PtNi thin film catalysts provide both higher activity and enhanced Pt efficiency in the oxygen reduction reaction (ORR) in comparison to pure Pt catalysts. In order to explore the structural transformations and degradation mechanisms in such films, we combine studies by cyclic voltammetry (CV), electrochemical atomic force microscopy (EC-AFM), and electrochemical infrared reflection absorption spectroscopy (EC-IRRAS) using CO as a probe molecule. The PtNi model thin film catalysts were prepared by magnetron sputtering on carbon coated Au targets or freshly cleaved highly ordered pyrolytic graphite (HOPG) and characterized by scanning electron microscopy (SEM), energy dispersive X-ray spectroscopy (EDX) and X-ray photoelectron spectroscopy (XPS). Subsequently, structural changes of the film and changes of the CO adsorption properties were followed by EC-IRRAS as a function of the applied potential. All results were compared to reference experiments on Pt(111) performed under identical conditions. For Pt(111), well-ordered (111) facets are stable upon potential cycling up to 1.2 of the voltage of the reversible hydrogen electrode (VRHE). At higher potential, surface roughening initially leads to the formation of [110] and [100] steps whereas [110] steps are the most dominant defect structure at potentials above 1.3 VRHE. The roughening transition gives rise to characteristic changes in IR spectrum of adsorbed CO. The sputtered PtNi catalyst film shows a weak decrease in grain size upon potential cycling up to 1.1 VRHE. Freshly prepared PtNi catalysts show two characteristic IR bands in the on-top CO region. The signal at lower wavenumbers is assigned to isolated CO on Pt sites. Based on calculations using density functional theory (DFT) modeling we suggest that another peculiar blue-shifted CO band can be attributed to dicarbonyls on low-coordinated Pt centers, which are generated by the leaching of surface Ni. The blue-shifted band decreases upon cycling to higher potential and vanishes at 1.1 VRHE as a result of the increasing Pt mobility. A dramatic change of the film structure is observed upon potential cycling to 1.2 VRHE. CV indicates the formation of [110] and [100] steps and AFM points out a strong decrease in particle size. EC-IRRAS shows the appearance of a new CO band that is broadened and red-shifted by more than 20 cm-1. Based on calculated DFT data, we assign these changes to a transient enrichment of Ni in the surface or subsurface region upon dissolution of Pt. Upon cycling to even higher potential (up to 1.5 VRHE), Ni is completely leached from the film, and large Pt particles are formed by ripening and/or agglomeration, which again show the characteristic CV and CO IR spectra of rough polycrystalline Pt.