The American Express Platinum Card is one of the leading travel rewards credit cards in Canada. With best-in-class travel perks, the ability to earn powerful Membership Rewards points, and the premium allure of a flashy metal finish, the Platinum Card should have a place in every frequent traveller's wallet. Despite the $799 annual fee (which is the highest among major Canadian credit cards), the card's welcome bonus and ongoing benefits might even tempt you to keep it for years to come.

Bonuses & Fees

The Platinum Card is currently offering a welcome bonus of up to 140,000 Membership Rewards points.

The points are earned as follows:

• 100,000 MR points upon spending $10,000 in the first three months
• 40,000 MR points upon making a purchase in months 14–17 as a cardholder

The annual fee of $799 is one of the highest around, although the Platinum Card offers a $200 travel credit once per year, making the "effective" annual fee $599 per year. Plus, there's also a $200 annual dining credit.

There are also referral bonuses as a Platinum cardholder if you refer your friends or family to the card. You'll earn 10,000 MR points for every referral you make, up to a maximum of 225,000 MR per calendar year.

Earning Rewards

On daily spending, the Platinum Card allows you to earn:

• 2 MR points per dollar spent on travel and dining purchases in Canada
• 1 MR point per dollar spent on all other purchases

The 2x return on dining in Canada is competitive with other travel cards, although keep in mind that the American Express Cobalt Card offers 5 MR points per dollar spent on the same purchases. Likewise, the 2x return on travel is good, although the same benefit is offered by the Gold Rewards Card as well. Lastly, the 1x return on all other purchases isn't outstanding, but since the card earns the powerful Membership Rewards points, you have plenty of options to redeem them. Overall, the Platinum Card’s tiered earning rate is quite standard when you look at it as a whole, especially since it matches or can evcen be bettered with other, less costly cards in the Amex portfolio.

Redeeming Rewards

The Membership Rewards program offers outstanding redemption opportunities. This is primarily because it’s a flexible, transferable rewards currency.

You can transfer your MR points at a 1:1 ratio to Aeroplan and British Airways Executive Club, as well as a host of other global frequent flyer programs (including Cathay Pacific Asia Miles and Air France KLM Flying Blue) at a 1:0.75 ratio. Moreover, you also have the option of converting points to Marriott Bonvoy at a 1:1.2 ratio for booking hotel stays.

Furthermore, you can redeem MR points directly for flights through the Amex Fixed Points Travel reward chart, although these are limited to round-trip flights departing from Canada. Lastly, you have the option of redeeming MR points directly against travel purchases at a rate of 1 cent per point (cpp), although this is typically not recommended, as the value pales in comparison to what you could get by booking flights through Aeroplan, Avios, or even the Fixed Points Travel chart.

Perks & Benefits

What really sets the Platinum Card apart, though, and what is meant to justify its hefty $799 annual fee, is the outstanding travel benefits. 

Chief among these is the complimentary airport lounge access at over 1,300 lounges worldwide through the American Express Global Lounge Collection.

The American Express Global Lounge Collection includes Plaza Premium Lounges, Delta Sky Club, Airspace  Lounges, Escape Lounges - The Centurion Studio Partner, Executive Lounges by Swissport, and most notable American Express' own Centurion Lounges, plus Priority Pass membership.

Priority Pass membership grants you (and one guest) access to more than 600 Priority Pass airport lounges all over the world for free. Most major airports have a Priority Pass lounge, meaning that you'll rarely be without a relaxing space before your flight to grab a drink or a quick meal, away from the crowds at the gate.

American Express' Centurion Lounges are some of the more exclusive lounges available, in part because you can only access them by holding one of the few eligible American Express cards, alongside a boarding pass for the same day.

Centurion Lounges are some of the best lounges that your Platinum credit card can unlock, and you can expect top-quality food and drink inspired by regional tastes, plus comfortable interiors that showcase local design principles.

Additionally, the Centurion Lounge benefit comes with a generous guest policy that allows you, as a Platinum Card holder, to bring in two guests for free!

Beyond airport lounge access, as a Platinum cardholder, you'll also be automatically bestowed with Marriott Gold Elite status and Hilton Gold status. These fast-tracked membership levels come with their own series of valuable benefits when staying at each chain.

Another outstanding benefit is access to American Express's Fine Hotels & Resorts program, which allows you to book special rates at select luxury hotels around the world. These rates include perks such as suite upgrades, daily breakfast for two, and benefits unique to each property (examples include a private airport transfer or a spa & dining credit). The FHR program often pops up with third-night-free or fourth-night-free offers as well, meaning that there's plenty of good deals to be had.

Among many other bells and whistles, the Platinum Card also offers priority security lane access at Toronto Pearson Airport, upgrades and discounts on car rentals with Hertz and Avis, and of course the aforementioned $200 annual travel credit that can be used towards any flight, hotel, car rental, or vacation booking made with Amex's Platinum Travel Service.

A new benefit introduced to the card in 2023 is the annual $200 dining credit, which can be used at some of Canada's top restaurants. You'll need to make a purchase of $200 or more at an eligible restaurant with your Platinum Card.

Lastly, the Platinum Concierge is worth a brief mention. They're a "global concierge" team that's able to help you out with any and all requests you may have, wherever you are. In the past, they've helped me out with everything from restaurant bookings to last-minute flower orders.

They aren't miracle workers, so don't expect them to be able to snag a spot for you at the hottest restaurant in town for tomorrow evening, but they will proactively put you on the waitlist or look to confirm a spot for you on some future date. Personally, I do find it incredibly useful to have a capable, service-oriented Platinum Concierge just a call away.

Insurance Coverage

As a premium travel credit card, you can be sure that the Platinum Card's insurance coverage is top-drawer as well. Some examples of its strong coverage include:

• Emergency medical insurance: Up to $5 million of coverage for the first 15 days of your out-of-province trip, for travellers under age 65.
• Lost baggage insurance for lost or stolen baggage, up to $1,000 of coverage total
• Trip cancellation / trip interruption insurance: For Trip Cancellation, up to $2,500 of coverage per insured person, with a maximum of $5,000 for all insured persons, and for Trip Interruption, up to $2,500 of coverage per insured person, with a maximum of $6,000 for all insured persons on the same covered trip.
• Baggage delay insurance, up to $1,000 (aggregate total with Flight Delay insurance), for items purchased within four days when your baggage is delayed – this is different from lost and stolen baggage insurance, which doesn't cover delays.
• Auto rental collision/loss damage insurance: Comprehensive coverage for up to 48 consecutive days for cars with an MSRP of up to $85,000, which can help you save on the insurance fees that the car rental company would otherwise charge.

I was recently in a situation where the airline had mishandled my bags and left them in a connecting city, and the card I had booked the ticket with came with coverage for lost and stolen baggage but not delayed baggage, leaving me to cover my costs for a few days out-of-pocket. With the Platinum Card, you'll be able to rest easy knowing that you are covered in the event that your bags go sightseeing on their own for a little while.

Additionally, the card also offers Purchase Security and Extended Warranty Protection, covering most eligible items you’ve purchased with your card should they be stolen or damaged within 90 days of purchase, as well as an extended one-year warranty period compared to the manufacturer’s warranty.