The Platinum Card® from American Categorical

American Categorical is thought to have a number of the greatest perks with its bank cards, and the card_name isn’t any exception. However these main advantages include an exceptionally excessive annual_fees annual payment (Charges & Charges). In the event you spend sufficient to make the perks outweigh the annual payment, this card is likely to be price it.

TIME’s Take

It’s price it when you’re going to make use of sufficient rewards and get sufficient factors to make up for the annual_fees annual payment. In the event you’re planning on spending $20,000 to $30,000 or extra on journey prices akin to flights and accommodations, this card might find yourself being an excellent deal. 

Amex Platinum price and costs

• annual_fees annual payment (Charges & Charges)
• Overseas transaction payment: foreign_transaction_fee (Charges & Charges)
• Pay over time possibility out there
• reg_apr,reg_apr_type (Charges & Charges)
• Late cost and returned cost as much as $40 every

Is the Amex Platinum Card best for you?

In the event you spend loads every year on flights or accommodations, this can be a nice card for you. Have a look at the assertion credit, rewards, and decide whether or not you’ll earn money after you entrance the annual payment. 

This card is greatest for:

• Main vacationers. You’re eligible for an annual $200 resort assertion credit score, entry to greater than 1,400 airport lounges in 140 international locations, a $100 airline payment assertion credit score, TSA PreCheck or World Entry utility credit score, and a lot extra. 
• Large spenders. The $695 annual payment is barely to cowl the price of the cardboard. You’ll be able to earn 5x factors on as much as $500,000 price of flights every year. You may as well earn a welcome bonus of 80,000 factors when you spend $6,000 within the first six months.
• These with wonderful credit score. In the event you don’t have good or wonderful credit score, you won’t qualify for this card.

Amex Platinum rewards

• bonus_miles_full
• Earn 5x factors on accommodations and flights booked via American Categorical Journey. 
• $200 resort credit score every year while you use American Categorical Journey. All different purchases earn 1x factors.
• $200 airline payment credit score per yr.
• Entry to 1,400 airport lounges in 650 totally different cities all through the world.
• $300 assertion credit score for an Equinox subscription or membership. Enrollment required.
• $200 to make use of in Uber money for rides with Uber or Uber Eats.
• $155 in assertion credit score while you get a Walmart+ membership.
• Digital leisure credit score from eligible purchases, as much as $240 a yr.
• $50 semiannual assertion credit score while you store at Saks Fifth Avenue. Enrollment required.
• Pay with the factors you’ve earned for upcoming journey or switch factors at certainly one of a dozen airline and resort companions.
• Buy safety as much as $10,000 every occasion and as much as $50,000 every calendar yr.
• Journey cancellation and interruption insurance coverage will reimburse you the price of non-refundable bills.
• Get Gold Elite Standing at Marriott Bonvoy and Hilton Honors Gold Standing by changing into a cardholder.
• Redeem factors for various quantities primarily based on what you’re getting. As an illustration, factors are price one cent while you e book flights and 0.7 cents while you redeem for pay as you go accommodations and rental vehicles.
• Phrases Apply.

Rewards vs annual payment

You wouldn’t even have to reap the benefits of all of the assertion credit you’re eligible for to greater than make up for the annual payment. Between that and the rewards, it can save you a big sum of money with this card.

In the event you spend $10,000 on every of the next classes, you’d find yourself overlaying many of the annual payment in rewards factors alone. You’ll additionally profit from assertion credit and within the first yr you’d be eligible for 80,000 price of bonus factors. 

Amex Platinum professionals and cons

Execs

• No overseas transaction charges. Some bank cards cost overseas transaction charges while you journey in another country, however this Amex card doesn’t (Charges & Charges).
• Ship money. You’ll be able to ship cash via Venmo and PayPal via the Amex app with out paying the bank card payment. 
• Nice journey rewards. All of your journey purchases earn 5x rewards while you purchase via Amex and easily being a cardholder can enhance your standing when staying at sure accommodations or utilizing some automobile rental locations. You’ll get a refund and have a extra luxurious journey expertise simply because you may have this card. 

Cons

• Main annual payment. The annual_fees (Charges & Charges)price ticket is huge in comparison with different journey playing cards and different playing cards normally. 
• Just for the perfect credit score. If in case you have unhealthy or honest credit score, you’re not eligible for this card, which is reserved for these with good and wonderful credit score.
• Sure restrictions. The airline credit score doesn’t cowl airfare, so you’ll be able to’t use the credit score to purchase a airplane ticket. 

Card options

The rewards and the factors could make the card_name price it for giant spenders who journey usually. Nevertheless, opponents might provide higher offers when you’re additionally trying to maximize factors on non-travel bills, akin to consuming out or on a regular basis purchases. 

FAQs

What credit score rating is required?

You’ll want good-to-excellent credit score to qualify for the card_name. The upper your credit score rating, the extra probably you might be to develop into eligible for the cardboard.

Do the rewards offset the annual payment?

That relies upon. In the event you’re going to reap the benefits of a number of the assertion credit out there—and you intend on spending at the least just a few thousand {dollars} per yr on flights and accommodations—it’s probably that the rewards will greater than offset the annual payment. 

Does it have extra lounge entry than its opponents?

You’ll have entry to greater than 1,400 airport lounges in 140 international locations. The card_name is definitely among the best bank cards for lounge entry. However totally different playing cards might produce other options, akin to limitless entry or the choice to carry friends for no additional cost.

Are you able to add licensed customers?

You’ll be able to add licensed customers to your account, however you received’t get further perks for including another person. For instance, you’ll nonetheless solely be capable to get the TSA PreCheck credit score or the digital leisure credit score for one individual, not each you and a licensed person.

The data introduced right here is created independently from the TIME editorial workers. To study extra, see our About web page.