American Express Platinum Card Review

This charge card comes loaded with rewards and perks, but it will take you lots of time to sift through them all.

• People who want first-class travel perks and the ability to earn points and discounts on their credit card purchases.

Credit Rating Required

• Fair to Excellent (660+)

Pros

• 50,000 bonus Membership Rewards points after $1,000 in spending the first three months.
• Ability to purchase extra points at checkout.
• Points have no expiration and there is no limit on how many you can earn.
• No blackout dates or restrictions on travel reward redemptions.
• No preset spending limit.

Cons

• Extremely high annual fee.
• Overly confusing rewards program.
• Not a credit card; all charges are due and payable in full each month.

Rewards

• One point per dollar on all spending
• Double points for booking travel online with American Express
• Four points per dollar on spending at select retailers at online Bonus Points Mall

APRs

• No APR: This is a charge card, not a credit card; all charges are due and payable in full each month.

Fees

• Annual fee: $450.
• Late fee: Up to $35. If you do not pay for two consecutive billing periods, the fee is $35 or 2.99% of the past due amount, whichever is greater.
• Returned payment fee: Up to $35.
• Foreign transaction fee: None.

So, is this card worth the $450 annual fee? It's really hard to say.

The spending rewards themselves aren't particularly generous or unique. You earn one point per dollar on all spending, two points per dollar for booking travel online with American Express, and four points per dollar on spending at Amex's online Bonus Points Mall.

The big bonus is the 50,000 Membership Rewards bonus points you earn when you spend $1,000 in the first three months after getting the card.

There's no limit on the points you can accumulate and they don't expire. There are no blackout dates or other restrictions when you redeem them for travel.

What you're really paying for is the perks, and there are lots of them. You get access to airport lounges around the world. You get up to $200 in airline fee credits annually to cover incidental fees when you travel. You get a 20% travel bonus when you redeem your points for travel. You receive a free companion ticket with the purchase of a qualifying international business class ticket when you book with Platinum Travel Service. That's just part of it: the list of perks goes on for pages on the website, too many to list here.

If you're a frequent business traveler and demand all the perks this card offers, the $450 fee may well be worth it.

Please beware that this is a charge card, not a credit card, so you must pay your balance in full every month. If you don't, you get charged a $35 late fee the first month. If you don't pay for full two months, you must pay $35 or 3% of the balance, whichever is greater.