The Platinum Card from American Express Review

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• Get the American Express Platinum 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. The Platinum Card from American Express has no pre-set spending Limit. This means your purchases are approved based on a variety of factors, such as your credit record, account history and personal resources. However, this does not mean you have unlimited spending.

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 80,000 Membership Rewards points - that’s up to $800 towards a weekend away. Earn 60,000 Welcome Bonus points after you charge $6,000 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.

• Earn Membership Rewards points.

  Earn 3 points for every $1 spent on eligible dining and food delivery in Canada, 2 points for every $1 spent on eligible travel, and 1 point for every $1 spent elsewhere.

• Travel perks.

  Get access to a $200 CAD Annual Travel Credit to use towards any single travel booking of $200 or more charged to your Platinum Card and made through American Express Travel Online or through Platinum Card Travel Service. Plus, enjoy complimentary access to airport lounges worldwide.

• Card with No Pre-set Spending Limit

  Your purchases are approved based on a variety of factors such as your credit record, account history and personal resources. No Pre-set Spending Limit on purchases does not mean you have unlimited spending.

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.

• 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

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. Use the following secure link to 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.

I got the Amex Platinum 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. You will need to pay off your balance in full at the end of each month.

• 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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The Platinum Card from American Express FAQs

• How do Membership Rewards points work?

  You may enrol in the Membership Rewards Program for an annual fee of $50, plus applicable taxes. Once you’re a member, your points give you access to a variety of travel and entertainment experiences, merchandise, gift cards and more.

• Do other American Express cards come with welcome bonus offers?

  Yes, most credit cards offered by American Express do, however the offers differ as well as the annual fees of each card. Many other credit card providers offer welcome bonuses too with less steep annual fees.

Pictures: americanexpress.com/ca