American Express® The Platinum Card®

Pros

✅ No annual fee

✅ Generous intro APR period for purchases and balance transfers

✅ Flexible cash back with the option to update your 3% category each month

✅ Sign-up bonus offer

✅ Rewards don’t expire

✅ Preferred Rewards® members can earn up to 75% more cash back on all purchases

Cons

❌ 2% and 3% cash back categories have a $2,500 combined spending cap each quarter

❌ Foreign transaction fee of 3%

❌ Best rewards are limited to certain customers with Bank of America Preferred Rewards status

❌ Complex rewards structure may confuse some users

❌ Rival cards offer higher welcome bonuses