Bonus Miles after you spend $5,000 in eligible purchases on your new Card in your first 6 months of Card Membership. | Earn 3X Miles on Delta purchases. Earn 1X Mile on all other eligible purchases. |
Learn More
on American Express's secure site |
The Platinum Card® from American Express is worth it if you take advantage of the majority of its benefits and credits. So if you already love utilizing airport lounges, making in-flight purchases and staying in Marriott and Hilton resorts, then this card will likely be a good fit for your lifestyle.
This card isn’t worth it if the card’s offerings aren’t already a part of your spending habits. You won’t save as much money if you get it just to start using Uber Eats more, for example.
If you’re looking for a simpler but similar card, the Chase Sapphire Reserve® might be a good option. It offers a $300 flexible travel credit and other luxury benefits like airport lounge access and a Global Entry or TSA PreCheck or NEXUS fee credit. You wouldn’t have to worry about taking advantage of niche credits — and you can focus instead on getting your value from the card by transferring your points to travel partners.
For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
To see rates & fees for American Express cards mentioned on this page, visit the links provided below:
For Capital One products listed on this page, some of the above benefits are provided by third parties such as Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as certain terms, conditions, and exclusions apply.
The information related to the Delta SkyMiles® Reserve American Express Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.
