American Express Canada Platinum Credit Card

Andrew Reyes  | 
  • Annual percentage rate (APR): 30%.
  • Purchase intro APR: None.
  • Rewards: 1, 2, or 3 points per $1 spent.
  • Annual fee: $699; $175 for an additional card.
  • Late fee: 30% APR on all unpaid balances.
  • Credit score: Good to Excellent (700-850).
  • Compare cards here.

Benefits

  • Flexible rewards program: The comprehensive rewards program allows you to earn points quickly. You earn three points for every dollar you spend on dining, two points for every dollar you spend on travel, and one point for every other eligible purchase. Redeem these rewards points for statement credit, gift cards from premium retailers, or fixed points for the travel program. Rewards points can also be transferred to frequent flyer programs or other travel loyalty memberships.  
  • Shopping protection and insurance: As a Amex Canada Platinum Card cardholder, travel insurance and shopping protection is included with your membership. You automatically carry $500,000 in travel accident insurance, trip cancellation and interruption insurance, and emergency medical insurance (if you’re 65 and older and travel out of the country or province). Your purchases are also protected with the purchase protection plan, buyer’s assurance protection plan, and fraud protection.
  • $200 annual travel credit: Each year your card membership remains active, you’re eligible to receive a $200 travel credit. This credit can be used toward a single travel purchase with your Amex Canada Platinum Card that totals $200 or more. Your travel must be booked through American Express Travel Online or the Platinum Card Travel Service.
  • No spending limit: There’s no credit limit associated with the Amex Canada Platinum Card. The company authorizes each purchase based on your payment history. As you continue paying your balance on time, your credit limit increases.

Drawbacks

  • Pay off the balance each month: The Amex Canada Platinum Card is a charge card. Unlike a credit card, you’re required to pay off your balance at the end of each statement period. If you fail to pay off your balance, a 30% APR applies to the unpaid balance. However, you may qualify for a 28 to 31-day interest-free grace period at the end of your statement period, depending on when the closing date falls.
  • Additional fees: If your payment is returned for insufficient funds or considered dishonored for any other reason, an additional $25 fee is added to your balance. For a funds advance, you’re charged 3% of the advance amount, or a minimum of 75 cents. If you need a points reinstatement, you’re responsible for a $20 reinstatement fee through online services or $30 if you reinstate points through another channel. Foreign currency conversion costs 2.5% of the transaction amount.
  • High annual fee: The $699 annual fee and $175 annual fee for an additional card is a bit higher than several other American Express cards. However, the Canada Platinum Card includes a generous rewards program and additional benefits, such as travel insurance.

What Can You Expect From the Amex Canada Platinum Card?

Online Account

Sign up for an online account once you’re approved for the Amex Canada Platinum card. When you’re logged in, you can view your recent transactions, review your rewards points balance, and make payments. You can also download the American Express smartphone app and log into your account from anywhere to check your balance or view special offers.

Platinum Experiences

As a cardholder, you can take advantage of the numerous services offered through the Platinum Experiences program. Call the concierge at any time of day and they’ll help you obtain a restaurant reservation or get tickets to a sporting event. The American Express Invites program provides exclusive access to fashion, music, or fine dining experiences.

Welcome Bonus Rewards Points and Extra Travel Points

If you spend $2,000 in the first three months after becoming a cardholder, you earn 25,000 welcome bonus rewards points. Not only do travel purchases earn you two rewards points for every dollar spent, you also gain access to over 1,200 airport lounges when you travel.

At Toronto Pearson International Airport, you benefit from complimentary valet service, a 15% discount on select airport parking, and access to the Pearson Priority Security Lane.

Customer Support

You can reach an American Express customer service representative 24 hours a day, seven days a week by phone. When you download the smartphone app or sign into your online account, you can review FAQs or contact customer service electronically.

Who Should Get the Amex Canada Platinum Card?

The Amex Canada Platinum Card has a high annual fee but offers numerous travel perks and rewards, including an annual $200 travel credit. It’s best for Canadian consumers who travel frequently and are looking for ways to save on airfare, hotels, and rental cars.

Cardholders are responsible for paying off their balance each month to avoid a hefty 30% APR, so it’s ideal for responsible consumers who are financially prepared to tackle their balance consistently every month.

If you travel often, have a Canadian credit file, and want a charge card that includes travel insurance and other exclusive travel benefits, the AmEx Canada Platinum card may be right for you. Before you apply for the card, ensure you’re comfortable with its terms, eligibility requirements, and fees.

Compare rewards credit cards and learn more here.


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