All you need to know about The Platinum Card from American Express
The Platinum Card® from American Express is one of the best rewards credit cards you can own. It comes with fantastic perks like 60,000 bonus points after spending $5,000 in the first three months. These can be redeemed for a gift card or on travel worth $500. Likewise, you get $200 airline credit that can be used to cover any incidental air expenses like in-flight refreshments or fees for extra baggage. You also get a credit worth $200 for Uber rides.
As The Platinum Card® holder, you will get complimentary card access to the 1,000 airport lounges across continents. Additionally, you earn 5 points on every dollar you spend.
Who is an appropriate applicant for The Platinum Card® from American Express?
- The frequent flier
If you are a frequent flier with a penchant for luxury style travel, The Platinum Card® from American Express can be a great addition to your wallet. It will offer you with an annual $200 airline credit that can be spent on checked bag charges, seat upgrades, as well as in-flight entertainment via airlines like American, Delta, JetBlue, United, Spirit, and Southwest.
American Express renders a concierge service for The Platinum Card® members, and they can be of great help if you are as busy as a beaver. Regardless of whether it is a last minute ticket for a business trip or restaurant reservations, the concierge staff will efficiently help you plan your spontaneous social and travel exploits. If you ever get stuck at an airport, the staff will even help rebook flights and hotels to keep things smooth and hassle-free.
If time-consuming waiting periods for airport security during peak hours make you cranky, you can register for Global Entry that costs $100. Once you are approved for Global Entry, you will automatically be eligible for TSA PreCheck. When you sign up for Global Entry using The Platinum Card® from American Express, your account will be reimbursed once every four years to cover the costs.
If you book all your flights and hotels via Amextravel, you should consider upgrading to The Platinum Card® from American Express. For every dollar spent, you will be earning 5 American Express Membership Rewards points. On other purchases, you’ll earn 1 point for every dollar you spend. If you buy something via ShopRunner, you get expedited shipping along with free return shipping on qualifying items. This can be an amazing perk if you want an item quickly but without the hassle of expedited delivery charges.
If you often book stays at luxury hotels like Hilton and Marriot, you should give The Platinum Card® from American Express a shot as the cardholders are automatically conferred with an elite client status. Some popular hotel memberships that you get are Hilton Honors, Radisson Rewards™, Shangri-La Golden Circle, and Marriott Bonvoy, where you can score perks like bonus point earning power, early check-ins and late checkouts, complimentary breakfasts, extra nights, room upgrades, and more. For The Platinum Card® members, American Express also grants access to the premier or “By Invitation Only” experiences, including tournaments, auto shows as well as culinary events.
Additional features to consider
- No predetermined spending limit
This is not to be confused with unlimited spending. Rather, the No Preset Spending Limit (NPSL) feature means that American Express will set your spending limit every month according to your recent expenditures, repayment records, and current economic climate. Unfortunately, you won’t have access to this information, and without a clear figure, you could end up blowing all the money for the month. This could prove to be inconvenient, especially during an emergency while traveling. - Zero foreign transaction fees
Amex, operating in 130 countries, is the third biggest card network in the world after Mastercard and Visa. A luxury credit card like The Platinum Card® from American Express is expected to waive off foreign transaction fees, which could come in handy while making expensive purchases abroad.
Are you eligible for The Platinum Card® from American Express?
Let’s begin with the credit score. Typically, your credit score will need to be above 700 so that American Express could consider your application. If your credit score is in 600s, you still stand a chance of getting approved for this card, but that’s only if you have a low debt-to-income ratio and have not recently applied for any other credit cards.
People with a substantially long credit history have a better chance of their application getting approved for the card. This is why you should wait at least two years before applying for this credit card. If you already have an Amex credit card, it will be easier to be considered for The Platinum Card®.
There are no prerequisites for income, but your annual salary should be around or above $100,000 ideally so that you can easily afford the annual fee of $550 and pay off your balance in full every month. In a case of low income, you are likely to get all the perks but with a low monthly spending limit. Ideally, you can make all travel-related purchases with The Platinum Card® and use your other credit cards to spend on groceries, gas, shopping, and more. Irrespective of the income, you should scrutinize your total spending on airfare and hotel bookings in one year to justify the hefty annual fee of $500.
Apart from the hefty annual fee of $550, you will need to pay your balance in full on a monthly basis to continue using the card, which is unlike the usual credit cards. In addition, there is a $38 penalty for making late payments. If you prefer monthly payments, consider adding another credit card to your wallet as a backup while traveling.
Your chances of approval will be greater if you are 21 years or older because users below 21 don’t usually have a proper or strong credit profile and employment. Those below 21 years of age can still be an authorized user. To add an authorized user on The Platinum Card®, the primary user will have to pay an additional annual fee of $175.
In a nutshell, you need a clean credit report, a credit score of 700 or above, and a low debt-to-income ratio to have a higher prospect of landing this luxury rewards credit card.
