We'll get it out of the way early - $395 is a very high annual fee for a credit card, even one which boasts the same impressive features as the American Express Platinum. You'd be forgiven for thinking you were paying for the brand, in the same way Ralph Polo gets away with charging $150 for a t-shirt.
There will be people who are happy to pay $395 and they're not necessarily middle-aged, overpaid executives. There will be a large mid-range market of travellers, for whom $395 for international and domestic travel insurance will seem like a bargain.
Travellers are also likely to be attracted by the free Qantas domestic return flight or nights stay at a hotel every year, the emergency worldwide card replacement and the global customer service.
The earn rate of rewards is very good (1.5 points per dollar spent) and the Ascent program seems to be approximately equivalent to Qantas Frequent Flyer in redemption value.
Other standard platinum features such as extended warranty and purchase protection are also included.
Like the other premium American Express cards, the interest rate is quite high (19.99%), but still in line with other cards in this market segment.
In summary, the American Express Platinum will be used by some as a status symbol and by others as travel insurance. If you can justify the $395 annual fee, the range of features is good. If not, consider the American Express Blue Sky.
