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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 $3,000 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:
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:
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.
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.
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.
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 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 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.
I decided to go with American Express and even though it isn’t accepted in a few stores, it’s becoming more widely accepted. The rewards are amazing, with an option to pay some of your debt off using the points accumulated for spend. I think other banks and credit providers should also do this, as it does help with repayments.
Fantastic card – but some places don’t except it still. The sad part is that the reward program changed from buying items from AMEX direct to buying gift cards / vouchers for a small number of businesses, which I don’t think is as good a system… :-( (Hope this will change in the near future)
This card is quite expensive on the yearly fees but offers a free flight every year in Australia plus many points for purchases that may be used for other materialistic hedonism or accumulated for further flights. The company personnel are always very helpful. The trick is to pay it off every month and it keeps a record of your expenses and donations. Some merchants like to charge extra for this card – if that’s the case I don’t use it, as that’s not cost effective.
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.
Lots of stores do not accept and a surcharge often applies – have another for when this happens. Generally no other problems and offers a good points earn rate when using. Limits can be easily added and services always been good when dealing with issues. Thanks for listening AmEx!
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.
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.
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.
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.
American Express Platinum Travel credit
Cardholder gets $300 American Express Platinum Travel credit each year to redeem for flights, car hire, and accommodation.
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.
Interstate flight inconvenience insurance
Valuation based on similar domestic travel insurance policies available online that include interstate flight inconvenience.
Overseas travel insurance
Valuation based on similar annual travel insurance policies available online for trips of up to 60 days.
Valuation based on similar roadside assistance insurance policies available online.
Transit accident insurance
Valuation based on similar global transit accident insurance policies available online.
|Total estimated value||$1,697|
|Net customer value||$497|