You know you want a premium credit card that gives you the best travel benefits, but before you shell out for a steep annual fee, you should compare cards side by side. Take, for example, the American Express® Gold Rewards Card and The Platinum® Card: both cards that participate in the American Express Membership Rewards program.
This article studies every detail of these top American Express credit cards, so you can decide which card fits your lifestyle and purchasing habits. After all, a luxury credit card is only useful if you take advantage of all its unique perks and travel opportunities.
Key Takeaways
- When put to the test, The Platinum Card is a better card that offers more luxurious perks.
- The American Express Gold Rewards Card pampers frequent travellers with points and perks.
- The Platinum Card offers a plethora of credits, perks, and exclusive offers.
- The TD Aeroplan Visa Infinite Privilege Credit Card is a top alternative to premium Amex credit cards.
Never miss an amazing deal again + get our bonus 250+ page eBook for FREE. Join 50,000 other Canadians who receive our weekly newsletter – learn more.
American Express Gold Rewards Card vs. The Platinum Card overview
| Feature | American Express Gold Rewards Card | The Platinum Card |
|---|---|---|
| Type | Credit card | Charge card |
| Annual fee | $250 | $799 |
| Welcome bonus | Up to 60,000 bonus points (terms) |  $150 GeniusCash + Up to 100,000 bonus points (terms) |
| Maximum rewards | Up to 2 points per $1 spent | Up to 2 points per $1 spent |
| Highest earning categories | Gas, groceries, drugstores, and travel | Restaurants, travel, and food delivery |
| Metal card | ✅ | ✅ |
| Insurance types included | 11 | 11 |
| Special feature | $100 annual travel credit | $200 annual travel credit and $200 annual dining credit |
| Best for | Frequent travellers | Luxury travellers |
| Get started | Apply now | Apply now |
That said, the Platinum and Gold Rewards Cards still have a lot in common. Both grant access to some of the best benefits, rewards, and insurance coverage available in Canada.
American Express benefits
Although less well known, American Express benefits are just as exciting and varied as those of the World Elite Mastercard and Visa Infinite Privilege programs. Both the Amex Gold Rewards and Platinum Cards include:
- Access to special dining, rewards, and shopping rebates worth $200 or more through Amex and Member Offers
- Early access to in-demand event tickets, reserved seating, and curated experiences through Amex Front Of The Line, Presale Tickets, and Reserved Tickets
- Exclusive access to curated dining, entertainment, shopping, and wellness benefits and events through American Express Experiences
- Exclusive deals on accommodations and car rentals through American Express Online Travel
Additional perks include 24/7 customer service and the ability to pay your bills and monitor your balance from your smartphone with the highly rated Amex Canada app.
American Express Membership Rewards
Although their earning rates and categories differ, the American Express Gold Rewards Card and The Platinum Card both earn Amex Membership Rewards points. You can redeem these points for 8 different types of rewards, but your best option is to convert them to Aeroplan points for an average value of 2 cents per point (CPP).
Value of reward in CAD / cost in points = value in cents per point (CPP)
Your next best option is to use the Amex Fixed Points Travel program to trade up to 15,000 points for $300 off select flight routes for 2 CPP.
Regardless of how you use it, the Amex Membership Rewards program is one of the most valuable and flexible rewards programs in Canada.
American Express travel insurance
The Amex Gold Rewards and Platinum Cards offer the same types of travel insurance with different levels of coverage. You'll get theft and damage rental car insurance, up to 15 days of emergency medical coverage per trip, and the option to repair or replace eligible purchases with extended warranty coverage of 1 year.
No income requirements
While a good credit score is a must, you don't need to prove a minimum annual personal or household income to qualify for most American Express credit cards.
As long as you have a credit score between 660 and 724, you stand a decent chance of being accepted. We don't know of any other bank in Canada with such lenient eligibility requirements.
What we love about the American Express Gold Rewards Card
Pros:
- 5 ways to earn rewards
- 1 free additional card
- Higher returns on more purchase categories
- Lower annual fee
- Premium metal credit card
Cons:
- Fewer benefits
- Lower welcome bonus
The American Express Gold Rewards Card is a metal credit card, available in your choice of rose or yellow gold stainless steel. While it can't compete with the Platinum Card's benefits, it offers higher point returns, making it a great choice for Canadians who want more benefits than a basic Amex without paying a $300+ annual fee.
Higher returns
- 2 points for every $1 spent on gas, groceries, drugstores, and travel
- 1 point for every $1 spent on all other purchases
Booking a hotel stay or car rental on American Express Travel Online with your American Express Gold Rewards Card adds 1 bonus point to your travel category, producing a maximum return rate of 3 points per $1. If you redeem those points for the maximum value of 2 CPP, you effectively earn $6 per every $100 spent, for a maximum return rate of 6% on eligible hotel or car rental bookings.
2 cents per point x 3 points per $1 spent = 6 cents per $1 spent, or $6 per $100 spent – a return rate of 6%
The same Amex travel bonus applies to The Platinum Card, but the Gold Rewards Card earns points on more purchase categories. With the latter, you'll get points on gas, groceries, drugstores, and travel.
Decent travel benefits
The Gold Rewards Card adds 2 new travel perks to the basic Amex benefits package:
- A $100 USD hotel credit, room upgrades, early check-ins, and late check-outs at 900+ properties in The Hotel Collection
- Complimentary upgrades and a fee waiver for 1 additional driver with the Hertz Car Rental Benefit
Plus, you'll get a $100 annual travel credit, a $50 CAD NEXUS credit every 4 years, a complimentary Priority Pass membership, and 4 free visits to any Plaza Premium Lounge in Canada. Not counting insurance, the value of these benefits easily balances out the $250 annual fee.
What we love about The Platinum Card
×2 Award winner 
GC: $150
2x Award winner Pros:
- 3 ways to earn rewards
- 2 free supplementary Gold Rewards Cards
- Larger welcome bonus
- More benefits
- More extensive insurance coverage
Cons:
- Complicated repayment and interest structure
- Higher annual fee
The Platinum Card is an iconic perks credit card for a reason: It includes so many benefits that Amex created a dedicated phone line and website to help cardholders explore them all. Although its annual fee is higher (and its rewards are lower) than the Gold Rewards Card, the Platinum Card makes up for it with above-average insurance and VIP treatment.
More benefits
Take your basic Amex benefits, add The Hotel Collection and Hertz Car Rental perks featured on the Gold Rewards Card, and then add a $200 annual dining credit, a $200 annual travel credit, and a $100 CAD NEXUS rebate every 4 years – that's the Platinum Card.
And that's just the beginning. The Platinum also features exclusive perks such as:
- 24/7 complimentary Platinum Care concierge service with restaurant reservations, travel plans, and travel emergencies
- Access to specially reserved tables at fine dining establishments in the Global Dining Collection, plus curated experiences by invitation only
- Automatic Hilton Honors Gold Status and Marriott Bonvoy Gold Elite Status – including preferred pricing and free nights, breakfast, and room upgrades – through Platinum Hotel Status Benefits
- Complimentary in-room Wi-Fi, breakfast for 2, and unique benefits at 1,500+ Fine Hotels + Resorts
- Discounted Premium Economy, Business, and First Class flights through the International Airline Program
- Priority security, parking discounts, and complimentary value services at Toronto Pearson Airport (YYZ), plus premium airport transfers when you book a round-trip Business or First Class flight with a 1+ night's stay through the Platinum Card Travel Service
- Unlimited access for the primary cardholder and up to 2 guests to the Amex Global Lounge Collection, which includes every location in the Priority Pass and Centurion Lounge networks
In our study on the value of credit card benefits, we tallied the value of insurance, welcome bonuses, automatic payments, and more. The Amex Platinum yielded $2,800 of extra value in benefits and insurance, but its true worth is probably far more. We didn't count things like concierge services, member offers, and hotel benefits, which only add more value the more you use them.
More insurance coverage
Compared to the Amex Gold Rewards Card, the Amex Platinum offers:
- An additional 30 days of purchase protection
- $1,000 in trip cancellation and interruption coverage
- $1,000 in flight delay, baggage delay, lost/stolen baggage, and hotel burglary insurance
Although it sounds impressive, it amounts to only a meagre increase in credit card insurance value. Extra coverage just isn't worth very much. If you're on the fence, we recommend comparing each card's benefits, rewards, or annual fees – not insurance – to break the tie.
The Platinum® Card
| Extended Warranty | 1 year |
| Purchase Protection | 120 days |
| Travel Accident | $500,000 |
| Emergency Medical Term | 15 days |
| Emergency Medical Maximum Coverage | $5,000,000 |
| Trip Cancellation | $2,500 |
| Trip Interruption | $2,500 |
| Flight Delay | $1,000 |
| Baggage Delay | $1,000 |
| Lost or Stolen Baggage | $1,000 |
| Hotel Burglary | $1,000 |
| Rental Car Theft & Damage | Yes |
Please review your insurance certificate for details, exclusions and limitations of your coverage.
Note: Neither the American Express Gold Rewards Card nor The Platinum Card provides travel insurance for seniors over the age of 65.
How do the Amex Gold Rewards and Platinum Cards compare?
If you're weighing the Amex Gold vs Platinum cards, compare these 8 categories:
Best benefits: The Platinum Card
Thanks to its superior airport lounge access, annual credits, and hotel perks, The Platinum Card offers far more value in credit card benefits than the Gold Rewards Card.
If you're content with free drinks and eats before your flight and some hotel freebies, take the Gold Rewards Card. If you want a credit card that can also get you dining at the most exclusive establishments (and you don't mind paying for the privilege), take the Platinum Card.
Best insurance: The Platinum Card
The Platinum Card offers $4,000 more coverage than the Gold Rewards Card, a fairly notable difference. This extra coverage is spread across Trip cancellation, trip Interruption, flight delay, baggage delay, baggage loss, and hotel burglary.
Best rewards: American Express Gold Rewards Card
Although the American Express Gold Rewards Card and Platinum Cards share a maximum return rate of 6% on Amex travel purchases, the former earns higher points on more types of purchases. For widespread spending, the American Express Gold Rewards Card will net you more overall points.
To compare, the average rate of return with The Platinum Card is 2.45%, while the American Express Gold Rewards Card gives you 2.95%.
Highest acceptance: Tie
Although American Express is becoming more popular in Canada, it remains slightly less common than Visa or Mastercard – especially for international retailers. Regardless of whether you choose the Gold Rewards or Platinum, we recommend taking a backup credit card when you travel.
Interest fees: American Express Gold Rewards Card
The American Express Gold Rewards Card charges standard interest rates: 21.99% for purchases, 21.99% for cash advances, and no balance transfers. It's much simpler than the Amex Platinum's charge card setup.
Whenever you use the Amex Platinum, you must either pay the balance in full before the 21-day grace period expires or suffer a 30% interest fee. You can elect to carry a Flexible Payment Option Balance for 21.99%, but if you miss 2 separate payments within 12 months, the rate will increase to 25.99%. Miss 3 payments and it'll shoot up to 29.99%.
Unless you're experienced in juggling debt, we recommend sticking with a regular credit card like the American Express Gold Rewards Card.
Lowest annual fee: American Express Gold Rewards Card
The American Express Gold Rewards Card is indisputably cheaper, charging $250 per year compared to the Platinum's $799 yearly fee.
That said, Platinum cardholders have the option to add 2 types of supplementary credit cards, one of which is free:
| Additional Cards for The Platinum Card | Amex Platinum | Amex Gold |
|---|---|---|
| Annual fee | $250 | $0* |
| Amex Experiences, Offers, Front of the Line, and Presale Tickets benefits | ✅ | ✅ |
| Fine Hotels + Resorts benefits | ✅ | ❌ |
| Global Dining Collection benefits | ✅ | ❌ |
| Platinum Concierge | ✅ | ❌ |
| Platinum Card Travel benefits | ✅ | ❌ |
| The American Express Global Lounge Collection benefits | ✅ | ❌ |
| Toronto Pearson International Airport benefits | ✅ | ❌ |
* Applies to the first 2 supplementary Gold Rewards Cards on the account. Subsequent cards cost $50 each per year.
Considering the value of the Platinum's benefits, $250 per year per supplementary card is an absolute steal.
Lowest eligibility requirements: Tie
As long as you have a credit score between 660 and 724, you have a chance to qualify for either the Amex Gold Rewards or Platinum. While the decision ultimately rests with Amex, at least on paper, the 2 cards are on par.
The winner: The Platinum Card
After an extremely close race, The Platinum Card's superb benefits carried it to victory. It may earn fewer rewards than the American Express Gold Rewards Card, but the Platinum more than makes up for it with luxury perks – especially if you need to add a supplementary card.
If you're not sold on the Platinum Card's high annual fee, we recommend trying the Gold Rewards Card for a year, then upgrading. You can find out whether a premium travel credit card is right for you and grab two welcome bonuses at the same time!
Top non-Amex alternative
The biggest weakness of American Express credit cards is their limited acceptance. You can't use them everywhere in Canada. From small businesses to large chains like Costco and Loblaws, the locations that don't accept Amex are frustratingly plentiful.
For a premium travel credit card with global acceptance, check out the TD Aeroplan Visa Infinite Privilege Credit Card. It's the number one official Aeroplan credit card in Canada, and the Visa Infinite Privilege program has nearly enough perks to rival the Platinum's offerings, including airport lounge access, hotel perks, and priority security lanes.
FAQ
What are the differences between Amex Gold and Platinum Cards?
At first glance, you'll see The Platinum Card has a much higher annual fee, even though you'll earn better rewards with the Gold Card. The other huge difference is that the Gold Card is a standard credit card while the Platinum is a charge card – so there's no credit limit, but you do have to pay the balance promptly.
Is Amex Platinum better than Gold?
It depends on what you want out of your Amex, but the The Platinum Card knocks it out of the park with luxury perks. Supplemental cardholders will also appreciate access to premium perks – though the Gold offers a higher average return on purchases.
Is Amex Gold a luxury card?
We'd say the steep annual fee, metallic card options, and incredible travel benefits definitely make the American Express Gold Rewards Card a luxury credit card. We also think the flexibility to transfer and redeem your extensive Amex Rewards points is another feature of a premium credit card.
What are the downsides of Amex Platinum?
If you're not travelling often and taking advantage of the valuable perks and benefits that come with the Platinum, it's probably not worth the high annual fee, especially since you could be paying less to earn more rewards with a card like the Amex Gold.
creditcardGenius is the only tool that compares 126+ features of 238 Canadian credit cards using math-based ratings and rankings that respond to your needs, instantly. Take our quiz and see which of Canada's 238 cards is for you.
GC: 
Comments
Leave a comment
Required fields are marked with *. Your email address will not be published.