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Published January 1, 2024
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The Platinum Card From American Express Review 2024: Is It Worth It?

The Platinum Card from American Express, or Amex Platinum, offers impressive travel benefits and insurance coverage but charges a high annual fee.

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4.0

NerdWallet Rating

Best for travellers who want added premium perks.

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

Learn more about how we evaluate cards.

    The glitzy Platinum Card from American Express carries a high price tag, but its top-tier travel perks offer significant value.

    The Platinum Card® from American Express

    The Platinum Card® from American Express
    • Annual Fee
      $799
    • Interest Rates
      Varies
    • Rewards Rate
      1x-2x Points
    • Intro Offer
      Up to 100,000 Points
    Card details
    • 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, 2points 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 Collection™ which unlocks access to over 1300 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
    • Platinum Cardmembers can enjoy access to special events and unique opportunities.
    • 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. If you apply and get approved for an American Express Card, NerdWallet may receive compensation from American Express, which can be in the form of monetary payment.

    The Platinum Card from American Express full review

    The Platinum Card from American Express 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 Platinum Card from American Express

    There are several benefits to The Platinum Card from American Express. As a cardmember, you:

    Drawbacks of The Platinum Card from American Express

    The primary drawback of The Platinum Card from American Express is its high annual fee ($799), which is hard to recoup unless you plan to travel frequently and utilize all the card’s perks. What’s more, some of those perks, like priority security screening, are 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. 

    Also, there is no medical coverage for cardmembers over the age of 65, which may be a deal-breaker for some travellers.

    Who should get The Platinum Card from American Express?

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

    Is The Platinum Card from American Express worth it?

    With a steep annual fee of $799, the people who get the full monetary value out of their Platinum Card from American Express 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 39,950 points to recoup the card’s annual fee of $799. To earn the 39,950 points needed to offset the card’s annual fee, you’d need to spend at least $19,975 — and that’s money spent in this card’s highest earning category of 2 points per $1.

    American Express customer ratings

    Amex Platinum Card eligibility

    Who qualifies for The Platinum Card from American Express?

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

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

    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 credit cards. What we do know is that higher scores have better chances of approval — that’s true no matter what type of credit you’re applying for.

    Want to learn more? Our guide can help you figure out what credit score is typically needed for a credit card.

    The Platinum Card from American Express rewards

    • Welcome offer: Earn up to 100,000 Membership Rewards® points – that’s up to $1,000 towards a weekend away.
    • How to earn the welcome offer: 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.

    How to earn ongoing rewards: Earn 2x the points on eligible dining and food delivery purchases in Canada, 2x the points on eligible travel purchases and 1x the points on everything else.

    Welcome offer value

    The welcome offer for The Platinum Card from American Express includes up to 100,000 Membership Rewards points. The total value of the offer will depend on how you redeem the 100,000 points.

    Amex suggests the welcome offer is worth up to $1,000, which is the minimum value when redeemed through statement credits. You need to spend at least $10,000 within the first three months of card membership, then make one eligible purchase of any amount between the 14th and 17th month of card membership to get the full 100,000 points.

    Annual value

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

    Cardmembers receive a $200 annual travel credit 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 p.m. late check-out, complimentary daily breakfast for two and other benefits at more than 1,300 properties. Amex says these benefits have an average total value of $750.

    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.

    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. 

    How to apply for The Platinum Card from American Express

    1. Click the Apply Now button on The Platinum Card from American Express 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. 

    The Platinum Card from American Express vs. American Express Gold Rewards Card

    American Express Platinum CardAmerican Express Gold Rewards Card
    Annual fee$799 for first card.$250 for first card.
    Rewards rates
    • 2 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 1,300 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 NEXUS fee rebate.

    • Four airport lounge passes annually.

    • Get a US$100 credit for hotel amenities when you stay two consecutive nights.

    Reasons you might want a different card

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

    If The Platinum Card from American Express isn’t a good fit 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.  

    The Platinum Card from American Express facts

    American Express Platinum Card
    Card typeMetal rewards credit card.
    Interest rates
    Regular/purchase APR21.99% on Flexible Payment Option balances.
    Cash advance APRN/A.
    Penalty APRInterest rate of 30% applies to each delinquent Due in Full charge. The Preferred rate of 21.99% applies to your Flexible Payment Option balance. If you have 2 separate Missed Payments in a 12 month period, the Flexible Payment Option rate for your account will be 25.99%. If you have 3 or more separate Missed Payments in a 12 month period, the Flexible Payment Option rate will be 28.99%. These rates are effective from the day the Flexible Payment Option is first available on your account.
    Fees
    Annual fee$799.
    Balance transferN/A.
    Cash advance3% of the amount advanced.
    Foreign transaction2.5% of transaction amount.
    Rewards
    Reward earn ratesEarn 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.
    Signup bonus or welcome offerReceive 70,000 Membership Rewards points after you charge $10,000 in new purchases to your Card in the first 3 months of card membership. Earn an additional 30,000 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 programs, 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: Access a $200 annual travel credit through American Express Travel Online or Platinum Card Travel Service.

    • Annual NEXUS credit: Receive up to $100 in statement credits every four years.

    • Travel perks at Pearson: Receive priority security screening, free valet service at Terminal 1 and a discount on parking rates at Express Park and Daily Park.

    • Elevated hotel services: Receive benefits such as 4 p.m. late check-out, complimentary daily breakfast for two and more at over 1,300 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 methodology 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

      Is the American Express Platinum Card the same as The Platinum Card from American Express?

      Yes, the American Express Platinum Card (aka Amex Platinum) and The Platinum Card from American Express are the same thing. The names are used interchangeably.

      Is it hard to qualify for The Platinum Card from American Express?

      There’s no publicly-available minimum income requirement for The Platinum Card from American Express. 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.

      Does the Amex Platinum have a limit?

      The Platinum Card from American Express 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.

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