American Express’ Platinum Card Offers Luxe Rewards, But Is It Right for You?

Which American Express credit card is the best? It depends on what rewards and benefits you’re seeking. Check out some top contenders.

Dan Clarendon - Author

Aug. 18 2020, Updated 7:02 a.m. ET

which american express card is the best
Source: American Express

Which American Express card is the best? Good luck finding a consensus. The Platinum Card from American Express certainly gets a lot of hype, thanks to its stainless-steel heft and its luxurious travel rewards. (Uber credits! Airline fee credits! Airport lounge access!) But if you don’t often travel, that card might not be worth its annual fee. Read on for details about the Platinum Card and other Amex offerings.

Article continues below advertisement
Article continues below advertisement

Is Amex a good credit card?

American Express cards account for four out of the 15 credit cards U.S. News & World Report lists as the best credit cards for August 2020. The site recommends the Blue Cash Everyday Card from American Express for its cash back on everyday purchases, the American Express Cash Magnet Card for its cash back rewards and $150 introductory statement credit, the Hilton Honors American Express Card for its introductory bonus points offer, and the Platinum Card for its luxury travel benefits.

american express blue cash preferred
Source: American Express
Article continues below advertisement

Forbes, which also earns advertising revenue from credit card companies while still maintaining editorial independence, highlights a different set of American Express cards on its list of 2020’s best credit cards. The magazine calls the Blue Cash Preferred Card from American Express the best cash back card, the Hilton Honors Aspire Card from American Express the best credit card for hotels, and the Blue Business Plus Credit Card from American Express the best business card.

Which American Express card is the best?

The best Amex card for one customer might not be the best for someone else. If you’re looking for cash back rewards, for instance, you might opt for the Blue Cash Everyday Card or the Blue Cash Preferred Card. If you want travel rewards, the American Express Gold Card or the Platinum Card might be more your speed.

Article continues below advertisement
Article continues below advertisement

That said, The Balance—another site touting unbiased reviews—named the Amex EveryDay Credit Card as the best overall American Express card, as well as the best card with no annual fee, the best card for financing large purchases, the best no-annual-fee card for travel, and the best card with a low APR. “If you have a big purchase to make, you can finance it interest-free for 15 months,” the site reports. “Cost-conscious travelers who don’t want to pay an annual fee will also love this card for its lucrative redemption options … To top it off, with excellent credit you may qualify for a variable APR as low as 12.99 percent.”

Is Amex Platinum worth it?

platinum card from american express
Source: American Express

The Platinum Card from American Express carries a pricey annual fee relative to other credit cards: $550 per year. But that outlay can be offset or even negated, particularly if you’re a frequent traveler. Cardholders get a $200 airline fee credit for expenses for air travel incidentals—including checked bag fees and in-flight refreshment purchases—and $200 in Uber and Uber Eats credits per year.

Article continues below advertisement

Get ready to zip through airport security lines, too: Cardholders also get a statement credit for the Global Entry application fee every four years, a $100 value, and for the TSA Pre✓ application fee every four and a half years, an $85 value. 

Plus, cardholders get up to $100 in annual statement credits for purchases at Saks Fifth Avenue, complimentary access to more than 1,200 airport lounges, and complimentary benefits worth an average total value of $550 at Fine Hotels & Resorts properties, according to American Express’ website. If you make use of all these benefits, the card will pay for itself.


Latest Personal Finance Guides News and Updates

    Opt-out of personalized ads

    © Copyright 2024 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.