With its annual price hiked to $799 (all figures in CAD) final 12 months, the American Categorical Platinum Card is now the costliest publicly-available bank card available on the market.
Given this annual price improve, the query that should be requested is, “is the Amex Platinum nonetheless value it in 2024?”
On this article, we’ll take a deep dive into whether or not it is best to apply for, hold, or cancel the American Categorical Platinum Card.
Amex Will increase the Annual Price of the Platinum Card
In 2023, American Categorical Canada introduced that it could be growing the annual price for the Platinum Card. The price went from $699 to $799, with the rise taking impact in direction of the top of September 2023.
The annual price for a supplementary card was additionally elevated on the similar time from $175 to $250 per card.
With the American Categorical Platinum Card already sitting among the many most costly playing cards in Canada, the price improve naturally triggered some furor within the Miles & Factors neighborhood. Many in the neighborhood have been left questioning if the cardboard continues to be value maintaining or if it’s value making use of for within the first place.
We at Prince of Journey nonetheless consider that the Platinum Card is among the greatest journey bank cards in Canada; nonetheless, we additionally acknowledge that every particular person has totally different needs, wants, and journey habits, so the cardboard won’t be fitted to everybody.
To discover this additional, let’s break down whether or not the Amex Platinum continues to be value it in 2024.
Welcome Bonus
Should you’re holding the American Categorical Platinum Card after the primary 12 months of card membership, be happy to skip this a part of the article; nonetheless, in case you’re presently considering whether or not or to not apply for the cardboard, learn on.
The American Categorical Platinum Card has at all times lured would-be cardholders with a powerful welcome bonus.
At present, the cardboard affords the possibility to earn a welcome bonus of 70,000 Membership Rewards (MR) factors when you spend $10,000 within the first three months of card membership.
American Categorical Platinum Card
- Earn 70,000 MR factors upon spending $10,000 within the first three months
- Plus, earn 30,000 MR factors upon making a purchase order in months 14–17 as a cardholder
- Additionally, earn 2x MR factors on all eating and journey purchases
- Additionally, obtain an annual $200 journey credit score
- Additionally, obtain an annual $200 eating credit score
- Switch MR factors to Aeroplan and different frequent flyer applications for premium flights
- Limitless airport lounge entry for you and one visitor at Precedence Cross, Plaza Premium, Centurion, and different lounges
- Credit and rebates for every day bills all year long with Amex Gives
- Bonus MR factors for referring household and pals
- Annual price: $799
At our present valuation, 70,000 Membership Rewards factors are value $1,540 (1 MR level = 2.2 cents), making signing up virtually a no brainer.
Moreover, you possibly can doubtlessly get an excellent increased worth out of these factors by transferring them to an airline accomplice.
By transferring your 70,000 factors to a partnered airline loyalty program like Aeroplan, British Airways Government Membership, or Air France KLM Flying Blue, you may take pleasure in a redemption like one the next examples:
- A one-way flight in enterprise class from wherever in Canada to South America, or from the West Coast to Japan with Aeroplan
- A round-trip enterprise class between the US East Coast and Madrid on Iberia with British Airways Government Membership
- A one-way enterprise class from main cities in North America to wherever in Europe with Air France KLM Flying Blue
Nevertheless, do remember the fact that the welcome bonus comes with a fairly steep minimal spend requirement of $10,000 in three months. For many households, this could be troublesome, particularly provided that American Categorical isn’t accepted in every single place.
That mentioned, this degree of spend is doable in case you have an impending giant buy, comparable to a renovation or a marriage. Alternatively, you may pay your hire with the cardboard through the use of a service like Chexy (in case your landlord is eligible), and this might make a giant dent within the spending requirement.
As a further bonus, you possibly can earn one other 30,000 factors by holding the cardboard into the second 12 months and making a purchase order between months 14 and 17 of card membership.
These further 30,000 factors are value $660 in keeping with our valuation, and this alone already covers three quarters of the annual price for the second 12 months!
In all, with the welcome bonus alone, the American Categorical Platinum Card is value making use of for and maintaining for the second 12 months
Recurring Credit
The American Categorical Platinum Card has three recurring credit, as follows:
You’ll have entry to those credit after you’ve been accredited for the Platinum Card and as you renew it for subsequent years. Bear in mind, nonetheless, that these credit aren’t a carte blanche; they arrive with a laundry listing of phrases and circumstances.
The $200 annual journey credit score can solely be used on journey booked with Amex’s in-house journey company, however you’re free to apply it to any journey product obtainable on the web site or over the cellphone, together with flights.
The $200 annual eating credit score is completely obtainable for use at a restaurant chosen from a listing curated by Amex primarily based on Canada’s High 100 Eating places.
The notable draw back to this restriction is that you simply’ll be hard-pressed to seek out an eligible restaurant in case you dwell removed from Canada’s larger cities like Toronto and Vancouver.
The third recurring credit score is fairly easy. You need to use the NEXUS credit score to offset the price of NEXUS purposes. Nevertheless, you’ll wish to remember the fact that the credit score solely recurs as soon as each 4 years.
Now, if you may make use of the journey and eating credit yearly, your “internet value” for the cardboard will successfully go right down to $399 with out even bearing in mind the welcome bonus mentioned above.
Amex Gives
One other characteristic of the American Categorical Platinum Card that will justify its price is Amex Gives.
With Amex Gives, purchases with accomplice retailers are incentivized with assertion credit, Membership Rewards factors, or reductions. Many of those affords may end up in substantial financial savings, typically within the tons of of {dollars}.
Current Amex Gives embrace assertion credit with United Airways, Air France/KLM, Shangri-La Motels and Resorts, Marriott Bonvoy-affiliated properties in Canada, and Fairmont accommodations in Canada.
Some affords are unique to Platinum cardholders, however many focused affords seem on the American Categorical card that you simply’re presently utilizing most steadily, or on the one Amex card you will have.
Thus, in case you’re holding multiple Amex card, you won’t essentially get particular Amex Gives in your Platinum Card.
Extra importantly, Amex Gives are focused primarily based in your spending patterns, so that they’re not the identical throughout all cardholders, and you’ll’t rely on them to constantly offset the price of your Platinum Card.
Lounge Entry
Airport lounge entry is among the most compelling options of the American Categorical Platinum Card for the reason that card offers limitless entry for the cardholder plus one visitor.
The lounge entry offered by the Amex Platinum is offered worldwide, largely by the Precedence Cross community, which affords 1,500+ lounges.
The money value of a single entry to a Precedence Cross lounge is $35 per particular person per go to, so the worth of limitless entry can add up.
As an American Categorical Platinum cardholder, you additionally get entry to Amex’s personal Centurion Lounges, which supply gourmand eating and handcrafted cocktails. Centurion Lounges are largely obtainable within the US, however they’re additionally obtainable in cities like Sao Paulo and Hong Kong.
Lounge entry may also justify supplementary playing cards for $250 a chunk, since supplementary cardholders additionally get limitless entry to lounges for themselves plus their very own visitor.
Nevertheless, limitless lounge entry is simply nice in case you have frequent use for it. For instance, in case you fly financial system for work otherwise you fly low-cost carriers as a digital nomad, you’ll discover it actually useful.
Comparatively, in case you fly enterprise class a number of occasions a 12 months and have lounge entry included together with your ticket, then limitless lounge entry isn’t a compelling purpose to carry the Platinum Card.
Computerized Resort Standing
With the American Categorical Platinum Card, you’ll obtain two resort statuses mechanically: Marriott Bonvoy Gold Elite and Hilton Honors Gold Elite.
After receiving the cardboard, you possibly can log into your Amex account and discover the choice to hyperlink your Marriott and Hilton accounts and improve your standing instantly. You’ll retain these elite statuses so long as you maintain the cardboard.
Marriott Bonvoy Gold Elite offers you potential upgrades and, extra importantly, 2pm late check-out, whereas Hilton Honors Gold Elite will get you potential upgrades, plus a every day meals and beverage credit score or free continental breakfast, relying on the property.
Frankly, these statuses aren’t top-tier by any means; nonetheless, they’re nonetheless good to have, particularly in case you can’t earn them by holding one other bank card or with natural resort stays.
Different Advantages
Other than the most important options mentioned above, the American Categorical Platinum Card affords a bevy of different advantages.
Wonderful Insurance coverage Advantages
The American Categorical Platinum Card affords among the many strongest bank card insurance coverage advantages within the sport.
As an American Categorical Platinum cardholder, you’ll take pleasure in the next protections:
- Emergency journey medical insurance coverage of as much as $5 million, masking you and your dependents for the primary 15 days of your journey, no matter whether or not or not you charged your journey to your Platinum Card
- Journey cancellation insurance coverage of as much as a most of $5,000, reimbursing you for the non-refundable journey prices you made, in case of unexpected circumstances, comparable to an emergency medical situation, demise within the household, and authorities advisories
- Flight delay insurance coverage of as much as $1,000, masking your lodging and meals in case your flight will get delayed by not less than 4 hours
- Buy safety protection that covers unintentional bodily harm or theft, plus an extension to the producer’s guarantee for one 12 months
Platinum Card Concierge
With the Platinum Card Concierge, you get assist with restaurant reservations, shopping for occasion tickets, and different duties, sometimes with out further value to you.
You may discover this service helpful as you navigate a brand new metropolis, or in case you’re attempting to attain a coveted restaurant reservation.
Centurion New York Reservations
A less-publicized good thing about the Platinum Card is the flexibility to make reservations at Centurion New York, a fine-dining restaurant perched atop One Vanderbilt in Manhattan.
Menus are created by Michelin-starred chef Daniel Boloud, and the costs are affordable by Manhattan requirements.
This unique restaurant is simply open to holders of the Platinum Card and the Centurion Card. You may name the Platinum Concierge to make a reservation.
Entry to Resort Collections
The American Categorical Platinum Card offers you entry to 2 resort collections:
- Superb Motels + Resorts: Luxurious properties that present every day breakfast for 2, assured 4pm late check-out, 12pm early check-in, potential room upgrades, and $100 (USD) distinctive property credit score (e.g., for the spa or restaurant) per keep.
- The Resort Assortment: Premium properties that give $100 (USD) expertise credit score (e.g., for the spa or restaurant), plus potential room upgrades.
The Superb Motels + Resorts assortment is unique to holders of the Platinum Card and the Centurion Card.
American Categorical Experiences and Amex Entrance of the Line
American Categorical Experiences offers unique entry and advantages to among the greatest leisure and occasions.
Moreover, Amex Entrance of the Line offers entry to presale tickets for among the most in-demand live shows, theatre productions, and particular occasions, usually earlier than most people will get entry.
So Is the Amex Platinum Nonetheless Price It in 2024?
Should you’re pondering of making use of for the American Categorical Platinum Card, you positively ought to so long as you possibly can fulfill the minimal spend requirement for the welcome bonus. In any case, the 70,000-point welcome bonus, value $1,540 by our valuation, greater than pays for the cardboard.
You must also hold the cardboard for the second 12 months, for the reason that second tranche of the welcome bonus (30,000 factors value $660) simply offsets greater than three quarters of the price of the cardboard’s annual price.
The query of whether or not it is best to hold the cardboard for subsequent years previous the primary two is extra advanced.
If you need to use the $200 annual journey credit score and $200 annual eating credit score, you’ll carry the “internet value” of the cardboard right down to $399.
Now, this remaining value of $399 could also be justified by the advantages offered by the Amex Platinum that we’ve mentioned above.
Sadly, in contrast to the US-issued American Categorical Platinum Card, the Canadian Platinum Card doesn’t include extra recurring credit to carry down the online value of the cardboard additional.
Moreover, the possibly profitable Amex Gives aren’t assured, and for lots of the affords, they might present up with an Amex card aside from the Platinum Card.
Thus, the factor that would justify holding the Platinum Card for a few years is, in a single phrase, entry.
With the Platinum Card, you get entry to airport lounges around the globe, entry to resort standing, and entry to different unique advantages just like the Platinum Card Concierge, Superb + Motels Resorts, Centurion New York, and Amex Entrance of the Line.
Should you worth entry – and the standing image of holding the metallic Platinum Card – then it is best to hold the cardboard in your pockets 12 months after 12 months.
Conclusion
The American Categorical Platinum Card is now the costliest publicly-available bank card in Canada, commanding a $799 annual price.
The improve to the annual price, which took impact in 2023, made many individuals marvel if the cardboard was nonetheless value making use of for or maintaining in subsequent years.
Hopefully, in breaking down the cardboard’s advantages above, we’ve helped you make an knowledgeable resolution on whether or not to use for, hold, or cancel the American Categorical Platinum Card.
