AMEX Platinum Card 2024: Worth the Upgrade? Pros & Cons

I got my new Amex Platinum Card this month. Now at 720 Euros/year, this card is nowhere near cheap. But I have done my research and I decided to give it a try. In this blog, I will cover everything you need to know about the Amex Platinum Card; the benefits, drawbacks, and most importantly, whether it is worth the annual fee of 720 Euros.

I live in Germany, and there is only one word to explain the German credit card industry "Boring". It has nothing much to offer in terms of travel benefits or rewards points like for example in the U.S. So, until recently, I just used a free credit card from Gebuhrenfrei. Nothing special, just an ordinary master card with zero fees. But I knew that, by using a card without any reward points, I was missing out on all these benefits.

So after doing hours and hours of research, I got myself an Amex Gold Card last year. The card costs around 144 euros a year, but for me, it was totally worth it. Thanks to their reward point system, I was able to purchase a round-trip flight ticket from Germany to India for just 380 euros.

Later I upgraded the same flight to Business class and had the opportunity to travel in the luxurious Qatar Airways Q suite for an additional 250 euros. From priority boarding to an à la carte menu to a fully retractable seat, it was an unforgettable experience. It's true that once you fly business, it's hard to go back.

So when the time came to renew it for another year, I thought, Wait a minute, Why not try out the bigger brother. I agree, the 720 euro price tag was not easy to ignore, but then when I read the benefits of the card, the card is worth more than that, IF we use it the proper way. I will explain that soon. But long story short, I called Amex customer care and got myself an Amex Platinum Card.

But one important point that I understood from my research is that, just like the Amex Gold Card, this card is not for everyone. It is well-suited for a certain class of people who can benefit from this card. Now I am not talking about the status benefits of holding a premium card like Amex Platinum. I don't know if it's still a thing. But I am not interested in that. I am only talking about the return on investment of spending such money on a credit card when there are free alternatives available.

But before discussing the benefits, let's first examine the eligibility criteria for an Amex Platinum card. Because if you are not eligible for one, there is no point in learning about its benefits, right?

How To Apply?

The first and most important requirements is to be at least 18 years old, something that most of you would easily satisfy. Other than the obvious age limit, you also need to have a bank account in your name. Additionally, if you are not a citizen of the country you are living in, you probably need to have a permanent resident permit. However, the most crucial factor that decides whether your application gets accepted or rejected is a good credit score. In the US, that means a score above 650, and in Germany, a Schufa score in the 97-100% range. However, your credit score is not the only thing that matters. Your income, history with American Express, and many other factors are also taken into consideration.

Since I already owned an Amex Gold card, I just had to call customer care and ask for an offer to upgrade to Platinum. They gave me 600,000 reward points roughly worth 300 euros, which I wouldn't have got if I hadn't bothered to call. But if you are applying for the first time, you can get 55,000 points which is equivalent to 275 euros if you register with the link in the description and spend around 10,000 euros in the first 6 months. The application process itself is pretty straightforward - fill out some forms, complete the identity verification, and you will receive the card in 1 or 2 weeks. Now if you believe you are eligible, the next part would be interesting for you.

Pros:

Premium Quality

Let's start with a benefit that may not be the most significant, but is still worth mentioning. This card is made of metal, giving it an elegant and impactful appearance. For all of us who are used to having cheap plastic cards, this is a nice touch. Even the packaging says that this card is special. However most of you, if you are like me, are here not for the looks. We want to make sure that each and every dollar we spend is worth it. So let's dive right into the main benefits of the Amex platinum card in detail.

Reward Points

The main reason why anyone would get a travel credit card is to get into the Membership Rewards program. American Express is one of Europe's few consumer credit cards that offer reward points. Amex cardholders earn one point for every 1 euro spent using the card. Additionally, there is a turbo feature that can be activated for an annual fee of just 15 euros, which grants 1.5 points instead of 1 point. You can later redeem these points for non-cash rewards, travel vouchers, or simply transfer to airline or hotel partners in the Amex network, This, in my opinion, is the best way to get the most value out of the points.

For instance, the points can be converted to Qatar Airways Avios Miles at a ratio of 5:4, which allows for free business-class upgrades.

This is how I managed to travel in the Qatar Q Suites last year. You can also transfer points to the Amex-owned PAYBACK program at a 2:1 rate, providing a value of 50 cents for each point. But then this is exactly the case with the younger brother, Amex gold card, so there's nothing much to talk about. The main benefit you get from an upgrade to platinum is the Priority Pass.

Priority Pass Lounge Access

This is by far the most important and flashy perk of owning an Amex Platinum card: the Priority Pass Lounge Access. Those who travel a lot know the pain of trying to sleep in cramped airport seats during long layovers.

So If you're tired of that, this benefit alone might make the upgrade worthwhile. With Priority Pass, you can relax in one of more than 1,400 airport lounges worldwide across 140+ countries, regardless of your travel class. Normally a Priority Pass itself costs around $450, but with Amex, YOU receive all these benefits for free.

And that's not all. If you have a partner card, they can also use the lounge at no additional cost, and both of you can bring one extra guest. That means a total of four people can use the lounge, which makes it ideal for a family of four. You can find a list of all participating lounges in the Amex app. But if you are not a frequent flyer and travel mostly by road or train, there's something for you as well.

Hotel and Rental Car Status Updates

With the Amex Platinum card, you can enjoy elite status at car rental companies such as Avis President's Club, Hertz Gold Plus Rewards Five Star Status, and Sixt Platinum.

This gives you benefits such as discounted rates, upgrades, and the option to add an additional driver for free.

But it's not just car rentals. You can also participate in the status programs of hotels like Hilton, Marriott, and Radisson. This means free room upgrades, free breakfast, early checkin, late checkout and more. But other than raising your travel comforts, the Amex Platinum card can also bring you peace of mind while travelling because of the next benefit.

Insurance Coverage

Amex offers the most comprehensive insurance package available for any credit card on the German market. With every platinum card you get

- Travel health insurance and travel accident insurance

- Travel cancellation insurance in case of illness

- Travel comfort insurance for flight or luggage delays

- Rental car insurance in the event of damage

- Personal liability and legal costs insurance when traveling abroad

- 90-day return guarantee and purchase protection against theft and damage

This coverage applies not only to you, but also to the holder of the additional card and includes all other family members traveling with you.

However, is Reward Points, Priority Pass and Insurance coverage worth paying 720 euros/year? Perhaps not. But what if I tell you its possible to get the complete annual fee back?

Credit

As an Amex Platinum card member, you receive free credits in three categories: travel, dining, and entertainment. In the travel category, you have a 200 euro credit that can be redeemed for flights, hotel stays, or rental car bookings through the Amex online travel portal. Additionally, there is a 150 euro American Express restaurant credit per year, valid at over 1,400 selected restaurants worldwide.

Then, there is a 120 euro entertainment credit annually, divided into twelve 10 euro credits. You can use this with various streaming partners like Audible, Amazon Music, Wow, Kindle, etc., to purchase books, audiobooks, films and music.

Moreover, you can enjoy an annual credit of 200 euros with the Sixtride driving service, with a 25 euro discount for up to ten trips per year. Lastly, there is also a 90 euro shopping credit at Mr. Porter.

When you add up all these benefits, the total value from the free credits itself comes to 760 euros, which is more than the annual fee of the card. But its not over yet. There are also a few more small benefits which we have to talk about.

Additional Benefits

If you have a partner, you can also apply for a free additional card. The partner card also contributes to the rewards points, and can still benefit from insurance, the Priority Pass and status advantages. With the Platinum Card you can enjoy valet parking at eight German airports and only pay the service fee and the cheapest parking fees. You are also eligible for special offers and promotions from their amex acceptance partners, known as Amex Offers, which you can view in the app or in your online user account.

When all these benefits are utilized wisely, their combined value come around to 1500€, means Amex is ideally paying you 800€ to have the card. However, there is a certain pattern and user profile that is best suited to fully take advantage of the card's benefits. Before discussing that, let's address the drawbacks.

Cons:

Difficult to Get

As I mentioned before, American Express generally requires a good to excellent credit score to qualify for The Platinum Card. And even then, approval is not always guaranteed. There are also other factors, such as your residency status, your personal situation, that go into the decision-making process. But once you manage to get a card, the biggest disadvantage that can set you back is the additional fees that come along with the card.

Additional Fees

When using an AMEX credit card for international purchases, there is a foreign currency transaction fee of 2%. Additionally, there is a 4% ATM withdrawal charge both at home and abroad. That means you need to carry another credit card with you for foreign currency transactions and ATM withdrawals.

Limited Acceptance

Compared to Visa and Mastercard, American Express cards are less widely accepted in Germany. You shouldn't have much of a problem using them at major supermarkets like Aldi, Rewe, and petrol pumps like Shell or Aral. However, if you want to dine in a small, family-run restaurant in rural parts of Germany, you may need to pay with cash or use another card.

So to summarize briefly, here is the comparison.

And the drawbacks, such as additional fees and low acceptance, are similar for both. So, considering all of this, should you get the platinum card? Is this the right card for you?

"It depends". If you're looking for a credit card that can level up your travel experience with unlimited lounge access, and elite statuses and offer you peace of mind with comprehensive insurance packages, there's no better option in Germany than Amex Platinum. However, with an annual fee of 720 euros, it is also the most expensive credit card in Germany. If you don't plan to fully utilize all the benefits, then it would be a waste of money. For instance, the monetary value of Priority Pass alone justifies the card's spending. However, if you only fly once a year, it may not be worth it.

So for those who only travel once or twice a year, the American Express Gold Card may be a better option. And, if you're considering getting an Amex Gold or Platinum Card, now is the perfect time. Just keep in mind that there are minimum spending requirements in the first 6 months to be eligible for the bonus.

So to sum it all up, if you are a frequent traveler who wants to add an extra touch of comfort and luxury to your journeys, then this card would be a perfect fit for you. Soon I will review of the platinum card with real-life use cases, so if you don't want to miss out on that, consider visiting my blog page again.