If there was a credit card jackpot, the Platinum Card® from American Express might be it. Of course, this particular payout is guaranteed since you pay a lot to join the group. Then again, you get a $600 basic Welcome Offer with a top of an extra $200. Interested yet?
- The Platinum Card from American Express Welcome Offer
- Calculating your Amex Platinum Card points
- Earning points as a group
- A word about Amex Platinum’s payment options and interest rate
- American Express Experiences
- Standard product protections
- Should you get the Amex Platinum Card?
- American Express The Platinum Card Rating
- Benefits and perks of the Amex Platinum Card
- Annual fee: $699
- Interest rate on purchase: n/a
- Interest rate on cash advances: n/a
- 🥡 3X points on qualifying dining and delivery purchases
- ✈️ 2X points on eligible travel purchases
- 💳 1X points on other purchases
The Platinum Card from American Express Welcome Offer
When you get your Amex Platinum Card, you get 60,000 Membership Rewards points, valued at $600 in statement credits. Of course, you first have to spend a net total of $6,000 in your first 3 months of having the card. That means $2,000 each month in the first 3 months. Do not get angry with the Card: a lot of other credit cards have similar amounts and time stipulations.
You can also earn up to another 20,000 points on food and drinks. Here’s how it works: for the first 3 months, you’ll get 10 points per $1 spent on eligible food and drink purchases until you earn a maximum of 20,000 points on those purchases, or when the first 3 months are over, whichever comes first.
Calculating your Amex Platinum Card points
I like the company’s idea that “Every point counts with Amex”. You can redeem points against your credit card balance. The minimum redemption at any time is 1,000 points. This equals to a $10 statement credit.
Furthermore, you earn points quickly. The math is not in percentages so that you have to get out the calculator.
- Earn 3 points for every $1 in Card purchases on Canadian dining and takeout
- The limited-time Welcome Offer of 10 points for every $1
- When your Welcome Offer ends, cardholders earn 2 points for every $1 on eligible travel purchases.
- Every other $1 in card purchases gets 1 point
- Earn 1 additional Membership Rewards point for every $1 spent on eligible hotel or car rental bookings done through American Express Travel.
Like some other credit cards, the Amex Platinum Card has no limit on the amount of cumulative points you can earn in a year. Unlike other credit cards, the Amex Platinum has no credit limit.
Earning points as a group
You can add up to 9 other cardholders on your account. The minimum age for an authorized user is 13 years old. Of course, each additional Platinum Card costs $175 annually. An additional Gold Card costs $50. That said, you still have limitless points earning potential.
A word about Amex Platinum’s payment options and interest rate
That brings up a good point. The Amex Platinum Card has no limit but it is a credit card. It has the same interest rate as others in the Canadian market: 20.99%.
It also has flexible payment options. In previous incarnations, Amex was a charge card. You had to pay off the balance each month.
That is not the case anymore, which makes it more competitive in the market. It also has a competitive interest rate. Competitive, in this sense, means that it matches, if not beats, other credit cards’ rates.
Amex Platinum Card travel benefits
There are a lot of travel benefits with this card. For instance, you can transfer your Membership Rewards points to other airline loyalty programs. Of course, it depends on the rules and limitations set out by the other program.
However, the Amex Platinum gives you the freedom to use your points outside of the American Express loyalty system. It is like a foreign exchange for points.
Amex Platinum Card travel perks
When you fly, there is no guarantee you will find a seat near your gate. When you pay with an Amex Platinum Card, you have access to airport lounges worldwide with the Global Lounge Collection.
You also have access to the Global Dining Collection. All you do is book the reservation through the American Express Concierge service. You also get an annual $200 travel travel credit that you can use on eligible travel purchases.
Travel emergency medical insurance
The Amex Platinum Card makes it easier to travel to places with expensive healthcare systems or where getting you back to Canada might cost a lot. Unlike most other credit cards, when you book travel with your Platinum Card, you are covered up to $5,000,000 in eligible medical expenses. You must be under age 65 and your coverage does not exceed 15 days outside your home province or territory.
If you want to stay away longer or if you are over 65, it might be a good idea to get your own travel insurance. This is nothing new when it comes to credit card travel insurance. It is also a good idea if you have pre-existing conditions.
Amex Platinum Card’s travel insurance benefits
You have a lot of extra travel coverage. Believe it or not, not every card covers you for flight cancellation or delay. Here is what you get:
- Trip cancellation insurance
- Trip interruption insurance
- Flight delay insurance
- Baggage delay insurance
- Hotel burglary insurance
- Lost or stolen bag insurance
- $500,000 travel accident insurance
- Car rental theft and damage insurance for cars with a manufacturer’s suggested retail price (MSRP) under $85,000
Plus you have access to 24-hour emergency travel assistance. As always, read the fine print of your credit card insurance before you travel.
American Express Experiences
American Express built its brand around exclusive access to events. Your Amex Platinum Card gets you those Experience privileges.
This includes pre-sales for events, reserved seats or tickets that American Express offers its members, as well as advance screenings to movies. Honestly, membership to American Express through an American Express Platinum Card really does, ahem, have its privileges.
You also have access to special wellness and retail experiences. However, if you like live entertainment, you also get onsite benefits through American Express Experiences. That means backstage areas, lounges, and private or priority food and drinks.
Standard product protections
I’ve said it before: most credit cards offer extended warranty and purchase protections. Amex Platinum offers them too. The only significant feature is that the protection covers you for up to 120 days after purchase. Other cards might put the maximum at 90 days.
Should you get the Amex Platinum Card?
American Express makes a really good case for this card. It is a privilege card, so you pay annual fees. This one has a high fee but truly limitless Membership Rewards points and access to better-than-usual perks. If you can afford the initial fee outlay, you will likely earn back the same amount in credit card balance credits very quickly.
Like most other points cards, you have minimum monthly spending that you need to do to get your Welcome Offer. The only real drawback this card has is that American Express is not accepted everywhere. It is accepted almost everywhere, but some merchants still might require a Visa or Mastercard. Therefore, get this card and keep a backup VIsa or Mastercard for the rare times you need one.
American Express The Platinum Card Rating
|Rates & Fees:||3/5|
|Perks & Features:||5/5|
Benefits and perks of the Amex Platinum Card
- Additional cards cost $175 for platinum, $50 gold annually
- You can add 9 cardholders
- 3x the points on dining and food in Canada
- 2x the points on travel
- Other purchases are 1 point for every $1
- Concierge service 24/7 while traveling
- Comprehensive travel insurance
- American Express Experiences
- Fraud protection guarantee
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About The Author: Stefani Balinsky
Stefani Balinsky is the former Editor in Chief at Hardbacon. She has been writing professionally since her days at McGill University and her summer internship at the Just for Laughs Festival. She has multiple degrees from McGill University and her PMP from the Project Management Institute. She loves data and research as much as she loves a good story. She has held marketing positions in publishing, health, and fintech companies. She also has an entrepreneurial mindset that feeds her curiosity. She can be reached on LinkedIn.
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