Win 1 Million Velocity Frequent Flyer Points

100% unbiased and honest reviews made for you by a qualified and independent accountant

we compare every major bank and a lot of the smaller ones too

American Express Platinum Card

My monthly spend: 
$5,000
 
offer
card features
rewards program
earn rate
sign up bonus
your earnings
American Express Platinum Card
APPLY BY 01 may 17
16 reviews
100,000 Rewards Points when you apply by 1st May 2017, be approved and spend $1,500 in the first three 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
100,000
points
after spend criteria

Pros & cons

What's good?

What's not so good?

100,000 Rewards Points when you apply by 1st May 2017, be approved and spend $1,500 in the first three 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 Charge 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. American Express 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 on purchases credit each month. Up to four supplementary cardholders can be included in your account without paying additional annual fees.

Great rewards program and 100,000 bonus points

One of the best things about this card is the membership of the American Express Ascent Premium Membership Rewards program. And, when you spend more than $1500 in the first three months of holding the card, you’ll receive 100,000 points to kickstart your points earning and even let you make an early redemption if you wish. You can transfer your points to the Qantas Frequent Flyer program on a 1:1 basis, so those 100,000 points alone could be redeemed for five Qantas business class flights between Sydney and Melbourne (worth a total of around $3,750, less fees and charges). You won’t qualify for the bonus points if you have held any kind of AmEx card in the previous 18 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 three ‘Frequent Guest’ programs: Hilton HHonors, Starwood Preferred Guest and Priority Club Rewards. Alternatively, you could use the points for other forms of travel through the AmEx Platinum travel service, 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, including, for example, 16 in the Sydney CBD
  • 2 points per dollar spent with airlines, accommodation, major cruise lines and tour operators, and leading advertising, media, computer equipment supply, courier and freight companies
  • 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

But note that the number of points you can earn at the 3 and 2 points per dollar rate is capped. That is, once you have earned a total of 300,000 points in any year, from all sources, the earning rate drops to 1 point per dollar for all suppliers (except utilities &c, which remain at 0.5 points).

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:

  • Complimentary Priority Pass airport lounge membership, for primary cardholder plus one supplementary cardholder.
  • 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.
  • 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 reward points.
  • 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 AUD $125,000.
  • 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.

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 generous in many of its provisions, appropriate to the probable high-end lifestyle of the typical cardholder.

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 and the truly valuable complimentary travel and insurance benefits. But if the $1,200 p.a. 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 ($495 annual fee) or the Westpac Altitude Black Credit Card ($395 annual fee).

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. should not be too difficult to justify, especially in the first year when the 100,000 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

4.2 out of 5.0 based on 16 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.

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.

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

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
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
100,000 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

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
Age Pension, Disability Pension, Overseas Pension, Veteran's Pension and Widower's Pension are acceptable.
Austudy, Carer's Allowance, Child Support Payments, Family Tax Benefits and Parenting Payments, Foster Care Allowance and Youth Allowance are acceptable.
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.

Similar cards

More cards like this one

This card is listed in these comparisons

Still need help? Ask us a question

Fire away
We welcome your questions but we cannot help if you need personal financial advice or if have lost your card or need to resolve a dispute with your bank.
as seen in
Win 1 Million Velocity Frequent Flyer Points
ENTER FOR YOUR CHANCE TO WIN