Yes, there is a £450 annual fee, but this is refunded pro-rata when you cancel. If you acheived the £2,000 spend to trigger the bonus inside 3 months and cancelled, you would get over £300 back and still have your 50,000 Avios!
Amex has made a terrible, terrible mess of explaining on their website who qualifies for this bonus.
Sometimes it says that the only people who cannot apply are those who have, or have had in the last six months, Amex Gold or Amex Green:
– eg, in large print on the main Amex Platinum page on the Amex website (scroll to bottom)
Sometimes it says that anyone with ANY Amex-issued card (BA Amex, SPG, Nectar, Gold etc) cannot apply:
– eg, in the small print on the ‘refer a friend’ website
– eg, in the small print in the ‘View Important Information’ box on the Amex Platinum web page
Up to today, I have taken the cautious approach and have used the more restrictive terms when advising people and on the ‘Credit Cards Update’ page.
I am now changing my mind and believe that the wording on the main Amex website – that only recent Amex Gold and Amex Green cardholders are blocked – is the correct version.
Why do I say this?
Well, as Keynes said, ‘when the evidence changes, I change my mind‘. And what has caused me to change my mind is:
a) I have referred two people to Amex Platinum who already had a British Airways American Express card, and both received the 52,000 point bonus
b) a reader tweeted Amex to get clarification on this issue and was told that the main website is the correct version and that only people who have had a charge card like Gold in the last 6 months are blocked
I wouldn’t normally trust a corporate twitter person, but combined with a) I am tempted to believe it.
So, if you do not have an Amex Gold (and have not cancelled one in the last six months) and have £40,000 household income then you should consider applying for Amex Platinum. I no longer believe that having a BA Amex is an issue.
I won’t go into the benefits of Amex Platinum, since I assume most readers would cancel it quickly after getting the bonus. However, if you do keep it, the Starwood Gold, Accor (Sofitel, Novotel etc) Gold, Club Carlson Gold, two Priority Pass cards and the Hertz and Avis status cards have value.
The travel insurance is also comprehensive as long as you are under 70, have no pre-existing conditions and are happy to pay for your flight and hotel on an Amex card. You can also issue supplementary cards to up to four family members or friends, who immediately get the full travel insurance as well.
If you have no BA status, you also get at least one year of Cathay Pacific Gold status, which gets you into British Airways lounges and gets you free BA seat selection.
I have changed the text on the ‘Credit Card Offers’ page to reflect my revised position on qualification. I will keep an eye out for any attempts by Amex to change their wording again!
Want to earn more points from credit cards? – February 2023 update
If you are looking to apply for a new credit card, here are our top recommendations based on the current sign-up bonuses.
In February 2022, Barclaycard launched two exciting new Barclaycard Avios Mastercard cards with a bonus of up to 25,000 Avios. You can apply here.
You qualify for the bonus on these cards even if you have a British Airways American Express card:
You can see our full directory of all UK cards which earn airline or hotel points here. Here are the best of the other deals currently available.
SPECIAL OFFER: Until 21st February 2023, the sign-up bonus on the British Airways Premium Plus American Express card is increased to 35,000 Avios from 25,000 Avios. You can apply here.
British Airways American Express Premium Plus
35,000 Avios (ONLY to 21st February) and the famous annual 2-4-1 voucher Read our full review
American Express Preferred Rewards Gold
Your best beginner’s card – 20,000 points, FREE for a year & four airport lounge passes Read our full review
The Platinum Card from American Express
30,000 points and unbeatable travel benefits – for a fee Read our full review
Virgin Atlantic Reward+ Mastercard
15,000 points bonus and 1.5 points for every £1 you spend Read our full review
Earning miles and points from small business cards
If you are a sole trader or run a small company, you may also want to check out these offers:
American Express Business Platinum
40,000 points sign-up bonus and a £200 Amex Travel credit every year Read our full review
American Express Business Gold
20,000 points sign-up bonus and free for a year Read our full review
British Airways Accelerating Business American Express
30,000 Avios sign-up bonus – plus annual bonuses of up to 30,000 Avios Read our full review
Capital On Tap Business Rewards Visa
Get a 10,000 points bonus plus an extra 500 points for our readers Read our full review
For a non-American Express option, we also recommend the Barclaycard Select Cashback card for sole traders and small businesses. It is FREE and you receive 1% cashback on your spending.