TL;DR: This is an amazing card with a respectable rewards points earn rate. Where it really shines is the additional benefits that are included.

If you’re looking for luxurious perks such as airport lounge access, private dining events from famous chefs, and a world-beating suite of insurance benefits then this just might be the card for you!

The American Express Platinum first came out in the 1980’s, and remains one of the most prestigious cards available to everyday consumers.

This fantastic card is right at the top of the travel rewards credit card game along with the Chase Sapphire Reserve and Citi Prestige.

The American Express Platinum comes with an high annual fee of $550. If you’re looking for the best bang for your buck in terms of earning rewards points then this is likely not the card for you.

However, if you’re looking for terrific customer service, an amazing suite of insurance benefits, and luxurious perks then you are exactly the type of person that the American Express Platinum card will delight.

As a platinum member, you will have access to American Express platinum-only contacts as well as the platinum concierge. It’s tough to quantify the value of their customer service in dollar amounts, but if you’ve ever dealt with their team you get the feeling that AMEX employees genuinely care about solving your problem – whether it be a lost card, reversing fraudulent charges, making restaurant reservations, or making an insurance claim.

Before we get into the nitty-gritty details of the different ways you can earn American Express Rewards points, we want to first quantify how much an AMEX rewards point is worth.

Based research by the Credit Carrots team, we value an American Express Rewards point at 1.5 cents. This means if you spend a dollar to earn an AMEX rewards point, then you are getting 1.5% of value back.

Here are the different ways you can earn points:

1 AMEX rewards point per dollar spent on everyday purchases (ie. you’re getting 1.5% of your spend back in reward point value).

5 AMEX rewards points per dollar spent for flights and hotels booked directly through American Express Travel (ie. you’re getting 7.5% of your spend back in rewards point value).

While the AMEX platinum doesn’t have the best overall earn rate in the industry, the 5X category bonus is very impressive and unmatched by any other card. However, AMEX travel doesn’t always offer the best prices so you’re likely getting only about 6% of your spend back in rewards point value when it’s all said and done.

American Express Membership Rewards points are one of the most flexible and valuable point currencies in the marketplace. The value of your rewards point will depend heavily on the redemption option you choose.

The most popular redemption options are below:

Cash Back. You can redeem your AMEX points toward a statement credit at a rate of 0.6 cents per point. This means if you redeem 10,000 points you will get $60 back. This is not good value so we don’t recommend using it unless you’re in a pinch for statement credits!

Amazon. You can redeem your hard-earned rewards points for Amazon purchases at a conversion rate of 0.7 cents per point. This means if you redeem 10,000 points you will get $70 back. This isn’t a great redemption rate, but it is a useful feature during the holiday season if you’ve got a bunch of AMEX points saved up for gifts.

Uber. You can use your rewards points for Uber rides at a rate of 1.0 cents per point. This means if you redeem 10,000 points you will get $100 back. With Uber available all over the place this is a good redemption option for your AMEX points.

Transfers to Partner Programs. This is where the rubbers hits the road. As we mentioned before, we value an AMEX reward point at 1.5 cents. The best way to get at least that value is to transfer your AMEX points to one of their partner programs. Transferring your points to a partner program can get you over 2.0 cents back per rewards points depending on what you are booking. The top partner programs are:

• ANA
• British Airways Avios
• Choice Hotels
• Etihad Guest Partner Award Bookings
• Singapore Airlines

Click here for a full list of partner programs from American Express.

AMEX Travel. You can utilize your AMEX rewards points for travel booked through American Express Travel. All Flights be redeemed at a rate of 1.0 cents per point. Other travel charges such as cars, hotels, and vacation packages can be redeemed at a rate between 0.7 cents – 0.85 cents per point.

The prices on AMEX travel typically are not good so we would advise staying away from this option unless you can find either a great sale.

For a full list of point redemption options, check out the American Express website.

The American Express Platinum card has a rich set of luxurious perks that we love. The perks that come with the card more than makes up for its middle-of-the-road rewards points earn rate.

Our favorite benefits of the AMEX platinum include:

• A $100 fee credit for Global Entry or an $85 fee credit for TSA PreCheck. This can be redeemed once every 4 years for Globa Entry, and one every 4.5 years for TSA PreCheck. Global entry will reduce wait times at US Customs, and TSA PreCheck will allow you to be expedited through airport security. If you don’t already have this, then you are missing out!

• A $200 annual airline fee credit. The credit can be applied towards things such as baggage fees, pet flight fees, and change fees. This credit is given by calendar year so you can redeem this multiple times within 12 months (eg. if you get the card in November of this year the credit will reset in January of next year). The only bad thing about this credit is that it can only be used with one airline (that you select).

• Access to the American Express Global Lounge Collection. This includes the legendary Centurion Lounges, Priority Pass lounges, and Delta Sky Clubs (only when flying with Delta). With lounge access you’ll actually look forward to arriving at the airport early and relaxing!

• A $185 Uber credit. This is split into $15 monthly credits plus a $20 bonus in December. We wish the credit was just a straight up $185 a year rather than a monthly allowance, but it’s still a nice feature. Don’t forget you can use this for Uber rides or eats.

• Complimentary Gold status at Hilton and Marriot Hotels. Since Marriott acquired Starwood, the Gold status can be transferred from SPG to Marriott. The Gold status will offer you perks such as free wi-fi and late checkout which can be a lifesaver!

• Complimentary status in Avis Preferred and National Car Rental Emerald Club Executive. The car rental status upgrades will allow you to skip the line when picking up your car, and provide complimentary vehicle upgrades where available.

• No foreign transaction fees. This is a key feature for any international traveler. If you’re charging a foreign currency to your standard credit card, it would cost you over 2% extra for the currency conversion. With no FX fees on the AMEX platinum, you only pay what the banks pay to convert your currency.

• Access to the Global Dining Collection. The dining collection gives you access to exclusive events with famous chefs as well as things like special menus and complimentary beverages at their restaurants. To get access, just contact the Platinum concierge and they can arrange this for you.

• Access to the Platinum Concierge Service. The American Express Platinum concierge is the best in the business. We have used concierges from all of the premium credit cards, and AMEX has the best one – no contest. Their experience with getting access to special events is unparalleled.

For a full list of all benefits click here.