American Express Platinum Card – how to apply and access luxury perks
Australians hunting for the best spending deal often see tempting first‑year promotions and permanent no‑charge products from names like American Express, Kogan and Westpac.
This guide explains how to compare these promotions using practical checks. It highlights why a low purchase rate, balance transfer terms and points value matter even when the annual charge is nil.
Finder’s scoring weights—annual fee, first‑year waivers, interest‑free days, points and purchase rate—help show which product suits different habits.
Readers will learn to spot key T&Cs such as monthly payment balance rules, balance transfer costs (often a 3% fee) and revert rates that kick in after promos end.
Practical examples from HSBC, Westpac, Latitude and American Express make the trade‑offs clear so they can match features to how they spend and keep total costs down.
Compare the leading no‑annual profiles and first‑year specials here to see which suits everyday spenders and travellers.
Transactors who pay the balance in full should prioritise interest‑free days and a permanent $0 annual fee. Simple, ongoing no‑cost products like the American Express Low Rate suit people who want low ongoing purchase rate and no annual burden.
Revolvers who carry a balance benefit from true low‑rate options or short 0% balance‑transfer promos. Kogan’s 0% balance transfer for 18 months (2% one‑off transfer) and HSBC’s 12‑month 0% BT with a 2% fee are decent examples.
Permanent no‑annual products remove long‑term cost and suit occasional users who want a backup card. First‑year $0 arrangements give a year’s grace, but the standard charge can return in year two and may need a minimum spend to qualify.
Balance transfer deals often include a transfer cost and can cancel interest‑free days on new purchases. Frequent travellers should weigh extras like travel insurance and zero foreign‑exchange perks against any reversion to a standard annual amount.
This roundup highlights four products that blend low ongoing cost, useful extras and long transfer periods. Each pick suits a different habit — from transactors who value long interest‑free days to revolvers chasing a long 0% balance transfer.
Why it stands out: 10.99% p.a. on purchases after up to 55 days interest‑free and ongoing $0 annual fee. It also includes purchase protection and allows up to four additional cardholders at no extra cost, which helps households consolidate spend.
Why it stands out: 11.8% p.a. and $0 annual fee. It offers a 0% p.a. balance transfer for 12 months but note there are no interest‑free days on purchases and a 3% foreign transaction charge to factor in.
Why it stands out: $0 annual fee and up to 1 point per $1 spent. It also gives a long 0% balance transfer for 18 months with a 2% transfer fee. Be aware a live balance transfer can cancel interest‑free days on new purchases outside the intro term.
Why it stands out: $0 in year one, then a standard annual fee. It pairs a 12‑month 0% balance transfer (2% transfer fee) with travel insurance and lounge passes, making it a solid short‑term value pick for travellers.
Some products refund the first year’s annual fee, while others never charge one — each choice suits different habits.
First‑year waivers remove the yearly charge for 12 months, then revert to the standard annual fee unless the account is cancelled or conditions are met. Examples include HSBC Platinum and many David Jones products that give year‑one relief before the normal cost returns.
Permanent no‑annual products, like the Amex Low Rate and Kogan Money, never apply an annual amount. These suit occasional users who want a simple, lasting low cost without surprises.
Some banks — ANZ, CommBank, Westpac and NAB — cancel the annual fee if a monthly or yearly spend threshold is reached. If the target is missed, the issuer will charge the standard amount under the product terms.
Remember: fee credit cards can still incur other charges, such as foreign‑transaction or late payment costs, even when the annual fee is removed.
For everyday spenders who want to cut interest costs, low‑rate, no‑annual options deserve a close look. These products aim to reduce the amount paid on revolving balances while avoiding a regular annual cost.
Why it matters: Coastline sits near the market low for purchase rate and a permanent $0 annual amount, making it a solid pick for those who prioritise ongoing interest savings over extras.
Why it matters: Amex pairs a competitive 10.99% p.a. rate with up to 55 interest‑free days and purchase protection, so occasional balances still attract fewer interest charges if the due date is met.
This structure gives short‑term relief for planned repayments. It suits someone who can clear a balance inside the intro window, then revert to a moderate ongoing rate.
The very low 6‑month introductory rate is useful for a one‑off large repayment. But the revert rate is typical, so users should plan to finish repayments before the promo ends.
Rewards-focused no-annual products can still deliver strong point accrual for regular spenders.
Kogan Money gives up to 1 point per $1 with a $0 annual fee and uncapped earn. Points convert at about 1,000 points = $10 at Kogan.
It also has a 0% balance-transfer period of 18 months with a 2% transfer charge but a high 21.99% p.a. purchase rate and no interest-free days if a live transfer runs outside the intro term.
The Amex Qantas Discovery earns 0.75 Qantas points per $1 and offers up to 44 interest-free days. It has a $0 annual fee but a 23.99% p.a. purchase rate and a 3% foreign transaction charge.
BankVic pairs a low intro rate (8.99% p.a. for six months) with up to 0.5 Qantas points per $1 and standard interest-free days after the promo.
BOQ Specialist Platinum gives up to 0.4 points per $1 and lets users choose Qantas or Velocity earn. Ongoing purchase rates differ by product.
Several premium products waive the first‑year annual charge, letting customers test rewards and travel perks before the standard annual fee returns. These intro terms can pay off if they plan key purchases or a balance transfer during the first year.
HSBC Platinum has a $0 first year and a 0% p.a. balance transfer for 12 months with a 2% transfer charge. It also includes complimentary travel insurance and stronger everyday earn potential on eligible spend.
This Premier option waives the first year and adds richer rewards and travel extras. It carries a higher purchase rate, so it suits travellers who use benefits but avoid revolving a balance.
Both DJ products give a $0 first year. Premiere reverts to $99 and Prestige to $295, with tiered retail earn rates that suit loyal shoppers. Prestige adds lounge access and extra insurance for frequent flyers.
Amex waives year one then charges $195. It includes a $200 travel credit and smartphone screen insurance, which can offset the annual fee first year if those credits are used.
Some providers remove the annual fee if the holder meets a defined spend target. That can make a product effectively free for regular users who charge groceries, petrol and bills to the account.
ANZ Platinum removes the charge if they spend $20,000 a year; otherwise it costs $87 p.a.
CommBank’s Smart Awards keeps the annual fee at $0 when the holder averages $2,000 per statement period. If they miss that, the issuer applies $19 each month (about $228 a year). This product also earns Awards points, or Qantas points at a set conversion on eligible spend.
Westpac’s low annual option drops the yearly amount if spend reaches $5,000 a year.
NAB’s Rewards Signature and Velocity Signature only waive the charge when spend hits $5,000 per month — a much tougher monthly test than annual thresholds.
For comparison and next steps, see a quick application guide to other products and how they stack up: apply now.
Some low-rate products add targeted cashback and balance transfer deals to boost short-term value. Westpac’s Low Rate is a clear example, mixing a staged cashback reward with a balance transfer promotion that needs planning to work best.
Cashback pays up to $350 as $50 per statement when the holder posts $1,000 or more in eligible spend for seven consecutive periods. Exclusions include interest, charges, cash advances, cash equivalents, gambling, government payments and BPAY. Payments are made within 90 days and the promotion excludes recent or staff account holders.
The balance transfer lets the applicant move up to 80% of their limit and attracts a 3% transfer fee debited at the transfer date. Processing starts when the product is activated. If the promo ends the amount may revert to a cash advance or higher rate, so compare revert rates and transaction fees first.
To keep interest-free days on purchases while a transfer sits on the account, the holder must pay the Monthly Payment Balance by the due date. Note: transfers do not close the old account — the customer must do that with the other issuer.
Choosing a travel‑leaning product means weighing overseas surcharges against tangible perks. A zero foreign exchange option removes an extra cost on purchases overseas and for online international bookings.
Zero FX cards suit people who spend abroad often. They avoid a standard 3% transaction fee that many retail‑leaning products charge on international purchases.
Some well‑known names still apply about a 3% foreign exchange charge. That makes those products better for domestic use unless perks compensate.
Lounge access, travel insurance and hotel discounts can offset a modest annual fee for frequent travellers. For example, one traveller‑focused Mastercard waives overseas surcharges, offers 10% with Expedia, roaming data in 150 countries, flight‑delay lounge access and purchase protection.
Moving a balance to a 0% balance transfer can lower interest quickly, but the total cost depends on the transfer fee and the revert rate once the promo ends.
0% balance transfers with fees vs no‑fee BTs
Most long 0% balance transfers charge a small transfer fee. For example, Kogan Money offers 18 months at 0% with a 2% transfer fee, while HSBC Platinum gives 12 months at 0% with a 2% charge. Truly no‑fee transfers are rare, so customers should compare the one‑off fee to interest saved over the intro period.
Carrying a balance transfer often suspends interest‑free days on new purchases. Kogan notes purchases lose interest‑free days if a live transfer sits outside the intro term.
Westpac requires the holder to pay the Monthly Payment Balance to keep interest‑free days on purchases while a transfer is active. If that rule is missed, the revert to a high cash advance or purchase interest rate can erase savings.
Balancing points income against a yearly charge means working out where rewards stop paying and costs start. This section shows a simple way to test if a rewards program is worth keeping.
Estimate typical monthly spend and multiply by the earn rate. Use Kogan’s conversion (1,000 points ≈ $10) to get a cash equivalent.
Example: $2,000 monthly spend at Kogan’s earn gives X points; convert those to dollars and compare to the standard annual amount. Do the same with Amex Qantas Discovery at 0.75 qantas points per $1 and apply a cents‑per‑point value to check net gain.
Target high‑multiplier categories like supermarkets or petrol to boost points earned and lower the break‑even. Statement credits, lounge passes or travel credits can cut the effective annual cost.
A single ATM withdrawal or missed minimum payment can trigger high penalty rates and extra charges. Cash advances attract immediate interest and a higher daily rate, so they quickly become costly. Many products also apply a one‑off transfer or handling charge for withdrawals.
Late payment penalties and penalty interest add up fast and can harm a credit record. For example, a missed minimum can bring a $30 late charge on some low‑rate products and a higher revert rate on the remaining balance.
Other small costs erode value. BPAY handling or paper‑statement transaction fees often come in around $1.95 and pile up over the year. Foreign purchases may carry about a 3% transaction fee on top of the purchase amount.
Practical tip: disciplined handling of small charges usually saves more than chasing tiny points returns. Review annual charges and incidental costs before deciding to keep a product.
Finder’s no annual score shows which products deliver the best ongoing value for different habits. The system weights costs and benefits so readers can compare like‑for‑like quickly.
Finder weights: annual fee 30%, first year 20%, interest‑free days 10% (up to 55 days), points value 20% and purchase rate 20%. These elements combine to form a single score that ranks no‑annual products.
Scores use simple bands: 9+ = Excellent, 7+ = Great, 5+ = Standard and under 5 = Basic. An “Excellent” result suggests strong overall value for transactors and revolvers alike.
Use the score as a shortlist tool, then read the PDS and check BT charges, FX costs and up‑to‑date scores before applying.
Recent market notes highlight a mix of low‑rate and rewards‑led products that suit different spending patterns.
Latitude Low Rate Mastercard — first‑year $0 annual fee if approved by 30 Nov 2025 and a purchase is made within 90 days. It pairs a low ongoing rate position with 3% back in Latitude Rewards on eligible recurring bills. The product also adds complimentary e‑commerce purchase protection and allows an extra cardholder at no cost.
Travel‑leaning no‑annual first year option — zero FX on overseas purchases, 10% off hotels via Expedia, roaming data and flight‑delay lounge access. This travel bundle often carries high purchase interest (around 27.99% p.a.), so it suits those who pay in full or use perks heavily.
David Jones Premiere and Prestige — both waive the first year then revert to $99 and $295 respectively. They boost retail earn tiers, lounge access and travel insurance for frequent store shoppers.
American Express comparison — Amex Low Rate keeps an ongoing $0 annual fee at 10.99% p.a., while Platinum Edge waives year one and trades a $200 travel credit and richer points earn for a higher second‑year charge.
For small businesses, keeping recurring overheads low is vital. The CommBank Business Low Rate stands out with an ongoing $0 annual fee and a purchase and cash rate of 14.55% p.a., which helps owners avoid extra yearly costs.
ANZ’s Business Low Rate waives the annual fee in the first year then reverts to about $100 and a competitive 12.99% p.a. purchase position. Finder’s selection also lists several products with $0 in year one that revert to $60–$200 later.
Tip: estimate annual spend to choose between a no‑fee low‑rate product and a rewards business credit card that carries a charge but returns points useful to the business.
Decide whether lasting low ongoing cost or a one‑year boost fits their wallet best. Matching product features to actual spending avoids paying for perks they won’t use.
Occasional users benefit from permanent $0 annual products with straightforward terms. A low‑rate option like the Amex Low Rate keeps ongoing cost down and suits infrequent use.
Everyday spenders may prefer a first‑year $0 that unlocks higher earn and travel perks. If typical spend converts to rewards value above the standard annual amount, the intro year can pay for itself.
Revolvers should pick a rate credit card with the lowest interest rate purchases. A lower rate reduces total interest on a carried balance and beats rich rewards with high purchase rates.
Transactors should favour long interest‑free days and category earn. Paying in full each month preserves points value and keeps new spend interest free.
Reassess after year one to decide if the product remains the best match for their finances.
Weigh lasting low ongoing cost against short‑term perks to avoid paying for benefits they won’t use.
Choose between a permanent $0 annual fee product, a first‑year no charge or a spend‑based waiver by matching features to routine spend. Look at the purchase rate, balance transfer mechanics and whether points earn offsets the cost.
Always check BT fees and revert rates and how a live transfer affects interest‑free days. Compare FX, cash advance and other transaction costs so hidden charges do not erode savings.
Use Finder’s score and editorial data as a shortlist, enable autopay to protect interest‑free days, set a calendar reminder before the anniversary, and read the PDS to confirm eligibility and exclusions.
