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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
Key Facts at a Glance.
- Annual Fee: A cool £650 (yes, really)
- APR: A mind-boggling 698.1% variable (not a typo, but don’t panic if you’re paying off in full)
- APR on Purchases: 30.4% variable
Important PSA: If you don’t clear your balance every month, this card’s interest rates will eat you alive. Look elsewhere for low-interest options if that’s your vibe.
The Platinum Welcome: Sign-Up Bonus.
Spend £6,000 in the first three months, and 50,000 Membership Rewards points are yours. That’s enough for 50,000 Avios – think of all the weekend getaways or just flexing in business class.
Who Gets the Bonus?
- No personal Amex with Membership Rewards in the last 24 months? Jackpot.
- Only had BA, Marriott, or Nectar Amex cards? You’re in.
- Corporate/Business Amex? The bonus is yours.
- Is the supplementary cardholder on someone else’s account? Doesn’t count against you.
Even if you don’t qualify for the bonus, the perks alone make this card worthwhile.
Perks That Scream “First-Class”.
- Comprehensive Travel Insurance Cover for you and your family without paying for trips on the card (though some benefits require it). You can even insure another family by giving them a free supplementary card. Note: Opt-in is needed on the application form.
- Full Car Hire Insurance Drive is like a VIP with zero excess fees, and you don’t need to flash your Platinum card at the rental desk.
- Lounge Access Galore
- Priority Pass: Two cards, each allowing free entry for you and a guest into 1,400+ lounges worldwide.
- Centurion Lounges: Free entry into Amex’s swanky lounges, like the one in Heathrow Terminal 3.
- Eurostar Lounges: Chill in style in London, Brussels, or Paris.
- Delta & Lufthansa Group Lounges: Fly with Delta, Lufthansa, Austrian, or SWISS and enjoy select lounges.
- Hotel Status Upgrades
- Marriott Bonvoy Gold
- Hilton Honors Gold
- Radisson Rewards Premium
- MeliaRewards Gold
- Dining Credits
- £200 in UK Restaurants: Split into two £100 credits, use it at 170+ restaurants.
- £200 in International Restaurants: Same deal, but abroad.
- Retail Therapy
- £50 Harvey Nichols Credit: Valid in-store or online. No minimum spend, so go wild.
- Fine Hotels & Resorts Access Exclusive booking perks like room upgrades, late check-outs, and spa credits. If you’re a regular five-star guest, this could cover your £650 fee on its own.
The Annual Fee: Is £650 Justifiable?
- Year 1: You’re already ahead with the 50,000-point bonus and £400 dining credits.
- After Year 1: If you’re making the most of the lounges, travel insurance, and hotel perks, it’s worth it. Otherwise, maybe not.
Pro Tip: You can cancel anytime for a pro-rata refund. Your lounge access ends immediately, but hotel statuses linger until they naturally expire.
Earning Points: The Lowdown.
- 1 Point per £1 Spent: Standard across all purchases.
- Transfer Rate: 1:1 for Avios, Virgin Points, and other airline miles.
What’s a Membership Rewards Point Worth?
- Airline Miles: Roughly 0.75p to 1p each.
- Hotel Points: Good value with Hilton, Marriott, and Radisson.
- Transfer Bonuses: Rare these days, but Virgin Flying Club offered a 30% bonus in November 2024. Keep an eye out!
Travel with The Platinum Card: Yay or Nay?
- Yay: The perks are unbeatable.
- Nay: Amex’s 3% foreign transaction fee is a buzzkill.
Workaround: Use a Currensea card abroad. It charges just 0.5% (way better than Amex) and links directly to your bank account.
Minimum Income Requirement?
You can apply with a personal income of £35,000 or more.
Final Verdict: Is Amex Platinum Worth It?
If you’re a frequent traveller or a luxury lover, YES. The lounge access, hotel perks, and travel insurance easily justify the cost. The 50,000-point sign-up bonus and £400 in dining credits make the first year a no-brainer.
If you’re more of a homebody or don’t travel often, the £650 fee might feel steep. But hey, you can always give it a year-long test drive and decide from there.
Ready to Live the Platinum Life? Apply for the American Express Platinum Card here.
