The Platinum Card from American Express Review
- Welcome Offer
- 100,000 points
- Rewards
- Up to 2x points per $1 spent
- Annual Fee
- $799
- Purchase Interest Rate
- N/A
- Cash Advance Rate
- N/A
Our verdict
If you can afford the price, the Amex Platinum Card offers a world of luxury travel opportunities.
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 factors like your credit record, account history and resources. However, you don't have unlimited spending, and the card comes with a hefty $799 annual fee.
Best for: Those who travel frequently and want to pay the price for premium services.
Pros
-
Welcome bonus of 100,000 points
-
Earn up to 2 points per $1 spent
-
Annual travel credit
-
Free airport lounge access
-
Free hotel perks & upgrades
-
Travel insurance coverage
Cons
-
High $799 annual fee
-
This is a charge card (up to 30% interest applies on unpaid balances)
-
700+ credit score recommended
-
AMEX isn't as widely accepted as Mastercard or Visa
The perks
- Earn Membership Rewards points. Earn 2 points for every $1 spent on eligible dining and food delivery in Canada, 2 points for every $1 spent on eligible travel (plus 1 extra point when you book through Amex Travel Online) and 1 point for every $1 spent elsewhere.
- Travel perks. Access a $200 Annual Travel Credit through American Express Travel Online or through Platinum Card Travel Service. Plus, enjoy complimentary access to over 1,400 airport lounges worldwide. In addition, enjoy a $200 Annual Dining Credit at some of Canada’s best restaurants and $240 in statement credits when you use Instacart.
- 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. But don’t plan on unlimited spending; your purchases must be approved based on your credit record, account history and resources.
You’ll also like …
- Luxury travel and dining benefits.
- Toronto Pearson International Airport perks.
- Fine Hotels and 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 Burglary Insurance. You also get access to complimentary concierge services.
- Purchase benefits.
- 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, dining, shopping and travel perks. Plus, transfer points 1:1 to a number of loyalty and frequent flyer programs.
- Flexible Points Travel Program.
Unlock special experiences and premium benefits like a $200 Annual Dining Credit at some of Canada’s best restaurants and the chance to earn accelerated points towards hotel loyalty programs. Partners include Marriott Bonvoy and Hilton Honors Rewards. Plus, take full advantage of The American Express Global Lounge Collection which unlocks access to over 1,400 airport lounges worldwide; this includes The Centurion Lounge network, Plaza Premium Lounges, and hundreds of other domestic and international lounges designed to enhance your travel experience. T&Cs apply
Get premium benefits at the Toronto Pearson International Airport, including Pearson Priority Security Lane access, parking discounts and complimentary valet service at Terminal 1.
Enjoy complimentary benefits that offer an average value of $550 USD at over 1,600 amazing properties worldwide when you book Fine Hotels + Resorts.
Buyer’s assurance doubles the manufacturer’s warranty (up to one year) when you use your American Express credit card to purchase an item. Your eligible items are also covered against theft and accidental damage with Purchase Protection.
Enjoy flexible ways to use your points such as statement credits for any eligible purchases on 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 $799. 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 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.
- 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 the complimentary insurance coverage and the many other perks offered like valet services, hotel 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 the age of majority in your province or territory (18 or 19 years old).
- A Canadian citizen or a permanent resident with a valid Canadian credit file.
What credit score do I need?
You’ll have a better chance getting approved if you apply with a good to excellent credit score of 650 or higher. In addition, having 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 card issuer that you’re desperate for credit or are having 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.
Is The Platinum Card from American Express good?
The benefits and perks of The Platinum Card from American Express are many. It can pay for itself over the course of a year if you make use of the rewards. Plus, there’s the welcome bonus, extensive suite of travel insurance, premium travel perks (like airport lounge access) and valet services to consider.
Some positive customer reviews mention prompt and helpful customer service. On the other hand, some negative reviews cite dissatisfaction with changing benefits policies.
How to apply
- Go to the American Express website, navigate to The Platinum Card page and select Get a Decision.
- Complete the application with the required information, including your personal and financial information.
- 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 automatic online, which means you may get a decision on your application within 60 seconds. If there are issues with your application, it may take longer. Once approved, you’ll typically receive your card in the mail within seven to 10 business days.
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 enroll in a Pre-authorized Payment Plan. You will need to pay off your balance in full at the end of each month, or you’ll be hit with a penalty interest rate of up to 30%.
- Avoid fees.
Late and dishonoured payments will incur fees, so be sure to pay on time. If you’re enrolled in a Pre-authorized Payment Plan, make sure there’s enough money 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, phone customer service to speak with a 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 in style.
However, if you don’t pay off your balance in full each month or you simply don’t want to pay such a high price for a credit card, consider different options. Before applying for any credit card, compare a variety of card options to find the right card for your needs and spending habits.
Pictures: americanexpress.com/en-ca/
Frequently asked questions
Sources
Your reviews
