3 Things to Know Before You Apply for the Amex Platinum Card

The Platinum Card® from American Express is not like other cards. For some people, it’s a top travel card, offering high rewards rates and premium perks like airport lounge access, hotel room upgrades, and more.

But there are a few things you should know before you commit to its $695 annual fee (see rates and fees). See if the Amex Platinum Card makes sense for you.

1. It’s not a credit card

Technically, the Amex Platinum Card is not a credit card. It has two big differences.

There’s no preset spending limit

“No preset spending limit” does not mean “no limit at all on your spending.” It means that Amex may not put a hard limit on your spending. However, some cardholders may be notified that their spending has been limited to a certain amount.

This can happen at any time, and the limit can also be changed or removed at Amex’s discretion. Generally, Amex will change your limit based on your purchase, payment, and credit history.

You can set a limit on balances that incur interest, but the rest must be paid in full

Traditional charge cards require you to pay your balance in full every month. The Amex Platinum Card used to work this way, too.

However, Amex added a feature called Pay Over Time, which allows you to carry unpaid balances — and pay interest on them. In that sense, it works much like a credit card. Cardholders are automatically enrolled in Pay Over Time, though they can set a limit on the balance they’re able to carry past their payment due date (terms apply).

For example, if you set your Pay Over Time limit to $1,000, and you spend $10,000 in a billing cycle, then you will have to pay $9,000 in full, but the remaining $1,000 can be paid off over time (and with interest).

That said, Amex Platinum Card holders should avoid using Pay Over Time, as the card charges a very high APR on unpaid balances.

If you can handle a high spending limit and pay your balance in full each month, then the Amex Platinum Card may be a good choice for you. If not, you’re at risk of racking up huge amounts of high-interest debt.

2. You’ll likely need a FICO® Score of 670 or higher to qualify

This is not a hard-and-fast rule. In addition to your credit score, Amex considers other factors when reviewing your application, including:

• Your income and income sources
• Your history with Amex (if any)
• Other information in your credit report, such as your payment history and debt-to-income ratio

So it’s possible to be approved with a score below 670. It’s also possible to be denied despite an excellent credit score.

That said, you generally need a FICO® Score that’s in the “good” range (670-739) or higher to get the best credit cards. If your FICO® Score is lower than that, then you may want to focus on improving your credit score and your overall finances before you take on a high-limit, high-APR card like the Amex Platinum Card.

A hefty welcome offer and up to 5X Membership Rewards points on travel are just the tip of the iceberg. Click here to learn more in our full Amex Platinum Card review.

3. You can earn the annual fee back several times over

For the right type of spender, the Amex Platinum Card provides a ton of value. Here are some of the perks and rewards it offers:

• 5X points on flights booked directly with airlines or with American Express Travel, up to $500,000 on these purchases per calendar year
• 5X points on prepaid hotels booked with American Express Travel
• Access to over 1,400 airport lounges
• Over $1,000 worth of statement credits for certain purchases, including airline fees, streaming services, Uber rides, and more
• A one-time welcome offer of 80,000 Membership Rewards points for new Amex cardholders who spend $8,000 within the first 6 months of card membership.
• Terms apply, enrollment may be required

If you spend a lot on travel and make full use of your rewards and credits, then the Amex Platinum Card could save you thousands per year.

However, if you’re not a regular traveler and won’t be able to make the most of the perks this card offers, then there’s likely a better fit out there for you. Check out our list of no annual fee cards to find one that could be a better fit for your lifestyle.