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As a result, the features described here are out of date but were accurate at the time of initial writing. One of the most premium credit cards in Canada is the American Express Platinum Card . It offers outstanding value with an annual travel credit, unlimited lounge access at airports around the world, and much more. I took the plunge on the Amex Platinum Card during the pandemic and decided it was so good, I kept it for another year. Even though it has a sky-high $799 annual fee, I still felt it was 100% worth it to keep. Here's why. Key Takeaways The Amex Platinum card offers the most perks of any credit card in Canada. The large welcome bonus plus the extensive list of perks got me to try it out. I enjoyed having the card so much, I kept it for another year despite the $699 annual fee. In this article Show table of contents Pros and cons Why I got it Offers I received in my first year Why I decided to keep it Amex Platinum Canada Card details FAQ 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 . Pros and cons of the Amex Platinum card We'll start with some pros and cons of the American Express Platinum Card so people who are unfamiliar with the card can get an idea of how good it really is. Pros First, there are plenty of benefits that come with the American Express Platinum Card. Most perks of any credit card – the list of perks is extensive. These include an annual $200 travel credit and $200 dining credit, unlimited airport lounge access, and automatic advanced status with a few hotel programs. Plenty of redemption choices – When you go to redeem your points, you can transfer them to various airline and hotel programs, take advantage of Amex’s fixed points travel chart, or simply redeem them towards any purchase. Top-notch insurance – The included insurance is quite good, with 11 types of insurance included. No income requirements – Unlike a comparable Visa or Mastercard, this card has no income requirements at all. Cons When it comes to cons, there’s 1 big one to be worried about, with 1 other thing to consider. High annual fee – The elephant in the room with the Platinum Card. It has a super high annual fee of $799. Not the best rewards – Surprisingly, other cards with lower fees offer much more in rewards than what the American Express Platinum Card has to offer. Why I got the Amex Platinum Card in the first place Like many others, I loved the perks that came with the card but did not want to pay a $799 annual fee. But because of the pandemic, Amex made some temporary changes that boosted the card's value. At that time, you earned: 50,000 points after spending $3,000 in the first 3 months 10,000 points if you kept that card for 6 months Redeemed for max value, that chunk of points was worth a total of $1,200. But in April 2021, Amex made another temporary change to the cash value of all their Membership Rewards cards. And for the Platinum Card, they did these 2 things: Increased the cash value of one point from 0.7 cents to 2 cents Doubled the amount of points cardholders earned It was a temporary offer that only lasted about 3 months. But suddenly, the first part of the welcome offer (50K points) was worth $1,000 in cash. And, when you combine earning double points AND the increased cash value, you were getting at least 4% cash back on all purchases (12% back on restaurants). And that metal credit card ? Not going to lie, it's a sweet feeling in your hands. Suffice it to say, Amex makes sure you know you're not holding an ordinary credit card. Amex Platinum offers I received in my first year Because no one was going to be using the travel incentives much, I was hit with some big Amex offers that were exclusive to the American Express Platinum Card. For both of the offers I got, it was simply a matter of spending money on groceries. Spend X amount on groceries and get that much back. The first one was in June of 2020. Spend $250 on groceries, and get $250 back. Here are the savings I saw. A similar offer happened again in January of 2021. It was slightly less at $200, but that’s still $200 in free food. Those were the major offers that I believe were specific to the Amex Platinum Card. There were others I used, but I think most Amex cards were able to access them. So, combining these $450 in grocery savings, I got $1,450 in cash, for an annual fee of $699 – a total savings to me of $751. It’s one of the best offers I’ve ever got. Why I decided to keep the Amex Platinum card for year 2 So what is making me keep it for year 2? There are a few reasons I’m going to hang on to this ultra-premium card for another year. My large Amex Membership rewards bank With the 10,000 points I got for keeping the card around, I had about 24,000 Membership Rewards points in the bank at the time I had to make the decision to keep it. They certainly wouldn't have been lost. I could have: Transferred them to Aeroplan (my preferred choice for max value of $480) Taken the cash value for them Gotten immediate savings on my next trip with the Fixed Points Travel Program Earned a free night somewhere with a Marriott Bonvoy transfer It kept my options open and gave me a lot of flexibility. Future Amex offers Finally, more terrific offers could come down the pipe, like the grocery ones. This is a bit of a gamble because no one can predict what offers could come. But in any case, I felt confident that more top-notch offers were coming for Platinum Cardholders. And my faith wasn't misplaced – Amex ended up dropping a terrific offer (that's understating it) for existing Platinum Cardmembers. Keep in mind that this is on top of the card's regular earn rate. To get the full amount, I needed to spend $5,000 on those categories in 3 months. I used a couple of tricks to help get the most from this bonus. I bought gift cards at other merchants I shopped at and shifted more of my grocery spending to Sobeys. I didn't get the full amount of points – probably only around 34,000. Regardless, it was still a nice boost to my earnings. Amex Platinum Canada Card details American Express Platinum ® Card 4.4 Genius Rating 2.7 (16) User reviews ×2 Award winner 100,000 bonus points + The most perks of any credit card. * Annual fee See rates Learn more Welcome bonus $600 ◊ 30,000 points Annual rewards $588 ◊ Learn more Apply Now Learn More Instant approval: Yes Credit estimate: American Express Platinum ® Card 4.4 Genius Rating 2.7 (16) User reviews 2x Award winner 100,000 bonus points + The most perks of any credit card. * Annual fee See rates Learn more Welcome bonus $600 ◊ 30,000 points Annual rewards $588 ◊ Learn more Credit estimate:  (560 - 659) Apply Now Learn More Instant approval: Yes Rewards Details & Eligibility Genius Rating User Reviews Pros & Cons Show More Rewards Details & Eligibility Genius Rating User Reviews Pros & Cons Here are the full details on this super premium credit card. Earning Amex Membership rewards Let’s start with how you’ll earn points. First, there’s a superb welcome bonus that can provide more value than I got. You can get 100,000 points after spending $10,000 in the first 3 months and making a purchase between months 15 to 17. What are those points worth? Here’s our estimated value for the welcome bonus. Redemption Option Point Value Welcome Bonus Value Transfer To Aeroplan 2 cents $2,000 Fixed Points Travel Program 1.75 cents $1,750 Transfer To Marriott Bonvoy 1.164 cents $1,160 Redeem For Any Purchase 1 cent $1,000 There’s a lot of value here, and will more than offset the annual fee for at least one year. And on your everyday purchases, you’ll get: 2 points per $1 spent on restaurants and travel 1 point per $1 spent on all other purchases That’s a return of up to 6 cents on your purchases. Based on our typical $2,000 monthly spend, you can expect an average return of 2.45%. Amex Membership Rewards value You've got a lot of ways you can redeem your points, and there are several options for travel where you can maximize your value First, there are 6 airline partners you can transfer points to. For most Canadians, Aeroplan will be the best option. You can transfer points at a 1:1 ratio, and each Aeroplan point is worth 2 cents each. Here are all of Amex’s travel partners and their conversion rates. Next is with the Amex Fixed Points Travel program . For a set amount of points, you can fly to a set zone for just the taxes and fees. Redeemed this way, each point is worth up to 1.75 cents each. Here’s what the economy chart looks like (there’s a business version too) – how many points you need and the max airfare covered. You can also transfer points to Marriott Bonvoy and Hilton Honors. Transferring to Marriott is the best option. Points transfer at a 5:6 ratio, and with each Marriott point worth 0.97 cents each, that gives an Amex point a value of 1.16 cents. And finally, you can redeem points towards any purchase made to the card. When you do so, each point is worth 1 cent. Many programs have differing rates for booking any travel or getting statement credits. For Membership Rewards, it’s the same value. All told, you’ve got plenty of ways to use your points for high value. Amex Platinum Canada Card perks The real reason to get this card is the perks. Here's a quick rundown on them. Amex Platinum Card annual travel and dining credits First, there's the aforementioned $200 annual travel credit, where you can make any travel booking through American Express. If you spend more than $200, then the credit can be applied. The same goes for the dining credit. If you dine at one of the curated restaurants on Amex's list, you can also take advantage of $200 in dining credits. Airport lounge access The $799 unlocks unlimited access to over 1,300 lounges worldwide for not just the cardholder, but also a guest. Just keep in mind that for some, you'll have to register for Priority Pass first and show that card to gain entry. Advanced hotel status When you have the Amex Platinum, you get automatic advanced status in several hotel programs: Marriott Bonvoy – Gold Elite Hilton Honors – Gold Radisson Rewards – Gold When you stay at these properties, you’ll get extras like free room upgrades, bonus points, and late check out/early check-in. The status stays with you as long as you have the card, but you do have to register first – the details are in the welcome kit. Amex Fine Hotels + Resorts The last major benefits we’ll highlight are Fine Hotels + Resorts. When booking hotels through Fine Hotels and Resorts, you get extra benefits at one of their over 2,200 hotels which include: Daily breakfast for 2 $100 experience credit for things like spa services, complimentary airport transfers, and more Free room upgrade when available Guaranteed late check-out and early check-in Comparing Amex Platinum to BMO eclipse Visa Infinite Privilege card The American Express Platinum Card isn't the only game in town when it comes to premium credit cards. Here’s a comparison to one of its competitors – the BMO eclipse Visa Infinite Privilege * Card, which is also a metal credit card. American Express Platinum Card BMO eclipse Visa Infinite Privilege Card Welcome bonus Up to 100,000 bonus points ( terms ) Up to 120,000 bonus points ( terms ) Earn rates * 2 points per $1 spent on restaurants and travel * 1 point per $1 spent on all other purchases * 5x BMO Rewards points for every $1 spent on travel, dining, gas, groceries, and drugstores * 1 point per $1 spent on all other purchases Major perks * Annual $200 travel credit * Annual $200 dining credit * Unlimited lounge access to 1,200+ lounges * Advanced status with select hotel chains * Access to Fine Hotels + Resorts * $200 annual lifestyle credit * 25% bonus points when you add an authorized user * Visa Infinite Privilege benefits * Priority Pass Membership with 6 free passes Insurance coverage 11 types 12 types Annual fee $799 $599 Income requirements None * $150,000 personal * $200,000 household Apply now Apply now Apply now Here’s the breakdown in a few key areas. Earn rates We'll start off with the earn rates on everyday purchases. It’s not much of a contest here – thanks to their partnership with Aeroplan, your Amex Membership Rewards points are worth up to 2 cents each, and gives an overall return of 2.45% based on a typical monthly spending of $2,000. Benefits The perks and benefits are 2 big reasons to look at either card. Here's the estimated value they provide. Again, it’s not much of a contest. But the Amex Platinum Card is far superior to every credit card in this regard, and why it wins best credit card for perks every year. Insurance These are premium travel credit cards, and as such, you’re likely going to travel and may need to call upon the insurance these cards include. The BMO eclipse card wins here, with an insurance package that’s worth more than $600. Welcome bonus Finally – the welcome bonuses. We all want to be rewarded when getting a new credit card. The Amex Platinum blows this card (and just about any other card) out of the water. So, it wasn’t much of a contest – other than insurance, the Amex Platinum Card wins handily. And best of all – there are no high income requirements to meet for the Platinum Card. Your income won’t hold you back from being approved. Will you take the plunge on the Platinum Card? It can take a leap to apply for the Amex Platinum in Canada. But hopefully, I've shown you what it can offer to offset its high annual fee. Will you take the plunge on the Amex Platinum Card? Let us know in the comments below. FAQ What does the Amex Platinum card earn for rewards? The Platinum Card earns Amex Membership Rewards on purchases at these rates: 2 points per $1 spent on restaurants and travel 1 point per $1 spent on all other purchases It also has a fantastic welcome bonus of 100,000 points, which can be worth up to $2,000. What are some of the benefits provided by the Amex Platinum Card? The Amex Platinum Card offers the most benefits of any credit card in Canada. Some of the major benefits include: $200 annually in both travel and dining credits Unlimited airport lounge access for the cardholder and a guest Advanced status with Marriott Bonvoy and Hilton Honors Access to Amex Fine Hotels + Resorts What is the annual fee of the Amex Platinum Card? The Amex Platinum Card has an annual fee of $799. However, this card also has no minimum income requirements to meet, making it more accessible. Is the Amex Platinum Card annual fee worth it? It all depends on whether or not you can take advantage of the benefits and special offers Amex provides. If you can use this card to its full potential, then it can be worth it. creditcardGenius is the only tool that compares 126+ features of 227 Canadian credit cards using math-based ratings and rankings that respond to your needs, instantly. Take our quiz and see which of Canada's 227 cards is for you. Did you find this article helpful? Yes No Editorial Disclaimer : The content here reflects the author's opinion alone. No bank, credit card issuer, rewards program, or other entity has reviewed, approved, or endorsed this content. For complete and updated product information please visit the product issuer's website. Our credit card scores and rankings are based on our Rating Methodology that takes into account 126+ features for each of 227 Canadian credit cards. Hot Credit Card Deals This Month Hot Credit Card Deals This Month: Get even more cash back with exclusive offers only available on the GeniusCash app Explore bigger GeniusCash offers that you won't find anywhere else. Connect your credit cards and unlock bonus cash on your spending that you won't get anywhere else. Explore customized recommendations to help you find the best products to level up your rewards. Be the first to know about new, limited-time GeniusCash offers so that you never miss a deal. 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You can get a 0% promotional balance transfer rate for 12 months to help you pay off pre-existing credit card debt. Permanent low interest rates of 12.99% on purchases and 17.99% on balance transfers (24.99% on cash advances). No annual fee. $20 GeniusCash on approval ‒ offer ends Nov 30, 2025. * $20 GeniusCash on approval ‒ offer ends Nov 30, 2025. * Bonus : Finally earn rewards on your biggest expense by paying for your rent and other bills with Chexy. Related Posts Welcome Bonus Limits With Aeroplan Credit Cards Why I'm Keeping The $799 Amex Platinum Card For A Second Year NEXUS: What It Is, How It Works, And How To Get It For Less Trip Cancellation Insurance In Canada: What's Covered And How To Claim Comments Leave a comment Required fields are marked with *. Your email address will not be published. Post Comment Showing 11 comments Weiqi April 27, 2024 The biggest drawback of American Express card in Canada is charging FX transaction fees which instantly devalue the reward you are earning, not mentioning not all vendors in Canada accepts Amex cards. Amex also never waive annual fees which the fees can be waived on other premium cards through their banking product. This is another finger down. Reply Patrick Rose May 6, 2023 Hi I just got the Amex platinum card and wonder if it's worth it for me. I only travel a few times a year and now the bonus offer is spend 7500.00 the first 90 days to receive up $800.00 worth of points. With the high annual fee I wonder if their is a better Amex card I can ask them to switch too. Since I already have the CIBC Aventura card that gives me 4 free airport lounge access. I don't think I will use the Amex free lounges Pass. I am aware the earn rate not the best on CIBC Aventura. I read on a blog comparimg Amex Platinum some are saying Royal Bank Avion comes close with benefits with cheaper annual fee than 699.00 Amex Platinum card. Any thoughts if I should Ask Amex to change my platinum to a different card? I did see some reviews saying cobalt is great with lower annual fee. Thanks Reply Yulia May 8, 2023 Hey Patrick, The decision to switch to a different credit card would depend on your situation. If you want, you can start by checking out our article comparing American Express Credit Cards in Canada . Reply John May 6, 2023 1) You can’t switch it out without losing the welcome bonus 2) if you switch it out, you won’t get the welcome bonus on the new card If you can’t make the minimum spend just cancel the card. Reply Harry June 27, 2021 I'm trying to decide between the Cobalt and Platinum Amex Cards? My only issue is when we will be able to travel again without any COVID restrictions. Reply Heather W June 25, 2021 I currently have the AMEX Cobalt - my go-to card where it is actually accepted. Would you say that the Platinum with the promotion is better overall than the Cobalt for travel at this time? Reply creditcardGenius Team July 7, 2021 Hey Heather, The Cobalt's biggest advantage is that it earns more points on all purchases than the Platinum. If you prefer earning rewards over taking advantage of perks, than the Cobalt will likely be better for you. Reply Gregory Bloomquist June 25, 2021 It is a great promotion that Amex has on and it has convinced me to keep my card. However, it would be very helpful for Amex to indicate with more clarity which stores are available for the 10 points / $1 promotion. For example, in Ontario are LCBO stores eligible? I called Amex and the person I spoke with thought yes; I called LCBO and the person I spoke with said "I don't know. I'll have to find out for you." Are small grocery stores eligible, or are they considered "boutique" food stores and thus ineligible? Reply David February 10, 2023 Great blog post on your Platinum experience. I made a similar decision to keep the card a 2nd year especially since I was traveling for most of the pandemic. Not only did I get all the credits you mentioned but I also got to use the lounge access where they were open in parts of the USA and Mexico RewardsCanada has come out with a community updated list of places that give X amount of points for the Cobalt card. It should be similar to the Platinum card. You can use that list to get an idea of what businesses are in the 1x, 2x or 5x at the moment I am not using either card but when I switched from the Cobalt to the Platinum during the pandemic I found the list helpful. Reply Yulia February 10, 2023 Hey David, Thank you for sharing your experience! Reply creditcardGenius Team July 7, 2021 Hey Gregory, I would go with the Amex agent's thoughts on which stores qualify, since most merchants won't know this info offhand. If you want to make sure, you can check your points in a few days to verify if a certain merchant qualified or not. Amex is usually quick to post points for this promo. 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