American Express Platinum Card Review

Verdict: The Platinum Credit Card from American Express offers the highest level of top-tier benefits to cardholders – the prestige associated with card membership is like no other program available. The rewards program is like no other and the annual fee of $450.00 seems minimal when compared to the rewards that cardholders have access to.

Overview

As an added bonus to being an American Express Platinum cardholder, you are granted invitation only to once in a lifetime events and experiences.

The card has no pre-set spending limit – and like many other American Express cards, is a charge card rather than a credit card. The balance must be paid in full each month.

How This Card Works

This is a charge card; therefore, all payments that are made on the card during the billing period are due in full at the time of billing. Late payment fees accrue if these payments are not made on time.

Although there is no pre-set spending limit on the card, purchased must still be approved. Purchases are approved through a variety of factors including payment history with the company, credit rating and history, financial resources and current spending history and habits. It is important that customers realize that just because there is no pre-set spending limit does not mean that you are entitled to limitless spending.

Every billing period, the purchasing power of the card holder adjusts with current history and spending patterns.

Travel and Shopping Benefits

Although this card comes with a hefty yearly fee, the benefits outweigh the fee. Here are some of the benefits associated with membership of the Platinum Credit Card:

• Personal service like no other when it comes to redemptions and rewards
• 24 Hour access to concierge services in every single city
• Year end summary for users in categories such as travel, spending and clothing
• Exclusive shopping privileges at Saks Fifth Avenue, Neiman Marcus and Sony
• Extended warranty plans up to five years with every purchase made using the American Express
Platinum card
• Access to invitation only, once in a lifetime events for cardholders only. These include sports, fashion and fine dining and are experiences that cannot be purchased by the general public
• Receive complimentary companion tickets when booking in first class or business class tickets in the United States or overseas
• Receive special amenities and treatments when staying at more than five-hundred hotels worldwide including a complimentary room upgrade, late checkout and continental breakfast for two as well as a unique amenity offered at each hotel
• Enjoy upgrades and discounts at car rental companies and save time on paperwork and other formalities
• If you are a cardholder and try to return an item to a retailer within ninety days and the retailer refuses to take back the purchase, the amount may be refunded to the card in the amount of up to $300.00 per item, at the maximum amount of $1,000.00 per year.

Fees

Late payment fees are different from state to state, but range between the greater of $35.00 or 2.99% of the balance on the card.

The annual fee for membership to the American Express Platinum card is $35.00. With no pre-set spending limit, the balance may adjust month to month to accommodate your means and spending limits.

Pros

• 25,000 bonus membership points to new customers when you spend $1000.00 in your first three months of activating the card
• Complimentary airport club access, worldwide
• No Preset spending limit
• Private Rewards for Platinum Members

Cons

• Balance must be paid in full each month, or each billing period
• Annual fee of $450.00
• Extra Cards come at the added cost of $175.00

Apply for the Platinum Credit Card from American Express.