If you have ever tried looking for a credit card, all of the information seems fuzzy. It’s difficult to figure out what will work best for you and your spending habits. Right now one of the most popular cards, especially among military members, is the American Express Platinum card. I teamed up with four other people to provide unbiased, well-rounded information on this card in order to help you choose whether this is a good card for you!
Huge shout out to the team who put in so much work to write an unbiased post!
- Miriam Trafford
- Bri Martinez (insta: @_briannaxnicole_)
- Jake Matkovich (insta: @jakemacckk)
- Chris Boughton
We will discuss:
- Platinum card benefits
- Drawbacks
- American Express Platinum competitors
- Annual fee comparisons
- Welcome bonus comparisons
- Points earning comparisons
- Point redemption comparisons
- Travel credit comparisons
- Final thoughts
Platinum Card Benefits
- Flexible rewards program: Membership Rewards
- With membership rewards, can use points in Airline/Hotel loyalty programs or use on gifts, shopping, or booking travel through AMEX for a lot of flexibility
- Can add up to 3 additional cards to also reap the benefits of the membership rewards
- If you make $5,000 in purchases within first 3 months of getting card, you earn 60,000 membership points
- 60,000 points=Up to a $1,500 value
- 5x membership reward points on flights booked directly with airlines/AMEX
- Access more than 1,200 airport lounges across 130 countries
- Including unlimited access to Centurion lounges across the globe with the inclusion of 2 guests
- Reimburses up to $28 per person for you and one guest at specific restaurants (total=$56 value per visit)
- Up to $200 Uber Savings Annually
- Up to $200 per year for annual airline fee to earn points with a specific airline
- Credits from AMEX can allow you to pay up to $100 for Global Entry or $85 for TSA PreCheck (once enrolled in program, membership will last 5 years)
- Global entry has a longer application process but includes TSA PreCheck if approved
- Complementary Boingo Wireless hotspots w/ no roaming fees while traveling abroad
- Offers opportunity to enroll in program to elevate status with Hilton and Marriot Hotels
- This provides you free breakfast, guaranteed late checkouts, room upgrades
- Offers Elite Status and special benefits/discounts w/ Car Rentals
- Hertz, Avis, and National Car Rental
- Special access to popular event venues and entertainment experiences
- AMEX Offers: can earn special discounts on dining, shopping, entertainment, and more from specific merchants
- AMEX offers protections and travel insurance
- Extended Warranty on purchases (with 5 years or less)
- NO CREDIT LIMIT!! Instead you are given what is called “purchasing power”, which reflects how much American Express will let you spend. Purchasing power is usually over $20,000 (YOU COULD BUY A CAR WITH YOUR AMEX!!!!) but it depends on the person and their credit score.
- This means that you no longer have to charge large purchases on your debit card. You can use your American Express Platinum AND earn points!!
Drawbacks
- $550 annual fee
- Waived for active duty military members
- It is extremely easy to save over $550/year through the perks on this card. There are countless articles on how to make your annual fee back in perks and more.
- Just a few examples of how the perks add up:
- $200/year Uber credits
- $200/year money back on your specified airline
- Look up “how to use Amex credit for airline gift cards” to find hacks on how to use that reimbursement for gift cards!!
- $100/year Saks Fifth Ave credit
- $100 one time payment of Global Entry application
- $56 of credit for you & one guest each time you go to the airport
- How many times a year do YOU travel?? This adds up quickly!!
- Total: $656 worth of savings in the first year excluding points and assuming you and a friend only go on ONE flight all year!
- Just a few examples of how the perks add up:
- Limited financing capabilities
- You are required to pay off the full amount of the card monthly.
- They may offer you financing options depending on your credit but the rates are extremely high.
- Good to excellent credit necessary to get approved for the platinum card
American Express Platinum Competitors
- Chase Sapphire Reserve
- Citi Prestige
- Hilton Honors Aspire Card from American Express
- Marriott Bonvoy Brilliant™ American Express® Card — previously known as the SPG Luxury Card
- Delta Reserve® Credit Card from American Express
- United MileagePlus Club Card
-Annual Fee Comparisons
- Amex Platinum: $550 plus $175 for up to three additional card holders
- Chase Sapphire Reserve: $450, $75 for each additional card holder
- Citi Prestige: $495, plus $75 for each additional card holder
- Hilton Amex Aspire: $450, $0 for each additional card holder
- Marriott Bonvoy Brilliant: $450, $0 for each additional card holder
- Delta Reserve: $450, $0 for each additional card holder
- United Club: $450, $0 for each additional card holder
-Welcome Bonus Comparisons
- Amex Platinum: 60,000 Membership Rewards points after you use your new card to make $5,000 in purchases in the first three months
- Chase Sapphire Reserve: 50,000 bonus Ultimate Rewards points after you spend $4,000 on purchases in the first three months from account opening
- Citi Prestige: 50,000 bonus ThankYou Rewards points after you spend $4,000 within three months of account opening
- Hilton Amex Aspire: 150,000 Hilton Honors points after you spend $4,000 in purchases on the card within your first three months of card membership
- Marriott Bonvoy Brilliant: 100,000 bonus points after you use your new card to make $5,000 in purchases within the first 3 months. (Offer ends April 24, 2019)
- Delta Reserve: 10,000 Medallion® Qualification Miles (MQMs) and 40,000 bonus miles after you spend $3,000 in purchases on your new card in your first three months
- United Club: 50,000 bonus miles after you spend $3,000 on purchases in the first three months from account opening
-Point Earning Comparisons
- Amex Platinum: 5 Membership Rewards points per dollar spent on airfare purchases booked through the airline or though Amex Travel and on prepaid hotels booked directly through Amex; 1 point per dollar spent on all other purchases
- Chase Sapphire Reserve: 3 Ultimate Rewards points per dollar spent on travel and dining purchases; 1 point per dollar spent on all other purchases
- Citi Prestige: 5 ThankYou Rewards points per dollar spent on air travel and restaurants; 3 points per dollar spent at hotels and cruise lines; 1 point per dollar spent on all other purchases
- Hilton Amex Aspire: 14 Hilton Honors points per dollar spent at Hilton portfolio properties worldwide; 7 points per dollar spent on flights booked directly with the airline or at amextravel.com, car rentals booked directly from select companies and at US restaurants; 3 points per dollar spent on all other purchases
- Marriott Bonvoy Brilliant: 6 Marriott points per dollar spent at participating Marriott properties; 3 points per dollar spent at US restaurants and airfare purchased directly with the airline; 2 points per dollar spent on all other purchases
- Delta Reserve: 2 miles per dollar spent on Delta purchases; 1 mile per dollar spent on all other purchases
- United Club: 2 miles per dollar spent on United ticket purchases; 1.5 miles per dollar spent on all other purchases
-Point Redemption Comparisons
- Amex Platinum: Numerous direct redemptions like gift cards, Uber rides and travel; transfer points to one of 18 airline partners or three hotel partners
- Chase Sapphire Reserve: Redeem points directly for travel at a rate of 1.5 cents per point; transfer points to one of nine airline partners or four hotel partners
- Citi Prestige: Redeem points directly for airfare at a rate of 1.25 cents per point, transfer points to one of 15 airline partners
- Hilton Amex Aspire: Redeem points for stays at hotels in the Hilton Honors portfolio of brands
- Marriott Bonvoy Brilliant: Redeem points for stays at hotels in the new Marriott Bonvoy program along with lucrative airline transfers
- Delta Reserve: Redeem miles for flights on Delta and its various partners
- United Club: Redeem miles for flights on United and its various partners
-Travel Credit Comparisons
- Amex Platinum: Up to $200 airline fee credit toward incidentals like baggage fees and lounge passes each calendar year; up to $200 in annual Uber credits
- Chase Sapphire Reserve: $300 travel credit each account anniversary
- Citi Prestige: $250 travel credit each calendar year
- Hilton Amex Aspire: Up to $250 airline fee credit each calendar year; $250 Hilton resort credit each year of card membership; $100 on-property credit for two-night Waldorf-Astoria or Conrad stays
- Marriott Bonvoy Brilliant: Up $300 credit for eligible purchases at Marriott properties each year of card membership
- Delta Reserve: None
- United Club: None
Final Thoughts
Check out the benefits and drawbacks of the card to decide if it is right for you! Don’t forget to take into consideration the fact that there is no credit limit. While this can be fantastic for some, others might find it risky. Know your spending habits and understand your level of financial responsibility. If you are not ready for a card without a credit limit, don’t get it! There is no shame in getting something that helps you accomplish your goals. Late payments and declined payments have significant fees with this card, making it essential to be responsible with the power of this heavy, metal card.
& just in case you were wondering, it does get delivered to your mailbox in a wooden box. Pretty fancy, huh?
Let us know your thoughts & questions!
XOXO,
Kay & Bri & Miriam & Jake & Chris
