• Annual Fee: $699
  • APR: 15.99% to 22.99% variable APR
  • Maximum Earnings Rate: 3 points per $1 spent
  • Minimum Personal Income Requirement: None
  • Recommended Credit Score: None

minimum price:

$699/annually

Visit Website

American Express Platinum Card: Pros and Cons [2022 Review]

Today on the agenda, we’re talking about the benefits of the new AmEx Platinum Card in Canada. We’ll be looking at the card’s highlights and main features, perks, and rates. Finally, we’ll discuss application and eligibility. We’ve got a lot to say, so let’s get into it!

American Express Platinum Card: Pros and Cons [2022 Review]

minimum price:

$699/annually

Visit Website
  • Annual Fee: $699
  • APR: 15.99% to 22.99% variable APR
  • Maximum Earnings Rate: 3 points per $1 spent
  • Minimum Personal Income Requirement: None
  • Recommended Credit Score: None

Best For

Best for VIP services

Strengths

  • Comprehensive insurance for travel, baggage, and emergencies
  • Hotel Elite Statuses
  • Handsome welcome bonus
  • Unlimited lounge access
  • Abundant membership rewards
  • VIP perks at Toronto’s Pearson International Airport

Weaknesses

  • Steep annual fee
  • No cashback
  • Generally luxury-focused

Overview

American Express doesn’t need a long-winded introduction. The company has been around since the 1850s and has made quite a name for itself. As a multinational corporation, it specializes in payment card services.

American Express’ headquarters are located in Lower Manhattan, New York City. As of 2019, it had 114.4 million cards in force. Moreover, the brand was worth an estimated $24.5 billion in 2020, and it held 9th place on the List of the Top 100 Companies to Work For in 2020.

AmEx launched its first travel charge card in 1958, although 250,000 cards were already issued before the launch date. Since then, people far and wide have learned about AmEx card benefits and have rushed to get their hands on them.

Let’s take a look at the AmEx offers in Canada and determine whether or not the card is worth it.

Main Features

In our humble opinion, the AmEx Platinum card is one of the best AmEx cards in Canada. With that said, the card comes with numerous unique features that can give you handsome rewards, such as:

Grocery Store Rewards

By using AmEx Platinum, you can earn Membership Points. However, if you’re interested in applying for this card, you should know that groceries give you only 1 point for every $1 spent.

Understandably, as this is mainly a travel-based card, the focus is not grocery shopping. If you’re looking for a card that offers hefty grocery store rewards, check out the American Express Cobalt Card.

Selected Retail Rewards

The AmEx Platinum card gives each cardmember 1 point for every $1 spent on luxury goods at selected stores. Whether you’re shopping online or in-store, this card has got your back. What’s more, the Platinum Card has no pre-set spending limit, so you have great flexibility when shopping.

Gas Rewards

Unsurprisingly, you can use your American Express points in Canada for automobile services. For every $1 spent on gas, you get 1 point on your card. But that’s not all American Express does for cars!

In fact, these cards offer numerous benefits when renting cars, such as complimentary memberships with Avis, Hertz, and National Car Rental programs. In addition, you get 2 points for every $1 spent on car rentals.

Besides these rewards, if you’re eligible, the Platinum Card provides rental car loss and damage insurance.

General Rewards

In addition to the benefits we’ve mentioned above, this luxury card gifts cardmembers:

  • Up to $200 worth of annual airline fee statement credit.
  • Up to $200 back in statement credits yearly on prepaid luxury hotels.
  • Up to $179 back annually on a CLEAR membership.
  • Up to $300 Equinox credit.
  • And many more we’ll talk about below!

Additional Perks and Benefits

American Express cards are famous for the abundant benefits offered to cardholders. Firstly, you’ll see the eye-popping 100,000 points welcome offer. However, to redeem your reward points, you need to spend $6,000 on purchases in your first 3 months using the account.

AmEx Platinum doesn’t hold back other benefits! Check out what else is in the bargain.

Personal Concierge Services

When can you say you have your own concierge? Well, the AmEx Platinum Concierge may just be your first, and what a first that would be! Thus, your personal concierge will be available to tend to you at all times, completely free of charge.

Whether you need a table at a fully-booked luxury restaurant, a good travel itinerary, or a nice gift for someone, your concierge is just a phone call (or e-mail) away.

Travel Benefits

If you mainly want to use your American Express Platinum to travel in Canada or worldwide, you’ll never get enough of all the benefits available. Admirably, the card offers 2 points for every $1 spent on eligible flights to hotels, tours, cruises, and more.

Still not enough for you? Well, AmEx threw in an additional $200 Annual Travel Credit which you can use towards any single travel booking. On top of this, AmEx Platinum Canada offers other benefits like the $100 NEXUS Card Statement Credit.

Lastly, the American Express Lounge at Toronto Pearson International Airport is one of the best travel experiences you can get. You’ll also get a well-deserved ego boost because you’d be relaxing in an exclusive private lounge. Sounds nice, doesn’t it?

You might be interested: Best Aeroplan Cards in Canada

Travel Insurance

AmEx can reimburse you for non-refundable portions of travel arrangements if you cancel your trip for a covered reason. With that said, you can be covered up to $2,500 per insured person per trip.

Moreover, suppose your trip is interrupted or delayed for a covered reason, your Platinum Card can cover the non-refundable unused portion of your travel arrangements for up to $2,500 per person per trip.

On the other hand, you can receive up to $1,000 in coverage for any flight delays where you need a reasonable accommodation, restaurant expenses and sundry items. You also receive:

  • Baggage delay insurance
  • Hotel burglary insurance
  • Lost or stolen baggage insurance
  • $500,000 travel accident insurance
  • Car rental theft and damage insurance
  • Travel emergency assistance
  • Out of province/country emergency medical insurance of up to $5,000,000

Official AmEx Experiences

Apart from the American Express Lounge at Pearson Airport, there are numerous other luxury lounges accessible in Canada, the USA, Australia, Brazil, Hong Kong, India, Mexico, Sweden, and the UK. Also, if you’re travelling with friends or family, you can bring them with you to the lounge, free of charge. Not bad, huh?

However, lounges are not the only benefits of travelling with AmEx Platinum. On the contrary, every cardholder gets Front Of The Line Reserved tickets to shows of great importance, like concerts, sports events, musicals, or the like.

And, no, we’re not done yet! Cardmembers gain access to the AmEx Global Dining Collection, comprised of the hottest gourmet restaurants, food festivals, and curated events. We’re not kidding; the Global Dining Collection really is a food lover’s perfect companion.

Other AmEx experiences worth mentioning are:

  • Retail (which specially curate private shopping experiences and provide exclusive offers)
  • Wellness (with special curated offers for self-care)
  • AmEx Priority Line in the Royal Alexandra Theatre
  • Priority Bars in the Princess of Wales and Ed Mirvish.

Shopping Insurance

As a luxury card, AmEx Platinum offers numerous shopping benefits. Apart from the no pre-set spending limit on purchases, this card comes with the Buyer’s Assistance Protection Plan, which is the best American Express plan for extended warranty in Canada for up to one full year.

Furthermore, the Purchase Protection Plan insures your eligible items for 120 days in events of damage or theft for up to $1,000 per occurrence. American Express truly has a solution for every problem.

World-class Service

On a par with everything else, the American Express customer service team is outstanding.  Firstly, you have the Platinum Card website, dedicated primarily for Platinum Cardmembers. This page is where you’ll learn in-depth details about your card, benefits, insurances, and special offers.

Apart from this, the 24/7 customer service team is always available to speak with you about whatever you need. And may we add, they’re some of the friendliest professionals you’ll encounter.

To protect you against fraud and theft, AmEx Platinum comes with a Fraud Protection Guarantee and an American Express SafeKey. What’s more, you can immediately replace your card if it gets lost or stolen by simply calling a number.

Exclusive Offers

AmEx Platinum has regular promotions for its users, one being the Amex Referral Bonus. Therefore, when you refer a friend to apply for any AmEx card, you earn a referral bonus, while your friend gets a welcome offer. Win-win!

American Express Canada offers rewards regularly, so be sure to check their website often. As a rule of thumb, AmEx Platinum gives out:

  • 3 points for every $1 at restaurants, bars, coffee shops, and food deliveries in Canada
  • 2 points for every $1 for travel services, bookings, lodging, and tour operator sales
  • 1 point for every $1 for groceries, luxury goods, self-care, and more

Finally, your Platinum Card gets you deals on hotel and rental bookings and your American Express travel points earn you statement credits to realize your future travel plans.

If you’re looking for unique services and exclusive access, check out our selection of the best luxury cards in Canada.

Rates and Fees

Since all good things come at a price, the AmEx Platinum is no exception, with an annual fee of $699. Unfortunately, these charges are well above industry standards. Although, with all the benefits, you’re probably covered for over $5,000. To clearly understand the costs, take a look at the table below.

Cash Advance APR 5% of the transaction amount or $10, whichever is greater
Balance Transfer APR You cannot do balance transfers
Purchase APR There is no regular purchase APR
Hidden fees ATM fees, interests on cash advances,

and foreign currency conversion fees

 

Eligibility

Officially, to acquire an Amex Platinum in Canada, the requirements aren’t very restrictive. Namely, to become eligible for this card, you need to:

  1. be a Canadian resident and have a Canadian credit file
  2. be the age of majority in the province or territory of residence.

Fortunately, there is no average credit score for this card. However, we recommend a score of at least 700 to avoid any surprise rejections and ensure you regularly keep up with your bill payments. Similarly, the card has no income requirements, but you should have at least $50,000 to be on the safe side.

Application and Delivery

The application process is straightforward. You’ll need to fill in your personal information, phone numbers, annual income, and source of income on the official American Express website. Then, you might get approved immediately or wait up to 60 days for your application to be processed.

Then, your card should arrive in a white envelope with the American Express logo in 7 to 10 days, which you need to confirm online for security reasons. AmEx cards are not secured credit cards, so they don’t require a security deposit.

User Reviews

While fashioning our review, we scoured the net for genuine user reviews and picked up some key arguments from review sites, which we’ll share here.

Firstly, users unanimously agree that the AmEx Platinum is one of the best credit cards with airport lounge access in Canada, with people gushing over the luxury and magnificence of AmEx lounges. Furthermore, most cardholders praise the American Express customer service, with many sharing stories about how AmEx representatives saved them from fraud.

On the downside, some users complain they hadn’t received bonuses they were eligible for, even after filing disputes. Apparently, the customer isn’t always right.

Want to Consider Other Options?

The AmEx Platinum is an excellent option for frequent travellers willing to spend that extra buck. But is it the best card out there? Let’s make a short comparison with two other great cards.

American Express Platinum vs. Capital One Savor

When researching, we discovered that the Capital One Savor card offers similar benefits to the AmEx Platinum, the most notable being the concierge service, the extended warranty on certain products, and attractive bonuses.

Regarding fees, the Capital One Savor has an annual fee of just $95, an unlimited 4% cashback on some purchases, and a 15.99%-23.99% APR. Capital cardholders enjoy a 0% purchase intro and top-notch travel accident insurance. Moreover, new users get a $300 welcome offer after spending $3,000 in three months.

All in all, if you’re more of a foodie than a traveller and more of a grocery shopper than a lounger, the Capital One Savor would suit you better.

American Express Platinum vs. Rogers World Elite MasterCard

The Rogers World Elite MasterCard is another excellent alternative to the AmEx Platinum. With an annual fee of $0, an APR of 19.99%-22.99%, and a 1.5% unlimited cash back rewards on purchases, there’s a lot to love!

For users down with wanderlust, this card offers generous travel benefits and over 1,000 special LoungeKey airport lounges in over 100 countries. Moreover, the Rogers card provides well-rounded insurance, extended warranties and purchase protection.

To sum up, if you’re looking for a card that offers similar benefits to the Platinum Card but at a much lower price, Rogers World Elite MasterCard is your top contender.

Final Verdict

We’ve finally reached the end of our review of AmEx Platinum Canada!

If you’ve not yet come to a decision, think about what you spend most of your money on. If you’re a frequent flyer and enjoy the finer things in life, the AmEx Platinum is the right card for you.

On the other hand, if you leave a nice chunk of your salary in mid-scale restaurants and grocery stores, you might want to keep looking.

FAQ

What is Front of The Line by American Express?

The Front of The Line is an exclusive offer for American Express cardholders to receive premium tickets to concerts, musicals, sporting events, and the like.

How to cancel an American Express card online?

To cancel your card online, you need to reach out to a customer representative on live chat on the official AmEx website. After that, you’ll schedule a call and begin your cancellation process.

How to apply for an American Express credit card?

To apply for an AmEx card, you simply need to fill in your personal information on the official site and wait for the approval.

ABOUT AUTHOR

With an early start in journalism and years of work as a technical translator, Marija felt it was natural to blend the two. Passionate about news and research, she enjoys sifting through the data, researching new currents and the constant changes in our technologically and financially driven lives, as well as presenting the stats and facts to the readers so you don’t have to dig deep on your own.