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Amex Platinum Card vs. Bank of America Premium Rewards Card [Detailed Comparison]

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Christine Krzyszton

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Christine ran her own business developing and managing insurance and financial services. This stoked a passion for points and miles and she now has over 2 dozen credit cards and creates in-depth, deta...
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Selecting a personal travel rewards card is well — personal. We all have different spending habits and a tolerance for how large an annual fee we’re comfortable paying. Plus, our goals may differ depending on how we utilize our rewards.

Additionally, the personal value of ancillary benefits with each travel rewards card will depend on how or whether you’ll use those benefits.

Today’s card comparison shows how spending mix, annual fees, redemption options, and benefits can influence card selection.

This review will look closely at how The Platinum Card® from American Express and the Bank of America® Premium Rewards® credit card compare and illustrate how the 2 very different cards can each provide value.

Amex Platinum Card vs. Bank of America Premium Rewards Card — Overview

Before reviewing the details of all the features and benefits of the Amex Platinum card and the Bank of America Premium Rewards card, browsing a quick comparison overview can be helpful.

Here’s a snapshot of how the cards compare overall:

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Feature or BenefitThe Platinum Card® from American ExpressBank of America® Premium Rewards® credit card
Welcome OfferEarn 80,000 points after spending $8,000 on purchases in the first 6 months.Earn 60,000 online bonus points after you spend $4,000 in purchases in the first 90 days of account opening
Earning 
  • 5x points on flights purchased with the airlines or flights via AmexTravel.com (up to $500,000 in purchases each year)
  • 5x points on prepaid hotels booked via AmexTravel.com 
  • 2x points on travel and dining
  • 1.5x points on all other purchases
Top Redemption Options

Transfer points to airline and hotel partners or redeem for travel via AmexTravel.com

Redeem points for a statement credit or for travel via the Bank of American Travel Center
Top Travel Protections and BenefitsWorldwide lounge access to over 1,400 properties, hotel and car rental program elite status, airline fee statement credits, Global Entry/TSA PreCheck/CLEAR fee reimbursementCar rental insurance, trip cancellation/interruption/delay, airline fee statement credits, Global Entry/TSA PreCheck fee reimbursement
Top Shopping Protections and Benefits
  • Purchase protection, extended warranty, return protection, cell phone protection
  • Annual statement credits for Saks Fifth Avenue, digital entertainment, Walmart+, Equinox
Purchase protection, extended warranty, return protection
Annual Fees and Authorized Users
  • $695 annual fee (rates & fees)
  • $195 to add authorized users (rates & fees)
  • No additional fee to add basic companion Gold card users (not the same as the American Express® Gold Card) (rates & fees)
  • Annual fee of $95
  • No additional fee to add authorized users

The Value of a Welcome Offer

The Amex Platinum card and the Bank of America Premium Rewards card each come with generous welcome bonus offers you can earn by meeting minimum spending requirements.

A welcome offer is a unique opportunity to earn many rewards in a relatively short period to jumpstart your earnings.

Be sure to review the most current offers before applying, as welcome offers do change. Here are the card snapshots containing the latest offers for both featured cards:

BEST LOUNGE ACCESS
The Platinum Card® from American ExpressTerms Apply / Rates & Fees

The Platinum Card® from American Express

U.P. Rating
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

The Amex Platinum reigns supreme for luxury travel, offering the best airport lounge access plus generous statement credits, and complimentary elite status.

Learn More(at Amex's secure site)

The Platinum Card® from American Express

The Amex Platinum reigns supreme for luxury travel, offering the best airport lounge access plus generous statement credits, and complimentary elite status.
Earn 80,000 Membership Rewards® Points after you spend $8,000 on purchases on the Card in your first 6 months of Card Membership.
80,000 points
$1,760
$695
See Pay Over Time APR
Upgraded Points credit ranges are a variation of FICO®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.
Good to Excellent (670-850)

When it comes to cards that offer top-notch benefits, you’d be hard-pressed to find a better card out there than The Platinum Card® from American Express.

Make no mistake — the Amex Platinum card is a premium card with a premium price tag. With amazing benefits like best-in-class airport lounge access, hotel elite status, and tremendous value in annual statement credits, it can easily prove to be one of the most lucrative cards in your wallet year after year.

Pros

  • The best airport lounge access out of any card (by far) — enjoy access to over 1,400 worldwide lounges, including the luxurious Amex Centurion Lounges, Priority Pass lounges, Plaza Premium Lounges, and many more!
  • 5x points per dollar spent on flights purchased directly with the airline or with AmexTravel.com (up to $500,000 per year)
  • 5x points per dollar spent on prepaid hotels booked with AmexTravel.com
  • Annual and monthly statement credits upon enrollment (airline credit, Uber Cash credit, Saks Fifth Avenue credit, streaming credit, prepaid hotel credit on eligible stays, Walmart+ credit, CLEAR credit, and Equinox credit)
  • TSA PreCheck or Global Entry credit
  • Access to American Express Fine Hotels and Resorts
  • Access to Amex International Airline Program
  • No foreign transaction fees (rates and fees)

Cons

  • $695 annual fee (rates and fees)
  • Airline credit does not cover airfare (only incidentals like checked bags)
  • Earn 80,000 Membership Rewards® Points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership. Apply and select your preferred metal Card design: classic Platinum Card®, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu.
  • Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
  • $200 Hotel Credit: Get up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings with American Express Travel when you pay with your Platinum Card®. The Hotel Collection requires a minimum two-night stay.
  • $240 Digital Entertainment Credit: Get up to $20 back in statement credits each month on eligible purchases made with your Platinum Card® on one or more of the following: Disney+, a Disney Bundle, ESPN+, Hulu, The New York Times, Peacock, and The Wall Street Journal. Enrollment required.
  • $155 Walmart+ Credit: Cover the cost of a $12.95 monthly Walmart+ membership (subject to auto-renewal) with a statement credit after you pay for Walmart+ each month with your Platinum Card®. Cost includes $12.95 plus applicable local sales tax. Plus Up Benefits are excluded.
  • $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to your Platinum Card®.
  • $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Uber Cash and Uber VIP status is available to Basic Card Member only. Terms Apply.
  • $300 Equinox Credit: Get up to $300 back in statement credits per calendar year on an Equinox membership, or an Equinox club membership (subject to auto-renewal) when you pay with your Platinum Card®. Enrollment required. Visit https://platinum.equinox.com/ to enroll.
  • $189 CLEAR® Plus Credit: Breeze through security with CLEAR Plus at 100+ airports, stadiums, and entertainment venues nationwide and get up to $189 back per calendar year on your Membership (subject to auto-renewal) when you use your Platinum Card®. Learn more.
  • $100 Global Entry Credit: Receive either a $100 statement credit every 4 years for a Global Entry application fee or a statement credit up to $85 every 4.5 years for a TSA PreCheck® (through a TSA official enrollment provider) application fee, when charged to your Platinum Card®. Card Members approved for Global Entry will also receive access to TSA PreCheck at no additional cost.
  • Shop Saks with Platinum: Get up to $100 in statement credits annually for purchases in Saks Fifth Avenue stores or at saks.com on your Platinum Card®. That's up to $50 in statement credits semi-annually. Enrollment required.
  • $300 SoulCycle At-Home Bike Credit: Get a $300 statement credit for the purchase of a SoulCycle at-home bike with your Platinum Card®. An Equinox+ subscription is required to purchase a SoulCycle at-home bike and access SoulCycle content. Must charge full price of bike in one transaction. Shipping available in the contiguous U.S. only. Enrollment Required.
  • Unlock access to exclusive reservations and special dining experiences with Global Dining Access by Resy when you add your Platinum Card® to your Resy profile.
  • $695 annual fee.
  • Terms Apply.

Financial Snapshot

  • APR: See Pay Over Time APR
  • Foreign Transaction Fees: None

Card Categories

Rewards Center

American Express Membership Rewards

Bank of America® Premium Rewards® credit card

Bank of America® Premium Rewards® credit card

U.P. Rating
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.

The Bank of America Premium Rewards card is a great travel rewards card for those looking for a simple approach to earning and redeeming rewards.

Bank of America® Premium Rewards® credit card

The Bank of America Premium Rewards card is a great travel rewards card for those looking for a simple approach to earning and redeeming rewards.
Earn 60,000 bonus points after you spend at least $4,000 in purchases in the first 90 days of account opening.
60,000 points
$600
$95
20.24% - 27.24% Variable
Upgraded Points credit ranges are a variation of FICO®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.
Good to Excellent (670-850)

The Bank of America® Premium Rewards® credit card is a great option for anyone looking for a travel rewards card with a simple approach to how you earn and redeem your rewards.

From travel and purchase protections to airline incidental and Global Entry credits, there is plenty to love about the Bank of America Premium Rewards card.

Plus, those that hold status in the Bank of America Preferred Rewards program can get even more value from the card by boosting their rewards by 25% to 75%!

Pros

  • 2x points per $1 on travel and dining purchases
  • 1.5x points per $1 on all other purchases
  • Up to $100 annual airline incidental statement credit
  • Global Entry/TSA PreCheck statement credit
  • No foreign transaction fees
  • Travel protections
  • Purchase protections
  • Boost your rewards rate with the Bank of America Preferred Rewards program

Cons

  • $95 annual fee
  • Points are worth a fixed 1 cent per point, so it isn’t possible to get outsized redemptions via airline and hotel transfer partners
  • Receive 60,000 online bonus points – a $600 value – after you make at least $4,000 in purchases in the first 90 days of account opening.
  • Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points for every $1 spent on all other purchases.
  • If you’re a Bank of America Preferred Rewards member, you can earn 25%-75% more points on every purchase. That means you could earn 2.5-3.5 points on travel and dining purchases and 1.87-2.62 points on all other purchases, for every $1 you spend.
  • No limit to the points you can earn and your points don’t expire.
  • Redeem for cash back as a statement credit, deposit into eligible Bank of America® accounts, credit to eligible Merrill® accounts, or gift cards or purchases at the Bank of America Travel Center.
  • Get up to $100 in Airline Incidental Statement Credits annually and TSA PreCheck®/Global Entry Statement Credits of up to $100, every four years.
  • No foreign transaction fees.
  • Low $95 annual fee.
  • This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.

Financial Snapshot

  • APR: 20.24% - 27.24% Variable
  • Foreign Transaction Fees: None

Card Categories

Bottom Line:

The Amex Platinum card and Bank of America Premium Rewards card each come with generous welcome bonus offers that can be earned after meeting minimum spending requirements in the specified period after card approval.

Earning Potential

Family Preparing to Travel Together
The Amex Platinum card and Bank of America Premium Rewards card earn well on travel purchases. Image Credit: AboutLife via Shutterstock

Earning potential for the Amex Platinum card and Bank of America Premium Rewards card will vary depending on your spending mix.

As you review the bonus category and base earnings for each of our featured cards, reflect on the type of purchases you make most and how each card might reward those purchases.

The Amex Platinum card earns flexible Membership Rewards points, while the Bank of America Premium Rewards card earns points that can be readily redeemed for cash-back.

We’ll talk about redemption options next, but first, here’s how you’ll earn rewards on each card:

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Earning CategoryAmex Platinum CardBank of America Premium Rewards Card
Travel
  • 5x points on flights purchased with the airlines or flights via AmexTravel.com (up to $500,000 in purchases each year)
  • 5x points on prepaid hotels booked via AmexTravel.com 
  • 1x points on all other travel
2x points on travel
Dining1x points2x points
All Other Purchases1x points1.5x points

The Amex Platinum card offers 5x earnings when you use AmexTravel.com for select purchases and when you purchase flights from the airlines. If you spend a considerable amount in these categories, the 5x earnings can add up quickly.

Earning 2x points per dollar spent on the Bank of America Premium Rewards card could be the obvious consideration if you spend a large amount on general travel and dining each year.

Existing Bank of America customers may earn even more. Let’s look quickly at this possibility.

Bank of America Preferred Rewards Program for Higher Earnings

Bank of America Preferred Rewards Tiers
Bank of America Preferred Rewards members can receive elevated earnings on their purchases. Image Credit: Bank of America

If you have an existing relationship with Bank of America, you may qualify for elevated earnings of up to 75% more with the Bank of America Preferred Rewards program.

Additional earnings are based on the amount of investment and deposit balances held with Bank of America. Here’s a snapshot of the tier-based earnings for existing Bank of America customers:

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Earning CategoryNo StatusGold Status ($20,000 to $49,999)Platinum ($50,000 to $99,999)Platinum Honors ($100,000 to $999,999)Diamond ($1,000,000 to $9,999,999)Diamond Honors ($10,000,000+)
Travel and Dining2x points2.5x 3x3.5x3.5x3.5x
All Other Purchases1.5x points1.875x2.25x2.625x2.625x2.625x

Although earning potential is an important element when selecting a rewards-earning card, redemption options and benefits also contribute significantly to the bottom line value of a card.

Let’s continue to evaluate the value of each of our featured cards by reviewing redemption options and additional benefits.

Bottom Line:

The Amex Platinum card earns the best on select travel purchases via AmexTravel.com. All other purchases earn 1x points. The Bank of America Premium Rewards card’s earning strength is also on travel and dining. Plus, the card earns 1.5x points on all other purchases. Bank of America customers who qualify for tier-level Bank of America Preferred Rewards bonus earnings can earn up to 75% more on card purchases.

Redemption Options

Friends taking selfie at waters edge
Redeeming points for travel may be the best use of your rewards points. Image Credit: Faces of Travel via Adobe Stock

While the Bank of America Premium Rewards card appears to have the edge over the Amex Platinum card for earning potential, a card’s overall value is based on several factors, including redemption options.

Here are the options you’ll have at redemption time with each card:

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Redemption OptionAmex Platinum CardBank of America Premium Rewards Card
Travel
  • Transfer points to hotel and airline partners
  • Redeem for travel via AmexTravel.com
  • Redeem rewards for a statement credit toward previous travel purchases
  • Redeem for travel via the Bank of America Travel Center
Additional Redemption OptionsGeneral statement credit (0.6 cents per point), gift cards, merchandise, Amazon, Ticketmaster, charitable donationGeneral statement credit (1 cent per point), cash-back, deposit to eligible Bank of America or Merrill account, gift cards

Transferring Membership Rewards points earned on the Amex Platinum card to airline and hotel partners can result in the best overall potential value for your rewards. Once transferred to partners, you can redeem miles or points for award flights or free hotel nights.

We value Membership Rewards points at 2.2 cents each when redeemed for travel, while Bank of America points have a fixed redemption value of just 1 cent each, regardless of your redemption choice. For this reason, the Amex Platinum card is the far better card at redemption time.

Points earned on the Bank of America Premium Rewards card are as liquid as cash-back and can be easily redeemed for a statement credit or transferred to an eligible bank account.

Bottom Line:

The best potential value for rewards earned on the Amex Platinum card is to transfer points to airline or hotel partners and redeem them for award travel or free hotel nights. Rewards earned on the Bank of America Premium Rewards card can be redeemed for a flat value of 1 cent each for statement credits, travel, cash-back, or deposited into an eligible Bank of America or Merrill account.

Travel Protections and Benefits

Avelo Aircraft Rain
Selecting a card with travel protections can make a difference if your trip is disrupted due to weather. Image Credit: Stella Shon

Travel protections can provide valuable help during your travels. Travel benefits save you money on select travel-related purchases.

Here are the travel protections and benefits you’ll find on the Amex Platinum card and the Bank of America Premium Rewards card, as well as a list of those unique to each card:

Travel Protections

  • Car Rental Loss and Damage Insurance — Use your card to reserve and pay for your entire car rental, decline the rental agency’s CDW/LDW insurance, and receive secondary coverage for damage and theft. Secondary coverage means you first must file a claim with other applicable insurance before card coverage applies.
  • Trip Cancellation and Trip Interruption — If your trip is canceled or delayed for a covered reason, you could receive up to $10,000 per trip with the Amex Platinum card and up to $2,500 for nonrefundable passenger fares with the Bank of America Premium Rewards card.
  • Trip Delay — If your trip is delayed more than 12 hours due to a covered loss, you could receive up to $500 per covered trip on up to 2 claims per 12-month consecutive period.
  • Baggage Insurance — Pay for your trip with your card and receive up to $3,000 for damage, loss, or theft with the Amex Platinum card. The Bank of America Premium Rewards card has baggage insurance with no stated limit for reimbursement.
  • Emergency Medical Transportation and Evacuation — Receive emergency medical transportation and/or evacuation without charge when injured or ill. Preapproval is required.

Travel Benefits

  • Global Entry/TSA PreCheck Fee Reimbursement — Use your card to pay your application or renewal fee and receive reimbursement of up to $100 as a statement credit.
  • Airline Incidental Fees Credit — Use your card to make an eligible airline incidentals fee purchase and receive a statement credit. With the Amex Platinum card, you could receive up to $200 in annual credits for incidental fees with your preselected airline. The fee credit with Bank of America is $100.
  • No Foreign Transaction Fees — Foreign transaction fees can add as much as 3% of the total amount of your purchase. You won’t be charged foreign transaction fees with the Amex Platinum card (rates & fees) or the Bank of America Premium Rewards card.
  • 24/7 Travel Emergency Assistance — The Amex Platinum card comes with the Premium Global Assistance Hotline and the Bank of America Premium Rewards card Travel and Emergency Services Assistance program. Just 1 call gives you access to services during your travels, such as medical/legal referrals, help to arrange emergency transportation, or assistance recovering your lost luggage.

Amex Platinum Card — Additional Travel Protections and Benefits

  • Access to Premium Protection Car Rental Insurance — For 1 low fee that covers the entire rental period, up to 42 consecutive days, you will receive primary rental car protection. Primary protection means you do not have to file a claim with other insurance before card coverage kicks in.
  • Global Lounge Access — Enjoy access to over 1,400 airport lounges worldwide, including Centurion Lounges, Plaza Premium Lounges, Delta Sky Clubs (when traveling same-day with Delta), and Priority Pass Select membership (enrollment required).
  • Hotel and Car Rental Program Elite Status — Register in your online card account benefits section to receive Hilton Honors and Marriott Bonvoy Gold Elite status. Hertz Gold Plus President’s Circle elite status, National Emerald Club Executive status, and Avis Preferred Plus benefits are also included. You may need to enroll your card to unlock your elite status benefits.
  • $200 Prepaid Hotel Credit and Benefits— Reserve and pay for a prepaid stay of 1 night or more with Fine Hotels + Resorts to receive a $200 credit each year. A 2-night stay with The Hotel Collection will also qualify. Elite-style benefits at both properties include an upgraded room (when available) and a $100 credit to spend on-site. Fine Hotels + Resorts also includes daily breakfast for 2, early check-in/late checkout (when available), and complimentary Wi-Fi.
  • CLEAR Plus Credit — Pay your annual fee with your card and receive up to $189 in statement credits each year.
  • Uber Cash — Add your card to your Uber account and receive Uber Cash each month. For January through November, you’ll receive $15 each month, then $35 in December, for a total of $200 each calendar year. Uber Cash can be used for Uber rides or Uber Eats in the U.S.

Bank of America Premium Rewards Card — Additional Travel Protections and Benefits

  • Roadside Dispatch — Never worry when stranded on the roadside; help is just 1 call away. For just 1 prearranged service fee, you can receive limited towing, tire changing with your existing spare, emergency fuel, and more.
  • Baggage Delay — If your bags are delayed 6 hours or more, you could receive up to $100 per day for eligible incidentals for up to 5 days.
  • Visa Signature Hotel Collection Benefits — Use your card to book your stay and receive an upgraded room at check-in and a $25 food/beverage credit. You’ll also receive late checkout on request (when available), continental breakfast daily, complimentary in-room Wi-Fi, and the best rate guarantee.
Bottom Line:

The Amex Platinum card and the Bank of America Premium Rewards card come with travel protections and benefits, including car rental insurance, trip cancellation/interruption/delay, and Global Entry/TSA PreCheck fee reimbursement. Neither card charges a foreign transaction fee. The Amex Platinum card also has key benefits, such as worldwide lounge access and hotel/car rental elite benefits. The Bank of America Premium Rewards card offers elite-style hotel benefits via the Visa Signature Hotel Collection.

Shopping Protections and Benefits

Bose Noise Cancelling Headphones 700
Eligible items purchased with either of our featured cards may qualify for additional protection. Image Credit: dennizn via Shutterstock

Items purchased with the Amex Platinum card or Bank of America Premium Rewards card may qualify for shopping protection. This coverage can provide economic assistance should something go wrong with your eligible purchase.

Shopping benefits provide savings or the ability to earn bonus rewards when you make the associated purchase with your card.

Here are the shopping protections and benefits you’ll find on our featured cards. We’ve also included lists of those that are unique to each card.

  • Purchase Protection — For eligible items, you could receive coverage for damage or theft for up to 90 days from the purchase date.
  • Extended Warranty — Qualifying items include those with a manufacturer’s warranty of 5 years or less warranty purchased with the Amex Platinum card. Eligible items with warranties of 3 years or less purchased with the Bank of America Premium Rewards card also qualify. An additional year of coverage will be added to the existing warranties.
  • Return Protection — If a merchant will not accept the return of an eligible item purchased with your card within 90 days of the purchase date, you could have coverage. You could receive up to $300 per claim with the Amex Platinum card, up to $1,000 per year. The Bank of America Premium Rewards card offers up to $250 per claim, up to $1,000 per year.

Amex Platinum Card — Additional Shopping Protections and Benefits

  • Cell Phone Protection — Pay your monthly bill with your card and receive protection for damage or theft. The Amex Platinum card provides up to $800 per claim, up to 2 claims per 12-month period. Each claim has a $50 deductible.
  • Saks Fifth Avenue Shopping Credit — Use your enrolled card for your Saks Fifth Avenue purchase. Between January and June, you can receive up to $50 in statement credits. You can receive an additional credit of up to $50 for July through December, up to $100 total credits each year.
  • Digital Entertainment Credit — Use your card and receive up to $20 in monthly statement credits, up to $240 each year. Qualifying purchases include Disney+, The Disney Bundle, ESPN+, Hulu, The New York Times, Peacock, and The Wall Street Journal. Enrollment required.
  • Equinox Credit — Enroll your card via your online card account and receive up to $300 in statement credits each year. Eligible purchases include those via the Equinox+ fitness app or the purchase of a SoulCycle at-home bike. Equinox membership will also trigger the credit.
  • Walmart+ Credit — Receive up to $155 in statement credits each year, up to $12.95 each month, for Walmart+ membership. Enrollment required.
  • Amex Offers — Login to your online card account, select from up to 100 Amex Offers, and add the offers to your card. Amex Offers allow you to earn statement credits or additional Membership Rewards points after making the required purchase.
Bottom Line:

Both the Amex Platinum card and the Bank of America Premium Rewards card come with shopping protection, including purchase protection, extended warranty, and return protection. Additionally, the Amex Platinum card comes with cell phone protection and statement credits for eligible purchases from Saks Fifth Avenue, digital entertainment, Equinox, and Walmart+.

Annual Fees and Authorized Users

Annual fees can play a key role in card selection. Ideally, you’ll want to realize enough value from a card to exceed the cost of any fees for card membership.

The Amex Platinum card has an annual fee of $695, while the Bank of America Premium Rewards card has an annual fee of $95.

Adding authorized Amex Platinum card users requires a fee of $195 for each user. You can add basic companion Gold card users for no charge. Amex Platinum card authorized users receive additional benefits over the basic companion Gold card users.

There is no cost to add authorized users to the Bank of America Premium Rewards card.

Final Thoughts

The Amex Platinum card is the clear winner when it comes to a premium travel rewards card. If you can utilize the benefit of worldwide lounge access alone, you’ve gained enough value to cover the annual fee. Add in a few statement credits for specific purchases, and the card becomes the clear choice for an avid traveler.

If you’re not keen on paying the higher annual fee and don’t value the premium travel benefits that come with the Amex Platinum card, then the card may not be a fit for you.

If you’re a current Bank of America customer with a significant amount of investments/deposits with the bank, the Bank of America Premium Rewards card could make sense, especially if you’re happy earning cash back.

For additional travel rewards card options, you’ll want to check out our list of top travel rewards cards.


For the car rental loss and damage insurance benefit of The Platinum Card® from American Express, car rental loss and damage insurance can provide coverage up to $75,000 for theft of or damage to most rental vehicles when you use your eligible card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the commercial car rental company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. geographic restrictions apply. Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.

For the trip cancellation and interruption insurance benefit of The Platinum Card® from American Express, the maximum benefit amount for trip cancellation and interruption insurance is $10,000 per covered trip and $20,000 per eligible card per 12 consecutive month period. Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

For the trip delay insurance benefit of The Platinum Card® from American Express, up to $500 per covered trip that is delayed for more than 6 hours; and 2 claims per eligible card per 12 consecutive month period. Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

For the baggage insurance plan benefit of The Platinum Card® from American Express, baggage insurance plan coverage can be in effect for covered persons for eligible lost, damaged, or stolen baggage during their travel on a common carrier vehicle (e.g. plane, train, ship, or bus) when the Entire Fare for a ticket for the trip (one-way or round-trip) is charged to an eligible card. Coverage can be provided for up to $2,000 for checked baggage and up to a combined maximum of $3,000 for checked and carry-on baggage, in excess of coverage provided by the common carrier. The coverage is also subject to a $3,000 aggregate limit per covered trip. For New York State residents, there is a $2,000 per bag/suitcase limit for each covered person with a $10,000 aggregate maximum for all covered persons per covered trip. Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

For the purchase protection benefit of The Platinum Card® from American Express purchase protection is an embedded benefit of your card membership and requires no enrollment. It can help protect covered purchases made on your eligible card when they’re accidentally damaged, stolen, or lost, for up to 90 days from the covered purchase date. The coverage is limited up to $10,000 per occurrence, up to $50,000 per card member account per calendar year. Coverage limits apply. Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

For the extended warranty benefit of The Platinum Card® from American Express, when an American Express® card member charges a covered purchase to an eligible card, extended warranty can provide up to one extra year added to the original manufacturer’s warranty. Applies to warranties of five (5) years or less. Coverage is up to the actual amount charged to your card for the item up to a maximum of $10,000; not to exceed $50,000 per card member account per calendar year. Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

For the return protection benefit of The Platinum Card® from American Express, with return protection, you may return eligible purchases to American Express if the seller won’t take them back up to 90 days from the date of purchase. American Express may refund the full purchase price excluding shipping and handling, up to $300 per item, up to a maximum of $1,000 per calendar year per Card account, if you purchased it entirely with your eligible American Express® Card. Purchases must be made in the U.S. or its territories. Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Please visit americanexpress.com/benefitsguide for more details.

For the cell phone protection benefit of The Platinum Card® from American Express, coverage for a stolen or damaged eligible cellular wireless telephone is subject to the terms, conditions, exclusions and limits of liability of this benefit. The maximum liability is $800, per claim, per eligible card account. Each claim is subject to a $50 deductible. Coverage is limited to two (2) claims per eligible card account per 12 month period. Eligibility and benefit level varies by Card. Terms, conditions and limitations apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

For the premium global assist hotline benefit of The Platinum Card® from American Express, you can rely on Global Assist Hotline 24 hours a day / 7 days a week for medical, legal, financial or other select emergency coordination and assistance services while traveling more than 100 miles away from your home. Plus, we may provide emergency medical transportation assistance and related services. Third-party service costs may be your responsibility. Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Please visit americanexpress.com/benefitsguide for more details. If approved and coordinated by premium global assist hotline, emergency medical transportation assistance may be provided at no cost. In any other circumstance, Card Members may be responsible for the costs charged by third-party service providers.

The information regarding the Bank of America® Premium Rewards® credit card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.

For rates and fees of The Platinum Card® from American Express, click here.

Frequently Asked Questions

Which card is better, the Amex Platinum card or the Bank of America Premium Rewards card?

The Amex Platinum card is the better card as it earns flexible rewards points that can be redeemed for greater potential value when transferred to airline or hotel partners. The Bank of America Premium Rewards card earns points that have a fixed value. Additionally, the Amex Platinum card comes with greater economic benefits but also has a high annual fee.

Does the Bank of America Premium Rewards card have lounge access?

No, the Bank of America Premium Rewards card does not come with lounge access benefits.

Can I transfer points earned on the Bank of America Premium Rewards card to airline loyalty programs?

No, the card does not have transfer options. You can redeem points earned on the card for travel via Bank of America or redeem points as a statement credit for previously purchased flights.

Does the Amex Platinum card come with primary car rental insurance?

The Amex Platinum card comes with secondary car rental insurance. Secondary means you must first file a claim with other insurance before card coverage applies. The card does come with access to Premium Protection which includes primary coverage. Premium Protection can be added for 1 low fee that covers the entire rental period, up to 42 consecutive days.

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About Christine Krzyszton

Christine ran her own business developing and managing insurance and financial services. This stoked a passion for points and miles and she now has over 2 dozen credit cards and creates in-depth, detailed content for UP.

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