The Platinum Card From American Express Review 2024: Luxury For Frequent Flyers

• Unlock special experiences with the Platinum Card®
• Earn up to 100,000 Membership Rewards® points – that’s up to $1,000 towards a weekend away
• New Platinum® Cardmembers, earn 70,000 Welcome Bonus points after you charge $10,000 in net purchases to your Card in your first 3 months of Cardmembership
• Plus, earn 30,000 points when you make a purchase between 14 and 17 months of Cardmembership
• Earn 2 points for every $1 in Card purchases on eligible dining and food delivery in Canada, 2 points for every $1 in Card purchases on eligible travel, and 1 point for every $1 in all other Card purchases
• Access a $200 Annual Travel Credit through American Express Travel Online or Platinum® Card Travel Service
• Enjoy a $200 Annual Dining Credit at some of Canada’s best restaurants
• Unlock $200 or more in additional value with Member extras. You can earn statement credits for qualifying purchases with participating brands
• Take full advantage of The American Express Global Lounge CollectionTM which unlocks access to over 1,300 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
• 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
• Transfer points 1:1 to several frequent flyer and other loyalty programs
• Enjoy complimentary benefits that offer an average value of $600 USD at over 1,500 extraordinary properties worldwide when you book Fine Hotels + Resorts
• Enjoy premium benefits at the Toronto Pearson Airport
• You will also have access to many leading hotel and car rental companies’ loyalty programs. Our partners include Marriott International, Hilton Hotels and Resorts, Hertz and Avis
• 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 the monthly statement
• American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link.

Few credit cards offer the allure of The Platinum Card from American Express. Made from stainless steel, this card weighs around 18 grams, so It comes as no surprise that it means business.

The ultimate “good time” card, this Amex offers a staggered point system that will make even the most luxurious traveller happy. You’ll earn 2 points per dollar spent at restaurants, including coffee shops, bars and delivery orders. For all travel-related purchases, including airfare, hotels and local tours, you’ll get 2 points per dollar spent. All other purchases will earn you 1 point per dollar.

Yes, this card has a yearly fee of $799. However, it does come with a welcome offer that you’d have a hard time finding elsewhere. New Platinum® Cardmembers, earn 70,000 Welcome Bonus points after you charge $10,000 in net purchases to your Card in your first 3 months of Cardmembership. Plus, earn 30,000 points when you make a purchase between 14 and 17 months of Cardmembership.

• 2 points per dollar spent on eligible food and dining, 2 points for every eligible travel-related purchase and 1 point for everything else.
• Access to 1,300 airport lounges worldwide.
• Comprehensive travel insurance coverage, including trip cancellation, interruption and emergency medical travel insurance

Earning rewards

The American Express Platinum‘s highest earning category, which offers 2 points per dollar spent, is eligible food and beverage purchases, including restaurants, cafés, bars and food delivery. It also includes “quick service restaurants” like fast food.

After food and beverages, you’ll also earn 2 points per dollar on most travel-related transportation and accommodation purchases, including even local transportation like subways and commuter trains.

Finally, every purchase that doesn’t fall within one of the above categories will earn 1 point for every dollar.

Redeeming Rewards

As long as your account is in good standing, you can redeem your American Express Platinum rewards at any time through the online portal. You can convert rewards to statement credits you can apply to any eligible purchase, use them toward travel purchases on Amex’s Flexible Travel Rewards Program or use them towards flights on Amex’s Fixed Travel Rewards Program.

Rewards Potential

The Forbes editorial team estimates that the card’s annual earnings are $359.86, which creates a negative balance of -$439.14 when you factor in the steep $799 annual fee. However, this average amount does not reflect the earning potential of above average spenders, who will likely make their annual fee back and then some. Additionally, the number of features that come with this card, and their associated values, make the annual fee worth it for the perks alone, especially if you’re an avid traveller. For instance, you’ll receive an annual $200 travel credit through American Express Travel Online or Platinum® Card Travel Service, a $200 dining credit on some of Canada’s best restaurant and a $100 NEXUS card statement credit. That said, it’s important to calculate the rewards with your projected spending to make sure you don’t end up in the red.

Related: Best Rewards Credit Cards In Canada

Where To Use Your Points

• Air Canada®* Pay with Points: Redeem your points at checkout on AirCanada.com to receive a statement credit for your flight.
• Flexible Points Travel  Program: Use your points to pay for travel purchases booked through American Express Travel Online.
• Fixed Points Travel Program: Redeem for flights globally with a fixed number of points on American Express Travel Online.
• Amazon Shop with Points: Use your points for online purchases directly at checkout at Amazon.ca
• Pay with Points at checkout with PayPal: Redeem your available points for a statement credit directly at checkout when you pay for online purchases with PayPal
• Merchandise: Use your points to redeem for brand name products from accessories to the latest gadgets.
• Gift Cards: Redeem for exactly what you want with American Express Prepaid Card or discover gift cards from your favourite brands.

Highlights of the American Express Platinum Card benefits include:

• $200 Annual Travel Credit: Use this no-strings-attached travel credit towards any purchase of $200 or more that you make through the Platinum Card Travel Service or through American Express Travel Online.
• American Express Global Lounge Collection Access: Travel like royalty with access to a global collection of more than 1,300 relaxing airport lounges worldwide.
• $100 NEXUS Card Statement Credit: Use your Platinum Card to enroll in the trusted traveller NEXUS program and you’ll receive up to $100 in statement credit.
• $200 Dining Credit: Get a $200 annual dining credit at some of Canada’s finest restaurants.

Travel Perks

The American Express Platinum Card offers a whole host of travel-related benefits, such as airport lounge access, hotel benefits and car rental privileges, including:

• Toronto Pearson International Airport premium benefits, such as Pearson Priority Security Lane, complimentary valet service, park and daily park, and a 15% discount on Car Care Services
• Discounted base fares for you and your travelling companions when you book and pay in full with your card through the International Airline Program
• Unlimited complimentary access to all locations of The Centurion Lounge worldwide
• Complimentary benefits that offer an average total value of $600 U.S. based on a two-night stay at over 1,500 properties worldwide when you book Fine Hotels + Resorts
• A $100 U.S. hotel credit at participating properties on qualifying room changes, a room upgrade (when available), 12 p.m. check-in and late check-out (when available)
• Hilton Honors Gold Status provides members with benefits and privileges that make their travel experience easier and more rewarding
• Marriott Bonvoy Gold Elite Status offers the best rates at over 6.700 hotels across 29 brands in 130 countries
• Avis Preferred program offers complimentary one car-class upgrade (when available) and savings in over 114 countries
• Hertz Gold Plus Rewards Five Star program offers savings on standard rates and a one-car-class upgrade on select cars (when available) at participating locations
• Premium Airport Transfer Service provides complimentary airport transfers when you book an eligible round-trip first-class or business-class flight, plus a minimum one-night stay on the same itinerary

Dining and Events

There are also dining and events-related benefits, such as:

• $200 annual dining credit
• Global Dining Collection that gives cardmembers access to specially reserved tables at participating restaurants when you book through the Platinum Concierge team
• By Invitation Only event packages that give access to unique experiences around the country
• American Express Experiences provides advance access to tickets to some of the hottest concerts, shows and events through Front Of The Line

Travel Insurance

The American Express Platinum Card offers travel insurance coverage including:

• Out-of-province/country emergency medical insurance (for under age 65)
• Trip cancellation insurance
• Trip interruption insurance
• Flight delay insurance
• Baggage delay insurance
• Lost or stolen baggage insurance
• Car rental theft and damage insurance
• Hotel burglary insurance
• $500,000 travel accident insurance

Retail Protection

Retail coverage with the American Express Platinum Card includes:

• Purchase Protection Plan
• Buyer’s Assurance Protection Plan

The American Express Platinum Card comes with additional Platinum Service features to make using your Platinum Card quick and convenient:

• No pre-set spending limit: Your Platinum card does not have a pre-set spending limit, however, this does not mean unlimited spending. Purchases are approved based on several factors, including your credit record, account history and personal resources.
• Checking Spending Power: Enter the dollar amount you plan to spend in your online account or American Express app to confirm whether a charge is likely to be approved in advance.
• Flexible Payment Option: Provides the flexibility to pay a portion of your balance over time.
• The American Express App: Helps you keep track of your account information, rewards, offers and more.

You can also add your American Express Platinum Card to Google Wallet and tap to pay with your mobile device everywhere Google Pay is accepted, or Apple Pay on your Apple device.

Learn more: Benefits And Perks Of Amex Platinum Card

Interest Rates

• Regular APR Min: N/A
• Regular APR Max: N/A

The American Express Platinum card carries a 30% interest rate on all balances not paid in full. An interest rate of 21.99% applies to any purchase eligible for the Flexible Payment Option.

Fees

• Cash Advance: N/A
• Foreign Transaction Fee: 2.5%
• Annual Fee: $799
• Any other fees: $250 annual fee for each additional Platinum Card and a $50 annual fee for each additional Gold Card

Learn more: American Express Platinum Foreign Transaction Fee

Eligibility

• You are a Canadian resident
• You have a Canadian credit card file/history
• You are the age of majority in the province or territory where you live

American Express Platinum vs. American Express Cobalt

The American Express Cobalt card’s welcome bonus pales in comparison to the Platinum card, but 15,000 welcome points is still nothing to scoff at.

The Cobalt card does offer you slightly more earning potential, with an annual fee that’s a fraction of the cost ($12.99 monthly, $155.88 annually). Cardholders earn 5 points per dollar spent on food purchases, 3 points per dollar spent on streaming subscriptions in Canada, 2 points per dollar spent on rideshares, transit or gas and 1 point per dollar spent on everything else. Plus, an additional point per dollar spent on hotel and rental car purchases made through American Express Travel.

Compared with the Platinum card, the Cobalt’s insurance options are limited. They don’t offer any trip interruption or cancellation insurance, nor do they offer travel emergency assistance and you can forget about airport lounge access.

That said, when you factor in the annual fees for both cards, the Cobalt earns $594.52 in annual rewards value, compared to the $-339.14 earned by the Platinum. So, if you’re not a huge spender or interested in luxury travel experiences, the Cobalt is probably better for you.

American Express Platinum vs. American Express® Green Card

There’s no annual fee for the American Express® Green Card. This means that cardholders get to pocket 100% of their 10,000 welcome points as long as they charge a minimum of $1,000 to the card in the first three months of card ownership.

The rewards system on the Green Card is basic but efficient. Cardholders simply earn 1 point for every $1 spent on any eligible purchase. These rewards can be used towards a statement balance or to book a flight. When you factor in the annual fees for each card, the Green Card earns $278.51 in annual rewards value, compared to the -$339.14 earned by the Platinum.

However, as far as insurance goes, the Green Card doesn’t offer any. However, cardholders will be pleased to know that they get access to American Express Experiences, including dining, shopping and entertainment options. The Green Card isn’t a direct competitor for the Platinum card, but it provides a good foot in the door for anyone unwilling to commit to an expensive credit card and still wants access to classic Amex perks.

American Express Platinum vs. Scotiabank Gold American Express Card

Scotiabank Gold American Express cardholders will see their $120 ($79 if you’re 65 or over) annual fee waived for the first year. They’ll earn up to 45,000 Scene+ points within their first year, as well.

Scotiabank customers will be familiar with the Scene+ points set-up, but here’s a quick intro: Every dollar spent on groceries, restaurants and bars will earn Scotiabank Gold American Express cardholders 5X Scene+ points. Entertainment purchases, like movie tickets and concert tickets, will also earn 5X Scene points. Streaming services and transit expenses earn 3X Scene+ points. Every other purchase earns 1X Scene points.

Overall, when you factor in the annual fee for both cards, the Scotiabank Gold Amex earns $823.12 in annual rewards value even when you factor in the annual fee, compared to the -$339.14 earned by the Platinum.

Plus, the Scotiabank option offers comparable travel benefits and redemption options. The main difference is that it doesn’t have any Forex fees, which may sway international travellers in its direction.

When determining a rating for individual credit cards, the Forbes Advisor Canada editorial team factors in an exhaustive list of data points. With rewards, the scoring model used takes into account factors such as, but not limited to, earn rates and categories, fees, welcome bonus and other benefits and features. Keep in mind, what may be best for some people might not be right for you. Conduct informed research before deciding which cards will best help you achieve your financial goals.

For high-earning frequent travellers, the American Express Platinum Card is the holy grail. However, this isn’t a card for everyone. Even with its hefty welcome bonus, the $799 annual fee doesn’t make sense unless you plan to earn it back in travel rewards. The Platinum Card’s status as a charge card makes it a rarity, but this approach to spending also requires financial discipline that not everyone can execute.

Credit card data researched and compiled by Debra Toews.

Related: Best Canadian Credit Cards