Platinum Card from American Express Review

The The Platinum Card® from American Express is a card that caters to affluent customers who enjoy the finer things and are looking for travel benefits and perks.  It has a steep $450 annual fee, but in return, it offers an impressive array of benefits.

There is no APR with this card as the balance must be paid off each month.  Every purchase made with the card earns at least one point per dollar.  Travel tickets booked using the card earn 2x the rewards, and if you shop at one of their 300 online stores, you can earn up to 10 points per dollar spent.  The points never expire and are good for airline tickets, technological devices and accessories, among other things.

For those customers who travel frequently, the Platinum Card offers a free companion ticket with the purchase of an international business class ticket, though there are some restrictions.  American Express will also pay the fee for Global Entry (an expedited service to re-enter the US given to preapproved travelers).   In addition, American Express works with over 700 hotels worldwide to offer up to $450 worth of free benefits each time you stay.

Other benefits include:

-Zero liability—card members are not held responsible for any unauthorized charges on their card

-Buyer’s remorse coverage—if you buy something and decide you don’t want it but the store won’t take it back, they will refund your purchase

-Warranty manager service—the warranty on any item purchased can be extended up to one year assuming the original warranty is valid for less than three years.

-24 hour concierge service—these individuals are available to assist you with a variety of needs including personalized shopping assistance and event and trip planning

-Annual travel benefit—once a year receive a $100 credit on your card if you have booked a qualifying vacation for $3,000 or more that year

-Travel insurance—receive up to $500,000 insurance for accidental death or dismemberment during travel

-Event ticket protection—receive up to $2,000 in reimbursement per covered incident

-No foreign transaction fees

-Built in Airport Club Access—enjoy Priority Pass which lets you access more than 600 airport lounges worldwide.

The The Platinum Card® from American Express requires that balances are paid in full each month.  If they are not, the card owner is penalized $35.  If the card balance is not paid in full two months in a row, the card owner is charged 2.99% interest on the balance or $35, whichever is greater.

If you don’t mind paying the annual fee of $450, are capable of paying your bill monthly, and you do a significant amount of traveling or would like to take advantage of a 24 hour concierge service, the Platinum Card could be a good card to consider.  If you would not be using the card for big ticket purchases or travel over $3,000 a year, the Platinum Card probably isn’t worth it for you.