One of the most exclusive credit cards on the market, the Platinum American Express card offers a number of outstanding bonuses and advantages. But is the high annual cost worthwhile? To decide if the Platinum Amex card is worthwhile, let’s examine its characteristics in detail.
First off, after spending $5,000 in the first six months, the Platinum Amex card offers a substantial welcome bonus of 75,000 Membership Rewards points. You can exchange these points for vacation, purchases, or statement credits. Additionally, cardholders receive one point for every dollar spent on all other purchases and five points for lodging booked directly with airlines or through American Express Travel.
A number of other travel-related advantages are also provided with the Platinum Amex card, such as free gold status at Hilton and Marriott hotels and access to more than 1,200 airport lounges worldwide. Additionally, cardholders earn up to $100 in annual statement credits for purchases made at Saks Fifth Avenue.
However, the benefits don’t end there. Premium roadside assistance, loss and damage insurance for rented cars, and travel accident insurance are all included with the Platinum Amex card. Additionally, cardholders have access to a concierge service that may help with booking reservations, planning trips, and more.
Let’s now answer the pertinent queries. The business credit reporting company Dun & Bradstreet receives reports from American Express companies. According to how the card is used, Amex may or may not raise credit scores. The card can boost a person’s credit score if payments are paid on time and balances are maintained low. However, the card may have a negative effect on credit ratings if payments are frequently late or balances are excessive.
A business owner’s personal credit score may be harmed, legal action may be taken, and assets may be seized as a result of defaulting on a business credit card. It’s crucial to send payments on schedule and keep the credit card company informed of any problems.
In conclusion, those who frequently travel may find the Platinum Amex card to be worthwhile given all of its advantages. To minimize damaging effects on credit scores, it’s crucial to use the card properly and make payments on time.
Depending on the particular card, American Express has a different minimum income criterion. The minimum yearly income criterion for the Platinum American Express card is $75,000, though.