This review was updated in October 2016 and all the information is correct as of that date
This is my review of the American Express Platinum charge card.
It is part of my series of articles looking at the major UK loyalty credit cards and discussing whether or not they are worth applying for. These articles will be linked to the relevant sections of the ‘Credit Cards Update‘ page. My other UK airline and hotel credit card reviews can be found here.
If you want to check your credit record before applying for a new card, click here to get your free Equifax credit report and score. Your first 30 days are free then it’s £14.95 per month. You can cancel at anytime.
Key facts: £450 annual fee
About the card
The American Express Platinum Charge Card is issued directly by American Express.
The general American Express rule is that you can hold two charge cards and two credit cards at the same time. Gold is the other widely-held charge card, the credit cards include the BA, Starwood SPG, Nectar, Costco and Harrods Amex cards.
Any American Express cards you may have which are issued by Lloyds, TSB, Barclays or MBNA will not directly impact on whether you are accepted for this card.
Note that the Platinum card is a charge card, not a credit card. You MUST clear your balance in full at the end of each month.
What is the sign-up bonus?
30,000 Membership Rewards points when you spend £2,000 within 90 days. This is increased to 35,000 Membership Rewards points if I refer you via the Amex ‘refer a friend’ scheme. Please e-mail me at raffles [at] headforpoints.co.uk if you would like a referral.
Membership Rewards points can be converted 1 to 1 into Avios, so you would receive 30,000 or 35,000 Avios points. Click here to see what other reward programmes are Membership Rewards transfer partners.
Any other benefits?
Substantial benefits – easily the best package of any UK loyalty card.
You receive travel insurance for yourself and your family. You can insure five other people and their families by giving them supplementary cards on your account. Some benefits require you to pay for your trip with an American Express card, but the core medical benefit is automatic.
You receive full car hire insurance – with no requirement to pay with your card.
You and your main supplementary cardholder will each receive a Priority Pass card. This gets the cardholder plus a guest into 600 airport lounges across the world for free, including the Aspire lounge in Heathrow Terminal 5.
You will also receive permanent status in various hotel schemes:
- Gold in Starwood Preferred Guest
- Gold in Club Carlson
- Gold in Hilton HHonors
- Jade in Shangri-La Golden Circle
- Gold in Melia Rewards
Other benefits include Eurostar lounge access in London, Brussels and Paris, whatever your class of travel. (The Amex website does not mention Brussels but it does work there.) You also receive lounge access when flying with Delta although any guests must pay $29.
There is also an exclusive hotel booking scheme called ‘Fine Hotels & Resorts’ which offers valuable additional benefits on your stays. If you are a regular visitor at five star hotels then you can recoup your entire membership fee via FHR bookings. I wrote more about FHR here – for me, the guaranteed 4pm check-out on every stay is invaluable, especially for weekend breaks.
What is the annual fee?
The fee is refundable pro-rata if you choose to cancel. This is part of the terms and conditions of the card, and Amex is known for refunding fees without quibble.
What do I earn per £1 spent on the card?
You receive 1 Membership Rewards point per £1 spent on the card. This is equivalent to 1 Avios per £1 if transferred.
What is a Membership Rewards point worth?
Anything from ‘not a lot’ to ‘a lot’ is the answer! This article looks at the different redemption options and what they are worth.
If you redeem your points for, say, a Tesco gift card then you will receive around 0.4p per point. This is a poor return.
I tend to value airline miles at 0.75p – 1p each (this is conservative) so that is your valuation if you transfer to an airline programme.
Some of the hotel programmes also offer good value. Club Carlson (the Radisson, Park Plaza and Park Inn scheme) transfers at 1:3 from Membership Rewards, for example. Their top five-star hotels cost 70,000 points per night which would be just over 23,000 Membership Rewards points. This would usually get you over 1p per point of value.
There are occasional transfer bonuses of 20%-30% to various airlines, including British Airways and Virgin Flying Club, although we have not seen any for the last 18 months.
Other points to note
You will not receive a sign-up bonus if you have held a Platinum, Gold or Green American Express card in the six months before you apply.
For clarity, you will definitely receive the sign-up bonus even if you already have a BA Amex, SPG Amex, Platinum Cashback Amex or any American Express card issued by Barclays, Lloyds or MBNA.
American Express no longer has a minimum income requirement for any of its cards.
In terms of the absolute number of miles earned, 30,000 Membership Rewards points – or 35,000 if you apply via my refer-a-friend link – is the most generous deal on the market. You would receive 30,000 / 35,000 Avios or Virgin Flying Club miles, for example. Whether or not the fee represents value for money depends on how many of the card benefits you will use, although you can cancel for a pro-rata fee refund at any point.
For on-going spending, 1 point per £1 is not outstanding. The American Express Preferred Rewards Gold is more generous for larger spenders as it offers a 10,000 point bonus for spending £15,000 in a card year.
The application form for Amex Platinum can be found here.
Disclaimer: Head for Points is a journalistic website. Nothing here should be construed as financial advice, and it is your own responsibility to ensure that any product is right for your circumstances. Recommendations are based primarily on the ability to earn miles and points and do not consider interest rates, service levels or any impact on your credit history. By recommending credit cards on this site, I am – technically – acting as a credit broker. Robert Burgess, trading as Head for Points, is regulated and authorised by the Financial Conduct Authority to act as a credit broker.