American Express Platinum Card

My monthly spend: 
$5,000
 
offer
card features
rewards program
earn rate
sign up bonus
your earnings
80,000 points when you apply online, are approved and spend $1,500 in the first 3 months.
Enjoy world-class concierge service and access to 1000 VIP lounges.
Benefit from up to 3 points per $1 spent, transferable to a choice of 10 leading airline programs.
Add to comparison
Membership Rewards Ascent Premium
Membership Rewards Ascent Premium
1 pt
per $1 spent
80,000
points
after spend criteria

Pros & cons

What's good?

What's not so good?

80,000 points when you apply online, are approved and spend $1,500 in the first 3 months.
Receive a $300 Platinum Travel Credit each year, which can be redeemed for airfares, car hire or hotel bookings.
Earn points at a faster rate on overseas spending and select restaurants.
International travel insurance.
Dedicated 24/7 platinum travel concierge service.
A host of platinum level benefits.
The $1,200 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.

Review

Our review of the American Express Platinum Card

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 $1,200 p.a. 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.

Great rewards program and 80,000 points

One of the best things about this card is the membership of the American Express Membership Rewards Ascent Premium program, the highest level available. And, when you spend at least $1,500 in 3 months of holding the card, you’ll receive 80,000 points to kickstart your points earning and even let you make an early redemption if you wish.

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 on a 1:1 basis, so those 80,000 points alone could be redeemed for three Qantas business class return flights between Sydney and Melbourne (worth a total of around $4,860, less fees and charges). You won’t qualify for the bonus points if you have held any kind of Amex card in the previous 12 months.

There’s a total of ten airline points programs to which you can transfer your Amex Ascent Premium points: 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 HHonors and Starwood Preferred Guest.

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.

Tiered points earning system

The tiered points earning system is a little complicated but extremely rewarding:

  • 3 points per dollar spent at a long list of selected Australian restaurants
  • 2 points per dollar spent with airlines and on accommodation
  • 2 points per dollar spent overseas, including online foreign currency transactions
  • 0.5 points per dollar spent on utilities, telecommunications, non-Amex insurance, and government bodies including the ATO and Australia Post
  • 1 point per dollar for all other purchases

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 $300 Platinum Travel Credit, redeemable against airline, car hire and hotel bookings for yourself or anyone else you choose.
  • Complimentary Priority Pass airport lounge membership, for primary cardholder plus one nominated supplementary cardholder. Both cardholders can bring a guest free of charge.
  • Cardholder and a guest are able to use Virgin Australia lounges whenever they fly with Virgin.
  • Access to American Express and Delta Sky Club lounges.
  • Complimentary enrolment into the elite tier of Club Carlson, Starwood Preferred Guest, Shangri-La Golden Circle and Hilton HHonors.
  • Access to the Platinum Travel Service, to get favourable rates on flights, hotel rooms and car rental. You can pay for your travel with your rewards points.
  • Upgrades and preferential treatment at luxury hotels worldwide, when booked through the Platinum Travel Service.
  • Membership of the Platinum Airline Privileges Program, offering up to 20% discount on first and business class fares with leading airlines.
  • A 'Platinum Fare Guarantee’, which means that, for a limited time, if you find a first or business class fare on selected airlines for a lower price, Amex will match it. The airlines in question are British Airways, Delta Air Lines, Etihad Airways, Emirates, Japan Airlines, LAN Airlines, Qatar Airways, Singapore Airlines, South African Airways and Virgin Australia.
  • Platinum Concierge Service and 'Platinum Taste’, for recommendations and bookings at restaurants, entertainment and sporting events.
  • Membership of Platinum’s 'by invitation only’ program, giving you 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 cover at an above-average rate.

  • 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 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.
  • 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 Membership Rewards Ascent Premium 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.

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 $1,200 p.a. fee should not be too difficult to justify, especially in the first year when the 80,000 points cover the fee several times over if used to their maximum advantage to purchase business class flights or even first class upgrades.

User reviews

4.1 out of 5.0 based on 18 reviews94% of reviewers would recommend this card.

Rates and fees
Rewards
Customer service
Convenience
Trust
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.

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.

Free flight and lounge passes more than cover fee

Reviewed and recommended by Anna on 06 Nov 2016

I recently obtained this credit card and so far it has been accepted at most places and I have earned all the points I was promised.

There is a yearly fee of approximately $340. However, you receive a complimentary domestic return flight every year, which covers the cost of the fee. There are also free Virgin lounge passes.

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.

Excellent benefits for frequent traveller

Reviewed and recommended by Boris on 18 Sep 2016

Great card with excellent benefits, especially for a frequent traveller. The unlimited spend amount, combined with the lounge access, included travel insurance cover and travel and concierge services make this an invaluable card for the frequent international traveller.

The only downside to the card from my perspective is the size of the annual fee.

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.

Show 8 more reviews

Basic details

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
No
Minimum age
18 years old
Minimum income
$100,000
Minimum income for pensioners
Same as standard
Pensioners
N/A
Rewards program
Membership Rewards Ascent Premium
Temporary residents
N/A

Cardholders

Additional cardholders
Unlimited
Additional card fee
$175 p.a.

Credit limits

Minimum credit limit
N/A
Maximum credit limit
$100,000

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
$1,200 p.a.
Cash advance fee
N/A
Dishonour fee
$6
Duplicate statement fee
$10
Foreign exchange fee
3%
Late payment fee
$6
Over limit fee
$15
Overseas ATM balance fee
$1.25
Overseas ATM withdrawal fee
$1.25
Overseas emergency card replacement fee
$0
Transaction verification fee
$0

Rewards

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
$1,500 in 3 months

Earning points with this card

ATO payment earns rewards
0.5 pts pts per $1 spent
Frequent flyer points
1 pt per $1 spent
Overseas earn rate
2 pts per $1 spent
Points cap per month
Unlimited
Points cap per year
Unlimited
Reward points
1 pt per $1 spent

Additional benefits

Airport lounge access
Yes
Complimentary flight voucher
No
Concierge service
Yes

Benefits

This card comes with benefits worth an estimated $1,697

ShoppingEstimated value
Extended warranty
Valuation based on the assumption of making a $250 claim once every 5 years. There is no retail market for all-encompassing extended warranty insurance covering more than one item, so no premium saving.
$50
Purchase protection
Valuation based on the assumption of making a $200 claim once every 5 years. There is no retail market for this type of insurance, so no premium saving.
$40
Refund cover if retailer refuses return
Most major retailers have 100% guaranteed returns, but not all do. Valuation assumes making a $100 claim once every 5 years.
$20
Travel
American Express Platinum Travel credit
Cardholder gets $300 American Express Platinum Travel credit each year to redeem for flights, car hire, and accommodation.
$300
Free night(s) at hotels
Valuation based on complimentary Accor Plus membership, which delivers one free night per year in Australian or Asia Pacific Hotels. Hotel standards vary, but $150 is a reasonable median price.
$150
Interstate flight inconvenience insurance
Valuation based on similar domestic travel insurance policies available online that include interstate flight inconvenience.
$290
Overseas travel insurance
Valuation based on similar annual travel insurance policies available online for trips of up to 60 days.
$627
Roadside assistance
Valuation based on similar roadside assistance insurance policies available online.
$70
Transit accident insurance
Valuation based on similar global transit accident insurance policies available online.
$150
Total estimated value$1,697
Annual fee$1,200
Net customer value$497
Disclaimer: Details of who, what, and where coverage applies to, as well as its duration and any coverage limitations will be listed in the credit card insurance product disclosure statement (PDS) on the card issuer's website. The names/labels of complimentary insurance products may differ from one issuer to another. Terms and conditions apply. Always check the insurance PDS when considering a financial product. Accurate as of 31st October 2015.

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
Joint applications are not allowed
Disclaimer: The minimum criteria pointers 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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