American Express · American Express · travel
Platinum Card
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Terms read from American Express's page on Oct 16, 2026.
Year 1, after fees
$541
Year 2+, after fees
−$159
every year after
3 years, after fees
$523
Break-even
Month 3
⚠ mostly first-year value
Earn rate by category
Points at 1.00¢ each (cash or statement credit); published range 1¢ to 2.2¢. Source: Amex Cobalt card page.
All values are after each card's annual or monthly fee, and foreign transaction fees when you set foreign spending. Additional-card fees and memberships some benefits need (such as Amazon Prime or Instacart+) aren't included.
Values for points and miles are estimates based on published redemption valuations; actual value depends on how you redeem.
On each spending preset
After fees; points at their cash value. "~" marks estimates.
| Spending | Year 1 | Year 2+ | 3 years | Break-even |
|---|---|---|---|---|
| Student ($985/mo) | −$499 | −$499 | −$1,198 | Never |
| Couple ($2,555/mo) | −$269 | −$269 | −$508 | Never |
| Family ($3,350/mo) | $541 | −$159 | $523 | Month 3 |
| Frequent traveller ($3,880/mo) | $719 | $19 | $1,056 | Month 3 |
| Big spender ($7,960/mo) | $1,292 | $592 | $2,777 | Month 2 |
Who it suits
- People who spend a lot on dining and flights, where it earns above its base rate.
Who should skip it
- Light spenders: on a student's $985 a month it doesn't earn back its $799 fee after year 1.
- Anyone keeping one card for years: most of its value on a family's spending comes in year 1.
- Average spenders: it only pays its way from year 2 on a big spender's budget.
- Spending abroad: 2.5% on every foreign-currency purchase.
Fees and rates
- Annual fee
- $799
- Additional card
- $250
- Foreign transaction fee
- 2.5%
Rewards
- 2x on dining and food delivery in Canada
- 2x on travel
- 1x on everything else
Credits, as counted
- Annual travel credit: $200 a year80% used
Eligibility and availability
- Income
- None published
- Provinces
- All (no restriction stated)
Published requirements only. We don't estimate approval odds.
Assumptions
- Point value: American Express Membership Rewards (Canada) points at 1.00 cents each: no redemption style chosen, so cash or statement credit. Source: Amex Cobalt card page.
- Welcome bonus: 70,000 points after $10,000 in purchases in the first 3 months. Your spending meets it in month 3.
- Credits: Each credit counts at the share a typical cardholder uses (listed on the card's page).
- Note: A charge card: the balance is due in full each month.
Perks, listed but not valued
- American Express Global Lounge Collection
Earns more every year after year 1
On a family's spending, these keep more value from year 2 than this card's −$159.
Scotiabank Gold American ExpressYear 2+ $940
American Express SimplyCash PreferredYear 2+ $936
CIBC Dividend Visa InfiniteYear 2+ $767
Head to head
Frequently asked questions
Is the American Express Platinum Card worth it?
On a family's spending it's worth $541 in year 1 but −$159 a year after that: its rewards and credits don't cover the fee once the welcome bonus is gone, unless you spend more in its bonus categories or use more of its credits.
What is the American Express Platinum Card welcome offer?
70,000 points after $10,000 in purchases in the first 3 months.
Does the American Express Platinum Card charge foreign transaction fees?
Yes, 2.5% of each purchase in a foreign currency.
Sources
Rates, fees and offers are set by the issuer and may change. Check the issuer's terms before you apply. We don't estimate approval odds.
Compare it with 39 other cards on the Canadian card comparison or read how cards are valued.