American Express Platinum Card Review: Is It Worth The HK$9,500 Annual Fee?

American Express Platinum Card Review: Is It Worth The HK$9,500 Annual Fee?

The American Express Platinum Card comes with a high annual fee of HK$9,500. You might be wondering if this fee is worth it. In this blog post, MoneySmart will take a closer look at the details of AE Platinum Card offers overview and annual income requirements to help you find the answer.

Now, let’s explore the exciting features of the American Express Platinum Card!

American Express Platinum Card: Is it worth applying? MoneySmart credit card rating

American Express logo
MoneySmart Exclusive
Enhanced Welcome Offer
Miles Conversion (Overseas Spending)
HK$6 = 1 Mile
Miles Conversion (Local Spending)
HK$9 = 1 Mile
Discount at designated restaurants
American Express Platinum Card—Is it MoneySmart?
Overall: ★★★★☆
Best for: Earning miles/Cashback
Category Our rating Explanation
Earn rates: air miles & cashback ★★☆☆☆ – HK$6/mile for overseas spending and
– HK$18/mile for local spending With Membership Rewards Turbo Program:
– HK$9/mile for local spending
Earn categories ★★★★★ – All spending is eligible for earning Membership Rewards Points
Annual fees and charges ★☆☆☆☆ – HK$9,500 annual fee cannot be waived.
Accessibility ★★☆☆☆ – No specific annual income is mentioned on the official webpage (Assumption: HK$1,000,000)
– HK$9,500 annual fee required
Extras/periphery rewards ★★★★★ – HK$4,200 statement credits for dining/travel
– Hotel memberships– American Express Global Lounge Collection®
Welcome offer ★★★★★ – Up to HK$20,880 in perks and offers

Table of contents: American Express Platinum Card review

American Express Platinum Card: Charge Card vs. Credit Card

The Amex Platinum Card has 2 types of cards: a charge card and a credit card. The difference between these 2 cards lies in the credit limit.

Charge Card

This card has no pre-set spending limit and no interest charges. However, you must pay the balance in full each month. Your spending limit is determined by factors such as your card usage, payment history, credit record, and financial resources.

Credit Card

When you open an account, you are offered a line of credit limit that allows you to make purchases and pay back the amount later. If you pay less than the full balance, you will be charged interest on the amount owed.

American Express Platinum Card: Annual fee

The Amex Platinum Card has one of the highest annual fees among all credit cards, charging HK$9,500 with 2 included supplementary Platinum cards. However, there is no annual fee waiver.

Why does it charge such a high fee? And is it worth it? Take a look at the combined value of the following perks offered by this card to determine if it’s worth the cost!

Perks Details Total
Welcome Offer 1,000,000 Membership Rewards points = 55,555 miles = a double round-trip to Osaka = HK$9,000 HK$9,000
American Express Global Lounge Collection® Free lounge access with complimentary access Exclusive to Amex Card Holders
Fine Hotels + Resorts® Complimentary benefits HK$4,680
Yearly Travel Insurance Chubb yearly travel insurance coverage for 3 policyholders HK$3,000
Statement Credits HK$2,200 ATO benefit + HK$2,000 global dining credit HK$4,200
Total offer worth HK$20,880

 Is it worth the annual fee of HK$9,500? It is not that complicated to earn the HK$9,000 welcome bonus and enjoy the other benefits of the card, earning up to HK$20,880. So, if you are a frequent traveller, Amex Platinum Card can be your travel companion to get the most out of it!

American Express Platinum Card: Welcome offers

The Amex Platinum Card offers an enhanced, comprehensive package for new cardholders. You will receive Membership Rewards Points that can be converted into miles with this amazing welcome offer. Please see the following for more details on the points offered:

Bonus Details Requirement
Online Bonus 100,000 Membership Rewards points Upon first transaction made
Welcome Offer 500,000 Membership Rewards points Upon spending HK$15,000 in the first 3 months
  Extra 400,000 Membership Rewards points Upon aggregate spending of HK$50,000 in the first 3 months
Total Bonus 1,000,000 Membership Rewards points

You can redeem the total of 1,000,000 Membership Reward Points for 55,555 miles, which is enough for round-trip tickets for 2 guests to Tokyo, Osaka, or Seoul! (At the rate of 18 Membership Reward points per mile.) The cost of a double round-trip ticket is approximately HK$9,000, which covers most of the first-year annual fee of HK$9,500.

American Express Platinum Card: Perks

The American Express Platinum Card offers an impressive array of benefits that cater to various aspects of your lifestyle. From travel perks to dining privileges and even exclusive movie offers, this card has it all. 

Amex Platinum Card Travelling Perks: American Express Global Lounge Collection®

With the Amex Platinum Card, you can now enjoy access to over 1,400 lounges in 650 cities across 140 countries and counting.

Platinum Card membership includes access to the following privileged lounges:

Lounges How To Enter? How Many Complimentary Guest Accesses?
The Centurion® Lounge Platinum Card, government-issued I.D., and same-day boarding pass 2 guests
Delta Sky Club® Platinum Card, government-issued I.D., and same-day boarding pass Extra fees are applied to each guest’s access
Escape Lounges Platinum Card, government-issued I.D., and same-day boarding pass 2 guests
Plaza Premium Lounges Platinum Card, government-issued I.D., and same-day boarding pass N/A
Priority Pass™ To use the Priority Pass Card at a lounge, cardmembers must enrol beforehand. They can present either their Priority Pass Card or Digital Membership Card (DMC) at a lounge that accepts DMC, along with their valid ID and boarding pass. N/A
Lufthansa Platinum Card, government-issued I.D., and same-day boarding pass Extra fees are applied to each guest’s access
Additional Global Lounge Collection Partner Lounges Platinum Card, government-issued I.D., and same-day boarding pass N/A

The Centurion® Lounge

Introduced in 2013, the Centurion Lounge offers a competitive alternative to international airline lounges. These luxurious lounges, available only to departing passengers, have gained immense popularity.

Experience exquisite Centurion Lounge amenities, with perks like tarmac views, conference and phone rooms, spas, and relaxation rooms. Enjoy impeccable service at the member services desk, indulge in locally inspired cuisine by renowned chefs, and relax in the family room with high-speed Wi-Fi. Engage in leisurely reading with a variety of magazines and newspapers. Savour curated cocktails and exceptional wines.

The Centurion Lounges are exclusively designed for discerning travellers like yourself. Access is reserved for esteemed American Express credit card holders, who can bring 2 guests. You can access the lounge up to 3 hours before your departure time on the same day. Remember, it’s first-come, first-served, so be sure to enter the lounge once you’ve checked in to fully enjoy the experience!

Amex Platinum Card travel perks: Fine Hotels + Resorts®

Explore over 1,300 extraordinary properties worldwide and elevate your travel experience. When you make your booking with Fine Hotels + Resorts through American Express Travel Online, you will receive a range of complimentary benefits with an average total value of HK$4,680, not limited to the following perks:

  • Complimentary daily breakfast for 2 people.
  • Up to US$100 experience credit to use towards food and beverage or spa.
  • Guaranteed 4 p.m. late checkout and noon check-in when available.
  • Room upgrade upon arrival, if available.

Amex Platinum Card travel perks: The Hotel Collection

When staying for a minimum of 2 consecutive nights at the designated hotels, Platinum Card Members will receive access to the following benefits at over 700 participating hotels and resorts:

  • Up to US$100 in experience credit can be used towards food and beverage or spa services.
  • Room upgrade upon arrival (subject to availability)

Amex Platinum Card travel perks: Hotel premium membership

Platinum Card members can apply for complimentary hotel elite memberships, including Hilton Honors Gold membership, Marriott Bonvoy™ Gold Elite membership, and Radisson Rewards™ Gold membership. These memberships provide various benefits, such as room upgrades, additional booking points, welcome gifts, and complimentary breakfast when available.

Note that the offer is exclusive to Platinum Card members and cannot be transferred.

Amex Platinum Card travel perks: Complimentary travel insurance

Travel worry-free! With your Platinum Card, you can enjoy up to HK$4,000,000 coverage for travel accidents and HK$1,000,000 coverage for Chubb yearly travel coverage. This coverage is worth HK$1,000 for each of the following members:

  • Basic Platinum Card members
  • Spouse of Basic Platinum Card members (regardless of whether they are a Supplementary Cardmember)
  • Child(ren) of Basic Platinum Card members over thirty (30) days and under the age of twenty-one (21), regardless of whether the child is a Supplementary Cardmember
  • Supplementary Platinum Card members under the Basic Platinum Card members’ card account

Amex Platinum Card travel perks: Special offers on airfare

When you choose The Platinum Travel Service to purchase an eligible First or Business Class full-fare ticket with one of our partner airlines (including Air Canada, Emirates, Etihad, etc.), you can take advantage of significant savings. Whether you’re travelling alone or with companions, we’re here to make your journey more affordable and enjoyable.

Amex Platinum Card cashback: Exclusive travel and dining cashback of HK$4,200

With the Amex Platinum Card, you can get up to HK$4,200 in spending credit for travel and dining.

American Express Travel Online Offer

Through American Express Travel Online (ATO), you can enjoy up to HK$2,200 in cashback for prepaid hotel and car rentals. For more details, please visit the ATO official website.

American Express Global Dining Credit

The Global Dining Privileges offer provides up to HK$2,000 in cash back at over 1,400 restaurants worldwide.

  • Local Dining Credit: Up to HK$1,000 statement credit for local dining annually for over 30 local restaurants
  • Abroad Dining Credit: Up to HK$1,000 statement credit for abroad dining annually in over 1,400 abroad restaurants around the world

Amex Platinum Card shopping perks

Broadway cinemas offer

The AE Platinum Card cinema offers include regular-priced tickets for Hong Kong Broadway cinemas in 3D, 2D, and IMAX formats. On Fridays, it’s a buy one, get one free promotion, and on other days, there is a 20% discount.

Gourmet Club

Enjoy up to 40% off on the dine-in dinner menu at specific Maxim’s Chinese Cuisine & Western Restaurants and selected restaurants from Cafe Deco Group.

30% off discount for LKF Concepts and S&S Hospitality

Get 30% off on a la carte food menu items when dining in all day at participating restaurants of LKF Concepts. and S&S Hospitality’s participating restaurants.

American Express Platinum Card: Membership Rewards Points

The American Express Platinum Card offers a rewards programme called “Membership Rewards Points,” which is similar to other American Express credit cards. You have the option to convert these points into 10 different choices, such as air miles, cash vouchers, or gifts, through the online platform.

Platinum Card members will earn 1 American Express point for every HK$1 spent. For overseas transactions in foreign currency (online or otherwise), members will earn 3 American Express points for every HK$1 (or equivalent) spent.

Transaction Type Points Earned
Local Transactions 1 point per HK$1
Overseas Transactions 3 points per HK$1 (or equivalent); note that a 2% foreign exchange fee will be charged

Tips: The points do not expire, but there is a HK$300 handling fee for each point-to-mile conversion. It is advisable to accumulate a substantial number of points before initiating a conversion.

AE Platinum Card Membership Rewards points: Cashback redemption

With “Cover it with Points,” you can offset eligible transactions at a rate of 300 points for every HK$1 spent. This is just one of the ways you can make every day count with Amex!

AE Platinum Card Membership Rewards points: Shop with points

In addition to redeeming for air miles, gifts, and cash vouchers, AE Platinum Cardholders can use American Express points to offset designated purchases, such as “Shop with Points.”

The general conversion rate is 300 points/HK$1, while some merchants offer a conversion rate of 240 points/HK$1.

AE Platinum Card Membership Rewards points: American Express Travel Online (ATO)

American Express Travel Online is a travel agency exclusively for cardmembers. You can book hotels and car rentals and pay using your Membership Rewards® points at a rate of 150 points/HK$1.

Here are the main partners with whom you can redeem your Membership Rewards points:

Flights Hotels Car Hire
All major airline providers, such as Cathay Pacific, British Airways, Singapore Airlines, and Emirates, allow you to book at any time without any blackout dates. Over 120,000 hotels worldwide Avis and Hertz

American Express Platinum Card: Miles redemption

AE Platinum Card allows you to convert American Express Membership Rewards points into miles with 10 airline partners, including Asia Miles, Avios, Dynasty miles, Skywards miles, Finnair Plus, Infinity MileageLands, Enrich, Qantas Frequent Flyer, Virgin Atlantic Flying Club, and KrisFlyer miles. Each conversion incurs a fee of HK$300.

Tips: Since American Express points have no expiration date, you don’t have to worry about travel restrictions or the miles expiring!

American Express Platinum Card: Eligibility

To apply for the Amex Platinum Card, there is, surprisingly, no annual income requirement. As long as you meet the following criteria, you are eligible to apply for the card:

  • You are 18 years of age or older.
  • You are a resident or citizen of Hong Kong or Macau.
  • You are willing to pay a HK$9,500 annual fee.

When applying for the Amex Platinum Card, you will receive 1 primary card and 2 complementary supplementary cards.

Final verdict: Is the Platinum card worth it?

The Platinum Card is one of the most prestigious American Express cards, second only to the Black Card. Despite the annual fee of HK$9,500, it offers a wide range of privileges, including unlimited access to airport lounges, travel insurance, and hotel membership.

The earning rate of miles or cashback is not that appealing. However, as a Platinum Basic Card Member, you can enjoy an annual statement credit of up to HK$2,200 for pre-paid hotel and car rental bookings made through American Express Travel Online. Plus, there are other travel perks such as lounge access, hotel premium memberships, ATO, and more travel discounts.

These travel perks are the standout features of the Platinum Card. Additionally, American Express provides 24/7 world-class service and yearly travel insurance coverage to ensure that you can travel without any worries.

So, this card deserves a special place in your wallet if you are a frequent traveller! It will definitely enhance your travel experience to another level!

Frequently asked questions: American Express Platinum Card review

Is the AE Platinum Card a credit card?

The AE Platinum Card is a Charge Card that requires full payment of the billed amount each month without a minimum repayment requirement. It does not have a preset spending limit. For large purchases, contact customer service or check the card’s spending limits online.

Can the AE Platinum Card waive the annual fee?

The annual fee of HK$9,500 cannot be waived, but you can inquire with customer service about point rebates during renewal, typically offering at least 300,000 American Express Membership Rewards points.

Can the AE Platinum Card access lounges?

With the AE Platinum Card, you can access lounges such as Plaza Premium Lounge, The Centurion® Lounge, and Priority Pass airport lounges.

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