American Express Platinum Edge Credit Card

American Express’ Platinum Edge credit card gives you major travel rewards and benefits including a free return flight domestically every year – all for a low annual fee. This is a strong platinum card offer designed to reward you as you spend.

Benefit of the Card’s Best Features?

The Platinum Edge card has a 3-2-1 rewards program that lets you earn points for your daily purchases. At major supermarkets you’ll be rewarded at the rate of 3 points per dollar, while you’ll get 2 points per dollar at major petrol stations, and 1 point per dollar everywhere else.

You will be automatically enrolled in the complimentary Membership Rewards Ascent program which gives you extensive options for redeeming your points, including for flights, hotels and entertainment. When you sign up and spend $500 within the first 2 months of membership, you will get a bonus 15,000 points added to your account, enough for a $150 worth of travel with Travelscene.

One of the major draws of Platinum Edge is that they give you a free return-trip flight every year with Virgin Australia. This alone pays for the comparatively low annual fee of $149 p.a..

The annual fee is also very low considering the amount of coverage offered to cardholders and their families. While travelling domestically or abroad, you will be covered for medical emergencies, repatriation, inconveniences, and baggage.

Other benefits include up to 55 days interest free on purchases. The Amex customer service team has a good reputation for being helpful and they are available 24/7, just in case you experience any problems that need an urgent fix. American Express also offers strong fraud protection and, with your Platinum Edge card, you won’t be held responsible for unauthorised online purchases.

Are There Any Drawbacks?

With all the rewards and coverage on offer, it isn’t surprising that the purchase rate is 20.74% p.a. You will want to make sure that you pay your bills back on time or you could begin to accumulate a lot of debt. The minimum repayments are a bit higher than average at 2.5%. If you are late with payments, the penalty fee is high at $30.

Overall, having an American Express credit card is more expensive than a MasterCard or Visa credit card because some retailers charge a fee to use your Amex card in their store. Also, Amex isn’t as widely accepted as other major credit cards in Australia and abroad.

As with many 3-2-1 point rewards system, it can be a bit confusing trying to keep track of which places give you the best rewards. Depending on where you redeem your points, the points will have a different value. For example, you will need to spend about $4,500 for a $100 gift certificate, $9,800 for a Sydney-Melbourne flight, or $14,500 for $100 cash back. The points aren’t as generous as they seem considering the surcharges usually associated with Amex. Also, keep in mind that airlines may charge a separate membership fee to use your points with their frequent flyer programs.

Who is it Suited for?

The Platinum Edge is suited for responsible credit card users who can put a lot of purchases through their account and also love to travel on a regular basis (to take advantage of the rewards program). Anyone who travels domestically at least once yearly can also benefit from having this card.

Who is Eligible?

To be eligible for the American Express Platinum Edge credit card, you must be at least 18 years old, have good credit rating with no defaulted payments, be a permanent resident or citizen of Australia or have a current Business Long Stay Visa. You should also have a minimum income of $50,000. If you are self employed, then you must have been trading for a minimum of 18 months (12 months if you already have an American Express card). The minimum credit limit is $3,000 and maximum limit is $50,000.