A Quick Guide To Each Version Of The American Express Platinum Card

The four Amex Platinum cards are rich in benefits, but not wide in scope. For frequent travelers, perks like lounge access, hotel and car rental status and travel credits could more than make up the cost of the annual fee. Not a traveler? The value equation isn’t an obvious slam dunk unless your profile lines up precisely with the card’s lifestyle benefits.

American Express Platinum Benefits

For cardholders who can maximize the included benefits, you’ll feel like a rockstar. Breeze through security and immigration lines by using the Global Entry and CLEAR® Plus fee credit reimbursements. Sip champagne at airport lounges that offer complimentary entry to members. Take advantage of hotel perks with access to Amex Fine Hotels and Resorts.

Holders of the consumer Platinum cards can also enjoy up to $200 in annual credits toward select hotels and up to $200 toward eligible airline incidental reimbursements (enrollment required). Here’s a closer look at the benefits that come with the Amex Platinum cards.

• Airline fee credit. Receive up to $200 per calendar year in statement credits when you charge airline incidental fees from your selected airline to your card (enrollment required).
• Hotel credit. Receive up to $200 per calendar year in statement credits toward prepaid bookings at Fine Hotels and Resorts or The Hotel Collection properties, which requires a minimum two-night stay, made through American Express Travel.
• Trusted traveler application fee credit. Receive a statement credit for TSA PreCheck or Global Entry application fees.
• CLEAR® Plus membership credit. Receive a credit of up to $199 toward CLEAR Plus memberships for expedited airport security screenings.
• Access to the Global Lounge Collection. Receive complimentary admission to more than 1,400 airport lounges worldwide, including Centurion Lounges, Priority Pass lounges with enrollment, Delta Sky Clubs when flying same-day with Delta and other participating locations.
• Access to Amex International Airline Program. Get exclusive access to lower fares when booking select itineraries in premium economy, business or first class.
• Access to Amex Fine Hotels and Resorts. Receive on-site benefits like complimentary breakfast and property credits when booking through Amex Fine Hotels and Resorts.
• Hotel elite status. Receive Hilton Honors Gold and Marriott Bonvoy Gold Elite status. Enrollment required.
• Car rental privileges. Cardholders are eligible for status, benefits and discounts with Avis, Hertz and National when renting cars.
• Travel protection. Receive protections including trip cancellation and trip delay insurance when paying for travel on your card¹.

These cards, as well as several others in the American Express portfolio, earn Membership Rewards on every purchase. Points can be redeemed toward cash back and gift cards or used to pay for travel—but those aren’t your only redemption options.

Travelers will appreciate that they can transfer rewards to partner travel rewards programs for award tickets or hotel stays. Currently, there are over 20 travel loyalty programs available.

As you’d expect with any ultra-premium card, these cards have no foreign transaction fees. Another similarity across all cards (and ultra-premium cards in general) is that you’ll need good-to-excellent credit for approval.

As mentioned, there are four versions of the Amex Platinum Card:

• The Platinum Card® from American Express
• The Platinum Card® from American Express for Charles Schwab*
• The Platinum Card® from American Express exclusively for Morgan Stanley*
• The Business Platinum Card® from American Express

Each card version offers its own unique take on what’s become the “platinum” standard among premium credit cards.

Unless otherwise specified, when most people say “platinum card” they’re referring to The Platinum Card® from American Express. Although the name is plain vanilla, the card is anything but. It’s packed with benefits and features that appeal to discerning travelers as highlighted above.

The Platinum Card comes with several lifestyle credits as well once cardmembers enroll. Card members can receive up to $300 annually in statement credits toward an Equinox fitness membership or on the Equinox+ digital fitness app, when you pay with your card. Consumer cardholders receive up to $20 back each month toward purchases and subscriptions with Disney+, Hulu, Peacock, The New York Times and other participating providers.

Long-standing benefits include a semi-annual $50 credit for purchases at Saks Fifth Avenue (for a total of up to $100 per year). Cardholders also receive $15 in Uber Cash monthly ($35 in December) when adding their card to their Uber account for use on U.S. rides or UberEats orders. Effective 11/8/24, an eligible card must be enrolled and selected as the payment method for the Uber or Uber Eats transaction to redeem this benefit.

Although the card earns Membership Rewards points on every purchase, it’s not exactly best in class. With this card you’ll earn 5 Membership Rewards Points per dollar for flights booked directly with airlines or with American Express Travel on up to $500,000 per calendar year, 5 points per dollar on prepaid hotels booked with American Express Travel and 1 point per dollar on other eligible purchases. This card shines for the benefits, not the opportunity to earn rewards.

If all this sounds too good to be true, take a look at the annual fee. Members will pay a $695 annual fee per year to access these privileges. Heavy users will find that justifiable. The statement credits and reimbursements alone could add up to more than $1,500 per year—if you use them. The value of elite status and membership perks will also vary considerably depending on if and how often you use them.

What if you could get the same benefits but redeem your points into your investment account? You can, with The Platinum Card® from American Express for Charles Schwab*. The card earns rewards at the same rate as the normal Platinum card and comes with some of the same credits.

There’s a catch though, and it’s a big one. In order to apply for this card, you have to be a Schwab customer with an eligible account, which includes Schwab One, general brokerage and select IRAs.

Cardholders with sizable balances will also receive annual statement credits: $100 if your qualifying Schwab holdings are at least $250,000, $200 in statement credits for million dollar holdings or $200 and an $800 cash bonus in your Schwab brokerage or IRA if your qualifying Schwab holdings are equal to or greater than $10,000,000.

This can be an excellent alternative for Schwab customers since you’ll get some extra redemption flexibility, and perhaps a statement credit, without trading any of the underlying perks. Even with the extra benefits, the card still has the same $695 annual fee as the regular Amex Platinum Card.

Yet another version of the Platinum card, The Platinum Card® from American Express exclusively for Morgan Stanley* is similar to the Schwab version in that you can invest your rewards into a qualifying account. The name makes it clear—it’s only available to Morgan Stanley customers with an eligible brokerage account. For those that qualify, it has a few extra perks compared to the standard card.

The main upside to this card is that you can get a first card for an authorized user for free (normally $195). If you’re in a two-adult household, for example, you can get the free extra card so your partner also has premium airport lounge access and other travel benefits. Their expenses will also earn points at the same rate and feed into the same Membership Rewards account so you can build your balance faster.

If you have a Morgan Stanley Platinum CashPlus account, you’ll also receive a $695 Annual Engagement Bonus to help cover the annual fee on your card. Although this money management account won’t appeal to everyone, if you’re a customer anyway, it can be a strong advantage to choosing this version of the Platinum card compared to another.

Small business owners should also take a look at The Business Platinum Card® from American Express. Like all three personal cards, the Business Platinum comes with generous travel benefits including airline lounge access, statement credits toward a CLEAR Plus membership and up to $200 in statement credits toward airline incidental fees on an eligible airline you chose each year.

The Business Platinum card excludes several lifestyle benefits with enrollment, such as the annual Saks, Uber and digital entertainment credits. Instead, it offers up to $400 in statement credits for eligible Dell purchases ($200 semi-annually) with enrollment, up to $120 in statement credits per year for wireless telephone purchases made directly with a wireless provider in the U.S. with enrollment and up to $150 in statement credits for eligible Adobe software purchases with enrollment. The Dell and Adobe credits are scheduled to expire 12/31/24.

Pre-selecting your preferred airline is even more important on the Business Platinum card. Not only does it impact the incidental fee credit, but it also impacts a unique feature of this card. If you Pay with Points to purchase all or part of an economy airfare from your designated airline through American Express Travel, you’ll receive 35% of your points back for future use. This rebate is extended to all airlines for business or first class fares, up to a maximum refund of 1,000,000 points annually.

Earning rewards points also gets taken up a notch. Cardholders will earn 5 Membership Rewards® points per dollar on flights and prepaid hotels through American Express Travel, 1.5 points per dollar on eligible purchases at U.S. construction material & hardware suppliers, electronic goods retailers and software and cloud system providers, and shipping providers, as well as on purchases of $5,000 or more, on up to $2 million per card account per calendar year and 1 point per dollar on other eligible purchases. Purchases eligible for multiple point bonuses only receive the highest eligible bonus. These extra perks come at a cost, though. The annual fee is steep at $695.

New cardholders may qualify for a welcome bonus if they meet minimum spending requirements on their card, but only if they’ve never received a welcome bonus on that card or other cards in the same family of cards.

If you’ve previously received a welcome bonus on one version of the Platinum Card, you may not be eligible for a bonus on a second, different card. Amex notifies you as part of the application if you’re not eligible to earn a welcome offer. In that case, you can withdraw your application with no impact to your credit.

When it comes to selecting the best fit from the four options, you’ll find the biggest differences between the personal and business versions of the card. They come with different statement credits that will impact your valuations, although whether you intend to use the card for personal or business use is likely to be a larger factor.

Within the personal card family, the two co-branded options offer additional flexibility and the potential to lower your out-of-pocket cost through extra statement credits. Unfortunately, many applicants won’t be eligible for the Charles Schwab or Morgan Stanley Platinum cards which can make your decision a whole lot easier.

For most people, the regular, classic Platinum Card will be the ideal choice.

Because most of the included benefits are the same across all cards, you’re in for a treat whenever you travel. No matter which card you apply for, this family of cards doesn’t skimp when it comes to travel benefits.

Forbes Advisor Banking Writer Kevin Payne contributed to this article.

To view rates and fees for The Platinum Card® from American Express please visit this page.
To view rates and fees for The Business Platinum Card® from American Express please visit this page.
¹Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.