The American Express Platinum Card is the new 'premium product' from the ever expanding international finance company which bases its trademark on imagery from the Roman Empire. If you are looking for a no-frills product, the Platinum Card is clearly not for you. It currently offers the most diverse array of non-finance benefits available compared to any other credit card on the market today. The only catch is the all-inclusive annual card fee of $395 p.a. and a minimum income requirement of $65,000 p.a. for applicants.
So just what do American Express customers get? Well, according to their website, the Platinum Card offers customers 1.5 Membership Rewards Points for every dollar spent, limited only to $100,000 each year before reverting to the standard one point per dollar thereafter. This represents a 50% advantage to the normal American Express rewards program, which is already ranked as one of the most competitive on the market.
Key benefits in addition to standard American Express items include Domestic and Overseas Travel Insurance plus Travel Inconvenience Cover to insure you for the following items:
As long as your tickets are purchased using your Platinum Credit Card, you and your spouse and dependent children under the age of 23 will be covered! With these benefits, you'll be hoping for a delay!
The other key benefit is a free Domestic Economy return flight with Qantas every year, valid for flights between Melbourne, Sydney, Adelaide, Canberra or Brisbane. If you are certain to fly interstate at least once a year - this alone could recover your annual membership fee in one hit!
Other benefits of the Platinum Card include a priority service for the 1 800 hotlines, a lifetime interest rate of 6.99% on balance transfers, preferential access to entertainment tickets, plus the standard 55 interest free days on purchases. So it's useful for your typical credit card transactions like buying things, paying direct debits, getting a cash-advance, and paying bills over the phone using BPAY.
Not a low-cost or easy to understand option, but if you're into the added extras and either yourself or a family member travels frequently, the American Express Platinum Card is definitely the choice for you!