As a Canadian, if you haven’t already entered the US credit card game through either nabbing an ITIN, or via Nova Credit, you’re missing out on a lot of potential credit card points and benefits. One of the foremost cards available in the American market is The Platinum Card from American Express.
With its impressive benefits and rewards program, this card is designed for high-net-worth individuals who are looking for luxury and convenience. From access to exclusive airport lounges to concierge services, the Platinum card offers a range of perks that make it a popular choice for frequent travelers and those who value high-end experiences.
In this review, we will delve into the features, benefits, and drawbacks of the American Express Platinum credit card to help you determine whether it is the right choice for you (hint: we think the answer should be an emphatic “YES” 😉).
Overview
Welcome Bonus
The American Express Platinum card (US) currently has a welcome bonus in which new cardholders can earn 80,000 Membership Rewards points:
- Earn 80,000 Membership Rewards upon spending $8,000 in the first 6 months
The American Express Platinum Card is a premium card that offers cardholders over $1,000 USD in annual statement credits and benefits.
Check out our American Express Platinum Card (US) review for more details.
80,000 Membership Rewards points
$6,000
$1,600+
$895
No
–
As is the case for all American Express (US) credit cards, the welcome offers can be different when going through different channels, or via a referral link for example.
Earning Rates
The American Express Platinum credit card offers generous earning rates across a variety of spending categories.
Here are the current earning rates on the American Express Platinum credit card:
- 5x points on flights booked directly with airlines or through American Express Travel.
- 5x points on prepaid hotels booked through American Express Travel.
- 1x point on all other eligible purchases.
The 5x points earning rate on flights and prepaid hotels is particularly attractive for frequent travelers, as it allows cardholders to quickly accumulate points that can be used towards future travel expenses. Additionally, American Express regularly offers limited-time earning promotions and bonuses, allowing cardholders to earn even more points for certain purchases or spending thresholds.
Overall, the American Express Platinum credit card offers strong earning rates for travel-related spending, making it a popular choice for those who frequently travel for business or leisure.
Annual Fee
The biggest drawback of the American Express Platinum credit card is its astronomical annual fee of $895 USD. While this fee may seem steep, the card’s extensive range of benefits and rewards can easily make up for it (including up to $1,000+ in statement credits discussed below). Additionally, the card’s earning rates and welcome bonus can help cardholders quickly accumulate points.
Overall, the American Express Platinum credit card’s annual fee is a justifiable tradeoff for the numerous perks and benefits that it offers to big spenders and frequent travelers.
Statement Credit Benefits
The American Express Platinum card offers thousands of dollars in statement credits, and these credits are the main driver of value for cardholders. These statement credits can help cardholders offset the annual fee and make the card more valuable for frequent travelers.
It’s important to note that these credits may have certain restrictions and limitations (for example, the Uber credits must be used in the United States), so it’s important to review the terms and conditions of each credit to fully understand how they work.
Semi-Annual $300 Fine Hotels & Resorts or Hotel Collection Credit
Cardholders can receive a semi-annual $300 statement credit toward a prepaid Fine Hotels and Resorts booking (minimum of a one-night stay) or a prepaid Hotel Collection booking (minimum of a two-night stay)
Annual $200 Airline Credit
American Express Platinum cardholders are eligible to receive an annual $200 statement credit towards airline incidental fees (including seat selection, baggage fees, and more).
Cardholders will need to pick an eligible US-based airline from a defined list and this credit can only be used for incidentals on that airline.
Monthly $25 Digital Entertainment Credit
Cardholders can receive a monthly $25 digital entertainment statement credit, up to a total of $300 per year. This credit can be used towards an Audible, Paramount+, YouTube Premium, YouTube TV, Disney+, The Disney+ Bundle, ESPN+, Hulu, Peacock, Wall Street Journal, or New York Times membership.
Quarterly $100 Resy Restaurant Credit
Cardholders can receive a quarterly $100 Resy credit after making eligible purchases directly with Resy or for dining purchases at any U.S. Resy restaurant.
Monthly $12.95 Walmart+ Credit
Cardholders are eligible to receive a monthly $12.95 statement credit towards a Walmart+ membership when the membership charge is billed to their American Express Platinum card.
Monthly $15 Uber Credit & Uber One Membership Credit
Cardholders will receive a monthly $15 Uber credit, with an extra $20 credit in December (totaling a $35 statement credit in December), for a total of $200 per year. This credit can be used for Uber or Uber Eats purchases in the United States.
Cardholders will also receive up to $120 in statement credits each calendar year with an auto-renewing Uber One Membership in the United States.
Semi-Annual $50 Saks Credit
American Express Platinum cardholders are eligible to receive a semi-annual $50 Saks Fifth Avenue credit, up to a total of $100 per year.
Quarterly $75 Lululemon Credit
Cardholders are eligible to receive a quarterly $75 Lululemon credit, which can be used towards purchases at Lululemon stores or Lululemon.com in the United States.
Annual $200 Oura Credit
Cardholders can receive an annual $200 Oura credit when purchasing an Oura Ring through Ouraring.com.
Annual $209 CLEAR Credit
Cardholders will receive an annual $209 statement credit toward a new CLEAR membership or membership renewal.
Annual $300 Equinox Credit
Cardholders can receive an annual $300 Equinox credit when using their American Express Platinum card to pay for an Equinox+ digital subscription or an Equinox club membership.
Other Benefits
Outside of the statement credits, the American Express Platinum Card also offers additional benefits, with many of them focusing on travel.
Airport Lounge Access
The American Express Platinum credit card provides cardholders with access to a range of exclusive airport lounges around the world, including the popular Centurion Lounges. In addition, cardholders can also access the American Express Global Lounge Collection, which includes partner lounges such as Delta Sky Clubs, Priority Pass Select Lounges, Airspace Lounges, and Plaza Premium Lounges.
These lounges typically offer a range of amenities, including complimentary food and beverages, Wi-Fi, and comfortable seating. The Centurion Lounges, such as the Centurion Lounge in Las Vegas, in particular are known for their high-end experience, with features such as signature cocktails and gourmet cuisine. Some lounges also offer additional services such as shower facilities and spa treatments for an additional fee.
Overall, the expansive global airport lounge access provided by the American Express Platinum credit card can make traveling more comfortable and convenient for frequent flyers.
Amex Offers
If you are a holder of a credit card issued by American Express, you are likely already familiar with the lucrative Amex offers. These offers will appear on your card dashboard from time to time, with rebates and deals on shopping, dining, travel, and more.
Related: Amex Offers: Earn Rewards and Cash Back
Complimentary Loyalty Status: Hotel & Rental Car
Amex Platinum cardholders are granted automatic complimentary status with several different hotel and rental car loyalty programs, including:
- Marriott Bonvoy Gold Elite Status
- Hilton Honors Gold Status
- Leading Hotels of the World Sterling Status
- Hertz Gold Plus Rewards
- Avis Preferred status
- National Car Rental Emerald Club Executive
While Marriott and Hilton Gold aren’t much, and rental car status isn’t hard to come by (hint: status match), these benefits are certainly worthwhile for someone looking to hold a smaller number of cards and achieve the maximum value possible. Hilton Honors Gold status does offer complimentary breakfast as a benefit, which is probably the most useful benefit on offer.
On the other hand, if you’re like us and tend to chase higher status tiers with Marriott through holding multiple Bonvoy cards and elite night promotions, the above benefits can be less significant for you.
Insurance Coverage
The American Express Platinum Credit Card offers a range of strong insurance coverage for its cardholders. Here are some of the main types of insurance coverage that come with the card:
- Travel Accident Insurance: This coverage provides up to $500,000 in accidental death and dismemberment coverage while traveling on a common carrier such as a plane, train, or bus.
- Trip Delay Insurance: If a round-trip is paid for entirely with your eligible card and a covered reason delays your trip more than 6 hours, this coverage can help reimburse certain additional expenses purchased with your same eligible card, up to $500 per trip, and to a maximum 2 claims per card per 12 consecutive month period.
- Trip Cancellation and Interruption Insurance: If a trip is canceled or interrupted due to a covered reason such as illness, injury, or severe weather, this insurance can provide reimbursement for non-refundable travel expenses, up to $10,000 per trip and up to $20,000 per Eligible Card per 12 consecutive month period.
- Baggage Insurance Plan: If a cardholder’s checked or carry-on baggage is lost, stolen, or damaged, this insurance can provide reimbursement up to $3,000 per trip.
- Car Rental Loss and Damage Insurance: This coverage provides protection against theft or damage to a rental car when the cardholder pays for the rental with their Amex Platinum card. This product provides secondary coverage and does not include liability coverage. Coverage is not available for vehicles rented in Australia, Italy, and New Zealand.
- Premium Global Assist Hotline: This service offers cardholders 24/7 access to medical, legal, financial, and other select emergency coordination and assistance services when traveling more than 100 miles from home. Emergency medical transportation assistance may be provided at no cost through this hotline.
It’s important to note that terms and conditions apply to all insurance coverage provided with the Amex Platinum card, so cardholders should carefully review the details of their coverage to understand any limitations, exclusions, or requirements. Additionally, some coverage may require enrollment or activation before the benefits can be accessed.
Amex “Do Anything” Concierge
The American Express Platinum Credit Card offers a concierge service to its cardholders, which provides personalized assistance with a wide range of tasks, from making restaurant reservations to booking travel and entertainment experiences. Here are some key features of the Amex Platinum concierge service:
- 24/7 Assistance: The concierge service is available 24 hours a day, 7 days a week, and can be accessed via phone, email, or online chat.
- Personalized Service: The concierge service assigns a dedicated representative to each cardholder, who can assist with a variety of tasks and can even make personalized recommendations based on the cardholder’s preferences.
- Travel Assistance: The concierge service can help with travel-related tasks such as booking flights, hotels, and car rentals, as well as providing recommendations for local activities and experiences.
- Event Planning: The concierge service can assist with planning special events, from arranging a private dinner to booking tickets to a popular show.
- Dining Reservations: The concierge service can help cardholders secure reservations at some of the most exclusive restaurants in the world, even during peak times.
Overall, the Amex Platinum concierge service provides a high level of personalized assistance to cardholders, helping them save time and access unique experiences that may otherwise be difficult to obtain.
Learn more about Amex Concierge Services here.
Redeeming Membership Rewards Points with the Amex Platinum Card
American Express Membership Rewards is one of the most flexible points travel programs and currencies available in both Canada and the United States.
Each Membership Reward is worth on average, 2 cents (USD), thanks to its numerous airline and hotel transfer partners, including:
- Airlines: Aer Lingus AerClub, Aeromexico Club Premier, Air Canada Aeroplan, Air France-KLM Flying Blue, Alitalia MilleMiglia, All Nippon Airways Mileage Club, Avianca LifeMiles, British Airways Executive Club, Cathay Pacific Asia Miles, Delta SkyMiles, Emirates Skywards, Etihad Guest, Hawaiian Airlines HawaiianMiles, Iberia Plus, JetBlue TrueBlue, Qantas Frequent Flyer, Singapore KrisFlyer, Virgin Atlantic Flying Club
- Hotels: Hilton Honors, Marriott Bonvoy, and Choice Privileges
Transferring to one of these partners typically garners the highest value for your points. Transfers occur instantly or up to 48 hours at most for most partners.
Learn more: Amex Membership Rewards: Earn & Redeem Effectively
Competitors to the Platinum Card from American Express
In our opinion, the primary competitors to the Amex Platinum card are the Amex Business Platinum card, the Chase Sapphire Reserve (Visa), and the Capital One Venture X (Visa). Several of these options provide comparable, albeit slightly lesser benefits for travel. It’s also worth considering the higher merchant acceptance worldwide of Visa as opposed to Amex as a credit card issuer.
| Amex Platinum Card | Amex Business Platinum Card | Chase Sapphire Reserve Card | Capital One Venture X Rewards Card | |
|---|---|---|---|---|
| Earn Rate | 5X points on flights booked directly with airlines or through American Express Travel. 5X points on prepaid hotels booked on AmexTravel.com. 1X points on other purchases. | 5X points on flights and prepaid hotels booked on AmexTravel.com. 2X points on eligible purchases in key business categories at construction suppliers, electronic retailers, software providers and more. Cap Applies. 2X points on eligible purchases of $5K or more 1X points on other purchases. | Earn 10x total points on Chase Dining purchases with Ultimate Rewards Earn 3x points on other dining at restaurants, including eligible delivery services, takeout and dining out. Earn 1 point per dollar spent on all other purchases. | 10X Miles on hotels & rental cars booked through Capital One Travel 5X Miles on flights booked through Capital One Travel 2X Miles on all other purchases, every day |
| Welcome Bonus and Spend Requirement |
|
|
|
|
| Annual Fee | $895 | $895 | $795 | $395 |
| Net Welcome Bonus Value For Travel | $705 | $3,105 | $905 | $1,455 |
| Travel Credit | $600 Hotel Credit and $200 Airline Fee Credit | $600 Hotel Credit and $200 Airline Fee Credit | $300 travel credit (flexible statement credit) | $300 towards bookings through CapitalOne travel |
| Lounge Access | Centurion Lounges, Delta Sky Clubs, Priority Pass, Plaza Premium, and Airspace Lounges | Centurion Lounges, Delta Sky Clubs, Priority Pass, Plaza Premium, and Airspace Lounges | Priority Pass | Capital One, Priority Pass, and Plaza Premium |
| Foreign Transaction Fees | None | None | None | None |
Amex Business Platinum
The American Express Business Platinum Card is one of the best premium business cards with over $1,000 in annual statement credits paired with stellar travel benefits.
200,000 Membership Rewards points
$20,000
$4,000+
$895
No
–
The American Express Business Platinum card (US) is similar to the Platinum card on many levels, and as such can be considered a strong competitor. As implied in the name, the Business Platinum card offers some features that make it more attractive to business owners, namely a 2X earn rate on eligible business purchases and large purchases of $5,000 or more.
Meanwhile, while there is still a hotel and airline statement credit, the statement credits on the Business Platinum are geared towards businesses rather than travel, including the Dell credit, Adobe credit, Indeed credit, and $120 Wireless Credit.
The Business Platinum also generally comes with a larger bonus along with a larger spending requirement, albeit the annual fee on both cards is currently equal.
Chase Sapphire Reserve
The Chase Sapphire Reserve card is a premium credit card that offers a number of valuable benefits that includes travel credits, airport lounge access, and more.
100,000 Ultimate Rewards points
$5,000
$1,700+
$795
No
–
The Chase Sapphire Reserve card (US) and American Express Platinum card are two of the most popular premium travel rewards credit cards on the market, and for good reason. There are some notable distinctions that may help you decide between the two.
The Chase Sapphire Reserve earns points in Chase Ultimate Rewards, while the American Express Platinum earns points in the Membership Rewards program. Chase Ultimate Rewards can be transferred to 11 airline and 3 hotel programs, which is extremely flexible, albeit not quite as many options as the Amex Platinum.
The earning rates are also slightly different, with the Sapphire Reserve offering 3x points on dining and travel, offering a more flexible earning category than the Amex Platinum.
On the other hand, the CSR includes Priority Pass lounge access, but lacks the global lounge collection offered by Amex including the Centurion Lounge network.
The Chase Sapphire Reserve includes a $300 annual statement credit which can be redeemed flexibly towards a wide array of travel purchases, directly against your statement.
If you are confident in maximizing all the available benefits and credits of the Amex Platinum, it can be the better card, but if you value flexibility and simplicity, the Chase Sapphire Reserve has something to say.
Capital One Venture X Rewards Card
The Capital One Venture X Rewards Card offers unlimited airport lounge access, an annual $300 travel credit, and more.
Click to learn how to obtain and optimize the Capital One Venture X Rewards card as a Canadian!
100,000 Capital One Miles
$10,000
$1,850+
$395
No
–
The Capital One Venture X Rewards card (US) is a premium rewards credit card offered by Capital One which packs almost as strong a punch as the Amex Platinum, but with a significantly lower annual fee of $395. With this reduced fee, you still get a $300 travel credit towards Capital One Travel bookings, and strong lounge access with Priority Pass and Plaza Premium. You will miss out on the Centurion Lounge Network however, among others.
The earn rate on the Venture X is strong, with 10x miles on hotels and rental cars booked through Capital One Travel, and 5x miles on flights booked through Capital One Travel. You also get an unlimited 2 miles per dollar spent on everything else. Consider that the value of Capital One Rewards and American Express Membership Rewards is similar, and Capital One has nearly the same plethora of airline and hotel partners to transfer to (18 vs 21, respectively).
If you’re looking for a go-to premium travel card that is slightly more affordable than the Amex Platinum, the Venture X may be just the card for you.
Conclusion
The American Express Platinum is a contender for the most premium rewards card in the US market, as evident from the preferred metal card design. If you are a frequent traveler and hotelier that can make use of the statement credits and benefits, this card is a screaming deal, particularly when you factor in the welcome bonus.
If you’re lucky enough to have access to both the Canadian and American credit card markets, you have the privileged dilemma of having to choose between this card and the Canadian version. Perhaps a comparison we’ll cover in a future article!
Frequently Asked Questions
The annual fee for the American Express Platinum Card is $895 USD.
Cardholders earn 5x points on flights booked directly with airlines or through American Express Travel, 5x points on prepaid hotels booked through American Express Travel, and 1x points on all other eligible purchases.
The card offers a range of benefits, including airport lounge access, airline fee credits, Uber credits, Saks Fifth Avenue credits, travel insurance, concierge services, and much more.
Cardholders can access a range of lounges, including the popular Centurion Lounges, Delta Sky Clubs, Priority Pass lounges, and Airspace Lounges.
No, the American Express Platinum card does not charge foreign transaction fees.
Cardholders can receive a statement credit for Global Entry ($120) or TSA PreCheck ($85) application fee every four years.
While there is no official minimum credit score required, typically a score of 700 or higher is recommended for approval.
Reed Sutton
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