American Express Platinum Credit Card Review
The American Express Platinum credit card is one of the most exclusive premium credit cards on the German market. With an annual fee of 720 euros (or 60 euros monthly), the question arises: Is this investment worth it? In our detailed test, we analyze the benefits, costs, and insurance services of the Amex Platinum and show for whom this metal card really pays off.
The Amex Platinum Costs at a Glance
The American Express Platinum credit card costs 720 euros per year or alternatively 60 euros monthly. This fee seems high at first glance, especially compared to free credit cards. But the Amex Platinum offers numerous benefits that can put this price into perspective:
A free Platinum partner card with identical benefits (except for credits)
Four additional Gold or Green Cards for family or friends at no extra charge
Annual credits totaling approximately 640 euros
Extensive insurance benefits that would be significantly more expensive if purchased separately
In addition to the monthly basic fee, the following costs apply:
1.99% foreign currency fee for payments outside the Eurozone
4% fee for cash withdrawals (minimum 5 euros)
For new customers, there are currently attractive welcome bonuses: 30,000 Membership Rewards Points with a minimum spend of 13,000 euros in the first six months. These points can be converted for travel, shopping, or into airline miles.
The Most Important Amex Platinum Benefits
The American Express Platinum credit card scores with a variety of exclusive benefits that make it particularly attractive for frequent travelers:
Annual Credits
200 euros online travel credit for flights, hotels, or rental cars
150 euros restaurant credit at selected restaurants
200 euros SIXT ride travel credit (eight credits of 25 euros each)
90 euros shopping credit with participating partners
The Amex Platinum travel credit can be redeemed through the Amex travel portal for flights, hotel stays, or rental cars. Activation is simple through the online card account or the Amex app.
Exclusive Travel Benefits
A highlight of the Amex Platinum is access to over 1,400 airport lounges worldwide. These include:
- Priority Pass Lounges (including one guest per visit)
- Lufthansa Lounges (Business and Senator Lounges)
- Delta Sky Clubs
- Plaza Premium Lounges
- Centurion Lounges
To use the Amex Platinum Lufthansa lounge access, you only need your Platinum card and a valid boarding pass for a Lufthansa, Swiss, or Austrian Airlines flight on the same day. The Priority Pass must be activated in advance through the Amex card account.
Additional travel benefits include:
Hotel status with Hilton, Marriott, Radisson, and Meliá
Rental car status with SIXT, Avis, and Hertz
Up to 200 euros discount on Condor flight bookings
24/7 personal travel service
Membership Rewards Program
With the Amex Platinum, you earn one Membership Rewards point for every euro spent. These points do not expire and can be redeemed in various ways:
Conversion to airline miles (up to 1.2 miles per point)
Redemption for travel, hotels, or rental cars
Shopping at Amazon and other partners
Donations to non-profit organizations
Requirements for the American Express Platinum Card
Applying for the American Express Platinum Card is subject to certain requirements, which are not as strict as many assume:
- Basic requirements: You must be at least 18 years old, have your primary residence in Germany, and have a German bank account.
- Income requirements: American Express does not communicate an official minimum income. Based on experience, however, a regular income of about 30,000 euros per year is expected. It is important that the income is high enough to settle the monthly bills.
- Creditworthiness: Good creditworthiness is crucial for approval. American Express conducts a SCHUFA check and evaluates your financial stability. A SCHUFA score in the financial sector of about 95 percent increases the chances of a successful application.
- Identity verification: During the application process, you must confirm your identity using the POSTIDENT procedure - either at a post office, via video chat, or through the POSTIDENT app.
- Personal data: For the application, you need your full name, date of birth, residential address, email address, phone number, as well as information about your profession and financial situation.
Interestingly, the requirements for the Amex Platinum are not as strict as often assumed. Even average earners have good chances of obtaining the card if their creditworthiness is positive. After successful verification, you will usually receive your Platinum Card within five to ten business days.
The Amex App: Digital Card Experience
The American Express App is a central element for the optimal use of the Platinum Card and offers numerous functions:
- Activate benefits: Through the app, you can conveniently activate and manage all Platinum benefits, including the restaurant credit, Priority Pass, and travel credit.
- Travel bookings: You can book flights, hotel stays, and rental cars directly through the app and, as a Platinum cardholder, redeem your annual travel credit of 200 euros.
- Exclusive hotel benefits: As a Platinum cardholder, you have access to the premium program "Fine Hotels + Resorts" with benefits such as room upgrades and complimentary breakfast for two.
- Lounge finder: The app has a feature that allows you to find airport lounges worldwide that you can access with your Platinum Card.
- Card account management: You can view your transactions in real-time, download statements in PDF format, and manage your collected Membership Rewards points.
- Amex Offers: The app offers exclusive brand deals and special offers that provide you with additional savings.
The Amex App is available for both Android and iOS and allows you to use your card benefits anytime, anywhere.
Cash Withdrawals with the Amex Platinum
Withdrawing cash with the American Express Platinum Card is possible, but comes with some restrictions and fees:
- Withdrawal fee: Cash withdrawals incur a fee of 4% of the withdrawn amount, with a minimum of 5 euros per transaction.
- Withdrawal limit: The daily limit for cash withdrawals is 1,500 euros domestically and abroad. Within seven days, you can withdraw a maximum of 1,500 euros.
- Foreign transaction fee: In addition to the withdrawal fee, a foreign transaction fee of 1.99% applies for withdrawals in foreign currencies.
Due to these high fees, the Amex Platinum is not ideal for regular cash withdrawals. It is advisable to use another credit card for this purpose that charges lower or no withdrawal fees.
The Amex Platinum Insurance Package - Trip Cancellation, Foreign Travel & More
The Amex Platinum offers a first-class insurance package that alone represents a significant countervalue to the annual fee:
Travel Insurance
Foreign travel health insurance with unlimited coverage
Trip cancellation insurance up to 10,000 euros per person
Travel comfort insurance for flight delays (400 euros from 4 hours delay)
Luggage insurance for loss or damage
Rental car full comprehensive insurance without deductible
Travel accident insurance with high coverage amounts
Important: The insurance only applies if the trip was paid for with the Platinum Card. This is a significant difference from the business variant.
Shopping Insurance
90-day protection against damage or theft for purchases
Extended return right for 90 days
A special advantage: The insurance not only applies to the primary cardholder but also to spouses or life partners, children up to 25 years, and even grandchildren when traveling together.
Minimum Term and Cancellation Terms
The American Express Platinum Card offers flexible conditions regarding term and cancellation:
- No minimum term: The contract runs indefinitely; there is no prescribed minimum term.
- Notice period: You can cancel the card at any time with a notice period of one month.
- Cancellation options: Cancellation can be done by phone or in writing. For written cancellation, an informal cancellation letter is sufficient.
- Welcome bonus: It is important to note that if you cancel within the first 12 months, you forfeit the welcome bonus. To keep the full 75,000 Membership Rewards points, you should keep the card for at least one year.
- Membership Rewards points: After cancellation, you have another 12 months to dispose of your collected points.
- Annual fee refund: If you have paid the annual fee in advance, you will be refunded the proportional amount in case of early cancellation. Alternatively, you can also pay the fee monthly (60 euros), which makes a refund unnecessary.
The flexible cancellation option without long commitment is an advantage of the Amex Platinum, allowing you to test the card first and cancel it if you don't like it.
Activating the American Express Platinum Benefits: How It Works
To use the numerous Amex Platinum benefits, some services must first be activated:
- Priority Pass: Application through the online card account or the Amex App
- Travel credit: Activation in the Amex travel portal
- Hotel status: Registration with the respective hotel programs
- Restaurant credit: Activation through the Amex App
- SIXT ride credit: Redemption through the SIXT App
Most benefits can be managed and activated through the Amex App. For the Membership Rewards Turbo (1.5 points per 1 euro spent), an additional fee of 15 euros annually applies.
Credit Limit and Payment Terms
The Amex Platinum credit limit is set individually and is based on your financial situation, creditworthiness, and income. Unlike many other credit cards, the Amex Platinum offers a flexible spending limit without a fixed limit.
Billing occurs monthly, and the full amount is collected by direct debit.
Differences from the American Express Business Platinum
The American Express Business Platinum for companies differs in some essential points from the private Platinum credit card:
- Annual fee: The Business Platinum costs 850 euros annually (compared to 720 euros for the private variant)
- Tax deductibility: The annual fee of the Business Platinum can be claimed as a business expense for tax purposes
Conclusion: For Whom Is the Amex Platinum Worth It?
The American Express Platinum credit card is a premium card that is particularly worthwhile for the following groups of people:
- Frequent travelers who regularly use airport lounges
- People who can fully utilize the annual credits
- Individuals who value comprehensive insurance coverage
- Users who benefit from hotel status and other travel advantages
For self-employed individuals and entrepreneurs, the Business Platinum may be the better choice despite the higher annual fee, especially because of the tax deductibility, extended payment terms, and insurance coverage without card use.
Overall, the American Express Platinum credit card offers a compelling complete package for demanding customers who know how to use the diverse benefits and value exclusive service.