Platinum credit card from Amex: Is it worth it despite the high annual fee?

Platinum credit card from Amex: Is it worth it despite the high annual fee?

Credit cards often offer numerous additional services. The platinum credit card is considered a premium version because it offers some exclusive advantages and services for its holders. But does that justify the sometimes very high annual fees? We did the math.

If you travel a lot, you might consider a premium credit card like the American Express Platinum Card. Premium cards offer numerous additional services, but the providers usually charge much higher annual fees. In addition, the minimum requirements in terms of income and creditworthiness of the applicant are more demanding. Are the high annual fees from Amex and other providers still worth it? We took a look at it.

Platinum credit cards and their advantages at a glance

Credit card providers often have several card variants in their repertoire. In addition to the standard cards, there are often premium versions, which in many cases include the platinum card. This is usually associated with higher costs, but also offers a wide range of additional services.

Bonuses and additional benefits vary depending on the provider and the specific Platinum program. That’s why interested parties should carefully check the terms and conditions of the respective Platinum credit card in advance to ensure that it meets their individual needs. The following additional services are examples of platinum cards.

Travel benefits:

  • Free or reduced-cost access to airport lounges
  • Travel insurance for loss of luggage, trip interruption and medical emergencies
  • Reimbursement or reduction of travel expenses, such as airline tickets and hotel bookings
  • Advantages and discounts on hotel reservations and car rentals

Reward programs:

  • Reward programs with points, miles or cash back on purchases
  • Bonus points for certain expenses when traveling, dining out or shopping

Insurance coverage:

  • Travel insurance, car insurance and purchase protection
  • Reimbursement if credit cards are lost or stolen
  • Limitations of Liability for Fraudulent Transactions

Customer service and support:

  • 24/7 customer service available
  • Personal advice and support for cardholders
  • Concierge services for reservations, events and travel tips

Additional benefits:

  • Exclusive invitations to events, concerts and VIP experiences
  • Special offers and discounts from selected retailers and partners
  • Access to premium services and privileges in various industries

American Express Platinum credit card: The maximum of additional services

The Platinum Card from American Express is suitable for people who travel frequently, value a high quality of life and are willing to pay the high annual fees to benefit from the additional benefits and privileges. This is what the Amex Platinum Card specifically offers:

  • There is currently a welcome bonus of 65,000 points: The new customer bonus of 65,000 points is the highest that American Express has ever issued. In order to receive this, however, you must spend 10,000 euros with the card in the first six months. If all everyday expenses are paid for with the Platinum card, it will be quicker than expected. Alternatively, new customers can also choose a starting credit of 230 euros, which is also a current offer that is impressive. But of course the minimum turnover also applies here.
  • 200 euros online travel credit annually: The credit can be redeemed for flights, hotels and rental cars on the American Express online travel portal.
  • 150 euros per year for restaurant visits: Redeemable at participating restaurants worldwide.
  • 90 euros shopping credit annually: Redeemable at online fashion boutique Mr Porter or Net-A-Porter.
  • 200 euro travel credit with SIXT ride: A maximum discount of 25 euros is possible per trip.
  • 120 euros credit for your favorite streaming providerincluding Amazon Prime, Netflix and WOW.
  • Worldwide lounge access at airports: Platinum cardholders and a companion are welcome in over 1,200 lounges at around 500 airports in more than 130 countries.
  • Insurance coverage: Insurance package consisting of foreign travel health insurance, travel cancellation insurance, luggage insurance, travel personal liability insurance, travel accident insurance.
  • Collect points in the bonus program: For every euro spent with the Platinum Card you will receive one Membership Rewards point. Bonus points can be used to pay for purchases, trips, vouchers or donations.
  • Free Platinum additional card for the partner as well as an additional Platinum Plus Card for billing on a separate account.
  • Status upgrades with airlines, hotels and rental car partners.
  • Additional discounts with Amex Offers: This allows cardholders to take advantage of special offers such as credits or discounts.

Disadvantages of the Amex Platinum Card

The additional services of the Amex Platinum Card come at a price. Cardholders pay a monthly fee of 60 euros, which corresponds to a total annual fee of 720 euros. Are the high running costs worth it? If the value of the benefits is compared to the fees, the costs are put into perspective relatively quickly. The credit for shopping, travel, restaurant visits and entertainment alone is equivalent to 760 euros per year, plus the advantages of the bonus program and the welcome bonus of 65,000 Membership Rewards points, which is currently being granted to new customers.

However, there are also some requirements that must be met:

  • The applicant must be at least 18 years old
  • A positive Schufa report is mandatory
  • There must also be a regular income
  • Applicants need an account with a German credit institution
  • Your place of residence must also be in Germany

Alternative platinum credit card: Barclaycard Platinum Double

The Amex Platinum Card’s high fees can be a big hurdle. If you would still like to have a platinum credit card, you can consider the Barclaycard Platinum Double as an alternative. This card also offers a wide range of additional services, but is significantly cheaper with a fee of 99 euros per year.

Broken down to the month, the Barclaycard Platinum Double costs 8.25 euros. However, it offers fewer additional services compared to the American Express card. But the Barclaycard platinum card also includes an insurance package for travel. Another plus point is the ability to pay and withdraw cash worldwide without any fees.

The most important advantages of the Barclaycard Platinum Double

  • Travel insurance package with international travel health insurance, trip cancellation and trip interruption cost insurance
  • Fee-free withdrawals and payments worldwide
  • No foreign currency fee
  • No liability for card misuse through no fault of your own
  • Rental car insurance

Credit cards with platinum premium status: what matters

If you travel a lot and can take advantage of the numerous advantages of the Amex Platinum Card, the high annual fee is worth it. However, if you ignore the additional services and don’t know how to use them sensibly, 720 euros is a lot of money that might be better spent elsewhere. If you want to forego some of the benefits and still have a Platinum credit card with benefits such as travel insurance, then the Barclaycard Platinum Double might be enough.

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Source: Stern

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