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The Platinum International Currency Card – Platinum Card from American Express Review

The Platinum International Currency Card – Platinum Card from American Express Review

Our Platinum Card from American Express review doesn’t contain a link to the website or any online portals. We didn’t add links to the Platinum Card from American Express (also known as the Platinum International Currency Card) because applications are country specific. For example, we used Express VPN to apply from the EuroZone and it wouldn’t allow us to set up a card in the US or in Singapore. Ergo, if you decide to try this credit card, you will have to Google it from your computer or mobile device, and use the website that was designed for people in your area.

We do not mind adding links to such websites, even if it looks like we are taking affiliate money for them (we are not, our website is paid for by the adverts around the sides and between the paragraphs), but unless you happen to be in the same state as our writers, the link will probably take you to the wrong website.


Spend US$/€/£5,000 In The First Three Months To Earn 30,000 points


Under normal circumstances, you only receive one point for every dollar spent, but the starting intro offer gives you an additional 30,000 points at the end of the three month period.

The frustrating thing about American Express rewards membership points is that they never give you an exact value for each point; it all depends on how you redeem them. For example, if you redeem your points with certain hotels, you may get more for your points (in terms of monetary value) than you would if you buy gift cards with your points.

From the experiments we did with our points, we estimate that 30,000 points is worth at least between $150 and $570. The best price we got for a point was around 1.9 cents per point. An employee of the Business Insider website said he got around the same amount with his reward points, so closer to $500 is probably about average.

You will not receive the 30,000 membership reward bonus points if you currently hold a membership-reward-enrolled American Express card, or if you have held one in the last 6 months. In other words, if you have an American Express card, but it is not enrolled in the rewards membership program, then you may still receive your 30,000 points when you sign up for this card.


Earning American Express Rewards Membership Points


Besides the introductory offer of 30,000 points, you may also earn points by spending. One dollar or one Euro gets you one point.

There are no limits on how many points you may earn, and your points will not expire over time. You receive a point per dollar no matter what type of purchase you make. However, it has to be marked as a purchase. For example, if you “Buy” chips in a casino, then that is considered a cash advance and is not marked as a purchase, which means you do not earn points.

Earn points on your Platinum Card from American Express, and on any supplementary cards that you give to your family or friends.


Spending Reward Points


The American Express Rewards membership program allows you to redeem your points in a wide number of ways. They have an online catalog that offers different things to different people in different states and different countries.

American Express has signed up with a number of different companies so that you may redeem your points for gift cards if needed. There are also hotel and retail programs where you may redeem your points, and there are similar travel loyalty programs where you may redeem your points.

The card allows you to donate to charities with your points, which is fine, but make sure you know how much actual money will be handed over to the charity, and be sure to get a receipt so that you may note it on your tax return.

You may also offset purchases on your card. The purchase must have already been noted on your statement. Beware that this seems to be one of the least profitable ways to redeem your points, especially when you consider the hundreds you are paying each year in annual fees and when you consider that you only get one point per dollar spent.


Opaque Terms, Conditions And Prices


I like the card because it charges you a high fee each year, but it offers perks and rewards that would normally cost you more. This means, if you use the card and exploit it to its fullest, then you can actually save money in the long run. However, we have reviewed a lot of cards in our time, and I am not happy with the way they have detailed their terms, conditions and prices.

The first problem I have is that terms are littered around the pages of the website, and they are nestled in drop-down tabs so that they are easy to miss. Secondly, the full price list is not easily found and is not laid out in the way most other cards lay out their prices.

The company tries to make up for these flaws by adding links to just about everything you need, but such links and such a layout makes it hard work for the researcher. As a veteran group of researchers, our team had no problem finding all the terms and conditions they required, which is a credit to American Express, but I fear that less experienced customers may have a hard time finding what they need and interpreting what they need. The best way to get all the details you need is to apply for the card, do most of the authorizing, credit check and so forth, and then read the terms and conditions they send you before you e-sign, and that is not very convenient for people who decide they do not want the card because it will add another search to their credit history.


The Annual Fee Of $550


Erm I dont want to be that guy

I know that in our feeling-based society, the first thing other reviewers do is jump on the fact that the card costs $550 per year and how “Unfair” this annual fee is. However, if you look at all the perks you may earn, and if you look at the average costs of those perks, you may see how this card is worth the annual fee. In fact, if you examine the logic, the card issuer probably couldn’t have struck such deals if it were not charging its customers a certain price. However, with all that said, work is required to get the most out of the card.

There are travel protection benefits, hotel partnership programs, airport lounge access, and dedicated travel and lifestyle services that you may enjoy thanks to having your card and thanks to the points you earn from the card. Yet, what if you are not so bothered about things such as airport lounge access? For example, if you are keen on certain levels of comfort in your airport, then this card is great for you, but what if you couldn’t care less where you sit in an airport?

Luxury airport lounge

It is not just the “Is this card right for you” questions that bother me. In order to get the best value for my card and points, I need to research into what each product/service normally costs, and then figure out if I am getting more dollars for my points or fewer dollars for my points. It is very easy to spend your points on products/services that look good, but they only offer 0.5 cents per dollar.

I am not saying that the annual fee is “Unfair” and I am not triggered, so I don’t need to go to a college safe space and listen to whale music, but I do think that this card is only good value for money if you are willing to do your research and exploit the card to its fullest.


The Twist In The Tale – You May Have To Already Be A Customer


Remember how I mentioned that their terms and conditions were opaque (as clear as mud), well there is a clause in their contract that says that the international currency card products are only available to people who are American Express customers with six months of membership under their belt.

Our Platinum Card from American Express review shows that this card is suitable for people with a 680 credit score (preferably much higher), and is suitable for people who travel a lot and who are willing to use this card a lot in their day-to-day lives. This is not a suitable card for anybody who wants cash back because redeeming points to offset your purchases is one of the most unprofitable things you can do with this card.

There are no foreign transaction fees, but that doesn’t matter because you shouldn’t take this (or any credit card/ charge card) overseas with you. You get a far better rate when converting from dollars to another currency if you use Transferwise and/or CurrencyFair. Even without a foreign transaction fee, American Express is still going to stiff you on the exchange rate since they are forced by their own network to charge you between 2% and 3% on top of your conversion. By all means, you should use this card in your day-to-day life in order to build points, and maybe for buying travel-related products, but do not actually use it as your main source of funding when you are abroad because it will turn out more expensive than it should.

About The Author

Ash The Great

After a varied career in different industries from the hospitality industry to the financial consultancy industry, Ash now spends his days working as a professional writer.

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