That is an American Express credit card that is exclusively created to provide users with a plated of privileges and rewards. As such, this card suits those who frequently travel, eat in restaurants and make large, high value purchases to enjoy superior service which adds to their quality of life.
In this card review, we will look at features that make it stand out; advantages of the Platinum Card® and its possible disadvantages so that you can be in a better position to decide whether you should apply for the card or not.
Key information about the credit card
How does the annual fee work?
The annual fee for the Platinum Card ® is $695. This fee is another factor that can attract car holders and at the same time be very expensive if considered in the right perspective because of the following benefits and rewards of the card below. Unfortunately, this fee cannot be avoided, though the benefits that people can receive through the card can be worth the fee to many cardholders.
How is the credit limit determined?
The credit limit of the card, the Platinum Card® is not set as is the case with other regular credit cards. Rather it is a type of charge card, and therefore there is control limit on the amount that can be spent. This means that individuals who possess the necessitated credit capacity can make big purchases and amass hefty expenses that maybe can be hard to meet a fixed cut off point.
Advantages of the credit card
- 80,000 Membership Rewards® points welcome offer: Welcome bonus points of 125,000 is attainable by new card members after they charge $8,000 on the card in the first six months of membership.
- $200 Uber Cash: Get $15 in Uber Cash per eligible orders made with Uber Eats and Uber rides in the US monthly + $20 in December.
- $189 CLEAR® credit: Receive up to $189 per year in statement credits to help with the membership charge of a CLEAR Plus Membership.
- Global dining access by Resy: Unique privilege to premium eating joint and most popular restaurants across the world.
- Premium car rental protection: Primary coverage for rental car theft or damage and excess medical coverage should be used.
Standout advantage
Another great strength of the Platinum Card® is the travel rewards, especially the Amex Lounge with the American Express Global Lounge Collection®. This alone is worth more than $500 giving cardholders free access to numerous airport lounges across the globe including, Centurion Lounges, Priority Pass lounges plus select partner lounges.
Disadvantages
- High annual fee: This may also be possibly the only limitation of the card, as the $695 annual fee can be a put off for some people.
- Limited benefits for infrequent travelers: It means that the individuals you seldom travel will not be maximizing the utilization of the travel-associated benefits.
- High APR: The interest rate that fluctuates between 21. 24% to 29. 24% on eligible charges, which can inevitably prove to be expensive, particularly when balances are not fully settled.
A standout disadvantage
The main con of having this card is that the annual fee is relatively high when compared to some of the other cards in the market. This fee is $695, which places it among the highest in the credit card market; therefore, customers cannot afford it if the benefit of using such a card cannot compensate for the amount paid.
Who can apply for this card?
This card is directed to those with good Equifax credit scores, so, the users must be able to meet the financial demands posed by the credit card. It is profitable to select candidates with the high income level, which will cover the annual fee and potential expenses.
Also, the applicants must be at least eighteen years while the social security number or tax ID is required. The card is not designed for credit crippled persons or those who may be experiencing some form of instability at the moment.
How to apply for the Platinum Card® American Express
For the website
To apply for the Platinum Card® you have to go to the official website of American Express. After getting to the site, look for the section with the Platinum Card®. There, you will be asked to complete the application in a form and it may require areas like name, address, social security number, and income.
Double cross check all the documents so that there is no complication that may delay the outcome of your application. After you have entered your details, click on it to crosscheck with your details and finally submit your application. If the application is approved with the company, then the card will be mailed to you within 7 to 10 business days.
Through the app
One more possibility is the applying for the Platinum Card® directly online using the American Express mobile app. First and foremost, the first step culled from the above information on how to get started with the American Express card is to download the application in your mobile phone from the App Store if you are an iPhone user or the Google Play Store if you are using Android phone.
When you download the app to your device, open it and sign in using your existing American Express login information if you have an account. In this case, a browser should be opened, and the user should go to the page designated for the Platinum Card®; after this, one should press the “Apply Now” button. Once the application is filled, you will get an instant decision as regards your approval. However, if your application is granted, the new card will be posted to your address in the normal course of business.
At the branch
If one prefers to apply in person, then they can go to one of the American Express offices or an agent. In a branch, a client may get to actual talk with an executive and get comprehensive help on the application of the credit. They will give you an application form to which you will be required to fill all your basic personal data as well as financial data.
After you have filled the form, you should submit it to the representative, who shall attend to your application. If your application is accepted, you will get a credit card in the mail within a week to a fortnight.
