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American Express Platinum Card Review 2023

“P” is for premium, and that’s what the American Express Platinum Card is all about.

If you are looking for a credit card or charge card that offers mouth-watering VIP benefits and top-of-the-line travel benefits and points, the AMEX Platinum card is a winner.

It costs $699 per year; however, the perks and points you earn far outweigh the cost, especially if you are a frequent traveller.

This American Express Platinum Canada review covers how to earn the 80,000 bonus points, why it is one of the best travel rewards cards in Canada and everything else you need to know.

American Express Platinum – At a Glance

The American Express Platinum Card

Rewards: Earn 3 pts per $1 spent on dining & food delivery; 2pts per $1 spent on travel; 1pt/$1 everywhere else.

Welcome offer: Get up to 80,000 bonus points in the first year.

Interest rates: 20.99% on purchases and 21.99% on cash advances.

Annual fee: $699

  • Earn 3 points per $1 spent on dining and food delivery in Canada
  • Earn 2 points per $1 spent on travel, and 1 point per $1 on everything else
  • $200 CAD annual travel credit
  • Complimentary access to 1,200 airport lounges
  • Comprehensive travel insurance benefits
  • Fine Hotels + Resorts benefits (valued at $550 for a 2-night stay)
  • Hotel status upgrade benefits
  • VIP perks at Toronto Pearson International Airport
  • Purchase protection and extended warranty

The Platinum Card from American Express Benefits

It goes without saying that the American Express Platinum Card is all about luxury. Let’s take a look at some of its most popular perks.

The Platinum Card Welcome Bonus Points

This card offers 60,000 bonus points when you spend $6,000 in the first three months.

This is one of the highest bonuses you will find for any card in Canada, and it’s valued at $600 (1 cent per point) if you redeem it as a statement credit to pay for travel.

You can double the value of the points by transferring them to one of their airline or hotel partner programs, e.g. Aeroplan or British Airways Avios.

In addition to the 60,000 bonus points, you earn 20,000 bonus points when you make a purchase between 14 and 17 months of Cardmembership.

Outside of the promotional offer, you earn 3 points for every $1 spent on eligible dining and food delivery in Canada, 2 points per $1 spent on travel purchases, and 1 point per $1 spent on everything else.

The Platinum Card $200 Travel Credit

Every year, you receive a $200 travel credit and can use it to save on travel booked through American Express Travel Online or via the Platinum Card Travel Service. 

This is an easy $200 you can enjoy without putting in any work.

The Platinum Card Airport Lounge Access

Take full advantage of The American Express Global Lounge Collection, which unlocks access to over 1200 airport lounges worldwide. 

This VIP perk unlocks access to some of the most luxurious lounges (over 1,200 airport lounges), including The Centurion lounge network, Plaza Premium Lounges, and hundreds of other domestic and international lounges.

Generally, to access these lounges, you need to show your Platinum Card, a boarding pass, and a government-issued I.D.

Hate flying? The free food, drinks, Wi-Fi, and even spa services will make your pre-flight enjoyable.

AMEX platinum card review airport lounge

The Platinum Card Travel Benefits

The American Express Platinum Card for Canadians offers comprehensive travel insurance coverage, including:

  • Out of Province/Country Emergency Medical Insurance with coverage up to $5 million and for up to 15 consecutive days
  • Trip cancellation up to $2,500 per person per trip and $5,000 maximum
  • Trip interruption insurance up to $2,500 per person and $6,000 maximum
  • Travel accident insurance up to $500,000
  • Car rental insurance with coverage for up to $85,000 MSRP
  • Flight delay insurance up to $1,000
  • Baggage delay insurance up to $1,000
  • Lost or stolen baggage insurance up to $1,000
  • Hotel/burglary insurance up to $1,000

In addition, you also benefit from travel emergency assistance (available 24/7/365) and StandbyMD travel medical concierge, who provide 24/7 access to doctor consultations, referrals, and house visits.

The Platinum Card Toronto Pearson Airport Benefits

When travelling through the Toronto Pearson International Airport, you enjoy access to the Pearson Priority Security Lane during peak hours, complimentary valet service, and a 15% parking discount when using your AMEX Platinum.

The Platinum Card Fine Hotels and Resorts

You should not overlook some of the Platinum benefits available at more than 1,000 hotels and resorts worldwide.

Valued at $550 for a 2-night stay, you enjoy:

  • Complimentary daily breakfast for two
  • Late check-out at 4 pm and noon check-in
  • Room upgrades and more

The Platinum Card Hotel Status Upgrades

The AMEX Platinum card gives fast-track access to upgrades at some of the world’s most exclusive hotel loyalty programs. For example, instead of the usual several nights stay needed to qualify (20-40 nights), you automatically qualify for the following:

  • Hilton Honors Gold status
  • Radisson Rewards Gold status
  • Marriott Rewards Gold status

American Express Invites

The Platinum Card from AMEX keeps on giving with the American Express Invites. This makes it possible for cardholders to easily purchase or reserve tickets to exclusive events (e.g. concerts and theatre productions) in advance before the public can access them.

This perk includes:

  • Front Of The Line Advance Access
  • Front Of The Line Reserved Tickets
  • Front Of The Line e-Updates

Other Benefits

You enjoy purchase protection against accidental damage or theft for 120 days after making a purchase (on up to $1,000 per purchase). And extended warranty for up to one additional year.

Downsides of the AMEX Platinum Card

This card is mostly about positives which explains why it is one of the best credit cards in Canada. A few cons to note if you are considering applying for one are:

1. It has a hefty $699 annual fee. Supplementary cards cost $175/year for Platinum cards and $50/year for Gold cards.

2. This card is an American Express and is not as widely accepted as Visa or Mastercard.

AMEX Platinum Points and Rewards

If you redeem your points as a statement credit towards travel purchases, the reward rate is $0.01 (1 cent) per 1 point. In this case, your 60,000 welcome bonus points are worth $600.

You can also redeem your points via The Fixed Points Travel Program, which makes it easy to book your vacations using a fixed points system that potentially gives you more value.

For example, you can redeem 15,000 points for a short-haul return flight in Canada and the U.S. (economy class) at a maximum base ticket price of $300 (worth 2 cents per point).

Or, you can redeem 60,000 points for a return flight between Canada and several European destinations at a maximum base ticket price of $900 (worth 1.5 cents per 1 point).

Fixed points travel program

You can transfer your points to another frequent flyer loyalty program with a better conversion rate for even higher reward rates.

For example, you can transfer your membership rewards (MR) points at the following rates:

  • Amex MR to Aeroplan – 1:1
  • Amex MR to British Airways Executive Club – 1:1
  • Amex MR to Delta SkyMiles – 4:3
  • Amex MR to Asia Miles – 4:3
  • Amex MR to Etihad Guest – 4:3
  • Amex MR to Alitalia – 4:3
  • Amex MR to Hilton Honors – 1:1
  • Amex MR to Marriott Bonvoy – 5:6

Is The American Express Platinum Card Worth It?

There’s no doubt that the AMEX Platinum Card is a premium card, and you will be paying a commensurate fee.

This card does the job for frequent travellers who want to enjoy the very best of luxuries in transit and save on flights.

The $699 fee is not as bad as it sounds, considering that you can easily qualify for the $600 welcome bonus (60,000 points) plus an extra 20,000 points if you meet the eligibility requirements. You also get the annual $200 travel credit.

Add in the comprehensive travel benefits, multiple hotel upgrade options, access to airport lounges, and other luxurious perks, and this card can pay for itself a couple of times over.

If you are not a frequent traveller, some other premium travel credit cards you can consider are:

1. Scotiabank Gold American Express ($120 fee): 40,000 bonus points, up to 5% earn rate, comprehensive travel insurance benefits, discounted Priority Pass membership, and no-FX fees. Read the review.

Scotiabank Gold American Express

Rewards: Earn 5x Scene+ points/$1 on restaurants, food delivery, and grocery (up to 6x at some stores); 3x points/$1 in gas & travel; 1x points/$1 everything else.

Welcome offer: Get up to 45,000 points ($450 value).

Interest rates: 20.99% on purchases; 22.99% on cash advances.

Annual fee: $120

2. Scotiabank Passport Visa Infinite ($139 fee): Complimentary Priority Pass membership with six free lounge visits annually, 35,000 bonus points, up to a 2% earn rate, comprehensive travel insurance benefits, and no-FX fees. Read the review.

Scotiabank Passport Visa Infinite Card

Rewards: Earn 2x Scene+ points/$1 on groceries, dining, entertainment, and daily transit; 1x points/$1 everything else; 6 free airport lounge passes/year; no FX fees.

Welcome offer: Get up to 40,000 points ($400 value).

Interest rates: 20.99% on purchases; 22.99% on cash advances.

Annual fee: $150

Applying for the AMEX Platinum Card is easy. The basic eligibility requirements are that you must be a Canadian resident and be at least 18 or 19 years depending on your province of residence.

Apply for The American Express Platinum Card.

American Express Platinum Card Review
4.8

Summary

The American Express Platinum Card is one of the best credit cards in Canada for VIP benefits and perks. This review covers what you need to know.

 

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

1 thought on “American Express Platinum Card Review 2023”

  1. Gravatar for D.H.

    I would give American Express Platinum a ZERO out of 5. I had a fraudulent charge on my card was basically told oh well too bad. I will NEVER use American Express services ever again.

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