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The American Express Platinum card stands out as an exceptional choice for those who desire luxurious travel experiences, premium perks, and superior rewards. It features an array of benefits tailored to elevate the travel journey for individuals.
However, it’s crucial to evaluate whether the advantages justify the associated costs. In this review, we’ll dive into the card’s offerings, helping you decide whether it aligns with your lifestyle and spending habits.
Features of the American Express Platinum
The American Express Platinum card comes equipped with numerous premium features aimed at enhancing both daily life and travel experiences.
One key feature is Return Protection, allowing you to return eligible purchases to American Express if a retailer refuses within 90 days from the purchase date, with refunds up to $300 per item and a maximum of $1,000 per calendar year.
Purchase Protection safeguards new purchases against theft, damage, or loss for up to 90 days, providing coverage of up to $10,000 per eligible purchase and a yearly limit of $50,000.
The Extended Warranty feature adds an extra year to original manufacturer warranties on items covered for five years or less, with a limit of $10,000 per item and a maximum of $50,000 per year.
A complimentary ShopRunner membership offers free two-day shipping and returns from many leading retailers, making online shopping more convenient and cost-effective.
For your mobile device, Cell Phone Protection covers repair or replacement if your phone is damaged or stolen, offering up to $800 per claim (limited to two claims per year, with a $50 deductible per claim).
The Plan It® feature allows you to divide larger purchases of $100 or more into manageable monthly payments for a fixed fee, while you continue to earn rewards.
Additionally, 24/7 Card Member Services provide support whenever you need it, and the American Express App assists with everything from travel bookings to restaurant recommendations.
Car Rental Privileges allow Platinum card members to enjoy complimentary premium status with car rental companies such as Avis, Hertz, and National, along with exclusive benefits and discounts.
Members can log into their American Express account to see specific privileges, which require enrollment in services like Avis Preferred®, Hertz Gold Plus Rewards®, or National Emerald Club. A booking code is necessary for accessing benefits like free upgrades.
Car Rental Loss and Damage Insurance provides secondary coverage for vehicle damage or theft when you reserve and pay for a rental with your eligible card and decline the Collision Damage Waiver (CDW), subject to certain restrictions.
Trip Delay Insurance allows you to claim up to $500 for additional expenses if a trip paid with your card is delayed for over six hours due to a covered reason.
Also, Trip Cancellation and Interruption Insurance reimburses you up to $10,000 for non-refundable expenses if a covered reason cancels or interrupts a trip booked entirely with your eligible card, with a maximum of $20,000 per card annually.
Pros and Cons of the American Express Platinum Card
This Amex Platinum card has upsides and downsides. They include:
Benefits
Here are some benefits:
- Premium Global Assist® Hotline: available 24/7 for emergencies when traveling over 100 miles (ca. 161 kilometers) from home, this service provides legal, medical, and financial referrals, along with emergency medical transportation assistance at no charge if coordinated by the hotline.
- Membership Rewards® Program – Transfer Points: cardholders can transfer points to various airline and hotel partners, optimizing their travel rewards and helping them reach their desired destinations faster.
Cons
Here is a downside:
- High annual fees: the card costs a lot to maintain.
Rates and Fees
For the Pay Over Time feature, the Annual Percentage Rate (APR) ranges from 20.74% to 28.74%. If you are considering cash advances, the APR is set at 29.99%, which can fluctuate based on market conditions related to the Prime Rate.
Be aware of the Penalty APR, which is also 29.99% and may apply if you miss one or more payments or if your bank returns a payment.
Once the penalty APR is imposed, it will remain in effect for at least six months. Your account will be reviewed bi-annually, and the penalty rate may only be lifted after demonstrating timely payments and no returned payments during that review period.
If enrolled in the Pay Over Time Select program, interest will begin accruing on purchases transferred to this balance immediately.
You may also encounter a Plan Fee, which is a fixed finance charge for amounts moved into a Pay Over Time plan. This fee can potentially reach up to 1.33% of each purchase amount. The exact percentage depends on the plan’s duration, the applicable APR, and other factors.
Additionally, there is an annual fee of $695. Transaction fees for cash advances can either be $10 or 5% of each advance amount, whichever is greater, while foreign transactions incur no fees.
Be cautious of penalty fees as well; late payments can result in fees of up to $40, while returned payments may also carry a fee of up to $40.
Eligibility Criteria and Requirements
To qualify for the American Express Platinum card, you must submit an application to open an account in your name and request the issuance of the specified card(s). Applicants must be at least 18 years old and be U.S. residents.
How to Apply for the American Express Platinum Card?
When you’re ready to apply, you can do so confidently! You’ll find out if you’re approved without impacting your credit score and learn how this card could affect your credit score if approved.
Simply click on “Apply Now” on their website, select a card design, and complete the required personal details, including your full name, date of birth, and contact information such as your email and phone number.
Finally, provide your financial details, including your Social Security Number and total annual income, to complete the application.
Conclusion
The American Express Platinum card is ideal for those seeking premium travel benefits and exclusive perks.
While it offers exceptional rewards, the significant annual fee requires careful consideration of whether its advantages align with your lifestyle and spending habits. If luxury and convenience are priorities, this card may be worth it.
