Emma Balmforth is an Associate Editor at Finder. She is passionate about cryptocurrency, credit cards and loans, and enjoys helping people understand the often confusing world of finance. Emma has a degree in business and psychology from the University of Waterloo. She wants to help people make financial decisions that will benefit them now and in the future.
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 Platinum Card from American Express opens cardholders up to a world of luxurious and premium travel services. Receive a welcome bonus offer of 50,000 Membership Rewards points when you spend $3,000 in the first 3 months of card membership. Get access to over 1,200 airport lounges worldwide, as well as dining options, experiences and more.
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 Platinum Card from American Express also provides cardholders with a $200 annual travel credit that can be used towards a travel purchase booked via the Platinum Card Travel Service or through American Express Travel Online using your Platinum Card. Although this card comes with a high price, the unparalleled experiences may be worth it.
In order to receive the 50,000 Membership Rewards welcome bonus offer, you must spend at least $3,000 in the first 3 months of card membership.
Earn 3 Membership Rewards points for every $1 spent on eligible dining, 2 points on eligible travel purchases and 1 point on all other spend
Receive a $200 travel credit each year, which can be used towards any single travel booking of $200 or more. You must charge the purchase to your Platinum Card at American Express Travel Online or through the Platinum Card Travel Service in order for the purchase to be eligible.
Worldwide lounge access.
Get access to over 1,200 participating airport lounges across 130 countries with your Platinum Card.
You’ll also like …
New card design.
The new card design of the Platinum Card is made of metal, customised and engraved.
Earn up to 3 Membership Rewards points per $1 spent.
Earn 3 rewards points for every $1 you spend on eligible dining in Canada, 2 rewards points for eligible travel transactions and 1 point on all other purchases.
Luxury travel and dining benefits.
Get access to luxurious dining options, experiences and premium travel benefits. This includes access to special culinary experiences with the Global Dining Collection. Partners include Marriott International, Hilton Hotels and Resorts®, Radisson Hotel Group and Shangri-La Hotels and Resorts.
Fine Hotels and Resorts.
You can look forward to complimentary benefits that offer an average value of US$550 at over 1,000 properties across the globe when you book through Fine Hotels & Resorts.
Toronto Pearson International Airport benefits.
Receive unique benefits when you fly out at Toronto Pearson International Airport including security bypass, valet services and discounted parking rates.
Travel insurance coverage.
The Platinum Card from American Express comes with a host of travel insurances including Travel Accident Insurance up to $500,000, 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 standby concierge services in the event of a medical emergency.
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.
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.
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.
It hurts to pay late.
Additional fees and charges may occur, such as a dishonoured payment fee of $25, likewise with a late payment fee of $25.
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.
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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
Click Go to site on this page to be directed to The Platinum Card from American Express page, and click Apply Now Securely.
Complete the application with information including your full name, home address, income source and total annual income.
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.
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.
Frequently asked questions about TThe Platinum Card from American Express
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.
You’ll be charged a 30% APR.
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.
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