Picture this, you’ve worked hard to get where you are in life. And by most people’s accounts, you’re a baller (baller is unisex by the way). Maybe you fit into one of these categories: You’ve attended a great school, gotten an advanced degree, worked your way up the corporate ladder, started one or more businesses from the ground up, built a real estate empire, or made some sound investments. You might have even played professional sports for a while. Better yet, maybe you’re a well-known Social Media influencer or YouTube personality. You make $300K, no $500K, no make that $750K per year.
Sure, you save plenty. But you also like to floss every now and then. You know, by going on great vacations where you stay in the finest of hotels or luxury Airbnbs, flying first class along the way. You splurge on birthdays for your spouse, buying $5000 Chanel bags or $10,000 Rolex watches.
Your house or apartment is a straight vibe and there’s a Mercedes, Range Rover or G-Wagon in the garage. Maybe even all three! You’re up, as they say.
A baller like you is surely not putting these purchases on a debit card. Heck you’re probably not even using a run-of-the-mill credit card. You’ve probably got a heavy-duty metal card that earns you crazy points or miles…and catches eyeballs everytime you pull it out, causing those around you to wonder, “Who is this?”
You undoubtedly have applied for and received the AMEX Black Card, so that’s what you’re using – right?
Oh wait, no you’re not! Because the AMEX Black Card (formally known as the American Express Centurion Card) isn’t something you can simply apply for. It’s an invite only card, and you don’t meet the criteria to receive an invite.
While the AMEX Black Card is shrouded in secrecy, some of the rumored criteria to possess it includes the need for an 800 Credit Score, annual AMEX spending of $500K or more and a minimum annual income of $1 Million! Oh, and there’s one other prerequisite – you need to be an existing American Express Platinum cardholder and spend around $200,000 annually to even be considered for an invitation. And if you ARE lucky enough to receive an invite, be ready to open your wallet. The Black Card comes with a $10,000 initiation fee and a $5,000 annual fee. For that, you have no spending limit – which will allow you to go out and put that $500,000 Rolls Royce on your card to round out your garage.
But what about the rest of us ballers? You know, those of us who haven’t achieved next-level baller status yet. Those of us who are a few rungs down from Oprah, Kanye, Kim K., Beyoncé, Denzel, Jerry Seinfeld, Jay-Z, Mark Cuban, and Simon Cowell – all celebrities rumored to have the AMEX Black Card.
Well, THERE IS a luxury card option for us “real-world” ballers. And the best part, it won’t hurt your pockets like the black card but still gives you plenty of spending power (last I checked my card says I’m free to charge $75K).
I’m referring to the original status symbol card, the OG, the Platinum Card from American Express.
Despite what may seem like a fascination with the AMEX Black Card, I’m here to tell you that the Platinum Card® from American Express is the GOAT of travel rewards cards.
While the annual fee is much more manageable, the hefty $695 fee means you’re still likely to be one of just a handful of people in your vicinity with the card. And if you’re about that luxury travel life, the Amex Platinum is the card you need in your wallet.
Amex Platinum Perks and Benefits
The Amex Platinum card is like the VIP pass of credit cards, offering a plethora of premium perks:
- High-End Airport Lounge Access: Gain entry to Centurion lounges, Escape lounges, Delta Sky Club, and more.
- More Annual Credits Than A Tiger Has Stripes:
- $200 for prepaid Fine Hotels + Resorts® or The Hotel Collection bookings.
- $200 for airline incidental fees.
- $200 in Uber credits.
- $100 for Global Entry or TSA PreCheck®.
- $300 for Equinox+ subscription.
- $20 monthly for select streaming services and publications.
- $189 for CLEAR® Plus membership.
- $155 for Walmart+ membership.
These benefits can easily offset the $695 annual fee if you use them wisely.
Amex Platinum Rates and Fees
- Annual Fee: $695
- Foreign Transaction Fee: None
- Purchase APR: Variable APR of 21.24% to 29.24% on eligible purchases
Additional Perks
- $50 Saks Credit: Up to $50 in statement credits twice a year.
- Elite Car Rental Status: Premium status with Avis, Hertz, or National.
- Travel Insurance: Trip delay, trip cancellation/interruption, and rental car insurance.
- Purchase Protection: Coverage for stolen, damaged, or lost items.
- Extended Warranty: Adds an extra year to warranties of five years or less.
Earning Rewards with the Amex Platinum
The Amex Platinum Card scores 5x Membership Rewards® Points on flights booked directly with airlines or with American Express Travel (up to $500,000 annually), 5x points on prepaid hotels booked through Amex Travel, and 1x points on other purchases. At the time of this post, new cardholders can snag a welcome bonus of 80,000 Membership Rewards® Points after spending $8,000 in the first 6 months.
Redeeming Amex Platinum Rewards
Your Membership Rewards points are versatile, offering several redemption options:
- Pay with Points at Checkout: Use points like cash with partners like Amazon, Best Buy, and PayPal, typically at 0.7 cents per point.
- Travel with Pay with Points: Book travel through AmexTravel for 1 cent per point on flights and hotels in the Fine Hotels & Resorts Collection, or 0.7 cents per point for other travel bookings.
- Transfer to Partners: Transfer points to Amex’s 18 airline and 3 hotel partners for potentially higher value.
For example, transferring points to Delta’s SkyMiles program can save you significant points on flights compared to booking directly through Amex Travel.
Other Redemption Options
- Gift Cards: Redeem for hotel, airline, restaurant, or retailer gift cards at 0.7 to 1 cent per point.
- Statement Credits: Worth only 0.6 cents per point, making this the least valuable option.
Who Should Rock the Amex Platinum?
The Amex Platinum is perfect for those who love to earn points, travel in first class, access exclusive airport lounges, and partner with a credit card company that has your back with extended warranties, purchase protections, travel insurance, and concierge services. If you can navigate multiple credits like a pro, this card is your new best friend. It’s like having a VIP pass to the best perks in the travel world.
Who Should Skip the Amex Platinum?
If your idea of travel is the occasional road trip, this card isn’t for you. Sure, whipping out that sleek metal card might impress your friends or coworkers, but savvy credit card users will wonder why you’re not using something like the American Express Gold Card for high dining rewards.
Alternatives to the Amex Platinum
Other premium travel cards offer great rewards rates, but might not have the same lounge options or credits. Let’s check out some contenders:
Chase Sapphire Reserve vs. Amex Platinum
The Chase Sapphire Reserve® sports a $550 annual fee compared to the Platinum’s $695. It offers a solid rewards rate and perks that are easier to use for most people. You get a $300 annual travel credit that covers almost any travel purchase, from flights to campgrounds. Rewards on the Sapphire Reserve include 10x points on hotels and car rentals through Chase Travel℠, 5x points on flights through Chase Travel℠, 3x points on other travel and dining, and 1x point on everything else. Plus, you get Priority Pass Select membership and access to the budding network of Sapphire lounges. Chase’s 11 airline and 3 hotel transfer partners, along with a 50% points value boost when booking through Chase, make 60,000 Ultimate Rewards points worth $900 in travel. Not too shabby!
Capital One Venture X vs. Amex Platinum
The Capital One Venture X Rewards Credit Card brings a competitive edge with a $395 annual fee. It packs a punch with a $300 annual credit for bookings through Capital One Travel, 10,000 bonus miles each anniversary, and up to $100 credit for Global Entry or TSA PreCheck®. The Venture X earns 10x miles on hotels and rental cars through Capital One Travel, 5x miles on flights booked through Capital One Travel, and 2x miles on all other purchases. It also offers primary auto rental coverage, cell phone protection, and lounge access to Capital One, Priority Pass Select, and Plaza Premium lounges. Capital One’s 15 airline and 3 hotel transfer partners might make you consider ditching Centurion lounge access for the Venture X’s straightforward perks and lower fee.
Is the Amex Platinum Right for You?
If you travel frequently and can take full advantage of its perks, the Amex Platinum is worth every penny. Frequent flyers who value Centurion lounge access and can utilize credits for Uber, Equinox, and more will find this card a perfect fit. For others, a different card might be more suitable, offering high rewards without the premium price tag.
Final Thoughts
The Amex Platinum is the ultimate flex for real-world ballers who live the luxury travel lifestyle. But it’s not just about showing off; it’s about maximizing the luxurious perks and rewards. So if you’re looking to travel in style with the ability to drop the occasional 20 or 30K on your card with no hassle, the thin chunk of metal known as the AMEX Platinum could be the perfect sidekick. And if one day you win the mega-millions lottery or invest in the next big tech company – allowing you to achieve next-level baller status, your AMEX Platinum might just serve as your gateway to the Black Card. #goals
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