The Platinum Card from American Express - 2020 Deep Dive
The Platinum Card from American Express
Key Benefits
60,000 Membership Rewards Points Welcome Bonus after $5,000 spend in your first 3 months
5x Membership Rewards Points on flights booked directly with the airlines or on amextravel.com
5x Membership Rewards Points on prepaid hotels booked with amextravel.com
1x Membership Rewards Points for all other purchases
Up to $200 Airline Fee Credit
Up to $200 Uber Credit
Up to $100 Saks Fifth Avenue Credit
$100 Global Entry or TSA Pre Fee Reimbursement
American Express Centurion Lounge Access and Priority Pass Select Membership
Access to the Platinum Card Concierge's 24 hours a day assistance
Complimentary Marriott Bonvoy and Hilton Honors Gold Elite Status
To the Point
The Platinum Card from American Express is one of the most comprehensive and beneficial luxury travel cards in the credit card market. Thanks to the Platinum Card from American Express' competitive welcome bonus, points multipliers, statement credits, elite status upgrades, and exemplary customer service, the Points Passport wouldn't travel without it. This solid metal charge card undoubtedly delivers unique experiences, including access to the world renowned American Express Centurion Lounges. With this card, you and up to two guests will have complimentary access to an all inclusive lounge experience including free food, drinks and even spa treatments depending on availability. On top of that, you’ll have expanded lounge access with Priority Pass. Not flying but want to enjoy a more luxurious lifestyle? The Platinum Card includes additional access to exclusive events, such as the Platinum House and pop-up Centurion Lounge experiences across the globe. Time can also be a luxury, so you’ll have full access to The Platinum Card Concierge. This is a 24/7 service that acts as your personal assistant to simplify your life. From booking restaurant reservations, scoring tickets to your favorite sporting events, concerts or performances,as well as sending loved ones last minute gifts, and much, much more! The Platinum Card from American Express earns 5x Membership Reward Points per dollar spent when booking flights directly with airlines or on the American Express Travel portal (amextravel.com). Book select hotels through amextravel.com and earn 5x Membership Reward points. The Platinum Card from American Express comes with several statement credits that quickly offset the $550 annual fee. Enjoy up to $200 Airline Fee credit, up to $200 Uber credit, up to $100 Saks Fifth Avenue credit, up to $100 Global Entry/TSA Pre-check credit, and up to another $200 utilizing the Hotel Collection and the Fine Hotels and Resorts program. As of January 1, 2020, American Express has also added extremely important travel benefits such as trip cancellation, interruption, and delay coverage. All of these rich perks, and many more below, make the Platinum Card from American Express one of Points Passports top credit card picks for 2020.
If you travel by air often, want to zip through the security lines, frequent the best airport lounges, use Uber to get around, and want to stay in Marriott or Hilton properties with complimentary room upgrades and benefits from Elite Status, this card will certainly carry its weight in your wallet..
Not quite ready? Keep reading as we break down the card details one by one to make sure you know whether or not this card makes sense for you.
Valuation
At the Points Passport, we like to make the value proposition of the cards we review easy to understand. In order to do that, we break down the value into two parts: the initial sign up and the sustaining costs that occur every year after.
The valuations for American Express Membership Rewards are often maximized by utilizing the vast network of travel partners. To reach or exceed our valuations, you’ll need to transfer the Membership Reward points to a partner airline or hotel. This is how you’ll see us fly to Europe in First Class for nearly free, or stay at luxurious hotel properties around the world. It’s worth noting that inside the amextravel.com portal, these points are worth $0.01/MR. Outside the portal, redemption values can easily be an average of $0.02 or greater. If you ever want help with transfer partners and points maximization, please email us.
Phase 1 - The Welcome Bonus
With the current welcome bonus at 60,000 Membership Rewards Points after $5,000 of spend on your card during your first three months, and targeted offers reaching upwards of 75,000 - 100,000 Membership Rewards Points, based on our Membership Rewards Points value of $0.02/point, the value is as follows:
60,000 Membership Rewards Points Intro Offer x $0.02 = $1,200
75,000 Membership Rewards Points Intro Offer x $0.02 = $1,500
100,000 Membership Rewards Points Intro Offer x $0.02 = $2,000
First Year Benefits (Statement Credits + Welcome Bonus)
Up to $200 Airline Credit
Up to $200 Uber Credit
Up to $100 Saks Fifth Avenue Credit
$100 Global Entry/TSA Pre Check Credit
$600 total first year statement credits
Welcome Bonus + Statement Credits - Annual Fee = Net Value/Cost
60,000 offer: $1,200 sign up bonus + $600 first year credits - $550 = $1,250 Net value.
75,000 offer: $1,500 sign up bonus + $600 first year credits - $550 = $1,550 Net value.
100,000 offer: $2,000 sign up bonus + $600 first year credits - $550 = $2,050 Net value.
Phase 2 - After the Intro Offer (Year 2+)
Year 2 Benefits
Up to $200 Airline Credit
Up to $200 Uber Credit
Up to $100 Saks Fifth Avenue
$500 total/year benefits
Annual Statement Credits - Annual Fee = Net Value/Cost
$500 second year (and beyond) statement credits - $550 annual fee = $50 Net Cost
Now let's assume you plan to actually use this card for purchasing airline tickets each year. If you spend $1,000/year on airline tickets you will earn:
$1,000 x 5x Membership Rewards Points = 5,000 Membership Rewards Points
Those 5,000 Membership Rewards Points are worth approximately $100. For free. You just need to put the plane ticket you were going to buy anyway on this card.
So updating our formula, we find:
Annual Statement Credits + Earning Membership Rewards Points - Annual Fee = Net Value/Cost
$500 second year (and beyond) statement credits + $100 in Membership Rewards Points - $550 annual fee = $50 Net Value.
Depending on your spending patterns and how often you fly annually, your points earning can become significantly more valuable.
The Platinum House, South Beach, Miami
Deep Dive into the Platinum Card from American Express' Comprehensive Benefits
5x Membership Rewards on flights and select hotels.
1x Membership Reward on all other purchases.
Up to $200 Uber credits annually. The $200 is divided into $15 per month and $35 in December. Also, cardholders enjoy Uber VIP status which provides riders with drivers who have a rating of 4.8 stars or above, which results in having a much better Uber experience.
Up to $200 Airline Fee credit annually.
Up to $100 Saks Fifth Avenue credit bi-annual credit. $50 in January and $50 in July.
$100 credit every 4 years for Global Entry and/or TSA pre-check: Each additional card member on the account is also eligible to receive the $100 statement credit. To receive this statement credit, the application fee must be charged on the eligible additional card. We assume you’ll use this benefit once every 4 years, so when that $100 in value is spread across 4 years, it yields a $25 annual value.
Trip Cancellation and Interruption Coverage: This new 2020 benefit will cover up to $10,000 per trip, and $20,000 per year, for flight cancellations for a covered reason. Covered reasons include sudden, unforeseen and unexpected events such as weather, terrorism, jury summons, and injury or illness. Also, those cardholders that pay with points or book award tickets and use their eligible card for taxes and fees will still be covered. A small caveat to this coverage is that the itinerary needs to be round trip. Unexpected things like these mentioned above can happen any time, we are thankful American Express introduced this valuable perk for 2020. For more details check out the American Express terms.
Trip Delay Coverage: Cardholders will be covered for expenses up to $500 for meals, lodging and personal use items, if their trip is delayed more than 6 hours. There is huge value here because one delayed flight over night could result in more than you would be paying for the annual fee all together. For more details check out the American Express terms.
Baggage Insurance Plan: When you purchase your travel fare with your Platinum Card from American Express your baggage will be covered if it is lost, damaged or stolen for up to $2,000 for checked baggage and up to a combined maximum of $3,000 for checked and carry-on baggage.
Platinum Concierge: Cardholder assistance anytime, day or night, wherever you are. Whether you need a reservation at a recommended restaurant, tickets to an event, or help with the perfect gift. The concierge can also assist with travel and most questions regarding American Express.
Platinum Exclusive Events: The Platinum Card from American Express is your key to specialty experiences which are exclusive for Platinum Card members. Drinks and food are typically complementary at these events.
Access to the Global Lounge Collection: this unlocks the coveted Centurion Lounge access, across 10 different locations globally. American Express is continuing to expand their lounge footprint in 2020 with five additional locations this year. On top of the Centurion Lounge access, you’ll also receive Priority Pass, which unlocks access to more than an additional 1,200 airport lounges across 130 countries. Drinks and food are typically complementary, although the type of food and drinks can vary from lounge to lounge. Cardholders can bring up to two guests into the lounges free of charge.
Marriott Bonvoy Gold Elite Status: No stay requirements needed! Simply enroll and receive all the Gold Elite Status benefits. Earn 10 points for every eligible dollar spent at Marriott Bonvoy properties, Enhanced room upgrades when available, early check in and late checkout when available. Also, receive complimentary Wi-Fi and a Marriott Bonvoy point gift (generally 250-500 Marriott Bonvoy) upon check in.
Hilton Honors Gold Status: Enjoy Wi-Fi, late checkout, room upgrades when available and complimentary breakfast.
Access to the Fine Hotel and Resorts Program: This card benefit provides extra perks when booking specific hotel stays of two nights or more using amextravel.com. Benefits can include daily breakfast for two, room upgrades when available, property amenity credit of $100, guaranteed 4pm late check-out, 12pm check-in when available, and complimentary Wi-Fi.
Access to the Hotel Collection: This benefit includes a complimentary room upgrade when available and up to a $100 hotel credit when staying two consecutive nights at a qualified hotel booked with amextravel.com.
Access to Global Dining Collection: Unlock special access to reservations and extraordinary experiences at restaurants as well as opportunities to meet some of your favorite chefs at exclusive culinary events.
International Airline Program: Book premium economy, business, and first class international flights with preferred fares on participating airlines. Either call your Platinum Card Concierge, or book at amextravel.com to take advantage of this benefit.
Upgrade with Points: Use Membership Rewards Points to upgrade your seats on eligible flights.
No Foreign Transactions Fees: Spend abroad without extra fees. Some cards will typically charge a 3% foreign transaction fee on all purchases outside of the US. While this doesn’t seem like much, it can really add up. For every $1,000 you put on one of these cards, you’d have to pay approximately $30 in Foreign Transaction Fees. That’s not the case with the Platinum Card from American Express, as there are ZERO foreign transaction fees!
Car Rental Statuses: National Emerald Club Executive Status which guarantees an upgrade and the ability to choose an available vehicle of your choice. After six rental credits, select a reward of one free rental day or receive airline miles or hotel points from one of the many partners. Avis Preferred Status lets you skip the lines, avoid paperwork and upgrade your rental vehicle. Also, you will receive 25% off your reservation, and an extra free car rental day. Hertz Gold Plus Rewards includes a one-car-class upgrade and the ability to earn points for free rentals.
Membership Reward Points Transfer Partners: With the Membership Rewards Points program you can use points for rewards for over 500 leading brands in travel, gift cards, merchandise, and entertainment. The major key here is being able to transfer Membership Reward points to travel partners, thus allowing you to optimize your point redemption and reach higher valuations per Membership Reward point. That said, you can always use your Membership Reward points as a statement credit, which essentially allows all American Express cards to have a “cash back” style of feature. We don’t recommend doing this for most people, as the redemption rate is only $0.01 per Membership Reward point when used as a statement credit.
Purchase Protection. Protect eligible purchases made on your card when they are accidentally damaged, stolen or lost up to 120 days after purchase. $10,000 per occurrence, and $50,000 per calendar year. Don’t skim over this incredible and rare benefit. For example, let’s say you buy a new iPhone 11 Pro and drop it or just lose it. You simply have to file a claim for the item and American Express will cover the expense during the first 120 days. The process is very simple and easy to you, in the unfortunate event that you need to use it. For more details check out the American Express terms.
Return Protection: If you attempt to return an eligible item within 90 days of purchase and the merchant won't take it back, American Express may refund the full purchase price up to $300 per item, with a maximum of $1,000 per calendar year. For more details check out the American Express terms.
Extended Warranty: This benefit matches the original warranty for up to two additional years,as long as the original warranty is for 5 years or less. This coverage is limited to the actual amount charged on your card for the item up to $10,000 per item and $50,000 per year. For more details check out the American Express terms.
Departures Magazine:An exclusive magazine published seven times a year for Platinum Card members featuring luxury travel, style, culture, shopping, dining and the interesting, inspiring and unexpected. You can also pick up a copy of Departures during your next Centurion Lounge experience.
Additional Platinum Cards: Get 3 additional metal Platinum Card authorized user cards for $175 annually. Each additional Platinum Card authorized user, after the first 3, will cost an additional $175 a year per card.
Complementary Additional Gold Cards: Add up to 99 additional authorized users who can earn you Membership Rewards Points when they make purchases. Also, authorized users can earn the Global Entry and TSA Pre-Check credit when the purchase is made on their card. It’s worth noting that these gold cards are different from the American Express Gold Card. To learn more about that card and it’s benefits, check out our American Express Gold Card Deep Dive review. For the gold cards linked to the Platinum Card from American Express, your authorized users will earn the same Membership Reward multipliers, such as 5x Membership Reward points on airfare.
Amex Offers: American Express has a constant stream of offers that can deliver you even more value. A few examples of offers that I have claimed are: Spend $250 at a Waldorf Astoria property; get $50 statement credit. Spend $100 at Harry & David's; get $20 statement credit. Spend $300 on GoPro.com and receive $60. Spend $150 on 7 for All Mankind jeans and receive $75. Receive 9x Membership Rewards Points when spending at Sephora. I have almost 200 Amex Offers added to my account and new ones flow in every month.
The Platinum Card from American Express is your key to the Centurion Lounge
The Final Point
Overall, the Points Passport recommends this card to individuals who find that they travel frequently or at least a few times annually. If your home airport has an American Express Centurion Lounge, the Platinum Card from American Express will bring you some serious value and make traveling quite a bit more enjoyable! As we discussed, the ability to far surpass the $550 annual fee is pretty simple if you take advantage of the depth and breadth of card benefits, on top of the 5x Membership Reward Points on airfare and select hotels. The Platinum Card from American Express is THE premium travel card to have in your wallet. If you don't travel often and are okay without traveling more luxuriously, this card is probably too expensive to earn a place in your wallet. This being said, while putting your general spending on this card is okay, especially if you want to leverage the purchase protection and/or extended warranties, it does yield a sub-optimal earnings for expenses such as dining & groceries. All of your spending, besides airfare and special Amex Offers, will only reward you with 1x Membership Rewards Points per dollar spent. A perfect complement to the Platinum Card from American Express is the American Express Gold Card which earns 4x Membership Rewards Points on dining globally & at U.S. supermarkets, as well as 3x on airfare booked directly with the airlines. At the Points Passport, our two major spend categories are food and travel, so this dynamic duo fits in our wallets perfectly and we certainly maximize the value of the card to greatly exceed the premium annual fee, year after year!
The Platinum House, an Exclusive Platinum Card from American Express Event