American Express Platinum Card review

How the Platinum earns points

The Platinum earns 3 Membership Rewards points per dollar on dining and food delivery, 2 points per dollar on travel and 1 point per dollar on everything else. The structure rewards people who eat out and travel often; groceries, bills and general shopping earn the base rate.

As an example, someone who spends $500 a month on dining and delivery, $5,000 a year on travel and $1,500 a month on everything else would earn 18,000 points from dining, 10,000 from travel and 18,000 from other spending, for 46,000 points a year.

The welcome offer

New cardholders can earn up to 110,000 Membership Rewards points. Confirm the spending required and the deadline on the American Express website, since that determines how realistic the full bonus is for your budget.

For context, 110,000 points is more than double the 46,000 points a year earned in the example budget above, so the welcome offer can make up a large share of what the card earns in its first year.

Travel perks and Membership Rewards

Most of the Platinum’s value comes from its travel benefits. The card includes unlimited airport lounge access through networks such as Centurion lounges and Priority Pass, a $200 travel credit every year, hotel elite status and a NEXUS rebate.

Membership Rewards points can be transferred 1:1 to airline and hotel partners, so you aren’t tied to a single loyalty program. If you fly with different airlines or move between hotel chains, that flexibility is the main reason to collect these points rather than a co-branded currency.

Fees, interest and the fine print

The annual fee is $799, tied with the Business Platinum Card for the highest in CreditLab’s catalog. If you use the full $200 travel credit each year, the effective cost drops to $599, and lounge visits, hotel status and the NEXUS rebate can recover more of it if you’d use them anyway.

Foreign currency purchases carry a 2.5% foreign transaction fee, so $1,000 spent abroad adds about $25, a notable cost on a card built for travel. Purchases and cash advances are both charged 21.99% interest. Paying your full statement balance each month avoids purchase interest.

Insurance coverage

The Platinum’s insurance is aimed at travellers, with emergency medical cover and protection when trips go wrong. Limits, eligibility and exclusions are set out in the insurance certificate, so read it before you rely on any of it.

• Comprehensive travel emergency medical insurance
• Trip cancellation and interruption insurance
• Flight and baggage delay insurance
• Rental car collision and loss damage insurance

Who it suits, and who should look elsewhere

The Platinum is a good fit if you travel several times a year, spend time in airport lounges, will use the travel credit and want points you can move between airline and hotel programs.

It’s hard to justify if you travel once or twice a year, or if most of your spending goes to groceries, gas and bills, which earn just 1 point per dollar. In that case the fee will likely outweigh what you get back.

How it compares

The Scotiabank Passport Visa Infinite Privilege Card is a natural rival. Its $599 annual fee is $200 lower, it has no foreign transaction fee, and it earns up to 6x on the Scene+ Travel portal, with a welcome offer of up to 80,000 bonus Scene+ points within the first 14 months.

If you want Membership Rewards points without the premium price, the American Express Gold Rewards Card costs $250 a year, less than a third of the Platinum’s fee. It earns up to 2x on groceries and offers up to 75,000 Membership Rewards points, which makes it a lighter option if you don’t need the Platinum’s travel perks.

Before you apply

The recommended credit score is 720 or higher, and American Express makes the final decision based on your full credit profile. Fees, perks and the welcome offer can change, so confirm the current terms on the American Express website before you apply.