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Published November 16, 2022

American Express Platinum Card Canada Review

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

Our Verdict

Best for travellers who like a dash of added comfort and convenience when they travel.

The American Express Platinum Card offers an impressive combination of travel benefits, exclusive offers and insurance coverage, but it comes with a high annual fee.

    4.0

    NerdWallet Rating for American Express Platinum Card

    The Platinum Card® from American Express

    The Platinum Card® from American Express
    • Annual Fee
      $699
    • Interest Rates
      Varies
    • Rewards Rate
      1x-3x Points
    • Intro Offer
      Up to 80,000 Points

    Quick fact

    American Express Platinum Card pros and cons

    Pros

    Cons

    American Express Platinum Card rewards

    Estimated value of the American Express Platinum Card

    Point Value Breakdown

    The value of an American Express Membership Rewards point varies on the redemption method you choose, but you can expect to get around 0.7-2 cents per point. 

    Calculating your annual rewards

    Let’s look at a hypothetical example in which a person earns 4,000 points per month on their Amex Platinum Card across all spending categories, and chooses redemption methods that get between 1 and 2 cents per point, on average. This example does not include any Welcome Bonus points.

    Welcome offer value

    The welcome offer for the American Express Platinum Card includes up to 80,000 Membership Rewards points. The total value of the offer will depend on how you redeem the 80,000 points.

    Amex suggests the welcome offer is worth $800, which is the minimum value when redeemed through statement credits. You need to spend at least $6,000 within the first three months of card membership, then make one eligible purchase of any amount between 14 and 17 months of card membership to get the full 80,000 points.

    However, the welcome offer could be worth up to $1,600 if redeemed strategically. You’ll just need to redeem the points for short-haul flights, available with a value of two cents per point.

    Annual value

    The American Express Platinum Card offers plenty of value beyond its welcome offer. 

    Cardmembers receive a $200 annual travel credit that can be redeemed toward any single travel booking made through American Express Travel Online or Platinum Card Travel Service. They can also receive a $100 statement credit every four years for NEXUS application or renewal fees charged to the card.

    With Fine Hotels + Resorts, Platinum Cardmembers can receive benefits such as guaranteed 4:00 p.m. late check-out, complimentary daily breakfast for two and other benefits at more than 1,100 properties. Amex says these benefits have an average total value of $550 USD based on a two-night stay.

    Cardholders also receive complimentary access to the more than 1,300 airport lounges that make up the American Express Global Lounge Collection. It’s hard to put a dollar amount on that kind of comfort. 

    The insurance included, particularly the out of province/country emergency health coverage, can be invaluable if you ever need to use it.

    Is the American Express Platinum Card worth it?

    With a steep annual fee of $699, the people who get the full monetary value out of their American Express Platinum Cards will typically be those who make enough purchases to cash in on the welcome bonus and take frequent advantage of its premium travel perks, like complimentary airport lounge access and elevated hotel services. 

    At a minimum, you’ll want to recoup your cardholder costs. According to NerdWallet analysis, one American Express Membership Rewards point can be worth as much as 2 cents. You’d need to earn at least 34,950 points to recoup the card’s annual fee of $699. To earn the 34,950 points needed to offset the card’s annual fee, you’d need to spend at least $11,650 — and that’s money spent in this card’s highest earning category of 3 points per $1.

    American Express Platinum Card full review

    The American Express Platinum Card is a metal charge card that earns American Express Membership rewards points. Cardholders earn points for each eligible dollar spent, with accelerated rates on dining, food delivery and travel purchases. 

    Charge cards are different from credit cards in that you are typically not permitted to carry a balance.


    Benefits of the American Express Platinum Card

    Not only does the American Express Platinum Card earn American Express Rewards points with every purchase, but those points can be redeemed for a variety of items, including groceries, gas or travel. They also can be redeemed for statement credits on eligible card purchases.

    Cardholders have access to an impressive array of travel perks: complimentary access to the American Express Global Lounge Collection, a network of more than 1,300 airport lounges; an annual $200 travel credit; a range of benefits, including late check-out and free daily breakfast for two, at Fine Hotels + Resorts; and status upgrades with hotel loyalty programs like Hilton Honors, Marriott Bonvoy and Radisson Rewards Americas.

    Travellers departing from Toronto Pearson International Airport in particular can take advantage of priority security lanes, complimentary valet service at Terminal 1 and discounted parking rates. 

    The American Express Platinum Card also offers a comprehensive suite of insurance coverage, including trip cancellation and lost bag protection, car rental theft/damage insurance and accidental death and dismemberment coverage. 

    Being an American Express cardholder also includes access to exclusive dining, entertainment and wellness events through American Express Experiences, as well as the reserved tickets and presales offered by American Express Front Of the Line.


    Drawbacks of the American Express Platinum Card

    The American Express Platinum Card’s $699 annual fee is no joke. To get the most value out of it, cardholders will need to take frequent advantage of the lounge access and hotel upgrades, and that means booking plenty of flights and hotel rooms. 

    Some of the travel perks, like priority security screening, only apply to cardholders who fly out of Toronto Pearson International Airport. If you live in another province or don’t typically use Pearson, those benefits won’t be of much use.

    Even though the insurance included is quite robust, cardholders 65 or older will not be covered by the card’s out of province/country emergency medical insurance. 


    Is American Express reliable and secure?

    With American Express being one of the world’s biggest credit card issuers, their products typically provide a secure way of making purchases in person and online.

    If someone steals your credit card information or makes fraudulent purchases with your card, American Express’s Fraud Protection Guarantee ensures you won’t be held responsible for any of the charges. 

    There have been minor security scares involving American Express customer information in recent years, but they were either the result of security breaches at third-party sites where American Express customer data has been stored, or the work of disgruntled former employees. 


    American Express customer satisfaction ratings

    American Express ranks third (and above industry average) in customer satisfaction with credit card issuers, according to J.D. Power’s 2022 Canada Credit Card Satisfaction Study, a survey of 6,478 cardholders in Canada. Card issuers were rated on their benefits and services, communication, card terms, customer support and rewards. The credit card issuers with the highest customer satisfaction ratings in the survey were Tangerine Bank and Canadian Tire.

    American Express had a Trustpilot rating of 1.7 out of a possible 5 stars, based on almost 2,600 reviews, at the time of this writing.

    American Express had a Better Business Bureau rating of 1.07 out of a possible 5 stars, based on more than 300 reviews, at the time of this writing.

    American Express had a Customer Service Scoreboard rating of 36.48 out of a possible 200, based on more than 310 ratings, at the time of this writing

    Amex Platinum Card details and eligibility

    Who qualifies for the American Express Platinum Card?

    You must be a Canadian resident and at least the age of majority for your province or territory to be eligible for the Amex Platinum Card. You also must meet credit score and income requirements.

    Approximate credit score needed for approval

    Canadian credit card issuers rarely disclose required credit scores, which makes it hard to know your chances of approval when comparing cards. It also means any score suggestion we make would be our best guess — which may not be accurate and could result in card application rejections. We don’t want that. 

    Suggesting that you’d need a “good” or “excellent” score is also confusing, because the meaning of those terms can vary depending on the rating system card issuers use.

    Instead, we’ll tell you what we do know: higher scores have better chances of approval — that’s true no matter what type of credit you’re applying for.

    Want to learn more? Visit our “What Credit Score is Needed for a Credit Card?” page.

    » MORE: How to Check Your Credit Score 

    Income requirements

    American Express doesn’t publicly disclose annual income requirements for its Platinum Card Card. You must provide your annual income during the application process, which may be a factor during card approval.

    Who should get the American Express Platinum Card?

    The American Express Platinum Card offers its highest earn rates on dining, food delivery and travel purchases, so cardholders will earn the most Membership Rewards points if those are among some of their most frequent expenditures. 

    Some of the American Express Platinum Card’s most exciting benefits are elevated travel perks, which makes it most valuable for travellers who take to the skies several times a year. 

    How to know if the American Express Platinum Card is right for you

    If you’ll use it to pay for travel, dining and food delivery purchases, and travel often enough to take advantage of its many travel perks, the American Express Platinum Card might be right for you.

    How to apply for the Amex Platinum Card

    1. Click the Apply Now button on the American Express Platinum Card page on the American Express CA website.
    2. Review the card’s terms and conditions. Select Agree and Begin to continue.
    3. Enter your personal details, including your full name, date of birth, phone number, email address and residential address.
    4. Enter your financial details, including your annual personal income, household income and employment details. 
    5. Choose a four-digit PIN.
    6. Review the information you’ve supplied and submit your application. 

    How to maximize the benefit of the Amex Platinum Card

    There are several ways to get the most out of being a Platinum Cardmember:

    Alternatives to the Amex Platinum Card

    The American Express Platinum Card may be one of our favourite metal credit cards, but that doesn’t necessarily mean it’s the right card for you.

    There are plenty of cards out there to choose from, including less exclusive rewards credit cards and cash back credit cards that charge a lower annual fee.  

    Reasons you might want a different card

    The American Express Platinum Card may not be for you if:

    American Express Platinum Card vs American Express Gold Rewards Card

     American Express Platinum CardAmerican Express Gold Rewards Card
    Annual fee$699 for first card$250 for first card
    Rewards rates3 points per $1 spent on dining and food delivery.
    2 points per $1 spent on eligible travel purchases.
    1 point per $1 spent on everything else.
    2 points per $1 spent on travel purchases.
    2 points per $1 spent on gas, groceries and drugstore purchases.
    1 point per $1 spent on everything else.
    Travel perks$200 travel credit for American Express Travel Online.
    $100 NEXUS fee rebate every 4 years..
    Free and unlimited access to over 1,300 global airport lounges.
    Receive late check-out and complimentary daily breakfast for two at over 1,100 hotels worldwide.
    Get fast-tracked for hotel loyalty programs.
    Access priority security lanes and complimentary valet service at Toronto Pearson Airport.
    $100 travel credit for American Express Travel Online.
    $50 NEUS fee rebate.
    Four airport lounge passes annually.
    Get a $100 USD credit for hotel amenities when you stay two consecutive nights.

    American Express Platinum Card facts

    American Express Platinum Card
    Card TypeMetal rewards charge card.
    Interest Rates
    Regular/purchase APR20.99% on Flexible Payment Option balances.
    Cash advance APRN/A
    Penalty APR30% applied to each delinquent Due in Full charge.
    Fees
    Annual fee$699.
    Balance transferN/A
    Cash advance3% of the amount advanced.
    Foreign transaction2.5% of transaction amount.
    Reward Earn Rates
    Signup Bonus or Welcome OfferReceive 60,000 Membership Rewards points after you charge $6,000 in new purchases to your Card in the first 3 months of Cardmembership. Earn 20,000 points when you make a purchase between 14 and 17 months of Cardmembership.
    Rewards and benefitsAmerican Express Membership Rewards points can be redeemed for travel experiences, merchandise, gift cards, statement credits towards eligible purchases and more. You can also transfer your points to American Express partner loyalty programmes, including Aeroplan, Delta SkyMiles, Marriott Bonvoy and more.
    Other perks
    Free airport lounge access: Unlimited complimentary access to the American Express Global Lounge Collection.
    Annual travel credit: A $200 CAD Annual Travel Credit can be put toward a single booking through American Express Travel.
    Annual NEXUS credit: Receive up to $100 CAD in statement credits every four years..
    Travel perks at Pearson: Receive priority security screening, free valet service at Terminal 1 and a 15% discount on parking rates at Express Park and Daily Park.
    Elevated hotel services: Receive benefits such as 4:00 p.m. late check-out, complimentary daily breakfast for two and more at over 1,100 properties worldwide.
    Hotel status benefits: Get fast-tracked to the higher tiers of leading hotel programs around the world without having to fulfill the usual qualifying criteria.
    Exclusive offers: Special deals from American Express Travel Online and American Express Experiences available only to Amex Cardmembers.
    Front Of The Line perks: Exclusive ticketing presales for concerts, shows and other special events.
    More event privileges: Skip the lines and access exclusive lounges at popular Toronto venues like Budweiser Stage and the Ed Mirvish Theatre.
    Insurance coverage
    Extended warrantyUp to one additional year.
    Purchase protection120 days.
    Travel accidentUp to $500,000.
    Emergency medicalUp to $5 million per insured person per trip.
    Flight delayUp to $1,000 for necessary accommodations, restaurant expenses and sundries.
    Baggage delayUp to $1,000 for essential clothing and sundry items.
    Trip cancellationUp to $5,000 per trip for all insured persons combined.
    Trip interruptionUp to $6,000 per trip for all insured persons combined.
    Lost or stolen baggageUp to $1,000 of coverage per trip for all insured persons.
    Hotel burglaryUp to $1,000 of coverage for personal items (excluding cash).
    Rental car theft/damageFor up to 48 days.

    Rating Methodology

    NerdWallet Canada rates credit cards according to overall consumer value and their suitability for specific kinds of consumers. Factors in our evaluation include annual and other fees, rewards rates, the earning structure (for example, flat-rate rewards versus bonus categories), redemption options, bonus offers for new cardholders, introductory and ongoing APRs, and other noteworthy features such as airline or hotel perks or the ability to transfer points.

      Frequently asked questions about the Amex Platinum Card

      Does Amex Platinum have a limit?

      The American Express Platinum Card has no preset spending limit. A no-limit card can be a helpful feature when you’re making purchases, but it can also make overspending a lot easier.

      Is it hard to qualify for Amex Platinum?

      There’s no publicly-available minimum income requirement for the American Express Platinum Card. Household income is, however, a required input when filling out your application. A combination of strong income and good credit will improve your chances of approval.

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