WealthRocket is reader-supported. When you buy through links on the website, we may earn an affiliate commission.
Why you can trust us
The team at WealthRocket only recommends products and services that we would use ourselves and that we believe will provide value to our readers. However, we advocate for you to continue to do your own research and make educated decisions.
If you’re in the market for a premium credit card in Canada from American Express, you’ll want to take a look at the AMEX Platinum Card.
This metal charge card earns rewards points on eligible purchases and offers first-class travel perks. Find out if it’s worth the price tag in this review.
The American Express Platinum card is a premium charge card — not a credit card — which means the balances has to be paid back in full each month.
The annual fee is hefty, at $799, which makes the AMEX Platinum Card one of the most expensive cards out there. But its enticing travel rewards and welcome offer make the AMEX platinum well worth consideration for those who can make the most of American Express Membership rewards points.
The most lucrative earning category on this card is eligible dining and food delivery purchases, with 2 points per dollar spent. This includes purchases at restaurants, coffee shops, and food delivery services — excluding groceries.
You’ll also earn 2 points per dollar on travel purchases including flights, transport and accommodation. With such a heavy focus on travel, frequent travellers will be best placed to maximize value here. All other purchases will rack up 1 point per dollar spent.
Once your account remains in good standing, your American Express Platinum rewards can be redeemed online. You can convert your rewards to a statement credit (minimum 10,000 points per statement) and apply those credits to any eligible purchase on your card.
You could also use them toward travel purchases via AMEX’s Flexible Points Travel Program, or toward flights through the Fixed Points Travel Program.
In addition to a competitive rewards program, the AMEX Platinum is also a great travel credit card, offering extensive insurance and benefits, premium perks, and more.
Like most credit card travel insurance policies, the AMEX Platinum card includes out of province/country emergency medical insurance, although this benefit does not apply to those over 65. There’s also baggage and flight delay insurance, trip cancellation insurance, and more insurance coverage available, most of which require you to fully charge your AMEX Platinum card in order to benefit.
Where this card really shines is with its travel benefits. Cardholders can enjoy a host of perks, such as access to the American Express Global Lounge Collection, a $200 annual travel credit, and Hotel Status Benefit, which can fast-track you to higher tiers of hotel loyalty service around the world. There’s also exclusive offers via American Express Travel Online, and you can further elevate your accommodation benefits with Amex’s Fine Hotels + Resorts.
These are the types of perks that start to make the annual fee feel like it might be worth the cost. At $799 a year, you’ll want to be sure that you can reap all the rewards this card has to offer. You’ll also want to consider the interest rates, with both due-in-full and flexible payment options. If you miss your due-in-full payments, you’ll face a 30% interest rate. Flexible payments are charged at 20.99%.
American Express lists the following eligibility criteria for this card:
Keep in mind that eligibility isn’t the same as approval, however. While these are the most basic requirements, you may need to meet AMEX’s undisclosed income and credit score requirements to ensure your application is approved. What is certain is that the higher your credit score, the greater your chances of approval.
High-value welcome bonus of 100,000 membership rewards points ($1,000 value)
Premium travel rewards perks, such as worldwide airport lounge access and Platinum Concierge
Access to priority security lane, plaza premium lounges, and complimentary valet service at Toronto Pearson International Airport
One of the highest annual fees around ($799)
Perks can be hard to maximize for some
Charge card model can be damaging if payments are missed
| American Express Platinum Card | BMO eclipse Visa Infinite Privilege | American Express Cobalt Card | |
|---|---|---|---|
| Annual Fee | $799 | $120 | $155.88 |
| Purchase APR | 30%* | 20.99% | 20.99% |
| Reward rate | 3x the points on dining and food delivery, 2x the points on travel, 1x the points on everything else | 5x the points on gas, grocery, dining, and transit, 1x the points on everything else | 5x the points on dining and food delivery, 3x the points on streaming, 2x the points on travel and transit |
| Best Feature | Welcome bonus valued at $800 | 5x the rewards points | Low annual fee |
The AMEX Business Platinum Card (also a charge card) is helpful for business travellers whose organizations can meet the purchase requirements to land the welcome bonus points. With a host of high-quality business and travel perks, as well as a flexible payment option and points for every dollar spent, it’s hard to beat the AMEX Platinum for business.
A premium credit card can help you access some of the best perks available. These cards also make it easier for you to cash in your rewards points and land serious savings. That said, it’s important to be sure you can realistically reap the rewards on offer.
For frequent travellers who spend often on dining and food delivery purchases, the American Express Platinum Card is a great option.
If your spending habits don’t align with the rate of spending required to reap the welcome offer, then the high annual fee probably isn’t worth it.
The AMEX Platinum is harder to get approved for than other cards because you need a high credit score and likely require an annual income on the higher end as well.
