The premium rewards card market is pretty crowded, with cardholders eager to pay hundreds of dollars in annual fees to get luxury perks.
It’s crazy to think that there was really only one mass-market premium card less than a decade ago — The Platinum Card® from American Express. Now, the Platinum card is just one of a half dozen or so premium card offerings from American Express, but there are actually several different versions.
They share many common features, including the sleek metal design and access to Amex Offers. Still, each card features subtle differences that might make one more attractive to you than the others. Let’s talk about the different types of Amex Platinum cards and what you need to know about each one.
Four different shades of platinum
These are the four different Amex Platinum cards we’re diving into:
The information for The American Express Platinum® Card for Schwab and The Platinum Card® from American Express Exclusively for Morgan Stanley has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
| The Platinum Card from American Express | The Business Platinum Card from American Express | The American Express Platinum Card for Schwab | The Platinum Card from American Express Exclusively for Morgan Stanley | |
|---|---|---|---|---|
| Welcome bonus | 80,000 Membership Rewards points after you spend $8,000 on purchases within the first six months of card membership | 150,000 Membership Rewards points after you spend $20,000 on eligible purchases with your card within the first three months of card membership | 80,000 Membership Rewards points after you spend $8,000 on purchases within the first six months of card membership | 125,000 Membership Rewards points after you spend $8,000 on purchases within the first six months of card membership; offer ends Aug. 14 |
| Annual fee | $695 (see rates and fees) | $695 (see rates and fees) | $695 | $695 |
| Bonus categories | 5 points per dollar spent on airfare purchased directly from the airline and on airfare and prepaid hotels booked with Amex Travel (up to $500,000 on these purchases per calendar year, 1 point per dollar thereafter) | 5 points per dollar spent on airfare and prepaid hotels booked through American Express Travel and 1.5 points per dollar on eligible purchases in select business categories and eligible purchases of $5,000 or more (up to $2 million of these purchases per calendar year, then 1 point per dollar thereafter) | 5 points per dollar spent on airfare purchased directly from the airline and on airfare and prepaid hotels booked with Amex Travel (up to $500,000 on these purchases per calendar year) | 5 points per dollar spent on airfare purchased directly from the airline and on airfare and prepaid hotels booked with Amex Travel (up to $500,000 on these purchases per calendar year) |
| Annual credits | Up to $200 in statement credits annually on hotel bookings through AmexTravel.com
Up to $200 credit for airline fees per calendar year, which covers incidental charges Up to $189 annual statement credit for a Clear $100 statement fee credit for either Global Entry or up to $85 fee credit TSA PreCheck every 4 1/2 years Up to $15 in statement credit each month to use on Uber rides or Uber Eats orders in the U.S., with an additional up to $20 in December Saks Fifth Avenue statement credit up to $50 to use January through June and up to $50 to use July through December (enrollment required in advance) Up to $20 monthly statement credits and applicable only for The New York Times, Peacock, The Wall Street Journal, Disney+, Hulu, ESPN+ or the Disney Bundle (enrollment required in advance) Up to $300 annual statement credit for select Equinox memberships or a digital subscription to Equinox+ fitness app (enrollment required in advance, subject to auto-renewal) Walmart+ membership statement credit reimbursement for $12.95 on one membership fee monthly for Walmart+ membership (plus applicable taxes; subject to auto-renewal); Plus Up benefits not eligible |
Up to $400 in annual statement credits (up to $200 semi-annually) for U.S. Dell technology purchases per calendar year
Up to $200 annual airline incidental statement credit Enrollment required for select benefits |
Up to $200 annually on hotel bookings through AmexTravel.com
Up to $200 credit for airline fees per calendar year, which covers incidental charges Up to $189 annual statement credit for a Clear Plus membership $100 fee credit for either Global Entry or up to $85 fee credit TSA PreCheck every 4 1/2 years Up to $15 in statement credit each month to use on Uber rides or Uber Eats orders in the U.S., with an additional up to $20 in December Saks Fifth Avenue credit up to $50 to use January through June and up to $50 to use July through December (enrollment required in advance) Up to $20 monthly statement credits and applicable only for The New York Times, Peacock, The Wall Street Journal, Disney+, Hulu, ESPN+ or the Disney Bundle (enrollment required in advance) Up to $300 annual credit for select Equinox memberships or a digital subscription to Equinox+ fitness app (enrollment required in advance, subject to auto-renewal) Walmart+ membership credit reimbursement for $12.95 monthly membership fee for Walmart+ membership (subject to auto-renewal); Plus Up benefits not eligible |
Up to $200 annually on hotel bookings through AmexTravel.com
Up to $200 credit for airline fees per calendar year, which covers incidental charges Up to $189 annual statement credit for a Clear Plus membership $100 fee credit for either Global Entry or up to $85 fee credit TSA PreCheck every 4 1/2 years Up to $15 in statement credit each month to use on Uber rides or Uber Eats orders in the U.S., with an additional up to $20 in December Saks Fifth Avenue credit up to $50 to use January through June and up to $50 to use July through December (enrollment required in advance) Up to $20 monthly statement credits and applicable only for The New York Times, Peacock, The Wall Street Journal, Disney+, Hulu, ESPN+ or the Disney Bundle (enrollment required in advance) Up to $300 annual credit for select Equinox memberships or a digital subscription to Equinox+ fitness app (enrollment required in advance, subject to auto-renewal) Walmart+ membership credit reimbursement for $12.95 monthly membership fee for Walmart+ membership (subject to auto-renewal); Plus Up benefits not eligible |
| Unique perks | N/A | 35% pay-with-points bonus when you book with Amex Travel (valid on first- and business-class flights on any airline or economy flights on a selected qualifying airline, up to 1 million points per calendar year)
|
A $100 card statement credit if your qualifying Schwab holdings are equal to or greater than $250,000 and less than $1,000,000; a $200 card statement credit if your qualifying Schwab holdings are equal to or greater than $1,000,000 and less than $10,000,000; or a $1,000 card statement credit if your qualifying Schwab holdings are equal to or greater than $10,000,000 |
The Platinum Card from American Express
In addition to the perks described above, the Amex Platinum card — along with all its variations — also offers a Priority Pass Select membership, access to Amex Centurion lounges, access to Delta SkyClubs* on same-day Delta flights and complimentary Gold elite status with both Hilton and Marriott. Enrollment is required for select benefits.
One reason you might want to consider a different version is that Amex only allows you to earn a welcome bonus on any card once in a lifetime. Technically, these four Platinums are all different cards, so you can get the welcome offer on each.
*Effective Feb. 1, 2025: Eligible Amex Platinum cardmembers will receive 10 visits per eligible Amex Platinum card per year to the Delta Sky Club or to Grab and Go when traveling on a same-day Delta-operated flight.
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Right now, there is a generous welcome offer on the Amex Platinum: Earn 80,000 Membership Rewards points after you spend $8,000 on purchases within the first six months of card membership. Those 80,000 points are worth a healthy $1,600, according to TPG’s June valuations.
Plus, this card features a targeted welcome offer for some through the CardMatch tool; CardMatch offers are targeted and subject to change at any time. For an in-depth analysis of this card, read our full review of the Amex Platinum.
The Business Platinum Card from American Express
The Business Platinum card has a high spending requirement of $20,000 in the first three months to earn the 150,000 bonus points, but if your business has large expenses, a world of rewards is waiting for you.
This card is a standout choice for two reasons: The 35% bonus when you use your points to pay for flights (first and business class on any airline or economy on your selected qualifying airline) and the 50% point bonus on purchases of $5,000 or more (on up to $2 million of these purchases per calendar year; 1 point per dollar thereafter)
The best way to use this would be on a large travel purchase made with American Express Travel, so your 50% bonus would be on top of the 5 points per dollar bonus category.
But even if you’re using this for non-bonus spending, it can be a great deal. The 1.5 points per dollar aren’t the highest possible return, but they’re pretty solid. Curious about what else you can do with one of these cards? Read our full review of the Amex Business Platinum for more details.
The American Express Platinum Card for Schwab
The American Express Platinum Card for Schwab is only available to Charles Schwab customers. There’s no way around this requirement since you must sign into your Schwab account during the application process.
If you’re not a Schwab customer, you should consider signing up. The Schwab investor checking account reimburses all ATM fees worldwide, making this a great option for getting cash when traveling.
This card is identical to the personal Platinum card in most ways, except it comes with one neat perk — the ability to cash out Membership Rewards to a linked Schwab brokerage account. Note that this is significantly below TPG’s valuation of Membership Rewards points at 2 cents each, but if you find yourself racking up points faster than you can spend them, this can be a worthwhile option.
Points are a bad long-term investment as they’re susceptible to award chart devaluations with no advance notice, so if your circumstances change and you aren’t traveling enough to burn your points, consider cashing them out. The process is straightforward, and when I tried it out myself, the money posted instantly to my Schwab account even though it was a Sunday and banks were closed.
If you already are a Schwab customer, you might be eligible for a bonus of $100, $200 or $1,000 after account approval and each year after that, depending on the size of your account balances.
Related: How our cruise writer got $4,456 in value from his Amex Platinum in a year
The American Express Platinum Card Exclusively for Morgan Stanley
Like its Schwab counterpart, The American Express Platinum Card Exclusively for Morgan Stanley is only available to Morgan Stanley customers. You’ll get all the usual benefits of the Amex Platinum, plus the ability to use Membership Rewards points for deposits by Morgan Stanley to your qualifying brokerage account. (For example, 50,000 points equals $500.)
You’ll also to eligible to receive a $695 annual engagement bonus into your Platinum CashPlus account, effectively waiving the card’s annual fee. The deposit is received each year upon card opening and upon renewal thereafter. Some Morgan Stanley debit card holders may also qualify.
Lastly, you’ll be able to add Companion Platinum cards for no annual fee, although Companion Platinum cardmembers will not receive as many benefits as Additional Platinum cardmembers. You can add full-service Additional Platinum cards for $195 apiece.
Related: Personal or business: Which flavor of Amex Platinum and Amex Gold is best for you?
Bottom line
These four versions of the Amex Platinum card offer slightly different variations of a common package of luxury travel perks. To pick the right for you, it helps to consider how you plan to use your points (cash out, transfer to airlines, pay with points, etc.) and how much/what type of spending you plan to put on the card.
No one needs all four different variations of the Platinum card, but you may find that there’s room for one in your wallet especially if you’re in the market for a valuable welcome bonus.
Apply here: Amex Platinum card
Apply here: Amex Business Platinum card
For rates and fees of the Amex Platinum Card, click here.
For rates and fees of the Amex Business Platinum, click here.
