4 Reasons I Won't Open an Amex Platinum Card, Even Though I Love to Travel

The Platinum Card® from American Express has a reputation as a luxury card. A $695 annual fee (see rates and fees) will do that. To justify that annual fee, it's absolutely packed with perks, including quite a few travel perks.

I love to travel, so this card would seemingly be right up my alley. But I'm actually not a fan. This is the type of card that can be extremely valuable for a small portion of consumers. For everyone else, myself included, it's not a great deal.

My reasons for avoiding this American Express card are below. If you feel the same, then you're better off with a different card.

1. I don't want to keep track of all those spending credits

This card has a ton of spending credits -- over $1,500 worth per year! Terms apply. So, $1,500 in credits minus a $695 annual fee. You're still coming out ahead by $805. What a deal, right?

Only, most people aren't going to be getting all $1,500, because these credits are notoriously difficult to use. A $300 annual Equinox credit is nice if you go to that gym, but pretty much useless if you don't. And $200 in Uber Cash per year is a good perk, but it's doled out in $15 monthly increments with a $20 bonus every December, which is a bit annoying. Select enrollment required, terms apply.

I really don't like credit cards that make my life harder. The last thing I want to do is keep track of a complicated web of spending credits.

2. It has a lousy rewards rate

As a general rule, cards with higher annual fees earn more points. The Platinum Card® from American Express is the exception. It earns:

• 5X points per $1 on flights booked directly with airlines or through American Express Travel, on up to $500,000 in purchases per calendar year
• 5X points per $1 on prepaid hotels booked on amextravel.com
• 1X point per $1 on other purchases
• Terms apply.

It has a high rate, but in just two categories, and they're only places where you'll spend money while you're traveling. On most purchases with this card, you'll earn 1X point per $1.

Most travel credit cards have far better rewards rates. To give you one example, the Chase Sapphire Preferred® Card earns 5X points per $1 on Chase Travel bookings, 2X points per $1 on other travel purchases, and 3X points per $1 on dining, select streaming services, and online groceries. And its annual fee is $95, not $695.

3. American Express cards are harder to use overseas

American Express has always lagged behind Visa and Mastercard for merchant acceptance. It has made up most of the gap in the United States. American Express cards are now accepted at 99% of U.S. merchants that accept credit cards. Internationally, it's hit or miss.

A recent Nilson Report found that American Express is accepted at 119 million merchants worldwide. Visa and Mastercard are each accepted at 130 million.

That's not a huge gap, but it does make a difference. I live outside the United States, and I've seen quite a few places that don't accept American Express. If you decide to get an American Express card, I'd also recommend having a Visa or Mastercard as a backup when traveling internationally.

4. I have other travel cards that fit me better

It's important to make sure a credit card is a good fit before you apply for it. When I checked out this American Express card, I knew it wouldn't work well for me. It has a bunch of spending credits I won't use. Because of its lackluster rewards rate, I also won't use it to pay for purchases very often.

Many travel cards exist, and I've found others I like much more. My Capital One Venture X Rewards Credit Card gets the most use. I love that it earns an unlimited 2X miles per $1 on purchases. It's also much cheaper, with a $395 annual fee (see rates and fees), and I find it easy to get my money's worth thanks to the perks it offers.

The Platinum Card® from American Express fits some people to a tee. Not a lot of people, but some. If you love its perks, then by all means, go for it. But if you're not sure, try looking at other top travel rewards cards. You might find, like I did, that another card is a much better match.