6 Reasons Why the Platinum Card Should be on Every Frequent Traveller’s Radar
There are dozens of credit cards on the market that are aimed at travellers, so how do you know which one is the right fit for you? The answer: it depends. From your spending habits to the type of travel experiences you enjoy the most, there are a myriad of factors that can affect your choice of plastic and it’s important to look at the details of each credit card to see which one suits your needs the most.
If you’re a frequent flyer who likes to travel in style and spends big on restaurants, one credit card we would recommend is the Platinum Card from American Express. It comes with an annual fee of $799, but considering the premium benefits and lucrative sign-up bonus it offers, it can deliver considerably more in value for the right cardholders.
Here are six reasons why the Platinum Card should be on every frequent traveller’s radar.
The Platinum Card Benefits
1. Up to 100,000 points sign up bonus
The Platinum Card comes with a massive sign up bonus of 70,000 points when you charge $10,000 to your card in the first three months, which helps you put $700 towards your next flight. You can also earn 30,000 points when you make a purchase between 14 to 17 months of Cardmembership (an additional $300).
Enjoy flexible ways to use your points such as statement credits for any eligible purchase charged to your Card, new travel purchases booked on American Express Travel Online through the Flexible Points Travel Program, and eligible flights through the Fixed Points Travel Program.
2. Great rewards earn rates
With an earnings rate of 2 points for every $1 in card purchases on eligible dining and food delivery in Canada, 2 points for every $1 in card purchases on eligible travel, and 1 point for every $1 in all other card purchases, you can rack up points on the Platinum Card fast. For example, let’s say you spend $10,000 on travel in a year, $400 on restaurants a month, and $1,000 a month on other purchases each month, you would earn 39,200 points by the end of the year. It should also be noted that throughout the year, American Express hosts special promotions that offer the ability to earn even more points at select retailers.
3. $200 in annual travel credit and $200 in annual dining credit
When you apply for the Platinum Card, you instantly receive a $200 travel credit and a $200 dining credit. These credits are an annual benefit that’s awarded on the anniversary of your card membership. You can redeem your credit when booking travel through American Express Travel or when dining out at a curated list of Canada's top restaurants.
4. Lounge access and premium airport benefits
A few credit cards now offer airport lounge access, but the Platinum Card is the only consumer credit card that gives you free unlimited entries. You’ll get access to over 1,200 Priority Pass lounges as well as the American Express Centurion lounges. Best of all, your credit card also allows you to bring in one guest to select lounges for free. For reference, a yearly Priority Pass standard membership would cost you $99 USD with an additional $32 USD per visit. That means after just four entries, you would have saved the equivalent of around $300 CAD.
Cardholders will also receive access to premium benefits when departing from or landing at Toronto Pearson Airport, including security bypass, discounted parking and valet car services.
5. Hotel status upgrades
As a Platinum Cardmember, you instantly get or enroll in the following hotel status upgrades: Marriott Bonvoy Gold Elite status, Hilton Gold status, Radisson Gold status, and Shangri-La Hotels Golden Circle Jade status. These upgrades offer benefits such as member discounts, additional points earned, room upgrades, free breakfast, early and late checkouts, and more. To normally qualify for these status upgrades, you would typically have to stay anywhere 20 to 40 nights per hotel.
6. Comprehensive travel insurance
If you’re flying abroad, you need travel insurance. Fortunately, you’re covered with the Platinum Card and its comprehensive travel insurance package. Cardholders under the age of 65 are covered for 15 consecutive days of travel, per trip. The card’s travel emergency medical insurance covers you up to $5,000,000 while trip cancellation and interruption insurance covers up to $2,500 per person up to a maximum of $5,000 and $6,000 respectively. Other travel insurance benefits you get includes flight delay, baggage delay, lost or stolen baggage, car rental theft or damage, hotel and motel burglary, and travel accident.
The Platinum Card Benefits – At A Glance
Best for Premium perks
based on spending $2,200/mo after $799 annual fee
- Earn rewards
1pt – 2pts / dollar earn rate
- Welcome bonus
70,000 bonus points (a $700 value)
- Anniversary bonus
30,000 pts (a $300 value)
- Annual fee
$799
Perks
- Ratehub.ca’s 2023 Award Winner – Best Perks Credit Card
- Unlock special experiences with the Platinum Card®
- Earn up to 100,000 Membership Rewards® points – that’s up to $1,000 towards a weekend away
- New Platinum® Cardmembers, earn 70,000 Welcome Bonus points after you charge $10,000 in net purchases to your Card in your first 3 months of Cardmembership
- Plus, earn 30,000 points when you make a purchase between 14 and 17 months of Cardmembership
- Earn 2 points for every $1 in Card purchases on eligible dining and food delivery in Canada, 2 points for every $1 in Card purchases on eligible travel, and 1 point for every $1 in all other Card purchases
- Access a $200 Annual Travel Credit through American Express Travel Online or Platinum® Card Travel Service
- Enjoy a $200 Annual Dining Credit at some of Canada’s best restaurants
- Unlock $200 or more in additional value with Member extras. You can earn statement credits for qualifying purchases with participating brands
- Take full advantage of The American Express Global Lounge CollectionTM which unlocks access to over 1300 airport lounges worldwide. This includes The Centurion® Lounge network, Plaza Premium Lounges, and hundreds of other domestic and international lounges designed to enhance your travel experience
- Enjoy flexible ways to use your points such as statement credits for any eligible purchase charged to your Card, new travel purchases booked on American Express Travel Online through the Flexible Points Travel Program, and eligible flights through the Fixed Points Travel Program
- Transfer points 1:1 to several frequent flyer and other loyalty programs
- Enjoy complimentary benefits that offer an average value of $600 USD at over 1,500 extraordinary properties worldwide when you book Fine Hotels + Resorts
- Platinum Cardmembers can enjoy access to special events and unique opportunities
- Enjoy premium benefits at the Toronto Pearson Airport
- You will also have access to many leading hotel and car rental companies’ loyalty programs. Our partners include Marriott International, Hilton Hotels and Resorts, Hertz and Avis
- Interest applies in accordance with your Cardmember Agreement, Information Box, and Disclosure statement if the total New Balance is not paid by the Payment Due Date each month. All payments must be received by the Payment Due Date shown on the monthly statement
- American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, (I/we) may receive compensation from American Express, which can be in the form of monetary payment
Features
Ratehub’s take
While the American Express Platinum card’s annual fee is steep, the premium travel perks arguably outweigh the cost to use it. You’ll enjoy free, unlimited airport lounge access (while most other cards only offer a free membership or a few passes per year), hotel upgrades, a valuable annual travel and dining credit, and more.
Pros:
- Unlimited lounge access: Enjoy free, unlimited lounge visits at over 1,200 lounges across the world with the
- American Express Global lounge collection
- Strong travel insurance offering: Includes everything from out-of-province emergency medical to $500,000 travel accident insurance
- Stretch your points values further: Transfer points to other travel loyalty programs at a 1:1 ratio for increased value and flexibility
- Upgraded gold hotel status with Marriott Bonvoy and Hilton Honors and deals on car rentals through American Express Online
Cons:
- Very high annual fee
- Doesn’t waive foreign transaction fees, which can really add up when you’re traveling
- This is a charge card, so you’ll have to pay off whatever you spend in full each month or face a high interest rate
- American Express isn’t as widely accepted in Canada compared to Visa and Mastercard
Eligibility requirements
Minimum credit score: 760
Minimum income: $40,000/yr
Interest rates
Purchase interest: N/A
Cash advance: N/A
Balance transfer: N/A
Final thoughts
The Platinum Card is truly a frequent traveller’s dream card. In addition to the above benefits, you also get concierge service and Fine Hotels & Resorts benefits which further enhance your travel experience. The $799 fee may seem high, but the value you get is worth it.
This post was sponsored by Amex Bank of Canada. The views and opinions expressed in this blog, however, are purely our own.