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The Platinum Card from American Express Review

If you can afford the price of admission, the Platinum Card offers a world of luxurious travel opportunities.

Earn up to 100,000 Membership Rewards points. Earn 80,000 Welcome Bonus points after you charge $6,000 in net purchases to your card in your first 3 months (enough to redeem for a $800 credit towards eligible purchases). Plus, earn 20,000 points when you make a purchase between 14 and 17 months of cardmembership (enough to redeem for a $200 credit towards eligible purchases).
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Purchase Interest Rate

$699

Annual Fee

Details

Product NameThe Platinum Card from American Express
RewardEarn 3 Membership Rewards points for every $1 spent on eligible dining in Canada, 2 Membership Rewards points for every $1 spent on eligible travel purchases as well as hotel and car rental bookings made with American Express Travel, and earn 1 Membership Reward point for every $1 spent on all other eligible purchases.
Welcome OfferEarn up to 100,000 Membership Rewards points. Earn 80,000 Welcome Bonus points after you charge $6,000 in net purchases to your card in your first 3 months. Plus, earn 20,000 points when you make a purchase between 14 and 17 months of cardmembership.
Purchase Interest RateN/A
Cash Advance RateN/A
Balance Transfer RateN/A
Interest Free Period Up to 31 days
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More Info

30-second take

  • Get this card if you travel frequently and want to pay the price for premium services.
  • Pick something else if you don’t want to pay an annual fee or don’t pay off your balance in full each month.
  • Apply with a good to excellent credit score of 650 or higher.

The basics

The Platinum Card from American Express opens cardholders up to a world of luxurious and premium travel services. Although this card comes with a high price, the unparalleled experiences may be worth it.

Since this is a charge card, you will need to pay off your entire balance in full each billing cycle. Additionally, the card comes with a hefty annual fee of $699. If you’re looking to collect Membership Rewards quicker by handing out cards to your family members, you’ll be looking at $175 annually for each additional card. You can however, receive additional Gold Cards for $50 annually.

The perks

  • Welcome offer.
    Earn up to 100,000 Membership Rewards points. Earn 80,000 Welcome Bonus points after you charge $6,000 in net purchases to your card in your first 3 months (enough to redeem for a $800 credit towards eligible purchases). Plus, earn 20,000 points when you make a purchase between 14 and 17 months of cardmembership (enough to redeem for a $200 credit towards eligible purchases).
  • Earn Membership Rewards points.
    Earn 3 Membership Rewards points for every $1 spent on eligible dining in Canada, 2 Membership Rewards points for every $1 spent on eligible travel purchases as well as hotel and car rental bookings made with American Express Travel, and earn 1 Membership Reward point for every $1 spent on all other eligible purchases.
  • Travel perks.
    Earn 2 points for every $1 in Card purchases on eligible travel. Plus, enjoy complimentary access to airport lounges worldwide.

You’ll also like …

  • Luxury travel and dining benefits.

    Unlock special experiences such as luxurious dining options and premium travel benefits. This includes access to special culinary experiences with the Global Dining Collection. You’ll also have access to hotel and car rental companies’ loyalty programs. Partners include Marriott International, Hilton Hotels and Resorts, Radisson Hotel Group Hotels and Resorts, Hertz and Avis. Plus, take full advantage of The American Express Global Lounge Collection which unlocks access to over 1200 airport lounges worldwide.

  • Toronto Pearson International Airport perks.

    Get premium benefits at the Toronto Pearson International Airport such as discounted car parking.

  • Fine Hotels and Resorts.

    You can look forward to complimentary benefits and discounts at over 1,000 properties across the globe when you book through Fine Hotels & Resorts.

  • Travel insurance coverage.
    Get Travel Accident Insurance, Travel Emergency Assistance and Emergency Medical Insurance, Trip Cancellation and Interruption coverage, Lost and Stolen Baggage Insurance, Flight and Baggage Delay Insurance, Car Rental Theft and Damage coverage and Hotel/Motel Burglary Insurance. You also get access to complimentary concierge services.
  • Purchase benefits.

    Buyer’s assurance doubles the manufacturer’s warranty (up to one year) when you use your American Express credit card to purchase the item. Your eligible items are also covered against theft and accidental damage with Purchase Protection.

  • Exclusive American Express perks
    American Express offers a range of opportunities to cardholder-only experiences and preferred seating at select events with American Express Invites. You can enjoy concerts, theatre, film, dining, shopping and travel perks. Plus, transfer points 1:1 to several frequent flyer and other loyalty programs.
  • Flexible Points Travel Program.

    Enjoy flexible ways to use your points such as statement credits for any eligible purchase charged to your Card, new travel purchases booked on American Express Travel Online through the Flexible Points Travel Program, and eligible flights through the Fixed Points Travel Program.

What to watch out for

  • The annual fee.

The card’s annual fee is $699. However, with so many rewards, the cost of the card may be worth the expense.

  • This is a charge card.

This is not a regular credit card, it is a charge card. This means you’ll need to pay off the entire balance in full each month. If you don’t pay the balance off in full, you will face a 30% APR. As a charge card, interest applies in accordance with your Cardmember Agreement, Information Box and Disclosure statement if the total new balance is not paid by the payment due date each month. All payments must be received by the payment due date shown on your monthly statement.

  • Not as widely accepted overseas.

Compared to Visa and Mastercard, American Express is much less widely accepted in locations across Canada, the US and around the world. This might provide you with less opportunity to use the card, and therefore less opportunity to reap the rewards.

    Consider other cards if …

    • You want cash back.

    If you’re looking to reap the benefits of cash back, you may want to consider a cash back rewards card. These types of cards typically offer anywhere from 1-5% cash back on purchases. If you spend frequently on gas, groceries and dining out, a cash back rewards card may be more beneficial for you than a travel rewards card.

    • You don’t want to pay an annual fee.
    The Platinum Card from American Express comes with an annual fee of $699, which is a generous sum of money. If paying a fee this high is not in your best interests, consider other types of travel or rewards cards with lower, or even no annual fees.
    • You don’t travel much.

    If you find that you don’t travel very often, then this may not be the right credit card for your needs. The Platinum Card from American Express is tailored toward frequent travellers who can benefit from using the insurance coverage as well as many of the other perks on offer including valet services, flight upgrades, airport lounge access and more.

    Compare other American Express credit cards

    Name Product Welcome Offer Rewards Purchase Interest Rate Annual Fee Min. Credit Score Description
    American Express Cobalt Card
    50,000 points
    Up to 5x points per $1 spent
    20.99%
    $155.88
    Min. recommended credit score: 700
    Earn up to 50,000 Membership Rewards points in your first year. Earn 2,500 Membership Rewards points for each monthly billing period in which you spend $500 in net purchases on your card (up to 30,000 points). Plus, earn a Welcome Bonus of 20,000 Membership Rewards points when you spend a total of $3,000 in purchases on your Card in your first 3 months of Cardmembership.
    SimplyCash Card from American Express
    4% cash back
    Up to 1.25% cash back
    19.99%
    $0
    Min. recommended credit score: 700
    Earn 4% cash back on purchases (up to $200 cash back) for the first 6 months of Cardmembership.
    American Express Green Card
    10,000 points
    1 point per $1 spent
    20.99%
    $0
    Min. recommended credit score: 700
    Earn a Welcome Bonus of 10,000 Membership Rewards points when you charge $1,000 in purchases to your card in the first 3 months as a new Cardmember.
    American Express Aeroplan Card
    40,000 points
    Up to 2x points
    30% annual interest rate applies to balances not paid in full each month
    $120
    Min. recommended credit score: 700
    Earn up to a total of 40,000 welcome bonus Aeroplan points and a bonus Buddy Pass. New Cardmembers can earn up to $1,200 in value within the first year.
    SimplyCash Preferred Card from American Express
    10% cash back
    2% cash back
    19.99%
    $99
    Min. recommended credit score: 700
    Earn 10% cash back on all eligible purchases (up to $400 in cash back) for the first four months of Cardmembership.
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    What should I know before I apply?

    To apply for The Platinum Card from American Express, you must be:

    • At least 18 years old, or the age of majority in your province or territory.
    • A Canadian citizen or a permanent resident and have a valid Canadian credit file.

    What credit score do I need?

    You’ll have a better chance of approval if you apply with a good to excellent credit score of 650 or higher. In addition to having a good credit score, a relatively high annual income or combined household income may be beneficial for approval.

    Here are a few other factors that might affect your odds of approval:

    • Hard inquiries on your credit report. If you have several hard pulls on your credit history, it could indicate to a provider that you’re desperate for credit or have trouble managing your debt. As a result, the provider may be less likely to approve your application.
    • Factors that tie into your credit score. Your credit utilization ratio can play a major factor in your approval. Customers who have low balances relative to their credit limits are usually preferable to providers.

    What do customers say about The Platinum Card from American Express?

    Customers are very pleased with the benefits and perks of The Platinum Card from American Express, stating that it generally pays for itself over the course of a year if you make use of the rewards. Cardholders are pleased with the welcome bonus, the extensive travel insurance and the premium travel perks such as lounge access and valet services.

    On the other hand, some negative reviews cite inflexible company policies. Positive reviews can be found about the customer service representatives, who are said to be prompt and helpful.

    How to apply for The Platinum Card from American Express

    1. Head to the American Express website, navigate to the The Platinum Card from American Express page and click the Apply Now button.
    2. Complete the application with information including your full name, home address, income source and total annual income.
    3. Review and submit your application.

    How long will it take to get The Platinum Card from American Express?

    Pre-approval for an American Express credit card is automated on the website, which means you may get a decision on your application within just 60 seconds. If there are issues with your application, it may take a up to 10 days to hear back.

    Once your application has been approved, you’ll typically receive your card in the mail within 5 to 10 business days.

    I got the card. Now what?

    • Repay your balance in full each billing cycle.
      Register for an account on the American Express website to pay your balance online and enrol in autopay. The Platinum Card from American Express is a charge card, so you will need to pay off the balance in full each billing cycle.
    • Avoid fees.
      Late and dishonoured payments will incur fees, so be sure to pay on time. If you’re enrolled in autopay, be sure to have enough funds in your account to pay off your balance each billing cycle.
    • Get help.
      If you’re not able to find what you need on the American Express Canada website, call 1-800-263-1616 to speak with a customer service representative.

    Bottom line

    If you can afford the high annual fee, The Platinum Card from American Express can be a powerful travel companion. With a great Membership Rewards program, lounge access and extensive travel insurance coverage, you can find yourself travelling the world with peace of mind.

    However, if you don’t pay off your balance each month in full or simply don’t want to pay such a high price for a credit card, you should consider different options. Before you apply for any credit card, compare a variety of different card options in order to find the right card for your spending habits and financial needs.

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    Frequently asked questions about The Platinum Card from American Express

    Pictures: americanexpress.com/ca

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