American Express Platinum Card Review

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Performance test results

At DollarWise, for each credit card we test 7 different factors including the rewards, value for money, perks, insurance, strengths and weaknesses of the card.

You can see our full testing methodology here to learn why we’re the most trusted source for credit card reviews.

The American Express Platinum Card has earned a 4.79 DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).

The highest scoring categories for the American Express Platinum Card are perks and rewards. This makes the card a great choice for frequent spenders and travellers.

These factors are weighted 70% to the highest scoring factor and 30% to the second highest score to get an overall review score.

This weighting allows us to judge cards on their merits and the customers they are designed for.

For the American Express Platinum Card the most important factors for scoring this card are its perks and rewards.

Rewards

With the American Express Platinum Card, here’s the rates at which you earn rewards for different spending categories per dollar you spend:

Leveraging Restaurant Rewards:

With 3 points per dollar spent at restaurants, food enthusiasts can turn their dining experiences into a points goldmine. This includes everything from fine dining to fast-casual eateries.
Tip: Use your card for business lunches, dinners with friends, or even when ordering takeout to accumulate points quickly.

Travel Spending for Frequent Travelers:

Earning 2 points per dollar on travel-related expenses makes this card a top choice for frequent travelers. This category often includes not only airfare and hotels but also car rentals and sometimes even public transportation.
Tip: Pay for all your travel-related expenses with the Platinum Card. If you’re planning a trip, consider booking flights, hotels, and other travel necessities with this card to double your points.

Maximizing Points on Everyday Purchases:

All other spending earns 1 point per dollar, which covers a wide range of purchases, from groceries to online shopping.
Tip: Use your Platinum Card for all daily expenses. Even the smallest purchases add up over time, turning your regular spending habits into a points-generating activity.

Calculating your annual rewards

We estimate that spending $2,000 per month with the American Express Platinum Card would earn $600 in rewards over the year.

These rewards are almost enough to cover the $699 annual fee so if you spend at least $2,000 each month, you’ll have to add just $99 to cover the remainder of the fee. In order to cover the entirety of the fee, you’d have to spend $28,000 annually (or roughly $2,335 monthly).

Our performance testing research uses an accurate estimation of the average Canadian households spending patterns to predict the rewards a card will earn.

We found that you’d earn this per category:

Our study investigating the value found that each dollar spent on the American Express Platinum Card is worth up to $0.02, depending on how you redeem.

This $600 in rewards value puts the American Express Platinum Card in the top 20% of credit cards in Canada based on rewards earned.

The average credit card in our database earns $337 in rewards for the same spend that the American Express Platinum Card earns $600 in rewards value.

While this is a very large difference which puts the AMEX Platinum card way above the average, remember that the fee is also higher compared to the average ($85).

We can compare this card to other options by looking at the earn rate by category.

This earn rate is the percentage return that you would get when you spend on this card, assuming you redeem at the predicted maximum value.

For example, if a card earned 5 points per dollar on gas and each point is worth up to $0.02, then the earn rate is 5 points multiplied by $0.02 each, divided by the dollar you spent.

In this example, that’s a 10% earn rate on gas.

As you can see, the AMEX Platinum card brings many more points which is where its power and effectiveness really lay. You do pay more in fees so that aspect of this card compared to the average isn’t that different, but the points gain lets you redeem more often and on a wider range of options.

Specifically, the AMEX Platinum card excels when it comes to the earn rate on restaurants – a whopping 6%!

Let’s compare the average earn rate for restaurants with the earn rate from the AMEX Platinum card.

Restaurant spend & return:

AMEX Platinum: $500 spend and $30 in earnings (based on the 6% earn rate)

Average card: $500 spend and $7.65 in earnings (based on the 1.53% earn rate)

And, for $2,000 spent on restaurants, you’ll earn $120 with an AMEX Platinum card and $30.6 from the average card. This basically means you need to spend 4 times the amount with an average card to earn back what you’d get from just one spend with an AMEX Platinum card.

For an annual spend of $24,000, we estimated annual rewards value at up to $600.

That’s equivalent to a 2.50% return on spending.

The American Express Platinum Card has an annual fee of $699. After deducting this, we predicted net annual rewards of $-99.

This puts it in the bottom 10% of credit cards for net rewards after fees.

In comparison, the average card earns net annual rewards of $254. Spending $2,500 or more each month (instead of $2,000) would bring you $750 in rewards, or $50 extra when the annual fee is deducted.

This further solidifies the fact that the AMEX Platinum is oriented toward big spenders and those who like to dine at restaurants and/or travel on a consistent and frequent basis throughout the year.

Fees

The $699 annual fee is high compared to the $600 rewards that we estimated in our testing, meaning if you spend $2,000 annually, you’ll be at a loss of $-99.

The average card charges $85. So, the American Express Platinum Card is in the most expensive top 10% of cards by annual fee.

Remember – while you might not generate enough in rewards to ‘turn a profit’, the points gain that this card offers is virtually unparalleled.

Perks

We manually review the perks of each credit card to determine how they compare to other cards.

The American Express Platinum Card scored a 5.0 out of 5 for perks, putting it in the top 10% of cards.

The average card scores 1.6 out of 5 for perks.

Some of the benefits associated with this card may require you to sign up for them or make a minimum financial spend on purchases to qualify, while others are available automatically. You can check the terms and requirements of each one by visiting the AMEX website.

Here’s the full list of benefits you get with an AMEX Platinum card:

• 5x points on flights and prepaid hotels when booking through amextravel.com
• Complimentary access to 1,400+ airport lounges
• $240 digital entertainment credit (up to $20 statement credit monthly, enrollment required)
• $200 hotel credit (as statement credit yearly on prepaid Fine Hotels and Resorts when booking through amextravel.com)
• $200 airline fee credit (as statement credit yearly)
• Walmart+ monthly membership credit ($12.95 statement credit monthly when paying for the Walmart+ membership)
• Complimentary Wi-Fi, breakfast, and other travel essentials (when booking Fine Hotels + Resorts through amextravel.com)
• $200 Uber cash ($15 for Uber Eats or rides monthly + a $20 bonus in December; available only to Basic Card Members)
• $300 Equinox credit & SoulCycle At-Home Bike credit (get $300 back annually on an Equinox+ club membership or subscription + $300 back for purchasing a SoulCycle At-Home bike)
• Up to $100 credit for use during your stay with The Hotel Selection
• Exclusive table and event access with Resy (requires adding the card to your Resy profile)
• Up to $100 statement credit for purchases at Saks Fifth Avenue
• Complimentary guest access for two guests to the Centurion Lounge (after spending $75,000 in eligible purchases annually)
• Hilton Honors Gold Status
• Up to $189 in statement credits annually after signing up and paying for a CLEAR Plus membership
• Either $100 statement credit every 4 years for a Global Entry application fee or a statement credit up to $85 every 4.5 years for a TSA PreCheck application fee
• Marriott Bonvoy Gold Elite Status
• Premium Global Assist Hotline
• Platinum Card Concierge (call to number on card required)
• Membership Rewards Program
• International Airline Program
• ShopRunner free 2-day shipping (enrollment required)
• No foreign transaction fees
• Mobile phone protection (up to $800, subject to a $50 deductible, for 2 approved claims per 12-month period)
• AMEX Offers
• Digital Wallets
• Send money with PayPal or Venmo where no standard fees apply
• Split purchases
• Payment & Purchase flexibility
• CreditSecure program ($1 for the first 30 days, $19.99 after; enrollment required)
• Access to ‘By Invitation Only’ events
• AMEX Experiences (access to presales and card member-only events)
• AMEX Preferred Access
• Car rental privileges
• Premium car rental protection
• Car rental loss & damage insurance
• Return protection (if the seller won’t take the item(s) back up to 90 days from the purchase date; up to $300 per item, up to $1,000 annually, excluding shipping and handling)
• Up to 1 year bonus on warranty (applies to items with 5 years or less warranty)
• Purchase protection
• 1 extra point per dollar spent on booking Platinum Destinations & Vacations
• Cruise Privileges Program
• Baggage Insurance plan
• Trip delay insurance
• Trip cancellation and interruption protection
• AMEX Auto Purchasing program
• AMEX MyCredit guide (enrollment required)
• AMEX Carbon emissions tracker

Interest Rates

The average credit card has a purchase interest rate of 18.29% and so the American Express Platinum Card charges 1% more than the average.

For cash advances it costs N/A% compared to the average of 19.96%.

Testing the American Express Platinum Card with a $2,000 starting balance, you can see in the graph how the 1% more in interest rates impacts the interest over a year, compared to the average card.

Insurance coverage

We scored it 4.2 out of 5 for insurance.

It offers 11 types of insurance, whereas the average card has 5 types of coverage.

Here’s why the AMEX Platinum is ranked highly in this category:

• Extended Warranty and Purchase Protection:
  • Both Extended Warranty and Purchase Protection are on par with the average, with an Extended Warranty of 1 year. However, the Purchase Protection is extended to 120 days, compared to the average of 90 days.
    
    This means items purchased with the card are protected against theft or damage for a longer period, offering additional security for your purchases.
• Travel Insurance Benefits:
  • The Platinum Card excels in travel insurance coverage. While Travel Accident Insurance is standard at $500,000, the real benefits are seen in areas like Trip Cancellation and Trip Interruption, offering $2,500 coverage each, significantly higher than the average ($1,500 and $2,000 respectively).
    
    This provides substantial financial protection against unforeseen events affecting travel plans.
  • For Flight Delay, Baggage Delay, and Hotel Burglary, the coverage is doubled compared to the average, at $1,000 each. This offers considerable comfort during travel inconveniences, ensuring that delays and disruptions don’t lead to out-of-pocket expenses.
• Rental Car Theft and Damage Insurance:
  • Unlike the average card, the Platinum Card includes Rental Car Theft and Damage Insurance; a significant addition for Canadians who travel and prefer renting vehicles, offering protection against theft and damage without the need for additional insurance.
• Practical Implications for Canadians:
  • For Canadians who travel frequently, either domestically or internationally, these enhanced insurance benefits mean greater confidence and fewer worries about the financial implications of travel mishaps.
  • The higher coverage limits in key areas like trip cancellation, interruption, and travel inconveniences ensure that unexpected events don’t result in significant financial losses.
  • The added value in everyday purchases through extended purchase protection provides an additional layer of security for high-value items, enhancing the overall value of using the Platinum Card.

Approval and qualifying

We scored it 3.5 out of 5 for approval.

We predict that you will require a credit score of at least 560 to qualify for the American Express Platinum Card, while the average card requires 652 to qualify.

This puts it in the top bottom 30% of cards by approval difficulty.

The personal income requirements are $0, while the average card requires $23,896.

This puts it in the top 50% of cards by the income required to qualify.

What this tells us is that most Canadians will be able to apply for this card without any issues, making it very accessible for the average consumer.

However, due to the high annual fee and features that reward active spending (at least $2,000/month to start benefiting from it), not everyone will be able to use it to its full potential.

Earning potential with the card

The American Express Platinum Card allows you to earn Membership Rewards points for your everyday spending. The card offers a reward rate of 3 points per dollar spent on eligible dining in Canada, 2 points per dollar spent on eligible travel purchases, and 1 point per dollar spent on all other purchases.

These points can be redeemed for travel, merchandise, or statement credits.

Benefits

1. Extensive Travel-Related Perks: One major advantage of this card is its extensive selection of travel-related perks.
   
   Cardholders receive a $200 annual travel credit, complimentary access to over 1,200 airport lounges worldwide through Priority Pass and the American Express Global Lounge Collection, and benefits such as upgraded hotel status and late checkout at affiliated properties.
2. Comprehensive Insurance Coverage: The second major advantage of the Platinum Card is its robust insurance coverage, providing peace of mind while traveling. This includes travel medical insurance, trip cancellation/trip interruption insurance, and car rental theft and damage insurance, among other coverages.
3. Exclusive Event Access: American Express Platinum Card holders gain exclusive access to various events and experiences through the Platinum Card Concierge Service. This personalized service offers assistance with booking hard-to-get reservations or tickets to popular shows, concerts, and sporting events.
4. Flexible Points Redemption: The card also offers flexibility in points redemption, as cardholders can transfer their Membership Rewards points to various airline and hotel loyalty programs, often at a 1:1 ratio. This feature allows you to maximize the value of your points by choosing the best redemption option for your needs.

Drawbacks

1. High Annual Fee: A significant drawback of the American Express Platinum Card is its high annual fee of $699, making it a pricey option for potential cardholders. The value of the card’s benefits should be carefully considered to ensure that they justify the cost of the card.
2. Limited Merchant Acceptance: Another drawback is the limited acceptance of American Express cards in Canada, particularly among smaller retailers. This might necessitate carrying a backup card for instances where American Express is not accepted.

Additional information

In conclusion, the American Express Platinum Card is well-suited for frequent travelers seeking luxury experiences, generous rewards, and comprehensive travel insurance. However, its high annual fee and limited acceptance among retailers make it important to carefully consider its costs and benefits before applying.

Interested in other credit cards? Canadians that like the American Express Platinum Card credit card also like the American Express Gold Rewards Card. If you’re looking for other options you should consider the American Express Cobalt, and the American Express Aeroplan Card.

FAQ

Key benefits

• 100,000 Membership Rewards points welcome bonus (upon meeting spending requirements)
• 3x points on eligible dining and food delivery in Canada
• 2x points on eligible travel expenses, such as flights and hotel bookings
• 1x points on all other qualifying purchases
• Unlimited access to over 1,200 airport lounges globally
• $200 annual travel credit for eligible bookings via American Express Travel
• Complimentary travel insurance, including emergency medical, trip cancellation, and baggage loss
• Hotel membership status upgrades with Marriott Bonvoy and Hilton Honors
• Comprehensive online travel booking platform
• Platinum Concierge accessible 24/7
• Points transfer to participating airline and hotel partners
• Special dining experiences and invitations to exclusive events