Rating the American Express Platinum Card

 

Rewards Program (30 points)

 

Points, Miles, or Cash Back Rates (15 points):
The Amex Platinum offers 5x points on flights and prepaid hotels booked through Amex Travel and 1x points on other purchases. This qualifies as a high earning rate for specific categories.
Score: 15/15

 

Redemption Flexibility (10 points):
Points can be redeemed for various options such as travel, statement credits, merchandise, and gift cards. Transferring points to travel partners offers particularly good value.
Score: 10/10

 

Rewards Expiration and Transfer Options (5 points):
Points never expire as long as the account is active, and they can be transferred to numerous airline and hotel partners.
Score: 5/5

 

Total: 30/30

 

Welcome Offer (20 points)

 

Welcome Offer Value (15 points):The Amex Platinum often offers a welcome offer of 80,000-100,000 points, which can be valued at over $800 for travel, with a typical spending threshold of around $6,000 in 6 months.
Score: 15/15

 

Ease of Earning (5 points):
The spending threshold is moderate ($6,000 in 6 months), which may be harder for some cardholders to achieve.
Score: 3/5

 

Total: 18/20

 

Fees (10 points)

 

Annual Fee (6 points):
The Amex Platinum has a high annual fee of $695, making it one of the more expensive cards in the market.
Score: 1/6

 

Foreign Transaction Fees (4 points):
The card has no foreign transaction fees, making it suitable for international travelers.
Score: 4/4

 

Total: 5/10

 

APR and Financing Options (15 points)

 

Introductory APR (5 points):
The Amex Platinum offers no introductory APR on purchases or balance transfers.
Score: 0/5

 

Standard APR (5 points):
As a charge card, the Amex Platinum does not carry a traditional APR. However, the card offers a Pay Over Time feature, with a high APR (typically above 20%).
Score: 2/5

 

Balance Transfer Options (5 points):
The Amex Platinum is not designed for balance transfers and carries high fees and APRs for these types of transactions.
Score: 0/5

 

Total: 2/15

 

Cardholder Benefits (15 points)

 

Travel Benefits (5 points):
The Amex Platinum offers extensive travel benefits, including access to the Global Lounge Collection, TSA PreCheck/Global Entry credits, travel insurance, and no foreign transaction fees.
Score: 5/5

 

Purchase Protection and Insurance (5 points):
The card offers comprehensive purchase protections, including purchase protection, extended warranty, and return protection.
Score: 5/5

 

Other Perks (5 points):
The card provides valuable perks like $200 Uber credits, $240 digital entertainment credits, concierge services, and more, making it one of the most perk-laden cards on the market.
Score: 5/5

 

Total: 15/15

 

Subjective Prestige (10 points)

 

Perceived Status and Exclusivity (10 points):
The Amex Platinum is regarded as extremely prestigious, recognized as a high-status symbol with exclusive benefits.
Score: 10/10

 

Total: 10/10

 

Final Score: 80/100 ✅✅✅✅

 

Recommendation: Strongly Recommend

 

The American Express Platinum Card excels in travel rewards, benefits, and prestige, making it an excellent choice for frequent travelers and those seeking premium perks. However, its high annual fee, lack of low-cost financing options, and no introductory APR make it less ideal for cardholders focused on everyday expenses or balance transfers. This card is best suited for those who can take full advantage of its comprehensive travel benefits.