Unlock Luxury with the American Express Platinum Edge Credit Card
The American Express Platinum Edge Credit Card is a popular choice for Aussies looking to maximise their rewards and travel benefits.
This card offers a range of features that make it stand out in the competitive credit card market. Let’s dive into the details and explore what this card has to offer.
Key Features and Benefits
Annual Fee and Introductory Offer
The Platinum Edge Card comes with a standard annual fee of $195. However, American Express is currently offering new cardholders $0 annual fee for the first year.
This introductory offer provides an excellent opportunity to test drive the card and its benefits without committing to the full annual fee straight away.
Rewards Program
One of the most attractive features of the Platinum Edge Card is its generous rewards program. Cardholders can earn Membership Rewards points on their everyday spending:
- 3 points per $1 spent at major supermarkets and petrol stations
- 2 points per $1 spent on overseas purchases and foreign currency transactions
- 1 point per $1 spent on all other eligible purchases, including ATO payments and government charges
There’s no cap on the number of points you can earn, making this card particularly appealing for big spenders and those who frequently shop at supermarkets and petrol stations.
Annual Travel Credit
A standout benefit of the Platinum Edge Card is the $200 annual travel credit.
This credit can be used towards a single eligible flight, hotel, or car rental booking made through American Express Travel online.
It’s important to note that the travel credit must be used in one transaction and any unused portion will expire at the end of each card membership year.
Complimentary Insurance
The Platinum Edge Card comes with a suite of complimentary insurance covers, including:
- International and domestic travel insurance (including limited cover related to COVID-19, terms and conditions apply)
- Smartphone Screen Cover for repairs up to $500
- Purchase protection
- Refund protection
These insurance benefits can provide peace of mind for travellers and shoppers alike, potentially saving cardholders significant money on standalone insurance policies.
Additional Card Members
Cardholders can add up to four additional cards at no extra cost. This feature allows families to consolidate their spending and earn rewards faster, although it’s worth noting that additional cardholders don’t receive their own travel credit.
→ REQUEST YOUR CREDIT CARD NOW
Membership Rewards Program
The Membership Rewards program associated with the Platinum Edge Card is particularly flexible and valuable. Points earned can be transferred to 11 key frequent flyer programs, including:
- Virgin Australia Velocity
- Singapore Airlines KrisFlyer
- Cathay Pacific Asia Miles
- Etihad Guest
This flexibility allows cardholders to choose the loyalty program that best suits their travel needs and preferences.
Travel Benefits
In addition to the annual travel credit, the Platinum Edge Card offers several travel-related perks:
Travel Insurance
The complimentary travel insurance covers a range of scenarios, including trip cancellation, medical emergencies, and lost luggage.
It’s worth noting that from 15 March 2022, the insurance terms and conditions were updated to include some coverage related to COVID-19.
However, it’s essential to read the full terms and conditions to understand the extent and limitations of this coverage.
No Foreign Transaction Fees
While the card does charge a 3% foreign transaction fee, this is offset by the 2 points per $1 earned on foreign currency transactions. For frequent international travellers, this can still represent good value.
Comparison to Other Cards
When compared to other rewards credit cards in the Australian market, the Platinum Edge Card holds its own.
The high earn rate on supermarket and petrol station purchases is particularly competitive, making it an excellent choice for families and those with high grocery and fuel expenses.
The $200 annual travel credit effectively reduces the ongoing annual fee to $195, which is reasonable considering the range of benefits offered.
However, it’s worth comparing this to other premium cards to ensure it aligns with your spending habits and lifestyle.
→ REQUEST YOUR CREDIT CARD NOW
Pros and Cons
Pros:
- High earn rate on supermarket and petrol station purchases
- Flexible rewards program with multiple transfer partners
- $200 annual travel credit
- Comprehensive travel insurance
- No points cap
- Additional cards at no extra cost
Cons:
- $195 annual fee after the first year
- 3% foreign transaction fee
- Travel credit must be used in a single transaction
- Acceptance may be limited compared to Visa or Mastercard
Who Is This Card Suited For?
The American Express Platinum Edge Credit Card is well-suited for:
- Frequent grocery shoppers and drivers who can maximise the 3 points per $1 earn rate
- Travellers who can take advantage of the annual travel credit and insurance benefits
- Points enthusiasts who value flexibility in their rewards program
- Those who prefer premium benefits and are willing to pay an annual fee for them
How to Apply
To be eligible for the American Express Platinum Edge Credit Card, applicants must:
- Be at least 18 years old
- Be an Australian citizen, permanent resident, or hold a long-term visa (12 months or longer, excluding student visas)
- Have an annual income of $45,000 or more
- Pass American Express’ credit checks
Applications can be made online through the American Express website. The process is typically quick, with many applicants receiving a response within minutes.
Tips for Maximising Card Benefits
- Use the card for all supermarket and petrol station purchases to maximise point earnings
- Plan ahead to use the $200 travel credit each year before it expires
- Consider using the card for overseas purchases to earn 2 points per $1, despite the foreign transaction fee
- Take advantage of the complimentary insurance by using the card to book travel
- Add additional cardholders to consolidate household spending and earn points faster
Conclusion
The American Express Platinum Edge Credit Card offers a compelling package for Aussies who frequently shop at supermarkets and petrol stations, and who enjoy travelling.
The high earn rates, flexible rewards program, and valuable travel benefits make it a strong contender in the premium credit card market.
While the annual fee and foreign transaction fee are considerations, the overall value proposition, especially for those who can maximise the card’s benefits, is strong.
As with any financial product, it’s essential to compare this card with others in the market and consider your personal spending habits and financial goals before applying.
Remember, credit cards come with responsibility. Always pay your balance in full each month to avoid interest charges and ensure you’re getting the most value from your rewards.
With careful use and strategic spending, the American Express Platinum Edge Credit Card can be a valuable addition to your wallet, helping you earn rewards on everyday purchases and enhancing your travel experiences.