"Cheap luxury travel" may be an oxymoron, but “luxury travel perks” isn’t. With the right credit card, you can enjoy a range of benefits whose total value exceeds your card’s annual fee.
For a wide range of exciting experiences and benefits, we recommend the American Express Platinum Card – but if you’re a diehard fan of Air Canada, few cards will take you further than the American Express Aeroplan Reserve Card.
Key Takeaways
- The American Express Platinum Card spoils high spenders with dining and travel credits.
- luxury travel perks, and exclusive offers.
- The American Express Aeroplan Reserve earns Aeroplan points while providing VIP treatment aboard Air Canada flights.
- Most luxury travellers will appreciate the Amex Platinum Card’s superior range of benefits.
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American Express Platinum Card vs. American Express Aeroplan Reserve Card overview
Super-premium travel credit cards carry high annual fees and high expectations; they must offer enough travel rewards, perks, and benefits to justify a $500+ price tag.
In our opinion, the American Express Platinum and Aeroplan Reserve cards deliver on these expectations – and then some.
| Feature | American Express Platinum Card | American Express Aeroplan Reserve Card |
|---|---|---|
| Type | Charge card | Credit card |
| Annual fee | $799 | $599 |
| Welcome bonus | Up to 100,000 bonus points (terms) | Up to 85,000 bonus points (terms) |
| Rewards | Up to 2 Amex Membership Rewards points per $1 spent | Up to 3 Aeroplan points per $1 spent |
| Highest earning categories | Restaurants and travel | Air Canada travel |
| Insurance types included | 11 | 11 |
| Special feature | $200 annual travel credit and $200 annual dining credit | 1 annual airline companion voucher and unlimited access to Maple Leaf Lounges |
| Best for | Luxury travellers | Frequent Air Canada travellers |
| Get started | Apply now | Apply now |
Because they’re both issued by American Express, these credit cards have a lot in common – especially when it comes to benefits, insurance, and eligibility requirements.
American Express benefits
As two of the most premium Amex cards available in Canada, the Platinum and Aeroplan Reserve both include a $100 NEXUS credit every 4 years and basic Amex benefits such as:
- 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
You’ll also get about $34 worth of exclusive benefits every time you depart from Toronto Pearson Airport (YYZ), with:
- 15% off Express and Daily Park fees
- Priority security lane for you and your travelling companions
- Complimentary valet car service at Terminal 1
Lastly, each card comes with advanced membership status in a different car rental company. Platinum cardholders enjoy Hertz Gold Plus status while Aeroplan Reserve members get a free upgrade to the Avis President’s Club, both of which provide complimentary upgrades and additional drivers.
American Express insurance
The Amex Platinum and Aeroplan Reserve both feature the same types of credit card insurance – the only thing that differs is the amount of coverage:
| Insurance | Platinum coverage limits | Aeroplan Reserve coverage limits | Estimated value |
|---|---|---|---|
| Extended warranty | 1 year | 1 year | $72 |
| Purchase protection | 120 days | 90 days | $36 - $48 |
| Travel accident | $500,000 | $500,000 | $10 |
| Emergency medical term | 15 days | 15 days | $133 |
| Trip cancellation | $2,500 | $1,500 | $40 - $49 |
| Trip interruption | $2,500 | $1,500 | $22 - $28 |
| Flight delay | $1,000 | $1,000 | $7 |
| Baggage delay | $1,000 | $1,000 | $9 |
| Lost or stolen baggage | $1,000 | $1,000 | $2 |
| Hotel burglary | $1,000 | $1,000 | $2 |
| Theft and damage rental car insurance | 48 days | 48 days | $140 |
That said, we wouldn’t call insurance a deciding factor. Although the Amex Platinum provides $2,000 more travel insurance coverage, the value of its credit card insurance package is only $30 greater than that of the Aeroplan Reserve.
Neither the Amex Platinum nor the Amex Aeroplan Reserve provides emergency medical travel insurance for seniors over the age of 65.
American Express eligibility requirements
American Express credit cards have no hard income requirements. As long as you have a good credit score – i.e. between 660 and 724 – you’ve got a chance to qualify.
Bonus: Metal credit cards
Last but not least, the Amex Platinum and Aeroplan Reserve are both metal credit cards. The Platinum Card comes in shiny silver and the Aeroplan Reserve in dark, gunmetal grey – but don’t let that distract you from their biggest and most important differences.
What we love about the American Express Platinum Card
×2 Award winner 
Pros:
- 3 ways to earn rewards
- 2 free supplementary Gold Rewards cards
- Cheap supplementary Platinum card fees
- More shopping, dining, and airport lounge benefits
- Slightly higher welcome bonus
- Slightly more insurance coverage
Cons:
- Complicated repayment and interest structure
- Higher annual fee
- Slightly lower returns in fewer purchase categories
The American Express Platinum Card is a regular at fine dining establishments across North America and a luxury traveller’s best friend. With the Platinum, you’ll enjoy a comprehensive suite of perks and benefits that elevate every step of your journey, from pre-flight airport lounge access to a comfortable night’s stay.
Rewards
- 2 points per $1 spent on restaurants and travel
- 1 point per $1 spent on all other purchases
The Amex Platinum collects American Express Membership Rewards points with every purchase. Add 1 extra point for every $1 you spend on American Express Travel Online, which offers flights with over 100 different airlines, including Air Canada.
We recommend saving your points for travel: redeeming Amex points using the Amex Fixed Points Travel program or converting them to Aeroplan points yields 2 cents per point (CPP) or more.
Value of reward in CAD / cost in points = value in cents per point (CPP)
Benefits
It’s hard to name a credit card benefit you can’t find on the Platinum.
Not only does it offer a $200 annual dining credit and a $200 annual travel credit, but it also provides unlimited, complimentary access to the Amex Global Lounge Collection. Relax with up to 2 travelling companions and unlimited, complimentary food and drink in any airport lounge in the Priority Pass and Centurion Lounge network before your flight.
When you reach your destination, enjoy a $100 USD credit, complimentary room upgrade, early check-in, and late check-out at any property within The Hotel Collection. Or check out Fine Hotels + Resorts, each of which provides a complimentary daily breakfast for 2 and a unique benefit. You can also get preferred pricing, a free night’s stay, and complimentary breakfast with automatic Hilton Honors Gold and Marriott Bonvoy Gold Elite status.
The last of the Platinum Card’s exclusive benefits include:
- 24/7 complimentary assistance with restaurant reservations, travel plans, and travel emergencies through Platinum Care concierge services
- Access to specially reserved tables at fine dining establishments in the Global Dining Collection, plus curated experiences By Invitation Only
- Discounted Premium Economy, Business, and First Class flights through the International Airline Program
- Premium airport transfers when you book a round-trip Business or First Class flight and a 1+ night’s stay through the Platinum Card Travel Service
All in all, we estimate the Amex Platinum provides at least $2,500 worth of perks and benefits – just be prepared to do a lot of travelling, shopping, and dining to get your money’s worth.
What we love about the American Express Aeroplan Reserve Card
Pros:
- 4 ways to earn rewards
- 1 free additional card
- Cheap supplementary Aeroplan Reserve card fees
- Lower annual fee
- More air travel benefits
- Slightly higher returns on more purchase categories
- Standard credit card repayment options and interest fees
Cons:
- Less flexible rewards
- Slightly less insurance coverage
- Slightly lower welcome bonus
As a premium Aeroplan credit card, the American Express Aeroplan Reserve Card makes you an instant VIP whenever you fly Air Canada or Air Canada Rouge. You’ll also earn Aeroplan points on everyday purchases and a membership status boost every time you spend at least $5K.
Rewards
- 3 points per $1 spent on Air Canada
- 2 points per $1 spent on dining and food delivery purchases in Canada
- 1.25 points per $1 spent on all other purchases
Unsurprisingly, the best way to earn Aeroplan points with the Amex Aeroplan Reserve is to fly Air Canada. Its top earning rate applies equally to airline tickets, vacation packages, car rentals, in-flight purchases, and shopping at the duty-free boutique, but not gift cards.
Although the Aeroplan rewards program isn’t as flexible as Amex Membership Rewards, you can still trade your points for merchandise, gift cards, car rentals, vacation packages, and hotels. Again, we recommend you save them for air travel. Aeroplan points are worth approximately 2 CPP, but a quiet destination during an off-peak or shoulder season could yield as much as 4 CPP.
Benefits
Like the Amex Platinum, the Amex Aeroplan Reserve provides a $100 NEXUS credit every 4 years and several discounts at Toronto Pearson airport. Unlike the Platinum, it carries the official endorsement of Air Canada and exclusive travel benefits totalling more than $4,500 in value.
First, you’ll get complimentary, unlimited access to Maple Leaf Lounges around the world for you and 1 guest. You can also use your complimentary Priority Pass to visit 1,400+ airport lounges worldwide for $35 USD per visit.
Next, you’ll get 1 hotel night for free whenever you book 3 nights entirely in Aeroplan points. Book 6 nights and you’ll get 2 nights free, an estimated value of $700.
The Amex Reserve’s best benefits relate to Air Canada and the Aeroplan program. As long as your credit card is in good standing, you’ll enjoy:
- 1,000 miles and 1 flight added to your Aeroplan Elite Status membership progress per $5,000 spent (and the ability to rollover unused miles to next year)
- 1 extra year to redeem eUpgrades and no expiry on Aeroplan points
- Priority airport standby and upgrade requests on Air Canada flights
- Preferred pricing on Air Canada flights and vacations
- Priority check-ins, baggage handling, boarding, and free first checked bags for you and up to 8 travelling companions whenever you fly Air Canada or Air Canada Rouge
Lastly, after you spend $25,000 in a given year, you’ll receive 1 airline companion voucher that lets you take a buddy around the world for cheap. The further you fly, the more you save on your travelling companion’s ticket:
| Destination | Voucher price | Average base fare price | Savings |
|---|---|---|---|
| Canada and the continental US | $99 | $250 | $151 |
| Central America and the Caribbean | $299 | $500 | $201 |
| Europe, Africa, and the Middle East | $499 | $2,000 | $1,501 |
| Asia | $599 | $2,200 | $1,601 |
How do the Amex Platinum and Aeroplan Reserve compare?
Although they both rely on Air Canada to add value to their rewards and benefits, the Amex Platinum and Aeroplan Reserve have enough differences to appeal to different spenders. You can spot the card for you by looking at the most important points of comparison.
Best benefits: American Express Aeroplan Reserve Card
In our study of the value of credit card benefits, we gave the most weight to airline perks, putting the Aeroplan Reserve ahead of the Platinum by about $2,000.
In reality, the Platinum Card likely boasts a comparable (if not superior) benefits value. Perks such as concierge services, hotel freebies, and member offers only add more value the more you use them, and you don’t have to stick to a single airline or travel portal to use them.
Best insurance: American Express Platinum Card
The difference in value between each credit card’s insurance package is less than $30, making this a narrow win for the Platinum.
Best rewards: American Express Platinum Card
Because Amex credit cardholders can convert Amex Membership Rewards points to Aeroplan points on a 1:1 ratio for free, the Platinum and Aeroplan Reserve’s rewards are roughly equal. The Platinum wins on a technicality – the Amex Membership Rewards program is more flexible.
Highest acceptance: Tie
Although it’s made plenty of progress, the American Express payment network still isn’t as widely used as Visa or Mastercard. Regardless of whether you choose the Platinum or Aeroplan Reserve, we recommend bringing a backup credit card on vacation.
Highest welcome bonus: American Express Platinum Card
The Platinum Card’s welcome bonus is larger, but it’s also harder to achieve. You’ll get 100,000 after spending $10,000 in the first 3 months and making a purchase between months 15 to 17.
If you sign up for the Amex Aeroplan Reserve, you’ll get 85,000 after spending $7,500 in the first 3 months, and spending $2,500 in month 13.
Interest fees: American Express Aeroplan Reserve Card
The Amex Aeroplan Reserve charges the usual 21.99% for overdue purchases and 21.99% on cash advances with no balance transfers. It’s much easier to use and understand than the Platinum Card’s charge card system.
With the Platinum card, you must pay your balance in full every month or risk getting hit with a 30% interest fee. You may choose to carry a Flexible Payment Option Balance to the next month for 21.99% interest, but 2 separate missed payments will cause your rate to rocket to 25.99%, followed by 28.99% after 3 missed payments.
Lowest annual fee: American Express Aeroplan Reserve Card
No contest: the Amex Aeroplan Reserve charges $599 per year and the Platinum Card $799. But if you’re sharing, you might want to think twice.
If you need a supplementary Reserve card, you can add a no-fee card without benefits or pay $199 per year for a second Aeroplan Reserve card. For a little over $50 more per year, Platinum credit cardholders can get a supplementary card with a complete set of benefits.
| Amex Platinum | Amex Gold | |
|---|---|---|
| Annual fee | $250 | $0* |
| Amex Experiences, Offers, Front of the Line, and Presale Tickets benefits | ✅ | ✅ |
| Hertz car rental benefits | ✅ | ✅ |
| The Hotel Collection benefits | ✅ | ✅ |
| Avis, Fine Hotels + Resorts, Global Dining Collection, and Platinum Card Travel benefits | ✅ | ❌ |
| Platinum Concierge | ✅ | ❌ |
| 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.
Lowest eligibility requirements: Tie
You’ll need a credit score of 660 – 724 to qualify for either the Amex Platinum or Aeroplan Reserve, no proof of income required. Although the final decision rests with Amex, at least on paper, the two cards are equal.
The winner: American Express Platinum Card
The only question you need to ask yourself when deciding between the Amex Platinum and Aeroplan Reserve is how much you like to fly Air Canada.
The Amex Aeroplan Reserve derives most of its value from its Air Canada benefits – if you don’t often fly, you won’t get your money’s worth.
By contrast, the Platinum covers a wide range of shopping, dining, and travel experiences. While the Platinum has a larger annual fee, it’s also more flexible – and the two cards are on even footing when it comes to insurance and rewards.
Top non-Amex alternative
For comparable perks, flexibility, and rewards, check out the TD Aeroplan Visa Infinite Privilege Credit Card. Not only does it offer the same Air Canada perks as the Amex Aeroplan Reserve, but it also includes many dining, hotel, and shopping benefits courtesy of the Visa Infinite Privilege program.
Since it’s not an Amex, you’ll need to prove at least $150,000 of personal income or $200,000 of household income to qualify.
FAQ
Does the Amex Platinum give you lounge access?
The American Express Platinum Card provides unlimited, complimentary access for the primary cardholder (and guests, where applicable) to over 1,500 locations in the Amex Global Lounge Collection.
Does the Amex Aeroplan Reserve have a limit?
The American Express Aeroplan Reserve Card does not limit spending in the 3X and 2X points categories.
Which is better, the Amex Platinum or the Aeroplan Reserve?
Unless you fly almost exclusively with Air Canada, the Amex Platinum has better and more versatile benefits than the Aeroplan Reserve.
Is the Amex Platinum worth it?
The American Express Platinum Card is a worthy investment for high spenders who like to shop, dine, and travel – especially if they plan on adding an authorized user or two.
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