Amex Platinum Dining Credit: Why I Cancelled My Business Card

THE GEN X WANDERER / Amex Platinum Dining Credit: Why I Cancelled My Business Card

TABLE OF CONTENTS

Our 26th Wedding Anniversary

It all started with our anniversary dinner. My husband surprised me for a weekend getaway and the first night was at Jacob’s & Co. Steakhouse in Toronto. Here was our itinerary.

• Thurs Afternoon ~ Check in at Bisha Toronto
• Thurs Evening ~ Dinner at Jacob’s & Co. Steakhouse Toronto
• Fri Morning ~ Room service from KŌST
• Fri Afternoon ~ Afternoon Tea at the Windsor Arms Hotel Toronto
• Fri Afternoon ~ Casa Loma (We didn’t make it here, there simply wasn’t enough time)
• Fri Evening ~ Akira Back (Japaneses Restaurant)
• Fri Late Night ~ Valerie at Hotel X (Didn’t make it here either cuz anything past 10:30 for me is a hard NO, but I appreciated his ambitious nature in trying to get me out)
• Sat Morning ~ Breakfast at KŌST (on the 44 floor of Bisha Toronto)
• Sat 12:00PM ~ Check out of Bisha Toronto

Amex Platinum Dining Credit: I Wasted 3 Years on the Wrong Card

I’ve carried the American Express Business Platinum for three years, and I just found out I’ve been missing the Amex Platinum dining credit the whole time. I mean, I was fully aware it but I thought:

a) it was randomly applied to your monthly statement, and
b) it was whatever restaurant you went to, not a list of approved restaurants

I learned it the hard way, over a steak dinner, from strangers at the next table, that costed me over $418.00.

This post is a steakhouse review and a credit card confession rolled into one. You’ll get our anniversary dinner at Jacobs & Co. Steakhouse in Toronto, the phone call that left me flabbergasted, and a chart comparing the Amex Platinum dining credit and other perks on the Personal Platinum and the Business Platinum.

Quick disclaimer: I’m not a financial advisor. I’m a woman who read the fine print three years too late. Card benefits change, so check with Amex before you make any moves, especially if you’re counting on the Amex Platinum dining credit.

Dinner at Jacobs & Co. Steakhouse in Toronto

Jacobs & Co. now sits on the fourth level of CIBC Square at 81 Bay Street, after moving from its longtime Brant Street home. It has been in the MICHELIN Guide since 2022 and ranked 73rd on the World’s 101 Best Steak Restaurants list in 2024. That’s a lot of credentials for this place and my husband did his homework.

I hate spending money, so a fine dining room like this is a once in a while treat. Which is why my husband booked it because he knew I would have said no.

All kidding aside though, the food was absolutely amazing as was the service. This is fine dining done properly, with every plate arriving the way it should. The restaurant is also known for its table-side Caesar salad (like Black + Blue, which we did last year for our anniversary).

As stated, the service matched the food. From the host, to the server to the back kitchen staff that signed an anniversary card, a lovely touch from the people working behind the scenes.

My One Complaint: Please Turn On a Light

The lighting was very dim. I like a moody room (see my Akira Back review), but I’d very much like to see my steak dinner, and husband’s face. Better lighting at the tables would fix it. Even some candles or fake lighted candles at each table should suffice? Sorry, I know, I’m being overly Gen X.

The Amex Platinum Dining List I Never Knew Existed

Somewhere between the main course and dessert, the couple at the table next to us started chatting. They were also there for their anniversary too, and mentioned they were dining here simply because Jacobs & Co. Steakhouse was on the American Express dining credit approved list. Approved what? I was like “Oh ya! I forgot about that!” and clinked my glass with my husband thinking we were going to get the $200 dining credit. So I ordered more items on the list for dessert.

In my head it worked like a rebate: eat anywhere, get $200 back on the Amex. I also assumed it came with our Amex Business Platinum. Absolutely wrong on both counts.

Calling Amex After Dinner

I knew our annual membership was up for renewal shortly and I wanted to see if we were past the date for the annual dining credit, and the news was not good. The Amex Platinum dining credit belongs only to the Personal Platinum. The Business Platinum (which we had) is built for business spending, so its extras lean that way,  (for example, there’s a $120 a year in statement credits for eligible wireless services).

And then our dining bill came to over $418. 😳

If we’d been on the right card and enrolled, the Amex Platinum dining credit would have covered about half of it. My flabbers were indeed gasted. I had spent three years assuming the Amex Platinum dining credit lived on a card that never had it. So that is literally $600 gone! I’m not mad. I’m just sitting here with a calm, perfectly normal left eye twitch.

Comparing Amex Platinum (Personal vs Business)

Here’s how the Amex Platinum dining credit and the other perks stack up in Canada. Amex changes benefits from time to time, so make sure you confirm the details on this credit card comparison tool before you apply or cancel anything.

The annual fee is $799 (CAD) on both American Express Personal and Business credit cards, so you’re paying the same price for a different set of perks. The Personal Platinum, with the Amex Platinum dining credit, leans toward restaurants and travel, while the Business Card leans toward business expenses like wireless and Dell purchases. The business card also earns a flat rate on everything, at about 1.25 points per dollar. Pick the one that matches how you actually spend.

How the Amex Platinum Dining Credit Works on the Personal Card

• You get a $200 statement credit after a single transaction of $200 or more, including taxes and gratuity, at an eligible restaurant.
• You enrol once through Amex Offers when you login through their dashboard, and you’re automatically enrolled for future periods (Canada).
• The Amex Platinum dining list is curated list of approved restaurants.
• It only works for dine in service at participating restaurants in Canada.
• Participating restaurants can change, so check the list before you book.

Hitting $200 at a fine dining restaurant is not the hard part. Knowing the Amex Platinum dining credit exists is.

Why I Cancelled My American Express Business Platinum

Cancelling was not a smooth ride. There was:

a) lots of debate between the husband.
b) the retention team at Amex was next level (in a good way).

They did give us a very lucrative retention offer but we did end up humming and hawing about it for another week before we finally made the switch. So, once the dust settled, I cancelled the Business Platinum and got the Personal Platinum. I’m happy with the move.

When I added up what we’d actually use, the American Express Personal card won, and the Amex Platinum dining credit was the perk that kicked off the whole thing. The Personal Platinum also earns 2x per dollar on dining and food delivery in Canada, plus 2x on travel. Our spending leans toward restaurants, trips and anniversary experiences, which lines up with the Amex Platinum dining benefits on the Personal Platinum.

Does that make the Business Platinum a bad card? Absolutely not. If your business spends on wireless services or Dell purchases, those credits can add up. Some reviewers count the travel, Dell and wireless credits as bringing the real cost of the fee way down. It just wasn’t built for the way we eat, travel and celebrate. I’m not telling you to cancel yours.

How to Pick the Right Amex Platinum Card

Before you count on the Amex Platinum dining credit, check these five things:

• Very Important! If you cancel, you can transfer your points to Bonvoy, or if you have another Amex card, the Membership Rewards (MR) are the same.
• Read the benefits page for the exact card you hold, not the one next to it in the app.
• Enrol in the Amex Platinum dining credit through Amex Offers if your card qualifies.
• Check the Amex Platinum dining list before you book a special occasion dinner.
• Add up the credits you will really use. A credit you never touch is not a perk.

Final Thoughts

Was Jacobs & Co. Steakhouse worth it? Yes. The food was amazing, the staff made our anniversary feel special, and I’d go back. I’d just ask for a brighter table and now that we have the right card, it will be even better.

The Amex Platinum dining credit lesson stung a little, but I’d rather learn it at year three than year ten. If you have a Business Platinum and assumed it works like the Personal Platinum, take ten minutes this week and read your benefits. And if you’re planning your own Toronto weekend, check out my Bisha Hotel review and my guide to earning Marriott Bonvoy points.

To see a more detailed review on the differences between American Express Platinum Personal vs Business Credit Card, read my blog post here.