Is The Amex Platinum A Charge Card?

The Amex Platinum card is known to be one of the absolute best credit cards for cardholders to get. So long as you can cooperate with its high annual fee, it should be relatively easy to use all of its benefits and perks offered to counter its high fee. Link to the full BestCreditCard review: here

What is a charge card?

A charge card is any credit card that requires its bills to be paid immediately when a statement is issued. Therefore, each month you owned a charge card, you would need to immediately pay off whatever is owed. If the cardholder does not pay off its debt on a monthly basis, that cardholder will be subject to late fees and restrictions on further card usage.

Is the Amex Platinum a charge card?

In short, yes. The Amex Platinum is a charge card. However, if you have the capable credit score to apply for this card and subsequently get the card, you are most likely more than capable of paying off your bills in a timely fashion. 

How is this different than a credit card?

A charge card typically does not issue you a line of credit. I other words, charge cards differ from credit credit in that they do not allow you to hold monthly balances. A close comparison to the Platinum Card by American Express is the Chase Sapphire Reserve Card. The Sapphire Reserve is a credit card - not a charge card - so it allow you to spend more moeny each month that you have in your bank account in the form of an outstanding balance. Accordingly, credit cards are typically a better fit for consumers who think they won't pay off their balance in full at the end of each month.

Takeaways

While having a traditional credit card is more flexible than charge cards - the flexibility of paying off their bills in a more timely fashion for their cardholders - the perks and benefits of an Amex Platinum outweigh the cons. 

With 5x the points on each dollar spent on hotels and flights, as well as the 75,000 points after you use the Amex for $5,000 worth of purchases in your first 3 months, this card is well worth a quick charge each month.