American Express Platinum Card | Compare & Review

American Express Platinum Card

My monthly spend: 
$5,000
 
Offer
Card features
Rewards program
Earn rate
Sign up bonus
Points earned
American Express Platinum Card
Receive up to 80,000 Membership Rewards Bonus Points when you apply online, are approved and spend $3,000 in the first 3 months.
Receive a $450 Platinum Travel Credit each year, which can be redeemed for flights, hotels or car hire.
Complimentary access for you and a guest to over 1,200 Airport lounges across 130 countries.
Add to comparison
Membership Rewards Ascent Premium
Membership Rewards Ascent Premium
2.25 pts
per $1 spent
80,000
points
after spend criteria

Pros & cons

What's good?

What's not so good?

Receive up to 80,000 Membership Rewards Bonus Points when you apply online, are approved and spend $3,000 in the first 3 months.
Receive a $450 Platinum Travel Credit each year, which can be redeemed for flights, hotels or car hire.
Platinum benefits including a metal card right out of the box.
Complimentary access for you and a guest to over 1,200 Airport lounges across 130 countries.
Complimentary Accor Plus membership valued at $395 p.a. With over 800 hotels in 18 countries across the Asia Pacific Region.
Platinum Card Member Insurance Covers up to 4 Additional Card Members when you book and pay for a return trip with your Platinum Card or Membership Reward Points.
Earn 2.25 points per $1 spent on all purchases except for spend with government bodies, where you will earn 1 point per $1 spent.
Smartphone Screen Insurance for up to $500 for screen repairs when you pay for your phone or contract with this card.
The $1,450 p.a. annual fee might be off-putting if you don’t think you’ll use all of the Platinum level benefits that come with the card.
You won’t qualify for the bonus points if you have held any kind of Amex card in the previous 18 months.

For existing Platinum Card Members: you can call the number on the back of your current card to request your metal card.
Transfer rate applies to Velocity, KrisFlyer and Skyward Mile programs, while the Air NZ transfer rate is 200 Membership Rewards Points to 1 Airpoint Dollar.

Disclaimer (2): Reviews rely upon third party information that may not be correct or may be changed without Credit Card Compare’s knowledge. You must carefully consider your own circumstances before making any commitments and confirm all offers and terms with credit card providers before accepting them. Please refer to our T&Cs for more.

Our review

Our review of the American Express Platinum CardReviewed by Yvonne Taylor

Almost anyone can have a credit card. But not just anyone can have an American Express Platinum Card. For a start there’s a minimum income requirement of $100,000 a year. Then there’s the $1,450 annual fee, which may deter even some high income earners. But once you jump over those two hurdles, you enter a world of prestige and privilege with a seemingly endless list of benefits. Amex have bent over backwards to make you feel special.

A charge card, not a credit card

This is not a credit card, so there’s no messing about with interest rates and balance transfer options. There’s no effective interest rate because there’s no minimum payment opportunity. You will be required to pay off the total amount of your purchases on the card each month, so don’t choose this card unless you are willing and able to do so. But because of the monthly billing cycle, you will in fact get up to 44 days credit each month, interest free. Up to four supplementary cardholders can be included in your account without paying additional annual fees.

Great rewards program and potential for 80,000 bonus points

One of the best things about this card is the membership of the American Express Ascent Premium Membership Rewards program, the highest level available for an Amex personal card. And by spending just $3,000 in the first three months of holding the card, you will earn 80,000 bonus points. It would be a great kickstart to points earning for Amex first-timers, and you could even make an early redemption for a substantial item.

You won’t qualify for the bonus points if you have held an Amex card (other than a bank-issued companion card) in the previous 18 months.

Lots of points redemption options

The lower levels of Amex Membership Rewards don’t allow you to transfer your points to the Qantas Frequent Flyer program, but as an Ascent Premium member, you will be able to do this. You can transfer your points to the Qantas frequent flyer program on a 2:1 basis, so those 80,000 bonus points could be redeemed for 40,000 Qantas Points. That’s enough for a return Business Class flight between Sydney and Melbourne or Brisbane (36,800 points) with 3,200 points left over – almost enough for a $20 Netflix digital gift card from the Qantas rewards store.

There’s a total of ten airline points programs to which you can transfer your Amex Ascent Premium points on a 2:1 basis: Qantas Frequent Flyer, Virgin Australia Velocity Frequent Flyer, Emirates Skywards, Etihad Guest, Virgin Atlantic Flying Club, Singapore Airlines KrisFlyer, Air New Zealand Airpoints, Thai Royal Orchid Plus, Malaysia Airlines Enrich and Cathay Pacific Asia Miles. Points can also be transferred to two ‘Frequent Guest’ programs: Hilton Honors and Marriott Bonvoy.

Alternatively, you could use the points for other forms of travel through the Amex Platinum travel service, to shop at David Jones online, for gift cards to use at major retailers, or convert them into cash credit against your card account balance.

Easy-to-understand points earning system

The points earning system for this card is quite simple and very rewarding:

  • 2.25 points on all purchases, except
  • 1.0 points on spending with government bodies

There’s no pints threshold or cap, and points never expire as long as your card account is current and in good standing.

Valuable travel benefits

Amex knows that prestige cardholders are regular travellers, so there is a long, long list of tempting built-in travel and entertainment benefits:

  • Every year you get a $450 Platinum Travel Credit, redeemable against airline, car hire and hotel bookings for yourself or anyone else you choose.
  • Complimentary access to American Express Global Lounge Collection. Over 1,200 lounges in more than 130 countries, including Centurion, Priority Pass, American Express, Virgin Australia, Delta Sky Club and Plaza Premium airport lounges, for the primary cardholder, and in most cases one supplementary cardholder and one or more guests.
  • Complimentary enrolment into the elite tier of Radisson, Marriott, Shangri-La and Hilton hotels.
  • Membership of Fine Hotel & Resorts program, providing upgrades, complimentary benefits and preferential treatment at luxury hotels worldwide, when booked through the Platinum Travel Service. Amex estimates this to be worth more than $700 per year.
  • Complimentary access to Accor Plus membership, valued at $395 per year, for 800+ hotels in the Asia-Pacific region.
  • Membership of the Platinum International Airline Program, offering up to 20% discount on first and business class fares with leading airlines.
  • Platinum Concierge Service and American Express Invites, for recommendations, bookings and exclusive discounts and privileges at restaurants, entertainment and sporting events. For platinum cardholders this includes access to events and experiences not generally available, such as special wine dinners, drive days, fashion shows, theatrical previews, VIP functions and major sporting events.
  • Complimentary worldwide travel insurance and purchase protection.

More details about the free insurance cover

As you would expect with a card of this high status, there’s a host of built-in insurance policies with above-average features.

  • Comprehensive travel insurance cover at a superior level, including medical emergency expenses, repatriation if necessary, hijack and kidnap cover, baggage, money and documents cover, loss of income cover and cancellation cover. Travel insurance cover is extended to up to four supplementary cardholders, when return fares are paid for with the card or Membership Rewards points.
  • Travel inconvenience cover for delays, missed connections and luggage problems.
  • Transport accident cover for when you travel on public transport, including waiver of your card account balance if you suffer a transport accident.
  • Loss and damage waiver cover for car rental of up to AUD125,000.
  • Buyer’s advantage, which extends manufacturer’s warranty by up to 12 months (but note that it excludes toys, electronic games and motor vehicles).
  • 90 days purchase protection against loss, theft or damage for items bought with the card.
  • 90 days refund protection cover if a retailer refuses to accept a return of an unused item purchased with the card.
  • Smartphone screen insurance for up to $500 in screen repairs, for phones purchased with the card.
  • Platinum Assistance Services, providing legal assistance, roadside assistance and home assistance in emergency situations.

As you would expect, the travel insurance cover is activated by paying the full fare for your trip with your card. But you can also activate it by paying the fare with Amex Membership Rewards points, or with any type of rewards or frequent flyer points provided you use your card to pay the associated taxes and surcharges for the booking. Also, if you can prove that the travel merchant would not accept Amex cards, meaning that you had to use another means of payment for your fare, you’re still covered.

The insurance cover provided with this card leaves almost nothing to chance and is extremely generous in many of its provisions, appropriate to the probable high-end lifestyle of the typical cardholder.

Even more benefits

The card’s privileges don’t stop at travel benefits. They also include:

  • Complimentary Australian Financial Review digital subscription currently worth $628 per year.
  • Eligibility for use with Apple Pay, Samsung Pay and Google Pay.
  • Online Fraud Protection Guarantee giving you confidence that you won’t be held responsible for unauthorised charges.
  • Dedicated Platinum Card Services giving you priority assistance with account enquiries, points redemption, additional cards or emergency replacement cards.

Is there any competition?

This card is really in a class of its own because of the high rewards earning rate, the flexibility to transfer to other reward schemes (including, particularly, Qantas Frequent Flyer) and the truly valuable complimentary travel, insurance and other benefits. But if the $1,450 annual fee is just too much, you could take a look at other high income cards, such as the ANZ Frequent Flyer Black Credit Card, the Westpac Altitude Black Credit Card or the Citi Prestige Card.

Why should I want this card?

If you’re a well-heeled frequent traveller who likes to enjoy life’s luxuries as well as the peace of mind provided by exceptional travel and purchase insurance cover, the $1,450 fee should not be too difficult to justify, especially in the first year when the 80,000 bonus points easily cover the fee if used to their maximum advantage to purchase Business Class flights or even First Class upgrades.

Disclaimer: Reviews rely upon third party information that may not be correct or may be changed without Credit Card Compare’s knowledge. You must carefully consider your own circumstances before making any commitments and confirm all offers and terms with credit card providers before accepting them. Please refer to our T&Cs for more.

User reviews

4.2 out of 5.0 based on 16 reviews94% of reviewers would recommend this card

Rates and fees
Rewards
Customer service
Convenience
Trust

Reviews from users

Great for travel insurance

Reviewed and recommended by Katie on 01 May 2017

This card is great because it includes free travel insurance, which I used when I was overseas for six months, and it saved me so much money.

I love the rewards, but it’s a shame that it’s not accepted everywhere, and where it is accepted there is often a surcharge.

It's good, but I can't use it everywhere

Reviewed and recommended by Callum on 28 Apr 2017

I like the card but wish I could use it more often and get more points. And I know it sounds stupid, but it would be nice if they made the cards look more attractive. That way I would be obliged to put it in my wallet and keep it there, instead of losing it every few months.

Not a lot of shops take AmEx, or they add on a fee

Reviewed and not recommended by Linda on 07 Jan 2017

Great card, just not a lot of stores accept them. When you do go to use them they also charge a fee at petrol stations, etc. I do use mine for grocery shopping every now and then at Woolworths — I get $20 off which is great. It would be a better card if it was accepted in a lot more places.

Best card I have ever used

Reviewed and recommended by Harpreet on 09 Dec 2016

This card is the best card I have ever used. It gets accepted pretty much anywhere, in Australia or overseas.

There are very attractive rewards for frequent flyers, and customer service is the best in the business. There are great security features attached to it.

i use it for daily expenses, booking and buying stuff online, and over-the-phone transactions.

Earned enough points for two overseas flights

Reviewed and recommended by Bianca on 29 Sep 2016

There are great rewards, the staff are very helpful, and I have never had any issues with the card. I have managed to save enough points to fly myself and my partner overseas and back.

I have no complaints at all. I love the trust of the company and wouldn’t go with any other one.

Great offers

Reviewed and recommended by Mike on 24 Sep 2016

I love this card. Great offers can be saved to the card. Fees are reasonable, but often they give a loyalty bonus around renewal times (if you ask).

When I contact them, I always receive excellent customer service, day and night. The online and app access are good also. Overall, a great deal.

Great product for a busy and luxury lifestyle

Reviewed and recommended by Bingxuan on 13 Jul 2016

Apart from the $1,200 annual fee, this card is a great product for a luxury lifestyle. It has access to a wide range of worldwide airport lounges, complimentary insurance coverage, complimentary elite hotel and car rental memberships, and an annual domestic return flight on Virgin Australia. This card is a charge card, which works well only if you repay your full balances every month.

One of the best in the world

Reviewed and recommended by Michael on 02 Jul 2016

I don’t really like credit cards much, but having the Platinum American Express credit card is rewarding. It has great rewards, an excellent app, and is even compatible with Apple Pay. It definitely destroys all the other credit card companies.

The downside is that the credit card is a bit expensive and not all places accept it, but it is always my first choice by far.

Great for earning extra Qantas points

Reviewed and recommended by Neil on 01 Jul 2016

This card earns triple points at supermarkets and double points for fuel and purchases with Qantas—it’s great when planning overseas trips for travel bookings. You can use these points to upgrade to Premium Economy and Business Class and for basically no added cost. The team at American Express are great to deal with and always provide great customer service.

Simple

Reviewed and recommended by Steven on 26 Jun 2016

Simple and easy to use, stress-free with maximum rewards.

I get double points for every dollar spent and the benefits and rewards accumulate quickly, so you can purchase anything, within your points limit, until your heart’s content. With fifty five days to pay your credit card back, interest-free, the American Express Platinum Card, makes life less complicated and care-free.

Show 6 more reviews
Disclaimer: The opinions expressed about credit cards are the reviewer's alone, and do not reflect the views of Credit Card Compare or the credit card issuer. Reviews have not been approved or otherwise endorsed by Credit Card Compare.

The basics

About this card

Card setup
Single
Card tier
Platinum
Card type
American Express
Card use
Personal
Credit rating
No bad credit history
Gambling transactions allowed
No
Joint application
N/A
Minimum age
18 years old
Minimum income
$100,000
Minimum income for pensioners
N/A
Pensioners
N/A
Rewards program
Membership Rewards Ascent Premium
Temporary residents
N/A

Cardholders

Additional cardholders
4
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
N/A
Maximum credit limit
N/A

Repayments

Interest charged from
Statement date
Interest free period
Up to 44 days on purchases
Minimum repayment
100%

Rates & fees

Ongoing interest rates

MonthlyAnnually
Cash advances N/A N/A
Purchases N/A N/A

Fees

Annual fee
$1,450 p.a.
Cash advance fee
N/A
Dishonour fee
$6
Duplicate statement fee
$7
Foreign exchange fee
3%
Late payment fee
$20 or 3%, whichever is greater
Over limit fee
$0
Overseas ATM balance fee
N/A
Overseas ATM withdrawal fee
N/A
Overseas emergency card replacement fee
$0
Transaction verification fee
$0

Rewards & points

Rewards program basics

First purchase bonus
80,000 points
Reward points expiry
Never as long as you keep your account active
Rewards program
Membership Rewards Ascent Premium
Spend required for bonus points
$3,000 in the first 3 months

Earning points with this card

Frequent flyer points
1.125 pts per $1 spent
Overseas earn rate
2.25 pts per $1 spent
Points cap per month
Unlimited
Points cap per year
Unlimited
Points earned on ATO payments
1 pts per $1 spent
Reward points
2.25 pts per $1 spent

Additional benefits

Airport lounge access
Yes
Complimentary flight voucher
No
Concierge service
Yes

Minimum criteria for this card

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
Earn a regular income of more than $100,000 per year
Have no history of bad credit
You have your personal details ready to complete the online application
Have not applied for multiple credit cards recently
Disclaimer: The minimum criteria are intended only to be a guide. Your application may still be rejected by the bank even if you can answer 'Yes' to all the minimum criteria. The final decision regarding your application is up to the bank.

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