4 Little-Known Perks of the Amex Platinum Card

Motley Fool05:10

KEY POINTSThe Platinum Card® from American Express has a $695 annual fee, which sounds extremely expensive to many people.However, the card offers a wide variety of benefits that could easily justify ...

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And to be fair, this makes it one of the most expensive high-end cards American consumers can get without a special invitation.However, you might be surprised at how much value the Amex Platinum Card can offer to certain members. Some of its benefits are well-known and are rather common among high-end cards, such as airport lounge access, while others are unique and potentially valuable.In this article, we'll go through four of the top perks of the Amex Platinum Card that you might not be aware of -- yet.If you're ready for a high-end travel card, click here to apply for The Platinum Card® from American Express.Ratings Methodology     The Platinum Card® from American Express  Apply Now for The Platinum Card® from American ExpressOn                          American Express'             Secure Website.            Terms apply          Rates & Fees Rating image, 4.50 out of 5 stars.4.50/5Circle with letter I in it.            Our ratings are based on a 5 star scale.            5 stars equals Best.            4 stars equals Excellent.            3 stars equals Good.            2 stars equals Fair.            1 star equals Poor.        We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = PoorRating image, 4.50 out of 5 stars.4.50/5Circle with letter I in it.            Our ratings are based on a 5 star scale.            5 stars equals Best.            4 stars equals Excellent.            3 stars equals Good.            2 stars equals Fair.            1 star equals Poor.        We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = PoorCredit Score:Circle with letter I in it.      Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.      Recommended Credit Score required for this offer is: Good/Excellent (670-850)    PoorFairGoodExcellent300-579580-669670-739740-850Apply Now for The Platinum Card® from American ExpressOn                          American Express'             Secure Website.            Terms apply          Rates & Fees Credit ScoreCircle with letter I in it.      Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.Good/Excellent (670-850)Intro APRPurchases: n/aBalance Transfers: n/aAPR                                  See Pay Over Time APR RewardsCircle with letter I in it.      Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel. Earn 1X Membership Rewards® Points on other purchases. Terms and limitations apply.      1X-5X Membership Rewards® Points                Annual Fee              $695Welcome OfferCircle with letter I in it.      Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership.      80,000 Membership Rewards® Points                  Bottom                    Line                                  This luxury travel card has some of the most prestigious perks you'll find — access to over 1,400 airport lounges, elite status with Hilton and Marriott Bonvoy (enrollment required), and spending credits worth over $1,500 in value every year. Just be ready for the hefty annual fee, which can be offset in the first year with a welcome bonus worth $800 in points. Terms apply.                                                    Pros/Cons                Big welcome offerSubstantial spending creditsAirport lounge accessHotel benefitsFlexible travel pointsAnnual feeLimited bonus categoriesSpending credits can be complicated to manage                  Card Details                Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership.Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.$200 Hotel Credit: Get up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings through American Express Travel using your Platinum Card®. The Hotel Collection requires a minimum two-night stay.$240 Digital Entertainment Credit: Get up to $20 back in statement credits each month on eligible purchases made with your Platinum Card® on one or more of the following: Disney+, a Disney Bundle, ESPN+, Hulu, The New York Times, Peacock, and The Wall Street Journal. Enrollment required.The American Express Global Lounge Collection® can provide an escape at the airport. With complimentary access to more than 1,400 airport lounges across 140 countries and counting, you have more airport lounge options than any other credit card issuer on the market. As of 03/2023.$155 Walmart+ Credit: Save on eligible delivery fees, shipping, and more with a Walmart+ membership. Use your Platinum Card® to pay for a monthly Walmart+ membership and get up to $12.95 plus applicable taxes back on one membership (excluding Plus Ups) each month.$200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to your Platinum Card®.$200 Uber Cash: Platinum Card® Members can get out and about and explore their local area with $15 in Uber Cash for US rides each month, plus a bonus $20 in December. That can be up to $200 in annual Uber savings. Simply download the Uber app and add your Platinum Card® to your Uber account to get started. Available to Basic Card Member only. Effective 11/8/2024, an Amex Card must be selected as the payment method for your Uber or Uber Eats transaction to redeem the Amex Uber Cash benefit.$199 CLEAR® Plus Credit: CLEAR® Plus helps to get you to your gate faster at 50+ airports nationwide and get up to $199 back per calendar year on your Membership (subject to auto-renewal) when you use your Card. CLEARLanes are available at 100+ airports, stadiums, and entertainment venues.Receive either a $120 statement credit every 4 years for a Global Entry application fee or a statement credit up to $85 every 4.5 years for a TSA PreCheck® (through a TSA official enrollment provider) application fee, when charged to your Platinum Card®. Card Members approved for Global Entry will also receive access to TSA PreCheck at no additional cost.Shop Saks with Platinum: Get up to $100 in statement credits annually for purchases in Saks Fifth Avenue stores or at saks.com on your Platinum Card®. That's up to $50 in statement credits semi-annually. Enrollment required.Unlock access to exclusive reservations and special dining experiences with Global Dining Access by Resy when you add your Platinum Card® to your Resy profile.$695 annual fee.¤Terms Apply.          Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply.\rPlease visit americanexpress.com/benefitsguide for more details.\rTrip delay and cancellation insurance and cell phone protection underwritten by New Hampshire Insurance Company, an AIG Company.\rExtended warranty, purchase protection, car rental insurance, and baggage insurance underwritten by AMEX Assurance Company.        Little-known perks of the Amex Platinum CardIn full disclosure, I have The Platinum Card® from American Express in my wallet as I type this, as the value I get from the card more than justifies its cost.There's a solid argument to be made that the lounge access alone is worth more than the $695 annual fee if you fly often (see rates and fees). But even if we ignore the best-in-class lounge access for a minute, there are other benefits that could justify the cost of the card all by themselves.1. Spending creditsThe Platinum Card® from American Express offers statement credits for certain types of spending that can really add up. Just to name the most valuable, you can get:$200 in annual Uber Cash$200 per year toward certain prepaid hotel bookings$20 per month toward eligible streaming services, including the Disney bundleA credit for free Walmart+ membership$200 per year toward incidentals on the airline of your choiceTerms apply; select enrollment may be requiredThis isn't even the full list. These statement credits can easily be worth roughly $1,000 per year and can justify the annual fee all by themselves if you take advantage.2. Elite statusYou'll automatically get elite status including Marriott Bonvoy™ Gold Elite Status and Hilton Honors Gold Status, as well as with some rental car companies. Terms apply. This can get you a variety of perks, such as room upgrades and late check-outs, depending on the situation. Even without traveling too often, I easily get a few hundred dollars of value from this benefit by staying at Marriott hotels several times a year.3. Travel protectionsThe Amex Platinum Card offers car rental insurance, trip delay insurance that can reimburse you for as much as $500 per trip, as well as trip cancellation and interruption insurance of up to $10,000 per trip. Terms apply. These travel benefits are things you hope you'll never have to use, but they can be extremely valuable if you need them.4. Purchase protectionsThe Platinum Card® from American Express offers return protection of as much as $300 per item ($1,000 per year) if the seller won't take something back within 90 days from purchase. There's also a purchase protection benefit, which covers things that get damaged, stolen, or lost within 90 days of the purchase date, as well as extended warranty protection that adds up to an additional year to the manufacturer's warranty on qualifying purchases. Terms apply.More value than you might thinkThis isn't even an exhaustive list of benefits. The Platinum Card® from American Express card members get a free CLEAR Plus membership to get through airport security faster, as well as Global Dining Access through Resy that unlocks exclusive dining reservations. I also mentioned the $195 fee for an authorized user (see rates and fees), which sounds steep, but they get their own lounge access for this relatively low cost. Terms apply.To be sure, for many cardholders, being able to access airport lounges (including the excellent Centurion Lounges) means it's worth having The Platinum Card® from American Express. But that isn't even the bulk of the card's value, and members who take advantage of all of the perks can easily get more than double the annual fee in value.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485421583"}