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The American Express Platinum Card has long been considered one of the best travel cards in the market. Conversation about this card usually starts with the high $699 (CAD) annual fee, but quickly evolves into the generous benefits that offset the annual fee. None more than the annual $200 Travel Credit that can be applied to any travel purchase (unlike its American version which can only be applied to airfare). More importantly, members received the $200 travel credit once per calendar year. One $200 travel credit with card sign up and another $200 in January each year. Thus offsetting $400 off the $699 annual fee before the next round of fee posted. This is no longer the case.
Amex Canada has confirmed that as of October 2, 2018 new card members will receive one (1) Annual Travel Credit on the Card membership anniversary date. Current Card members will see the change implemented on January 1, 2019.
Is The Platinum Card still worth it?
Absolutely Yes. With a sign-up bonus of 50,000 MR points (good for 2 round-trips in North America), ability to convert to Aeroplan or British Airways Avios at 1:1, accelerated earning of 1.25 points on all purchases, airport lounge access, elite memberships with several hotel chains and excellent insurance coverage, The Platinum Card will continue to enjoy a special mention among travel cards in Canada.
Last but not least, the ease of redeeming points with Fixed Points Travel Program and the ability to redeem for statement credit (1000 points = $10), makes the card worth it for all travelers.
Based on my personal valuation (in CAD) of the benefits;
Membership Rewards: 50,000 is easily worth $900
Annual Travel Credit: $200
Lounge Access: $500 ($399 USD)
Total Value: $1600 (conservative estimate)
Annual Fee of the Card: $699. Worth it? Absolutely.
Benefits at a glance:
• New Platinum Card® Cardmembers, earn 50,000 Bonus Membership Rewards® points by spending $3,000 in purchases in the first three months of Cardmembership
• Platinum members earn 1.25 Membership Rewards® points for every dollar in purchases charged to the Card and automatically enrolled in the Membership Rewards First™ Tier
• You will have access to a $200 CAD Annual Travel Credit to use towards any single travel booking of $200 or more charged to your Platinum Card and made on www.americanexpress.ca/travel or through Platinum Card® Travel Service
• Take full advantage of the American Express Global Lounge Collection which unlocks access to over 1200 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
• You will also have access to many leading hotel and car rental companies’ loyalty programs. Our partners include Starwood® Hotels & Resorts, Hilton Hotels and Resorts, Radisson Hotel Group™, Hertz and Avis
• Platinum Cardmembers can enjoy access to special events and unique opportunities and a dedicated Concierge team
• As a Charge Card, the balance must always be paid in full each month. 30% annual interest rate applies to balances not paid in full. Payments must be received and processed by the date of the next monthly statement to avoid interest charges
*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. Conditions apply