American Express vs Visa: Which Platinum is Better?
Updated: 4 Mar 2024
Written bymoneyhero
American Express (AMEX) and Visa are two major players in the credit card industry and both offer their Platinum cards. AMEX Platinum card benefits are highly regarded, including travel rewards and exclusive services, which make it a favorite among discerning cardholders. However, if you are looking for similar perks without the AMEX Platinum's annual fee, you may want to consider Visa Platinum cards, which provide a more accessible alternative. With various Visa Platinum cards available, featuring services like Visa Platinum Concierge and premium benefits, they offer a compelling option with lower annual fees compared to AMEX. Each network has its unique strengths and offerings, making it challenging to determine a clear winner. MoneyHero can assist you in choosing a platinum credit card that suits your financial needs and preferences by exploring key factors such as card acceptance, issuance, annual fees, benefits, and perks of AMEX and Visa.
What is the difference between American Express and Visa?
To answer this question, it is essential to understand that credit card networks and credit card issuers are two distinct concepts. Credit card networks provide the infrastructure that enables transactions to be processed between merchants and cardholders. They set the rules and standards for card acceptance, and manage the global network of merchants and financial institutions. Meanwhile, credit card issuers, typically banks or financial institutions, are responsible for issuing credit cards to consumers. They establish the terms and conditions of credit card accounts, including credit limits, interest rates, fees, benefits, and rewards programs. Returning to the question of the difference between American Express and Visa: American Express functions as both a credit card network and a credit card issuer, whereas Visa operates solely as a credit card network.
Although AMEX and Visa are both credit card networks, they differ in their approach and offerings. AMEX, known for its premium cards and extensive benefits, often targets affluent consumers and emphasizes travel and lifestyle perks. Visa, as one of the largest payment networks globally, offers a diverse range of credit cards targeting different consumer segments, from basic to premium offerings. In addition, there are also noticeable differences in their way of card issuance and scope of card acceptance, which we will go into detail in the subsequent sections..
American Express vs Visa: Card Issuance
American Express and Visa operate under different models when it comes to card issuance. As mentioned above, AMEX functions as both a credit card network and a credit card issuer. This structure, also known as a “closed network”, allows AMEX to directly issue credit cards to consumers, offering a range of card options with various features and benefits. All AMEX cards available in Hong Kong are directly issued by American Express, but in some regions around the world, there are authorized institutions permitted to issue credit cards under the American Express brand. By controlling the entire card issuance process, American Express maintains full control over the terms and conditions of its credit card accounts, thereby providing a seamless and consistent experience for cardholders, from usage application.
On the other hand, Visa does not directly issue credit cards to consumers. Instead, it partners with banks and financial institutions around the world, allowing them to issue credit cards under the Visa brand. These partner banks are responsible for issuing credit cards to consumers and managing the terms and conditions of credit card accounts. By partnering with a diverse range of banks, Visa offers consumers a wide array of credit card options tailored to different needs and preferences.
American Express vs Visa: Card Acceptance
Visa cards have long enjoyed broader acceptance compared to American Express cards, although the discrepancy has been diminishing over the last decade, especially in the United States. In certain regions in Asia, however, Visa cards maintain greater acceptance among merchants compared to American Express cards. Taking Hong Kong as an example, although AMEX cards are often accepted at high-end retailers, restaurants, and hotels, Visa cards are notably more widely accepted across all kinds of shops, including both large retail chains and small businesses throughout Hong Kong. The market dominance and more extensive network of merchant partners position Visa as a preferred choice for many consumers seeking a versatile and widely accepted payment solution in the market of Hong Kong and some other Asian regions.
What is American Express Platinum?
In Hong Kong, there are two AMEX cards with “Platinum” in their names: The Platinum Card® and American Express® Platinum Credit Card. These cards, despite sharing similar names, offer distinct features and benefits designed for consumers with varying preferences and needs. The Platinum Card is renowned for its premium travel perks, including airport lounge access and travel benefits. The American Express Platinum Credit Card offers a range of lifestyle benefits, such as dining privileges, shopping discounts, and entertainment offers, which appeal to individuals who prioritize everyday spending rewards and lifestyle perks.
American Express Platinum Card: Perks and Benefits
Although the American Express Platinum Credit Card may not offer as many luxury perks as its counterpart, it could be a more suitable choice for individuals who don't travel frequently but prefer benefits for everyday spending and a better overall earning rate. With an earn rate of up to 3 Membership Rewards points for every HK$1 spent, along with double points earned at selected local supermarkets, gas stations, convenience stores, and more, cardholders can accumulate points efficiently. Similar to the Platinum Card, this card also offers discounted movie tickets at Broadway Circuit in Hong Kong, shopping protection, complimentary travel insurance, and dining privileges with special savings at designated restaurants. Additionally, the AMEX Platinum Credit Card provides welcome offers of up to HK$2,960, including complimentary movie tickets and cash vouchers.
American Express Annual Fee
The annual fees for the Platinum Card and the American Express Platinum Credit Card are HK$9,500 and HK$2,200, respectively.
The Platinum Card®
- Travel insurance
- Dining discount
- Airport lounge
- Travel agency offer
Travel Offer
- 【NEW] Enjoy up to HK$4,500 statement credits (designated hotel groups)
Enjoy a HK$1,500 statement credit upon a single net spend of HK$5,000 at each designated hotel group, once per calendar year. Participating hotel groups include Mandarin Oriental Hotel Group, The Peninsula Hotels worldwide and Club Med resorts. Register all three offers to enjoy up to HK$4,500 statement credits per calendar year. - [NEW] Asia Golf Club Privileges
Enjoy complimentary green fees at 60+ designated golf clubs across Asia. Cardmembers must be accompanied by 1 paying companion on weekdays and 2 paying companions on weekends and public holidays. Cardmembers may also book up to two 2-hour Virtual Golf sessions each month. Reservations must be made through Concept Golf Management. Booking details are available in the Amex Experiences App. - Complimentary Access to The Centurion Lounges
Enjoy over 1,550 lounges access over the world, and complimentary access to The Centurion Lounge including Hong Kong International Airport, Tokyo Haneda Airport, George Bush InterContinental, Las Vegas McCarran, Dallas/Fort Worth, San Francisco International, Miami International, Seattle-Tacoma and New York’s LaGuardia Airport. - Fine Hotels & Resorts
Complimentary benefits with an average total value of HK$4,300 with Fine Hotels & Resorts through Platinum Travel Service. With over 1,300 world-class properties to explore: complimentary room upgrade upon arrival, complimentary daily breakfast for two people, and Guaranteed 4pm late checkout etc. when available, including Park Hyatt Niseko Hanazono, InterContinental Osaka, Grand Hyatt Seoul, Conrad Seoul and Capella Bangkok - Elite partner programs
Complimentary Membership to the world’s leading hotel and car rental companies’ loyalty programs, including Hilton Honors – Gold status, Radisson Rewards™ - Premium status, and Marriott Bonvoy™ - Gold Elite Status - The Hotel Collection
Get a US$100 hotel credit and a room upgrade if available when you stay at least 2 nights – choose among more than 600 hotels worldwide, like Hyatt and Hilton Hotels. - Comprehensive Travel Insurance*
Travel Accidents coverage of up to HK$3,000,000, Medical Assistance and expense up to HK$1,000,000, Canceling and cutting short your trip, Lost, stolen and damaged baggage, and Delayed flights and missed departures.
*With effect from July 30, 2026, new or revised terms will be added to the Terms and Conditions of American Express Group Travel Insurance Plan for The Platinum Cardmembers (Policy Number: NAC0000012). All claim events, or incidents occurring on or after the Effective Date, insured trips must be paid with an American Express® Card. For details and other changes, please click here.
The Country Club at Hong Lok Yuen Admission Privilege
Basic Cardmembers of The Platinum Card can enjoy complimentary access to The Country Club at Hong Lok Yuen for 2 times per calendar month upon successful registration through designated link. Promotion details please refer to The Country Club at Hong Lok Yuen Admission Privilege | American Express HK.
[New Benefit for 2026] Enjoy exclusive access to Hong Kong Football Club (HKFC) facilities
Eligible Basic Cardmembers of The Platinum Card with a rolling 6-month spending of HK$50,000 or above at the time of reservation can enjoy complimentary access to the Hong Kong Football Club. Sports facilities may be used free of charge (subject to availability), while dining is available at the Cardmember's own expense. Reservations must be made via the designated hotline and check-in is completed using the QR code in the Amex Experiences App.
New! “Up to 9X” Membership Rewards® points Accelerator Program to earn as low as HK$2 = 1 mile
From now to December 31, 2027, enroll your Platinum Card at designated link to enjoy an exclusive offer of earning as low as HK$2 = 1 Mile for spending in Foreign Currencies, airlines, and at designated travel & everyday spend merchants.
Designated travel merchants include Agoda, Trip.com, Expedia, Booking.com etc. Designated everyday spend merchants include Wellcome, ParknShop, Mannings, Watsons, YATA etc.
Promotion details please refer to “Up to 9X” Membership Rewards points Accelerator Program | American Express HK
Dining Offer
Basic and Supplementary Cardmember can enjoy
- Global Dining Credit
Year-round benefit of up to HK$2,000 Global Dining Credit, including HK$1,000 Statement Credit for local dining at over 30 local restaurants and in 20 locations around the world and HK$1,000 Statement Credit for overseas dining at over 1,400 abroad restaurants and in 20 locations around the world.- Promotion details please refer to Global Dining Credit | American Express Hong Kong
- Enjoy up to 30% savings at selected restaurants of Elite Concepts.
- 30% savings on the original price of the designated menu at participating restaurants, including Ye shanghai (K11 Musea), Nam Hoi No.2, Deng G, Lotus and Spice (NEW)
- 20% savings on the original price for access and dining at Penthouse.
- Promotion details please refer to Elite Concepts l American Express HK
- Enjoy up to 30 % savings on the a la carte menus at selected restaurants of JIA Group, Including 22 Ships (NEW), Duddell’s, Chachawan, Leela, La Terrace by Louise
- Promotion details please refer to JIA Group l American Express HK
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Enjoy 30% savings on the original price of the designated dinner menu at participating restaurants of Wooloomooloo Group
- Designated restaurants include: MOOO! – Tsim Sha Tsui, OMAROO Grill – Central, Wooloomooloo Steakhouse - Tsim Sha Tsui East, Wooloomooloo Steakhouse - Wan Chai and Wooloomooloo Prime – Tsim Sha Tsui
- Promotion details please refer to Wooloomooloo Group | American Express HK
- Enjoy special savings at designated restaurants of Maxim’s Chinese Cuisine, Western Restaurants and m.a.x. concepts on the à la carte dinner menus.
- Promotion details please refer to Maxim's Dining | American Express HK
- Enjoy up to 40% savings on the à la carte dinner menus and 25% savings on the à la carte food menus for takeaway orders at designated restaurants of Cafe Deco Group.
- Designated restaurants of Cafe Deco Group includes: ANJU, Dim Sum Bar, Cafe Deco Pizzeria, Duan Chun Zhen, Takeroku Ramen, WATERMARK.
- The list of designated restaurants is subject to change from time to time without prior notice. Please check with the restaurants for details.
- Promotion details please refer to Cafe Deco | American Express HK
- Enjoy 30% saving on a la carte food and beverages menu for all day dine-in at participating restaurants of S&S Hospitality.
Earn Rewards points when you spend with the Card
- Membership Rewards Turbo Program - First HK$160,000 local spending for each program year - HK$1 spending = 2 Membership Rewards points
- Take American Express Pay with Points Redemption Rate 300 Membership Rewardspoints = HK$1 as an example. The cashback rate is 0.67%.
- Booking through American Express Travel Online, you can enjoy a preferential redemption rate of 260 Membership Reward points Points = HK$1 Redemption Points
- Membership Rewards Turbo Program - Local spending from HK$160,001 and onwards for each program year - HK$1 spending = 1 Membership Rewards points
- Take American Express Pay with Points Redemption Rate 300 Membership Rewardspoints = HK$1 as an example. The cashback rate is 0.33%.
- Booking through American Express Travel Online, you can enjoy a preferential redemption rate of 260 Membership Reward points Points = HK$1 Redemption Points
- Foreign Currency Spending - HK$1 spending = 3 Membership Rewards points
- Take American Express Pay with Points Redemption Rate 300 Membership Rewardspoints = HK$1 as an example. The cashback rate is 1%.
- Booking through American Express Travel Online, you can enjoy a preferential redemption rate of 260 Membership Reward points Points = HK$1 Redemption Points
Lifestyle Offer
- Buy-1-Get-1-Free tickets offer will be applicable to Friday shows, while 20% savings on regular priced movie tickets will be available on other days in Broadway Circuit.
- Enjoy 3% savings on selected regular-priced items at the stores of city'super, LOG-ON and cookedDeli in Hong Kong.
Shopping Protection
- Online Fraud Protection GuaranteeShop online with the Card and you won't be held responsible for any fraudulent charge.
- Return GuaranteeRefund if you are unhappy with the purchase made with the Card.
- Extended WarrantyWhen purchase with the Card, the warranty will be extended by up to 1 year once the original manufacturer's warranty expires. The maximum coverage is HK$40,000 per item, and HK$150,000 per Card account per year.
- Price ProtectionRefund the difference when you see an identical item offered at a cheaper price in Hong Kong within 14 days of your purchase
- 45 Days CoverAlmost anything you buy with your Card is insured against theft or accidental damage for up to 45 days after the date of purchase.
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Terms and Conditions apply.
Reminder
- The Platinum Card® Year-Round Offers Terms and Conditions apply.
- Annual fee is HK$9,500 with the entitlement of 2 Supplementary Platinum Cards (annual fee cannot be waived)
- Existing Basic Platinum Cardmember / American Express Peninsula Platinum Card Basic Cardmember and applicants who held the Basic Card of The Platinum Card® / American Express® Peninsula Platinum Card at any time within the past 12 months from the date of this application are not eligible for Welcome Offers.
- The Platinum Card® welcome offer will be ONLY eligible to those who paid the annual fee and account stays active
- Cardmembers who paid the annual fee and holding valid Platinum Card accounts with good standing and not overdue will be eligible for the above Online Bonus and Welcome Bonuses. American Express reserves the right not to offer any bonus of Welcome Rewards to Cardmembers who fail to fulfil the above conditions without prior notice.
What is Visa Platinum?
Visa Platinum is a prestigious grade of credit card offered by Visa, providing cardholders with enhanced benefits, exclusive rewards, superior customer service, and privileges beyond those typically associated with standard credit cards. HSBC Visa Platinum Card and Standard Chartered Platinum Credit Card are two examples of Visa Platinum cards in Hong Kong.
Visa Platinum: Concierge service
Visa Platinum cardholders have access to a dedicated Visa Concierge service, which offers personalized assistance and support to meet their travel, dining, and entertainment needs. This service allows cardholders to seek assistance with travel planning, flight and hotel reservations, restaurant bookings, car rental services, and ticket reservations for various events simply by using the Visa Concierge mobile app or making a phone call. Cardholders have access to Visa’s round-the-clock support team through various communication channels, including phone, email, live chat, and popular third-party messaging apps such as WhatsApp and LINE. Visa Concierge also allows cardholders to self-book their dining, flights, tickets for local attractions, and other activities. Visa’s customer service center supports commonly used Asian languages, including Cantonese, Mandarin, and English, and offers toll-free numbers for various countries and regions, ensuring 24/7 assistance regardless of location. This comprehensive support network ensures that Visa Platinum cardholders can access personalized assistance whenever they need it, making their everyday life and travel experiences smoother and more enjoyable.
Visa Platinum: Annual Fee
In Hong Kong, one of the advantages of Visa Platinum cards over AMEX’s offerings is its relatively low annual fee. For example, both the HSBC Visa Platinum Card and the Standard Chartered Platinum Credit Card carry an annual fee of $1,800, with HSBC offering a first 2 years’ annual fee waiver. Some other Visa Platinum cards may have even lower annual fees, possibly as low as HK$1,200. In contrast, AMEX’s Platinum lineup comes with higher annual fees, with The Platinum Card charging HK$9,500 annually and the Platinum Credit Card costing HK$2,200 annually, both without any waiver.
How to choose between American Express Platinum and Visa Platinum?
When deciding between the American Express Platinum and Visa Platinum cards, it’s crucial to consider several factors to ensure you select the card that aligns best with your needs and preferences. Firstly, assess how you plan to utilize the perks and benefits offered by each card. American Express Platinum may offer exclusive travel and lifestyle benefits and various additional perks, such as access to fine hotels and resort programs and purchase protections. Meanwhile, Visa Platinum cards may focus more on rewards for everyday spending. You should consider whether you would make use of these perks and if they enhance the card’s value for you. Secondly, annual fees and any other fees associated with each card should be taken into account. As mentioned above, American Express Platinum typically comes with higher annual fees compared to Visa Platinum cards, so it’s important to evaluate whether the benefits justify the cost based on your needs. Lastly, individual spending habits and preferences should also be considered. If you frequently travel or dine out, and prioritize luxury lifestyle and experiences, AMEX Platinum cards, which offer higher-end travel benefits and dining perks, may be more beneficial. Conversely, if you prefer flexibility, lower annual fees, and prioritize rewards on everyday spending, a Visa Platinum card may be the better option. Ultimately, it’s essential to choose the card that best suits one’s lifestyle and spending patterns to maximize its value and benefits.
Frequently asked questions about Visa Platinum and American Experess Platinum
1. Are the annual fees worth it for the American Express Platinum cards and Visa Platinum cards?
While the annual fees for Platinum cards are relatively high, many cardholders still find the benefits and perks outweigh the cost, especially if they frequently travel and take advantage of the card’s travel-related and other features. Services such as purchase protection, concierge service and home assistance may be difficult to quantify but may greatly appeal to individual preferences and needs.
2. Do Visa Platinum and American Express Platinum cards both offer complimentary travel insurance coverage?
With AMEX Platinum Credit Card, cardholders and their families can enjoy free travel protection when they use the card to pay for expenses such as airfare, accommodation, or travel packages, while holders of the Platinum Card are automatically entitled to complimentary travel insurance without any spending requirement. As for Visa Platinum cards, it depends on the terms and conditions of individual cards
3. Do American Express Platinum cards offer concierge service?
The Platinum Concierge Service of American Express in Hong Kong was terminated in 2023, but the Platinum Card Service continues to support on local dining reservation, Fine Hotels and Resorts, the Hotel Collection and the International Airline Programme.
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