Are you in the market for a new card and considering the The Platinum Card®? Before you apply for the card, you'll want to learn some key facts about the offer and how it compares to other cards on the market.
First, let's cover the basics. In reviewing the card, we rated it a 4.7 out of 5.0, which means that like many other cards, we found the The Platinum Card® to have some solid benefits and some possible drawbacks.
The Platinum Card® is notoriously found in the wallets of well-traveled, high-earners. The rewards are a bit restrictive, but the travel credits and perks can't be beaten.
Next up, let's dive into the details you should consider before applying. Here's a rundown of the card's key features, rates, and terms:
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BEST OVERALL RATING
★★★★★
4.7
- Earn 80,000 Membership Rewards® points after you use your new card to make $6,000 in purchases in your first 6 months of Card Membership
- Earn 5X Membership Rewards® points for flights booked directly through airlines or American Express Travel, on up to $500,000 on these purchases per calendar year. Also earn 5X Membership Rewards® points on prepaid hotels on AmexTravel.com. Earn 1X points on all other purchases.
- $200 annual hotel credit, $200 annual airline fee credit, $25 monthly Equinox credit, $15 monthly Uber cash credit, $50 bi-annual Saks Fifth Avenue credit, and more.
- Platinum Card Members have unlimited complimentary access to all locations of The Global Lounge Collection, including 1,400 airport lounges across 650 cities.
- Automatic Marriott Bonvoy Gold Elite Status and Hilton Honors Gold Status. Enrollment required.
- Choose among three card designs
- Fee Credit for Global Entry, TSA Pre✓®, CLEAR®
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N/A
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N/A
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20.49% - 27.49% Pay Over Time
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$695
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Excellent
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There's certainly a lot to like about the The Platinum Card®. But just like with other cards we review, we stress that potential applicants should pay attention to this card's rates and fees as part of the bigger overall picture.
Let's dive deeper into those rates and fees, as they could make or break whether owning the card makes sense for you and your financial situation.
The interest rate, also known as APR (annual percentage rate), tells you what percentage of your balance you can expect to pay in interest annually if you carry a balance.
According to the issuer, the The Platinum Card® currently charges the following interest rates on purchases and balance transfers:
- Purchase Intro: N/A
- Balance Transfer Intro: N/A
- Regular APR: 20.49% - 27.49% Pay Over Time
Another possible expense to consider is the annual fee, which is the amount a cardholder is required to pay each year for the privilege of owning a particular card.
Here's the annual fee for the The Platinum Card® as listed by the issuer:
See site for details »
So far, we've covered the The Platinum Card® in great detail, from its many benefits to its current rates and fees. But what are your odds of approval? What credit score is needed to become a cardholder?
According to the issuer, the current general credit history requirement for the card is:
If you feel you have the credit needed for approval and you're ready to apply, you can do so online on the issuer's secure website.
Keep in mind that rates and features may change, so if you like what the card is offering today, you may want to apply now to lock it in its current terms before it's too late.
We've discussed the many benefits, drawbacks, and requirements of the The Platinum Card®, but how does it rank versus similar cards on the market? Below are all the category-specific ratings our team gives the card, along with the card's ranking within each category.
Quick hint: Want to see our best-reviewed cards in each category? Simply click the category name to see our top picks:
All told, our team's review of the The Platinum Card® resulted in a rating of 4.7 out of 5.0, as the card features many pros and cons for a potential cardholder to consider. Ultimately, it's up to you to determine if the card's benefits outweigh its possible drawbacks. If you determine that it's a fit for your needs, you may want to apply soon, as terms throughout the industry change regularly.
We hope our guide has been helpful in learning all you need to know about the The Platinum Card®. We wish you the very best on your financial journey!
Be sure to visit the official website for The Platinum Card® to learn complete details about its features and terms. If you’re not quite sure if The Platinum Card® is right for you, we encourage you to check out these guides to popular alternatives:
Before applying for the The Platinum Card® offer or any other offer, be sure you understand all fees, interest rates, and terms so you can make the best decision for your own financial goals.
Toby founded Digital Brands, the parent company of CardRates.com and its sister sites, and now serves as Chairman of the Board. He lends his 15 years of credit card industry experience to educate consumers on the responsible use of credit. His knowledge base spans credit card reward programs to credit repair, lending, and credit bureau reporting.
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