The Platinum Card® from American Express is designed for those who appreciate a touch of luxury and travel perks. It does come with a significant $450 annual fee, but the benefits are noteworthy. For starters, there’s no interest rate since you need to pay off your balance in full every month. You earn at least one point per dollar on every purchase, with extra points for travel tickets and bonus points for shopping at selected online stores. These points can be redeemed for flights, gadgets, accessories, and more.
Frequent travelers will enjoy a free companion ticket on international business class flights, though some restrictions apply. Plus, American Express covers the fee for Global Entry, which speeds up re-entry into the U.S. They also partner with over 700 hotels worldwide to offer up to $450 in free benefits per stay.
Other great perks include zero liability for unauthorized charges, refunds on purchases even if the store won’t accept returns, and extended warranties on items you buy. You also get 24/7 concierge service to help with shopping, planning events, or trips. There’s a yearly $100 travel credit for vacations costing $3,000 or more, and travel insurance that covers up to $500,000 in case of accidental death or dismemberment. Another bonus is event ticket protection up to $2,000 per incident, no foreign transaction fees, and access to over 600 airport lounges through Priority Pass.
Remember that you need to pay off your balance each month to avoid a $35 penalty. If you miss payments for two months in a row, you’ll face either a 2.99% interest rate on the balance or another $35 fee, whichever is higher.
If you don’t mind the $450 annual fee, are good about paying your bill monthly, and travel often – or simply enjoy 24/7 concierge service – the Platinum Card is definitely worth a look. But if your spending or yearly travel costs are less than $3,000, this card might not be the best fit for you.