Why the Amex Platinum still reigns supreme in the luxury travel space (and how other cards are catching up)

Every year, the TPG Awards honor excellence in credit cards, loyalty programs and travel. Please click here to read more about our winner selection process and methodology for the 2024 TPG Awards.

Despite newcomers to the premium credit card space vying for your business, American Express’ top-tier consumer card continues to shine.

The Platinum Card® from American Express has swept all three of the data-driven luxury card honors at the 2024 TPG Awards, claiming the titles of Best Card for Lounge Access, Best Credit Card Lounge Network and Best Luxury Hotel Collection — and it’s no shock why.

Let’s explore how the Amex Platinum continues to hold first place among luxury travel rewards cards, as well as how competitors are quickly catching up.

The best lounge access

The Amex Platinum is synonymous with lounge access. In fact, it was largely responsible for launching the trend of issuer-branded airport lounges.

American Express Centurion Lounges can be found at 15 U.S. airports and another 11 worldwide, with more in the pipeline. Compare Amex’s footprint to that of its competitors, such as Capital One Lounges and Chase Sapphire Lounges, and you’ll quickly notice that their presence pales in comparison to American Express’.

Alongside Centurion Lounges, cardmembers receive access to Delta Sky Club lounges* (when flying on Delta) and Priority Pass Select lounges. Enrollment is required. Other lounges around the globe that cardmembers can access include:

• Airspace Lounges
• Escape Lounges
• Plaza Premium Lounges
• Select Lufthansa Lounges
• Other Global Lounge Collection partner lounges

*Effective Feb. 1, 2025, eligible Platinum Card members will receive 10 visits to the Delta Sky Club or Grab and Go per eligible Platinum Card, per year when traveling on a same-day, Delta-operated flight.

This wide footprint played a major role in the card winning the two data-driven lounge awards. To determine the best card for lounge access, we analyzed the entire network of lounges available to cardholders, which consisted of 75% of the final score. Then, we dug into access policies — including guest and authorized user privileges — for the remaining 25%. The Amex Platinum rose to the top, scoring 8.79 out of 10.

We took a similar approach to determine the winner for the best card-exclusive lounge network award. Once again, the network made up 75% of the final score, and the remaining 25% was split evenly between the access policies and amenities offered to cardholders. The Amex Platinum again took the top spot with a score of 7.2 out of 10.

However, there’s much to love about the other two issuers’ offerings, as each took home honors for their premium options.

Capital One began opening its own lounges in 2021, and its top-tier personal travel rewards card, the Capital One Venture X Rewards Credit Card, has been named the Best Premium Travel Card at this year’s TPG Awards.

The issuer currently has three lounges open within the U.S., with another two in the pipeline. In November, it also premiered a new lounge concept called the Capital One Landing at Ronald Reagan Washington National Airport (DCA).

Chase is also racing to compete with Amex and Capital One, with eight of its own lounges open since its first landed in Hong Kong in 2022. In fact, Chase’s lounge at New York City’s LaGuardia Airport (LGA), which opened in January, has won the Best New Lounge award at this year’s TPG Awards. Recent additions to the network include locations in Phoenix and San Diego.

Amex Platinum cardmembers can access Centurion Lounges at no cost. However, the ability to bring guests at no charge is contingent on spending at least $75,000 per calendar year.

Capital One is more generous in this area, as Venture X cardholders and authorized users can each bring up to two guests for no additional cost into Capital One and Priority Pass lounges. Chase’s guest policies are also less restrictive than Amex’s.

You can read our full methodology for determining all winners of the 2024 TPG Awards on this page.

High earning rate on airfare

The Amex Platinum was one of the first cards to introduce an astoundingly high 5 points per dollar spent on airfare when booking directly with an airline or through amextravel.com (on up to $500,000 of airfare purchases per calendar year, then 1 point per dollar). This high earning rate on airfare is extremely valuable considering that Amex lets you earn bonus points when booking directly with an airline.

Competitors such as the Venture X and the Chase Sapphire Reserve® also offer 5 points per dollar spent on flights but only when booking through Capital One Travel or Chase Travel℠. There are several reasons to avoid booking through a travel portal, such as punitive cancellation fees, poor customer service and refund troubles.

When it comes to luxury travel, earning 5 points per dollar spent on flights can help you rack up points quickly and then utilize them for premium cabin redemptions.

Abundance of statement credits and perks

The Amex Platinum provides over $1,500 in benefits to cardmembers, which is more than enough to offset its $695 annual fee (see rates and fees).

The card offers an extensive list of statement credits, including:

• Up to $200 in statement credits each calendar year when airline incidental fees are charged by a qualifying airline
• Up to $200 in statement credits each year for prepaid American Express Fine Hotels + Resorts or The Hotel Collection bookings made via American Express Travel when you pay with the Platinum Card (minimum two-night stay required for The Hotel Collection)
• Up to $200 in Uber Cash annually ($15 per month, plus a $20 bonus in December) for rides with Uber and orders on Uber Eats in the U.S. when the Amex Platinum is added to your Uber account (enrollment required)

There are many ways to maximize and get the most value from your Amex Platinum Card, including taking advantage of targeted Amex Offers for opportunities to earn cash back or bonus points on purchases with select merchants. Recently, I earned 20,000 Membership Rewards points after spending $1,000 on Air France and KLM tickets with my Amex Platinum Card, which was like getting a 40% kickback on my purchase.

The Amex Platinum takes it up a notch by giving cardmembers complimentary Gold status with both Marriott Bonvoy and Hilton Honors. Benefits include bonus points on stays, room upgrades and late checkout. Enrollment is required

But it was Fine Hotels + Resorts that led to the card winning this year’s data-driven award for the Best Luxury Hotel Collection. For this honor, we evenly weighted the global footprint of the program (50%) and the benefits offered to cardholders (50%). Amex FHR came in first, with a score of 9.3 out of 10 — thanks largely to a massive portfolio of properties, the aforementioned $200 statement credit and the guaranteed late checkout.

However, here again, we’ve seen some notable competition from Chase and Capital One. The Edit by Chase Travel is available for Sapphire Reserve cardholders, featuring similar perks (and now the confirmed ability to earn hotel rewards and enjoy loyalty perks at select properties). Meanwhile, Venture X includes access to Capital One Premier Collection, a curated set of hotels worldwide offering cardholders various on-property perks.

Hopefully, we’ll continue to see investment in these programs as Amex, Capital One and Chase compete to capture luxury travelers.

Read more: A comparison of luxury hotel programs from credit card issuers: Amex, Capital One, Chase and Citi

Valuable transfer partners

The Amex Platinum has an impressive combined 21 airline and hotel transfer partners that cardmembers can utilize to book luxury travel experiences, such as premium cabin redemptions and top-tier hotel stays.

According to TPG’s December 2024 valuations, Amex points are worth 2 cents apiece, coming in fairly close to Bilt Rewards and Chase Ultimate Rewards points, each valued slightly higher at 2.05 cents.

Amex continues to reign at the top thanks to its frequent offering of transfer bonuses to select partners. Over the past decade, Amex has been the issuer offering the most transfer bonuses each year.

However, its competitors have some unique transfer partners that Amex doesn’t, like Chase’s partnership with World of Hyatt and Capital One customers’ ability to transfer points to Turkish Miles&Smiles.

Bottom line

Major credit card issuers continue refreshing their top-tier cards to help cardholders elevate their travel experiences.

The Amex Platinum set the standard for luxury travel years ago with its expansive lounge access policies, high earning rate on airfare, valuable transfer partners and lucrative statement credits — and the card still holds the title of king in this space.

But with many competitors catching up, it’s time for the Amex Platinum to once again innovate to stay ahead and elevate luxury travel. Given it was last refreshed in 2021, we expect the card’s perks will be revamped again soon. For now, though, it’s still the top pick for luxury-seeking travelers.

Related: Amex Platinum card review: High annual fee with loads of perks

For rates and fees of the Amex Platinum Card, click here.