AMEX, as it is popularly referred to, is the AmericanExpress credit card in Canada. The AmericanExpress Platinum card is one of the best credit cards in Canada, with an annual fee of $120, you get a 50,000 point welcome bonus. The AmericanExpress Platinum card generally offers great value-for-money.
This card is the best for people who travel a lot; despite high annual fees, the travel benefits make up for it. AmericanExpress Platinum Card only offers a once a lifetime sign up bonus, this means that if you are an existing cardholder, you will not receive another welcome bonus offer if you apply and are approved for the same card again.
All amounts indicated in this article are in Canadian dollars.
AmericanExpress Platinum Card Requirement
There are several factors put into consideration during the approval process, to be eligible for an AmericanExpress Platinum Card you must possess the following requirements:
- A good credit score
AmericanExpress Platinum Card uses Experian to check your credit history; it is always advisable to know your credit status before applying. Generally, to qualify for an AmericanExpress Platinum Card in Canada, you need an excellent credit score.
- Your Income
The AmericanExpress Platinum Card is surely a luxury card, as it charges an annual fee of $550. This card is aimed at heavy spenders; your income will be put into consideration before deeming you fit for this card, especially if your credit score is low.
Most holders of the card have a six-digit income, though the spending limit depends on your usual spending patterns. Keep an open mind; people with lower income may get approved for this card if they tick other requirements.
- Payment History
Your payment history tells a lot you, AMEX will check if you are a responsible card user or not. Your payment history will show if you make timely payment of your full balance.
- Credit Utilization
This is outstanding on your account compared to your overall limit. Generally, it is advisable to keep credit utilization beneath 30%. Anything higher than 30% means your income does not support your spending.
It’s great to apply for an AmericanExpress Platinum Card when you offset your balance on your other cards.
- Open Cards
If you have a lot of recently opened cards, it might lower your chances of getting approval for an AmericanExpress Platinum card in Canada. Several open cards indicate you are not responsible for your finance, or you open these cards for the bonuses attached to this.
Bear in mind that Amex has a limit to the number of Amex cards an individual can have. For now, the limit is 4 AMEX credit card and 4 Amex charge cards.
- Average Age of your Accounts
The AmericanExpress Platinum card is for users with a lot of experience handling credit cards. If your other accounts are still new, AMEX might not have enough details on how well you can handle finances.
Instead of closing down old accounts, leave them open, they can come in handy when applying for a new card.
- Existing Customer
If you are an existing customer, you could earn some extra points. It indicates that AMEX can entrust its credit card in your hands.
AmericanExpress Platinum Card Application Process
You can make your application online, the application process takes about ten minutes to complete. Start by visiting the AMEX official website, click on “Apply Now”. You’ll be required to input personal details like:
- Your full name
- Date of birth
- PAN Number
- Address details
- Email address
You can save and review the information you provided before submitting it. After submission, you’ll receive a confirmation that your application has been received by AMEX. Note that you’ll be required to send AMEX the necessary documents to prove your legal status and identity.
AmericanExpress Platinum Card Approval
Your application status will be sent to you within 15 business days from the date of receipt of the application if you provided the necessary details and documents.
In cases where AMEX didn’t get the necessary document, AMEX will notify you of your application status within 90 days from the receipt of the application. Anything outside this time frame, the application will not be processed.
Always ensure you provide all required documents and details to avoid stalling your application process.
AmericanExpress Platinum Card Online Activation
After approval, your AMEX Platinum credit card will be sent to you in 7-10 days. It will be enclosed in a white envelope that has the AMEX logo with an Omaha, NE return address.
Once you receive your card, you can confirm you’ve received your card online, and activate it. Also, you can set up your online account, with your online account; you can manage your preferences, make payment and register in features like online alerts.
If you don’t receive your credit card after 10 days, you can contact AMEX on 1-800-297-8500.
Perks Of AmericanExpress Platinum Credit Card
The AMEX Platinum card is the only credit card in Canada that gives the holder a Priority Pass Membership with unlimited visits and one extra guest for free. This card comes with several benefits, such as:
- 60,000 Signup Points
After spending $5,000 on purchases on your new AMEX Platinum credit card in the first 3 months, you automatically earn 60,000 points. You can use these points to procure tickets via AMEX’s “pay with points” option. You can also use your sign up points at a hotel loyalty partner program like Hilton or a frequent flyer partner program like Delta and JetBlue.
- Universal Airport Lounge Access
With this card, you have access to the American Express Global Lounge Collection with complimentary access to 5 airport lounge networks, which includes the American Express International Lounges, Airspace Lounges, Delta Sky Club Lounges, and the Centurion Lounges.
With this card, you are open to numerous membership reward points. Earn 1 point per $1 spent on every eligible purchase. Earn 5x points for flights booked directly with airlines or with AMEX Travel. Get 5x points on prepared hotels booked on amextravel.com.
Earn 3 points per $1 spent on dining and 2 points per $1 spent on travel.
You can redeem your points for any rewards like hotel stays, merchandise, and airline tickets. You can also transfer your Membership Reward Points to several traveler programs like Hilton, JetBlue, and Delta.
- A $200 annual travel credit
You can save money when flying with your AMEX Platinum credit card; you get $200 travel credit yearly. To get the statement, you must register and choose one qualifying airline. The $200 credit help cover incidental fees like:
- Phone reservation fees
- In-flight refreshments
- Change fees
- Seat assignment fees
- Airport lounge day passes
- Overweight baggage fees
Other perks of the AMEX Platinum credit card include:
- A sleek metal card
- 50,000 MR points
- Buyer’s assurance
- Hotel status upgrades
- 10,000 MR after 6 months when using a referral link
- Travel medical insurance
- Purchase protection
- Platinum hotel membership
Redeeming Your AmericanExpress Platinum Card Points
With the AMEX Platinum Card, you earn American Express Membership Rewards which you can redeem. You can redeem your points acquired towards a statement credit for any of your travel purchases that are equivalent to your point. You can convert this if you booked your trip with your AMEX Platinum Canada card.
The good news is that your 60,000 sign up bonus is worth $600. To earn more points, you can book your trip via the American Express fixed points travel program where you can redeem a flight up to a stipulated amount of dollars for a fixed amount of points.
What makes the Membership Rewards points outstanding is that you can transfer your points to different partners. For example, you can transfer your membership reward points to Aeroplan at a 1:1 ratio. Hence, you would have 60,000 Aeroplan points which can book two round-trip tickets to anywhere in Canada and the U.S.
Also, you can transfer your Membership Reward Points to Marriott at a 1:12 ratio, which means your signup bonus of 60,000 points is worth 72,000 Marriott Reward Points. These points can earn you 5 free nights at a category 3 hotel.
Your Member Reward Points can also be used to offset any purchase, although the ratio is only 1,000 MR points, which is equivalent to $7 statement credit.
AmericanExpress Platinum Card Annual Fees Waiver
AMEX does not waive its annual fees, though you might be offered a statement credit to help pay the cost of the annual fees. You will lose your AMEX Membership Rewards points if you do not make timely payment of your whole statement.
Also, you will no longer be able to pay a fee to restore points after a late payment. Note that your other AMEX charge cards might be affected if you do not make timely payment of your full statement.
AmericanExpress Platinum Credit Card Limit
AMEX has no pre-set credit limit, though that is not a freedom to unlimited purchasing power. It simply means, once you are deemed eligible for this card, you won’t need a credit limit.
Canceling Your AmericanExpress Platinum Credit Card
You can cancel your AMEX Platinum credit card within 30 days of receiving your statement containing your annual fee. If you cancel during this period, you can get a full refund. If otherwise, AMEX does not refund annual fees if you cancel after 30 days to cancel.