American Express Platinum Card Fees, Charges & Benefits

The American Express Platinum Card is a premium credit card offered by American Express, a well-known financial services company. It is part of their range of high-end credit cards and is known for offering a variety of exclusive benefits and perks to cardholders.

American Express Platinum Card offers many benefits, it also usually comes with a high annual fee.

Cardholders should carefully consider whether the benefits align with their spending habits and travel preferences to determine if it’s worth the cost.

Additionally, eligibility for the card may depend on creditworthiness and other factors. Be sure to check the latest terms and conditions and fees associated with the card before applying.

Is it hard to get an American Express Platinum Card?

Yes, it can be challenging to qualify for the American Express Platinum Card due to its high income requirements and premium features.

Who is eligible for American Express Platinum Card?

Eligibility typically requires a minimum annual income of Rs. 25,00,000 for salaried individuals and Rs. 15,00,000 for self-employed individuals with at least 12 months of company operation.

Is American Express Platinum Card luxury?

Yes, the American Express Platinum Card is considered a luxury credit card, offering exclusive travel and lifestyle benefits.

How much is the American Express Platinum Card?

The annual fee for the American Express Platinum Card is Rs. 60,000 per annum.

Features of the American Express Platinum Card

Travel Rewards: The Platinum Card often provides generous rewards for travel-related expenses, such as airfare, hotels, and rental cars.

Cardholders can earn Membership Rewards points for their purchases, which can be redeemed for travel or transferred to various airline and hotel loyalty programs.

Airport Lounge Access: One of the most prominent perks of the Platinum Card is access to a wide network of airport lounges worldwide, including the American Express Centurion Lounges, Priority Pass lounges, and others.

This can make travel more comfortable with amenities like complimentary food and beverages, Wi-Fi, and comfortable seating.

Travel Credits: The card may offer annual travel credits that can be used for incidental expenses like checked baggage fees, in-flight purchases, or other travel-related fees.

Hotel and Resort Benefits: Cardholders may receive complimentary elite status with hotel and resort loyalty programs, which can include benefits like room upgrades, late check-out, and additional amenities.

Fine Hotels & Resorts Program: Access to the Fine Hotels & Resorts program, which provides special benefits and perks at participating luxury hotels and resorts.

Global Entry or TSA PreCheck Fee Credit: The card may offer a statement credit to cover the application fee for Global Entry or TSA PreCheck, which can expedite the security and customs process when traveling.

Concierge Service: Access to a dedicated concierge service that can assist with travel planning, restaurant reservations, and other personalized requests.

Purchase Protection and Extended Warranty: The Platinum Card often provides various insurance and protection benefits for eligible purchases, including extended warranties and purchase protection against theft or damage.

Car Rental Benefits: Discounts and perks when renting cars from participating car rental companies.

No Foreign Transaction Fees: Typically, the card does not charge foreign transaction fees, making it a good option for international travelers.

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American Express Platinum Card Benefits

Feature CategoriesFeatures and Benefits
Welcome Benefits– Receive stay vouchers from Taj, SeleQtions, and Vivanta Hotels worth Rs. 45,000 if you spend Rs. 50,000 in the first two months of card issuance.
Travel Benefits– Unlimited domestic lounge access to partner lounges in India. – Access to 1,200+ airport lounges globally, including Centurion Lounges, Priority Pass Lounges, and more. – Fast track to higher-tier hotel loyalty program memberships. – 25% off at select hotels. – Exclusive airline deals. – Complimentary 5-star hotel benefits. – 24×7 global concierge service. – Travel-related insurance coverage. – Fine dining on luxury rail journeys.
Movie and Dining Benefits– Up to 50% dining discount at over 1800 premium restaurants in India. – Preferential reservations and VIP helpline.
Golf Benefits– Complimentary access to 30+ golf courses in India and 50+ globally.
Fuel Surcharge Waiver– No fuel surcharge at HPCL for transactions up to Rs. 5,000. – 1% surcharge at BPCL and IOCL (min. surcharge of Rs. 10). – 2.5% surcharge at other fuel stations (min. surcharge of Rs. 10).
Insurance Benefits– Personal air accident insurance (Rs. 5 crore). – Coverage for loss of baggage, passport, and documents (Rs. 50,000). – Overseas medical insurance (USD 50,000). – Protection against loss or damage of goods. – Wallet protection (Rs. 15 lakhs). – Emergency hotel and travel assistance. – Zero Liability Protection.
Rewards Program– Earn 1 Membership Rewards Point for every Rs. 40 spent. – 3X Points on international spending. – 5X Points on Reward Multiplier portal purchases. – Points on fuel spending (max. 5,000 Points per month). – No Points on utility bills and insurance spending.
Reward Redemption– Redeem Points for e-commerce vouchers, offline store purchases, and credit card bill payments. – Transfer Points to airline and hotel loyalty programs. – Book travel and pay fees with Points. – Redeem Points for various products.

American Express Platinum Card Fees & Charges

  • Annual Fee: The annual membership fee for the American Express Platinum Card is Rs. 60,000 per annum.
  • Interest Rate: A 3.5% per month interest rate is levied on the outstanding amount if the cardholder does not pay the American Express Platinum Credit Card bill in full by the due date.
  • Cash Advance Fee: A cash advance fee of 3.5% is charged on cash withdrawals from ATMs.
  • Foreign Currency Mark-up: A 3.5% forex mark-up fee is applied to all foreign currency transactions made with the American Express Platinum Card.

Advantages of American Express Platinum Card

Extensive Travel Benefits: The American Express Platinum Card offers a multitude of travel benefits, including airport lounge access, hotel loyalty program memberships, hotel discounts, travel insurance, and a 24×7 concierge service.

Dining Discounts: Enjoy significant discounts on dining bills at partner restaurants and additional perks like preferential reservations and complimentary drinks.

Reward Multiplier: Earn 5X Membership Rewards Points on purchases made through the Reward Multiplier portal.

Comprehensive Insurance: Benefit from substantial insurance coverage, including personal air accident and overseas medical insurance.

Drawbacks of American Express Platinum Card:

High Annual Fee: The card comes with a substantial annual fee of Rs. 60,000, which is one of the highest in the Indian credit card market.

No Spend-Based Waiver: There is no provision for a spend-based waiver of the annual fee; cardholders are required to pay the annual cost of Rs. 60,000.

Moderate Reward Rate: The card offers a reward rate of 1 Membership Rewards Point for every Rs. 40 spent, with a maximum value of Rs. 0.50 per point, resulting in an effective maximum reward rate of 1.25%, which may be considered modest for a premium card with a Rs. 60,000 annual fee.

However, the card compensates with attractive welcome and travel benefits.

American Express Platinum Card Eligibility Criteria

To be eligible for the American Express Platinum Credit Card:

  • The applicant must be at least 18 years old.
  • Salaried applicants should have a minimum annual income of Rs. 25,00,000, while self-employed applicants should have a minimum annual income of Rs. 15,00,000, with their company being in operation for at least 12 months.
  • The applicant must be a resident of specific cities in India.

How to Apply for American Express Platinum Card?

American Express Platinum Card

To apply for the American Express Platinum Credit Card, you can complete the application process online on the official American Express website.

Select the Platinum card from the list of available cards, fill out a form with your personal and financial information, and submit it online.

Additionally, provide identity proof, address proof, and proof of income to verify your details. Upon approval, your card will be sent to your address.

How can I maximize the benefits of the American Express Platinum Card?

To make the most of your card, take advantage of the airport lounge access, hotel and dining discounts, and reward points. Use the concierge service for travel assistance, and explore the various redemption options for Membership Rewards Points.

What is the annual fee for the American Express Platinum Card?

The annual fee for the American Express Platinum Card is Rs. 60,000 per annum.

Can I use the American Express Platinum Card for everyday spending or is it primarily a travel card?

While it offers substantial travel benefits, you can use the card for everyday spending as well. It provides reward points on various categories, including dining and fuel.

Is the American Express Platinum Card accepted widely in India and abroad?

American Express is widely accepted in India, especially at premium establishments. However, it may not be as widely accepted as Visa or Mastercard internationally. It’s a good idea to have an alternative card for backup when traveling abroad.

What’s the process for redeeming Membership Rewards Points earned with the card?

You can redeem Membership Rewards Points for various purposes, including travel bookings, shopping, e-commerce vouchers, and credit card bill payments. American Express provides an online portal for easy redemption.

Is there a minimum income requirement to be eligible for the American Express Platinum Card?

Yes, there is a minimum income requirement for eligibility. Salaried applicants should have a minimum annual income of Rs. 25,00,000, while self-employed applicants should have a minimum annual income of Rs. 15,00,000, with their company in operation for at least 12 months.

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