American Express Platinum Charge Card Review: Benefits, Fees, and Eligibility

It includes elite hotel memberships such as Accor Plus Traveler, The Postcard Sunshine Club - Platinum, and I Prefer Titanium, alongside existing elite statuses like Marriott Bonvoy Gold Elite, Hilton Honors Elite Gold, Radisson Rewards Premium, and Taj Epicure Plus. The card offers global lifestyle content and digital subscriptions, unlimited lounge access, and meet and greet services at airports.

The reward points on this card do not expire. Rishav Anand, Founder of RewardMatrix, a credit card comparison website, rates the card high on the reward point transfer mechanism. You can redeem points in different ways, such as converting them to Marriott points at a 1:1 ratio, cashback at a 1:0.25 ratio, and a regular conversion rate at a 1:0.33 ratio. The Reward Xcelerator program offers 10X and 20X points on Air India and select brands including Bvlgari, Tata Cliq Luxury, and Darveys. Points can be transferred to hotel partners like Marriott and Hilton.

The card comes with insurance benefits, including zero lost card liability for overseas travel. The insurance coverage includes up to Rs 5 crore, including $50,000 overseas medical insurance and air accident cover.

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Eligibility

According to the card issuer, only cardholders with a strong credit history, with no payment defaults and specific income requirements will qualify for this card. For instance, salaried individuals must earn an annual income of Rs 25 lakh or more, while self-employed individuals must earn Rs 15 lakh or more annually. Additionally, to qualify for renewal benefits, cardholders must meet a minimum annual spending requirement of Rs 20 lakh and pay the renewal fee.

Fees and charges

The card comes with an annual fee of Rs 66,000, plus 18 percent Goods and Services Tax (GST), totaling Rs 77,880.

According to Anand, the American Express Platinum Charge card's annual fee of Rs 77,880 (including GST) can be well-justified for individuals who spend Rs 20 lakh or more annually and regularly indulge in premium travel or lifestyle experiences. "For those who can maximise benefits such as airport lounge access, hotel elite status, and exclusive events, having this card can be a significant change," he adds.

The card members must pay the full outstanding balance, as revolving the balance by paying finance charges is not allowed, resulting in no finance charges being applicable.

There are no interest charges applicable. The cardholders get maximum of 48 days of free credit period.

If a partial payment is made by the due date, it will be deducted from the total outstanding amount before calculating the delinquency fee. For instance, if the total outstanding is Rs 20,000 and Rs 10,000 is paid before due date, the delinquency fee would be 5 percent of the remaining Rs 10,000, which is Rs 500 plus applicable tax.

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Evaluate the terms and conditions

While applying for AMEX Platinum Charge Card, Eshwar Vemala, a credit card reward maximisation consultant advises starting with an estimate of your annual spend on travel and other eligible expenses. Next, weigh the card's rewards and benefits against its annual fee to determine your potential return on investment. This will help you make an informed decision about whether the card aligns with your spending habits and financial goals.

However, you should weigh two key factors. Firstly, the card's substantial annual fee of Rs 77,880 (including taxes) must be justified by your spending patterns. Secondly, as Anand points out, the card's benefits may have limited value if you fail to meet the required spending thresholds or don't utilise the premium perks, which can significantly impact the card's overall worth.