The Platinum Card® from American Express is designed for those who enjoy luxury and exclusive travel perks. It comes with a $450 annual fee, but the benefits make it worthwhile. Unlike other cards, there’s no ongoing interest rate; you simply pay off your balance in full each month.
With this card, you earn at least one point per dollar on everything you purchase. If you buy travel tickets, you get double the points, and if you shop at their selected 300 online stores, you might earn up to 10 points per dollar. These points never expire and can be used for things like airline tickets, gadgets, and accessories.
Frequent travelers benefit significantly from the card. When buying an international business class ticket, you get a free companion ticket, subject to certain conditions. Additionally, American Express covers the cost of Global Entry, which is a fast-track re-entry service for approved travelers. The card also partners with over 700 hotels worldwide, offering up to $450 in complimentary benefits during your stay.
Other perks include:
– Zero liability for unauthorized charges.
– Coverage for buyer’s remorse, meaning you can get a refund even if the store refuses.
– A warranty manager service that extends the warranty of purchased items by up to one year if the original warranty is less than three years.
– A round-the-clock concierge service for personalized shopping, event, and travel planning.
– An annual travel benefit that gives you a $100 credit on a qualifying vacation of $3,000 or more.
– Travel insurance up to $500,000 for accidental death or dismemberment.
– Event ticket protection with up to $2,000 coverage per incident.
– No foreign transaction fees.
– Universal access to over 600 airport lounges through Priority Pass.
It is important to pay off your balance every month. If you fail to do so, you’ll incur a $35 penalty, and if you miss payments for two consecutive months, you’ll face a 2.99% interest rate or $35, whichever is higher.
If you’re okay with the $450 annual fee, can commit to paying your bill in full each month, and frequently travel or appreciate a 24/7 concierge service, this card could be a great fit for you. However, if your spending or travel doesn’t exceed $3,000 annually, it might not be the best option for you.