American Express® Platinum Card® Review

By: Heather Hanks Sep. 1, 2019

The American Express® Platinum Card® is the perfect travel card, but it’s also great for everyday purchases. This is especially true if you dine out often! It features an impressive welcome bonus of 50,000 membership points. You’ll also get discounts on additional cards and a $200 annual travel credit. Apply for the American Express® Platinum Card® and you’ll get two points for every dollar spent on eligible travel purchases. You’ll also get three points for every dollar you spend on eligible dining experiences. As an American Express card holder, you’ll enjoy extensive insurance coverage and annual perks just for being a member. Check out our American Express® Platinum Card® review below.

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Card Type:

ChargeCard

Annual fee:

What is the American Express® Platinum Card®?

The Platinum Amex Cards offer membership reward points when you use your card on eligible purchases. You can redeem these reward points for flights, hotels, and more. The Platinum Card fee is $699 annually, which is high for most people. But it comes with unbeatable perks and discounts on additional cards. You can use these cards to help you rack up the points. It’s ideally suited for those who travel often and want to be rewarded for it. However, the American Express® Platinum Card® is also great for your everyday dining expenses.

Here is a list of some of the Platinum Card costs and benefits:

Annual fee: $699
Additional cards are $175 for Platinum Cards and $50 for Gold Cards annually
Card type: charge card (different from a credit card as it requires you to pay in full each month)
50,000 membership rewards points when you spend $5,000 within the first three months of membership
Earn two points for every dollar you spend on eligible travel purchases
Earn three points for every dollar you spend on eligible dining purchases
Receive CAD$200 in annual travel credit and use it on a single travel booking over $200 or more through American Express Travel Online (you can also book your trip through your Platinum Card Travel service)

As with all American Express cards, you’ll receive top-notch insurance coverage for all your purchases. For example, you’ll get up to $5,000,000 for eligible emergency medical expenses for insured people under 65 made within the first 15 days of your trip. You’ll also be covered for up to $2,500 per person when you cancel your trip for a covered reason for up to $5,000 for all persons per trip and up to $6,000 for trip interruptions. Your baggage and flights are covered if they are canceled or delayed. You’re also covered if your rental car is stolen or damaged.

Here is a complete list of your travel coverage as a Platinum Card® holder:

Lost or stolen baggage insurance

Flight delay insurance

Baggage delay insurance

Hotel burglary insurance

Out of country/province emergency medical coverage

Rental car theft and damage insurance

$500,000 accident insurance

Trip cancellation and interruption insurance

Travel emergency assistance

StandbyMD travel medical concierge

The Platinum Card®: Pros and Cons

Every card comes with a list of good and bad. You might be turned off by the high annual fees, but keep in mind that the Platinum Card allows you to earn your money back and then some. The majority of perks associated with the Platinum Card are travel related. However, you can still save big time if you use your card to dine out. Here are some pros and cons of the Platinum Card.

American Express® Platinum Card® PROS

Two points for every dollar spent on travel and three points for every dollar spent on dining
$200 in annual travel credit
Complimentary access to over 1,200 airport lounges in over 130 countries
Access to special culinary experiences through the Global Dining Collection
Metal card design with precision cut and engraved features
Fine Hotels and Resorts access (you can receive travel benefits such as late check out, free breakfast for two daily, and other benefits at over 1,000 hotels worldwide. Your average savings are $550 based on a two-night stay)
Hotel loyalty program access through Hotel Status Benefit (you’ll get benefits at hotels all over the world, including numerous night stays yearly)
Benefits at Toronto Pearson International Airport such as access to Pearson Priority Security Lane when it’s busy, free valet service at Express Park and Daily Park, and a 15% discount on parking rates (statement credit will be applied to your account after the charge is posted)
Easy application process
Extensive insurance coverage for all your purchases

American Express® Platinum Card® CONS

The annual fee is $699, which is high for most people. But you will earn this money back by using your card to pay for travel and dining expenses. You’ll also be rewarded in the form of travel perks all across the world when you use your card to make purchases. You’ll also get additional cards at a discount to help you collect points.
The Platinum Card is a charge card, which means that you will need to pay your balance off in full each month. Late payments are subject to a 30% interest fee. We consider this good motivation to always make your payments on time!

How To Apply American Express® Platinum Card®

The American Express Platinum application process is easy. You’ll need to be a Canadian resident and have a Canadian credit file. You will also need to be the age of majority wherever you live in Canada. The American Express website states that you will know whether you’re approved or not within 60 seconds of turning in your application. Visit the American Express website and click on the apply now button.

Conclusion

The Platinum Card® is ideal for those who travel or dine out often. You’ll get two points for every dollar spent on eligible travel and three points for every dollar spent on eligible dining. The annual fee is $699, but you’ll earn your money back with various perks and rewards provided by American Express just for being a member.

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