Why I Spend $1,400+ for Both Amex Platinum and Business Platinum Cards

I have both The Platinum Card^® from American Express ($695 annual fee; rates & fees) and The Business Platinum Card^® from American Express ($695 annual fee; rates & fees). You might be thinking: having 2 cards with annual fees totaling almost $1,400 must be totally bonkers, right? Not so fast.

Each one offers different benefits and perks that can work together. You may be surprised to learn only a couple of perks overlap, making it reasonable for some people to hold both cards. Here are some reasons why.

Why I Pay $695 for the Amex Platinum Card

Many people apply for the Amex Platinum card initially for its excellent welcome bonus offer, and rightfully so. The current public offer is: Earn 80,000 points after you spend $8,000 on eligible purchase in your first 6 months.

However, you’ll want to check to see if you’re eligible for a welcome bonus offer of up to 150k (or 175k) points with the Amex Platinum card. (This targeted offer was independently researched and may not be available to all applicants.)

BEST LOUNGE ACCESS

Terms 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.

Apply Now(at Amex's secure site)

Apply With Confidence

Know if you're approved with no credit score impact

If you're approved and accept this Card, your credit score may be impacted.

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.

Welcome Offer

Earn 80,000 Membership Rewards^® Points after you spend $8,000 on eligible purchases on the Card in your first 6 months of Card Membership.

80,000 points

UP's Bonus Valuation*:

$1,760

Annual Fee

$695

APR

See Pay Over Time APR

Credit Recommended

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)

Why We Like This Card

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 & Cons

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

Cons

• $695 annual fee (rates and fees)
• Airline credit does not cover airfare (only incidentals like checked bags)

Read Full Review

Card Highlights

• Earn 80,000 Membership Rewards^® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership.
• 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 through American Express Travel using 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.
• The American Express Global Lounge Collection^® can provide an escape at the airport. With complimentary access to more than 1,400 airport lounges across 140 countries and counting, you have more airport lounge options than any other credit card issuer on the market. As of 03/2023.
• $155 Walmart+ Credit: Save on eligible delivery fees, shipping, and more with a Walmart+ membership. Use your Platinum Card^® to pay for a monthly Walmart+ membership and get up to $12.95 plus applicable taxes back on one membership (excluding Plus Ups) each month.
• $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: Platinum Card^® Members can get out and about and explore their local area with $15 in Uber Cash for US rides each month, plus a bonus $20 in December. That can be up to $200 in annual Uber savings. Simply download the Uber app and add your Platinum Card^® to your Uber account to get started. Available to Basic Card Member only. Effective 11/8/2024, an Amex Card must be selected as the payment method for your Uber or Uber Eats transaction to redeem the Amex Uber Cash benefit.
• $199 CLEAR^® Plus Credit: CLEAR^® Plus helps to get you to your gate faster at 50+ airports nationwide and get up to $199 back per calendar year on your Membership (subject to auto-renewal) when you use your Card. CLEARLanes are available at 100+ airports, stadiums, and entertainment venues.
• Receive either a $120 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.
• 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.
• Apply with confidence. Know if you're approved for a Card with no impact to your credit score. If you're approved and you choose to accept this Card, your credit score may be impacted.
• Terms Apply.

Financial Snapshot

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

Rewards Center

American Express Membership Rewards

Beyond the first year, you’ll need to decide if it’s worth keeping the card, but for me, it is. We’ve written extensively about the benefits of the Amex Platinum card, so I won’t go through every single perk. Instead, let’s peek at the benefits I value the most that far outweigh the $695 annual fee:

• Up to $200 Airline Incidental Fee Credit: Get up to $200 per year in statement credits to cover various airline fees, including checked baggage and lounge day passes. However, you must select 1 airline of choice before using the credit.
• Up to $200 Uber Cash: Cardholders get $15 in Uber Cash each month and a $20 bonus in December, for an annual total of up to $200 in Uber Cash. If I can’t use the credit for an Uber ride, I’ll use it to order through Uber Eats (choose pickup to avoid delivery charges).
• Up to $100 Saks Fifth Avenue Credit: Get up to $50 twice a year to spend at Saks Fifth Avenue.
• Up to $199 CLEAR Plus Credit: Get up to $199 in statement credits each calendar year after purchasing a CLEAR Plus membership with your card.
• Up to $200 Prepaid Hotel Credit: Get a credit of up to $200 when you book a stay at an Amex Fine Hotels + Resorts property (1-night minimum) or a Hotel Collection property (2-night minimum). These hotel programs offer perks like free breakfast, hotel credits, and complimentary upgrades (perks vary by property).
• Airport Lounge Access: The Amex Platinum card allows me to access Centurion Lounges, Escape Lounges, Priority Pass Lounges (upon enrollment), and more.

Some credits require enrollment, so be sure to explore your American Express account to make the most of your card.

Why I Pay $695 for the Amex Business Platinum Card

ELEVATED OFFER

Terms Apply / Rates & Fees

The Business 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.

This card is ideal for business travelers who enjoy luxury travel and are looking for a card loaded with benefits!

Apply Now(at Amex's secure site)

The Business Platinum Card^® from American Express

This card is ideal for business travelers who enjoy luxury travel and are looking for a card loaded with benefits!

Welcome Offer

Earn 150,000 Membership Rewards^® points after you spend $20,000 in eligible purchases on the Card within the first 3 months of Card Membership.

150,000 points

UP's Bonus Valuation*:

$3,300

Annual Fee

$695

APR

18.49% - 27.49% Variable

Credit Recommended

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)

Why We Like This Card

The Business Platinum Card^® from American Express is a premium travel rewards card tailored toward business owners who are frequent travelers with a high number of annual expenses.

When you factor in the large number of perks that the card offers like the best airport lounge access at over 1,400 lounges, along with tons of annual credits, it’s easy to see why this card can is a top option for frequent traveling business owners.

Pros & Cons

Pros

• 5x Membership Rewards points per $1 on flights and prepaid hotels at Amex Travel
• Access to over 1,400 worldwide airport lounges as part of the American Express Global Lounge Collection
• Get 50% more Membership Rewards points (1.5 points per $1) on eligible purchases in key business categories, as well as on purchases of $5,000 or more (cap applies)

Cons

• High annual fee of $695 (rates & fees)
• Airline fee credit does not cover airfare, only incidentals like checked bags

Read Full Review

Card Highlights

• Welcome Offer: Earn 150,000 Membership Rewards^® points after you spend $20,000 in eligible purchases on the Card within the first 3 months of Card Membership.
• 5X Membership Rewards^® points on flights and prepaid hotels on AmexTravel.com, and 1X points for each dollar you spend on eligible purchases.
• Earn 1.5X points (that’s an extra half point per dollar) on each eligible purchase at US construction material, hardware suppliers, electronic goods retailers, and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more, on up to $2 million per Card Account per calendar year. Purchases eligible for multiple additional point bonuses will only receive the highest eligible bonus.
• Unlock over $1,000 in statement credits on select purchases, including tech, recruiting and wireless in the first year of membership with the Business Platinum Card^®. Enrollment required. See how you can unlock over $1,000 annually in credits on select purchases with the Business Platinum Card^®, here.
• $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 the Card.
• $199 CLEAR^® Plus Credit: Use your card and get up to $199 in statement credits per calendar year on your CLEAR^® Plus Membership (subject to auto-renewal) when you use the Business Platinum Card^®.
• The American Express Global Lounge Collection^® can provide an escape at the airport. With complimentary access to more than 1,400 airport lounges across 140 countries and counting, you have more airport lounge options than any other credit card issuer on the market as of 03/2023.
• $695 Annual Fee.
• Terms Apply.

Financial Snapshot

• APR: 18.49% - 27.49% Variable
• Foreign Transaction Fees: None

Rewards Center

American Express Membership Rewards

Although the names are similar, the Amex Business Platinum card offers a completely different set of benefits tailored specifically for business owners. We’ve written in detail about them, so I will just quickly highlight the ones I find the most valuable. Just keep in mind that enrollment is required for some statement credits.

• Up to $120 Wireless Statement Credit: You’ll get up to $120 back each year — up to $10 per month — by charging your wireless phone bill to the Amex Business Platinum card.
• Up to $199 CLEAR Plus Credit: Receive up to $199 back per calendar year when you pay for your CLEAR Plus membership with your card.
• Up to $200 Airline Fee Credit: Get up to $200 per year in statement credits to cover various airline fees, including checked baggage and lounge fees.
• Up to $400 Dell Credit: Get up to $400 in statement credits each year ($200 from January to June and $200 from July to December) when you make purchases at Dell. (This benefit is scheduled to end on June 30, 2025, and we don’t know yet if it will be replaced or what will be replacing it.)
• Refer-A-Friend: One of the less talked about benefits of Amex cards is the Refer-A-Friend bonus, and I was recently targeted for a 35,000-point bonus for each friend I refer.

Even without considering the other benefits of the Amex Business Platinum card, I’m getting enough credits to make the card worth it, even though I also have an Amex Platinum card.

Reasons To Get Both Platinum Cards

So, why would you want both the Amex Platinum card and the Amex Business Platinum card? First of all, most benefits don’t overlap, and those that do work well together.

For instance, if you have both cards, you’ll get up to $400 per year in statement credits for airline incidental fees. Most travelers should be able to find a way to use $400 in credits without a problem. You’ll also end up with 2 CLEAR Plus membership credits. That means you can use the second credit to purchase a CLEAR membership for a spouse, friend, family member, or employee.

Applying for both opens up the opportunity to earn the 2 welcome bonus offers, supercharging your balance of Membership Rewards points.

Final Thoughts

I pay a fortune in annual fees for holding both the Amex Platinum card and the Amex Business Platinum card. While they may appear and sound alike, these 2 cards offer distinct benefits that make each of them worthwhile for long-term use.