Is The Amex Platinum Still Worth it in 2024?

With its annual fee hiked to $799 (all figures in CAD) last year, the American Express Platinum Card is now the most expensive publicly-available credit card on the market.

Given this annual fee increase, the question that must be asked is, “is the Amex Platinum still worth it in 2024?”

In this article, we’ll take a deep dive into whether you should apply for, keep, or cancel the American Express Platinum Card.

Amex Increases the Annual Fee of the Platinum Card

In 2023, American Express Canada announced that it would be increasing the annual fee for the Platinum Card. The fee went from $699 to $799, with the increase taking effect towards the end of September 2023.

The annual fee for a supplementary card was also increased at the same time from $175 to $250 per card.

With the American Express Platinum Card already sitting among the most expensive cards in Canada, the fee increase naturally caused some furor in the Miles & Points community. Many in the community were left wondering if the card is still worth keeping or if it’s worth applying for in the first place.

We at Prince of Travel still believe that the Platinum Card is one of the best travel credit cards in Canada; however, we also recognize that each person has different wants, needs, and travel habits, so the card might not be suited for everyone.

To explore this further, let’s break down whether the Amex Platinum is still worth it in 2024.

Welcome Bonus

If you’re holding the American Express Platinum Card after the first year of card membership, feel free to skip this part of the article; however, if you’re currently contemplating whether or not to apply for the card, read on.

The American Express Platinum Card has always lured would-be cardholders with a strong welcome bonus.

Currently, the card offers the chance to earn a welcome bonus of 70,000 Membership Rewards (MR) points once you spend $10,000 in the first three months of card membership.