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Alright, high-flyers, let’s talk about the American Express Platinum Credit Card – a premium card that practically oozes caviar and airport lounge access. But is it worth the eye-watering £650 annual fee? Let’s dive into the perks, points, and poshness to find out.
In This Post
Earning Points: The Lowdown
- Points Accumulation: You’ll earn 1 Membership Rewards point for every £1 spent.
- Transfer Rate: Points transfer at 1:1 for Avios, Virgin Points and other airline loyalty programs.
- What’s a Membership Rewards Point Worth? Airline Miles are typically worth between 0.75p and 1p per point.
- Hotel Points: These are of decent value when used with partners like Hilton, Marriott, and Radisson.
- Transfer Bonuses: While rare, bonuses can make a significant difference – Virgin Flying Club offered a 30% bonus in November 2024. Keep your eyes peeled!
Essential Card Details
- Annual Fee: £650
- APR: 698.1% variable
- APR on Purchases: 30.4% variable
Is the Annual Fee of £650 Justifiable?
- Year 1: The sign-up bonus of 50,000 points plus £400 in dining credits can easily justify the Fee.
- Subsequent Years: If you frequently use lounge access, travel insurance and hotel perks, it’s worth keeping the card. Otherwise, it may feel steep.
- Pro Tip: You can cancel anytime for a pro-rata refund. However, lounge access will end immediately, while hotel statuses remain active until they naturally expire.
Lounge Access
- Priority Pass: Two cards that allow you and a guest free entry into over 1,400 lounges worldwide.
- Centurion Lounges: Amex-exclusive lounges, including one at Heathrow Terminal 3.
- Eurostar Lounges: Relax in style when travelling from London, Brussels or Paris.
- Delta & Lufthansa Lounges: Access select lounges when flying with Delta, Lufthansa, Austrian or SWISS.
The Platinum Welcome: Sign-Up Bonus
If you spend £6,000 in the first three months, you’ll receive 50,000 Membership Rewards points. That’s equivalent to 50,000 Avios, which could cover a weekend getaway or even an upgrade to business class.
Who Gets the Bonus?
- No personal Amex with Membership Rewards in the last 24 months? You qualify.
- You’re eligible if you’ve had a BA, Marriott, or Nectar Amex.
- Corporate or Business Amex users also get the bonus.
- Supplementary cardholders on someone else’s account aren’t affected.
Even if you don’t qualify for the bonus, the perks could still make the card worthwhile.
Travel with The Platinum Card: Yay or Nay?
- Yay: Lounge access, hotel perks, and extensive travel insurance are unbeatable.
- Nay: The 3% foreign transaction fee is a bit of a buzzkill.
- Workaround: Consider a Currensea card for foreign spending – it links directly to your bank account and charges just 0.5% in fees.
Minimum Income Requirement
You’ll need a personal income of £35,000 or more to apply.
Perks That Scream “First-Class”
- Comprehensive Travel Insurance Cover: Enjoy travel insurance for you and your family without needing to pay for trips on the card. You can even insure another family by giving them a free supplementary card. (Opt-in required during application.)
- Full Car Hire Insurance: Drive like a VIP with zero excess fees and no need to flash your Platinum card at the rental desk.
- Hotel Status Upgrades:
- Dining Credits: £200 in UK dining credits (split into two £100 credits), plus an additional £200 for international dining.
- Retail Therapy: A £50 Harvey Nichols credit, valid in-store or online, with no minimum spend.
- Fine Hotels & Resorts Access: Room upgrades, late check-outs and spa credits at top-tier hotels – a potential game-changer if you’re a regular five-star guest.
Final Verdict: Is Amex Platinum Worth It?
The American Express Platinum Card is a no-brainer for frequent travellers and luxury lovers. The extensive travel perks, lounge access and hotel benefits justify the annual Fee. The 50,000-point sign-up bonus and £400 dining credits make the first year particularly appealing.
However, if you’re more of a homebody or don’t travel often, the £650 annual fee might seem excessive. Consider giving it a year-long trial to decide if it’s the right fit for you.
Ready to experience the Platinum life? Apply for Amex Platinum here.
