For almost 40 years, The Platinum Card® from American Express has actually been a leader in the premium rewards card market.

The card’s listing of pros goes over, with over 20 transfer companions, a variety of declaration credit histories and, of program, being made of steel. However, the Amex Platinum has one of the greatest yearly charges in the market — $695 (see prices and charges) — making customers ask yourself whether it is still the king of premium rewards cards.

Both the Chase Sapphire Reserve® and the Amex Platinum have actually remained in a neck-and-neck race for the title of the finest premium rewards card considering that the launch of the Reserve in 2016. Sure, there are various other premium airline company or resort cobranded cards, yet they naturally attract a much more minimal target market. There’s additionally the Capital One Venture X Rewards Credit Card that was a lot more lately presented right into the ball of bank card and is definitely influencing just how we check out premium bank card.

As a person that has the Amex Platinum and Sapphire Reserve, I’ll damage down just how the Platinum card prices versus rivals, taking into consideration the welcome benefit, yearly cost and rewards. As you can see below, it’s a little bit a lot more challenging than just the welcome deal itself. Let’s dive in.

Related: Amex Platinum vs. Chase Sapphire Reserve: Which $550-plus card is ideal for you?

Why the Amex Platinum is the king of premium cards

Several debates can be made in support of the Amex Platinum and why, nevertheless these years, it’s still an aspirational card for individuals, specifically factors and miles fanatics.

Lounge accessibility

American Express was the very first company to develop its very own network of lounges, jump-starting the pattern for various other providers to comply with. American Express has a substantial network of over 20 lounges worldwide.

For those that do not usually fly in premium cabins or do not have airline company standing or subscription to a service provider’s network of lounges (e.g., Admirals Club or United Club), Amex Centurion Lounge accessibility is an outstanding perk for Amex Platinum cardmembers. Despite various other bank card supplying Priority Pass accessibility, Centurion lounges use a higher experience with chef-inspired dishes, complete bars and a stylish atmosphere.

As an Amex Platinum cardmember, I usually use the Centurion Lounge at Los Angeles International Airport (LAX) for residential and global plans. In this respect, the Amex Platinum has the edge versus the Sapphire Reserve and the Venture X.

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Related: Everything you require to understand about accessing Amex Centurion lounges

Statement credit histories

The Amex Platinum provides an outstanding listing of declaration credit histories, supplying cardmembers with over $1,500 in worth annually. The declaration credit histories I discover most useful depend on $200 in Uber Cash (You need to have downloaded and install the newest variation of the Uber App and your eligible American Express Platinum Card need to be an approach of repayment in your Uber account), an approximately $200 declaration credit score for Amex Fine Hotels + Resorts or The Hotel Collection reservations(minimal 2 evening remain), an up $100 declaration credit score at Saks Fifth Avenue, the as much as $20 month-to-month electronic enjoyment credit score, and an approximately $189 declaration credit score for a Clear Plus subscription. Enrollment is needed for choose advantages.

When made use of to their maximum degree, the Amex Platinum’s declaration credit histories have a worth of greater than dual the $695 yearly cost (see prices and charges) you need to pay. As an Amex Platinum cardmember, I value the financial savings the card can supply, specifically contrasted to its rivals.

The Sapphire Reserve and Venture X each use a yearly $300 traveling credit score, successfully minimizing each card’s expense. However, that’s the degree of the financial savings, so you will not value greater than what you will certainly spend for the yearly charges.

Earning prices

It might appear questionable to state the Amex Platinum beams in its earning prices, yet I’d like to concentrate on getting factors for airline tickets acquisitions.

Cardmembers gain 5 factors per buck invested in acquisitions made straight with airline companies or with American Express Travel (on as much as $500,000 in acquisitions yearly), 5 factors per buck invested in pre paid resorts with amextravel.com, and 1 factor per buck invested in all various other acquisitions. According to TPG’s July 2024 factors evaluations, Amex Membership Rewards factors deserve 2 cents each.

Sapphire Reserve cardholders gain 5 factors per buck invested in airline tickets acquisitions, and Venture X cardholders gain 5 miles per buck invested in airline tickets acquisitions, yet there’s a substantial caution — you just gain rewards at those prices when scheduling with their corresponding traveling websites. These traveling websites are on-line travel bureau and they work as the intermediary in between you and the provider. In the instance of routine modifications, trip terminations, volunteer modifications or take a trip interruptions, you go to the grace of the OTA and its guidelines or limitations.

The Amex Platinum’s capacity to gain 5 factors per buck invested in acquisitions made straight with an airline company eliminates the intermediary while additionally offering it the greatest gaining price in the market. For this factor, I discover the card to still be the king of premium cards, which is why I bill airline tickets acquisitions over $500 to my Amex Platinum. This method, I have the ability to gain a large number of factors when acquiring airline tickets in premium cabins.

Related: Reasons to stay clear of scheduling with an on-line travel bureau

Transfer companions

American Express has 21 transfer companions, the most of any kind of company. Earning Membership Rewards factors can be fairly helpful and maybe a lot more attractive than gaining Chase Ultimate Rewards factors or Capital One miles.

American Express has transfer companions that providers do not have, such as ANA Mileage Club and Delta SkyMiles, and companions that are harder to discover with various other providers, such as Qatar Airways Privilege Club and Hilton Honors.

Related: American Express Membership Rewards transfer companions: Maximize your factors

Why the Amex Platinum is not the king of premium cards

Coupon book-style declaration credit histories

Despite the Amex Platinum offering over $1,500 in declaration credit histories to cardmembers, not all of these credit histories are conveniently redeemable or perhaps relevant to many individuals.

For instance, the card provides a $300 Equinox credit score, which I had the ability to use for 6 weeks’ worth of subscription; nevertheless, those that do not have an Equinox within their city or do not delight in on-line training courses from an Equinox+ subscription will certainly not obtain worth from this declaration credit score. Enrollment is needed.

Additionally, while lots of credit histories supply financial savings, some have limitations. The credit histories have their very own terms and restrictions, and they supply cash for solutions you might not have actually always gotten by yourself, therefore motivating you to invest cash on points you did not require in the starting point.

Poor gaining price for day-to-day investing

Although the Amex Platinum provides an outstanding 5 factors per buck invested in airline tickets and resorts reserved with amextravel.com, the card has nothing else benefit classifications. All various other acquisitions outside these 2 will certainly gain 1 factor per buck invested, a bad price of return on a premium card. As a cardmember, you’ll be losing out on gaining benefit factors in various other traveling classifications and on eating acquisitions at dining establishments (takeout and shipment consisted of).

Meanwhile, the Sapphire Reserve makes a strong 3 factors per buck invested in eating acquisitions, and eating is specified extensively. I gain 3 factors per buck invested at sit-down dining establishments, coffee bar and fast-food chains, in addition to when purchasing Uber Eats.

In this respect, the Venture X additionally overcomes the Amex Platinum, many thanks to gaining 2 miles per buck invested in all acquisitions outside its benefit classifications.

Related: The finest eating bank card

Restrictive lounge accessibility plan

Amex Platinum cardmembers can accessibility Centurion lounges; nevertheless, American Express tightened its visitor plan in 2023. Guests coming with cardmembers pay $50 for grownups and $30 for kids in between the ages of 2 and 17. Children under 2 can get in completely free with a coming with grownup.

To stay clear of spending for visitors, Amex Platinum cardmembers need to invest $75,000 each fiscal year, a large amount for many individuals.

Additionally, Amex Platinum cardmembers have accessibility to Delta Sky Club lounges, which will certainly quickly be restricted, as well. Beginning Feb. 1, 2025, cardmembers will certainly obtain just 10 Sky Club brows through per program year when flying on Delta-run or -marketed trips — unless they invest substantially.

Despite taking the lead in issuer-based airport terminal lounges, Amex’s modifications to lounge accessibility have actually decreased its put on the emblem post, with current rivals going up. Venture X cardholders can bring 2 visitors to Capital One lounges, and licensed customers can bring 2 of their very own visitors, as well.

As an Amex Platinum cardmember, the lounge limitations have actually been a discomfort factor. I usually take a trip with my family members, and if we aren’t flying in a premium cabin for global trips, paying $80 for lounge accessibility is out of the inquiry.

Related: An overview to visitor plans for airport terminal lounges

Travel insurance coverage

While the Amex Platinum often tends to use greater restrictions for traveling insurance coverage like journey hold-up insurance coverage, termination and disruption insurance coverage, and luggage insurance coverage than mid- and lower-tier Amex cards*, the Sapphire Reserve beats its rival right here. It deals the exact same insurance coverage for journey hold-up insurance coverage, yet its luggage insurance coverage is somewhat far better.

*Eligibility and Benefit degree differs by Card. Terms, Conditions and Limitations Apply. Please check out americanexpress.com/benefitsguide for even more information. Underwritten by New Hampshire Insurance Company, an AIG Company.

Furthermore, vehicle service insurance coverage is much more thorough on the Sapphire Reserve than the Platinum. The Platinum does not cover vehicle services in Australia, Italy or New Zealand, yet the Sapphire Reserve does. This advantage served when I went to Australia and New Zealand last winter months, so I utilized my Sapphire Reserve to safeguard my vehicle service.

Bottom line

The Amex Platinum was the initial premium traveling rewards card — years prior to the Sapphire Reserve or Venture X introduced. With the Chase Sapphire Reserve, Amex Platinum and Venture X varying in terms of yearly charges and advantages, the competitors amongst these 3 cards has actually obtained far more fascinating. Ultimately, each of these cards provides a really various collection of rewards that will certainly attract various kinds of clients.

My take is that those seeking high-end traveling in the long-term will likely get on much better with the Amex Platinum, while those seeking a much more simple premium card will certainly do far better with the Sapphire Reserve or Venture X.

Learn a lot more by having a look at our complete testimonials of the Amex Platinum, Sapphire Reserve and Venture X.

Apply right here: Amex Platinum

Apply right here: Chase Sapphire Reserve

Apply right here: Capital One Venture X

You might additionally wish to examine the CardSuit Tool to see if you’re targeted for a greater welcome benefit. These deals undergo alter any time.

For prices and charges of the Amex Platinum card, visit this site.