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15,000 Amex points for upgrading your Gold to Platinum – worth it?

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American Express has sent an offer to some Preferred Rewards Gold cardholders offering them 15,000 Membership Rewards points if they upgrade to American Express Platinum.

Even if you did not receive this offer, it still seems that you can still take part – you are directed to this generic Amex website which appears open to any Amex Gold customer.

Amex Platinum

Is this a good deal?

Ordinarily, I would say ‘No’.  If you are interested in the Platinum card and already have an Amex Gold, the most effective thing to do would be to cancel your Gold card, wait 6 months and then make a fresh application for Platinum.

Because of the 6 month gap, you will qualify for the full sign-up bonus, which is currently 30,000 Membership Rewards points. This is obviously better than just 15,000 points.

However …..

At the moment, there is a good reason to consider Amex’s 15,000 point offer.

As I wrote here, the Cathay Pacific Gold card will cease to be an Amex Platinum benefit from 15th February.  As this card gives you almost all of the benefits of a British Airways Executive Club Silver card, including British Airways lounge access, it is well worth having.

If you currently have an Amex Gold, cancelling and waiting 6 months to apply for Platinum will be too late – the Cathay deal will have disappeared.

If you are an Amex Gold cardholder and are interested getting a Cathay Pacific Gold, this is a pretty good offer.

Remember that, whilst Platinum has a £450 annual fee, it is refunded pro-rata when you cancel.  You only need to spend £1,000 to trigger the 15,000 bonus points for upgrading, and you can order your Cathay card as soon as your Amex Platinum arrives.

If you found that the Platinum benefits didn’t work for you after 2-3 months, you could cancel for a fee refund – you would only be £75 – £110 out of pocket.  You would still have the extra 15,000 Membership Rewards points and the Cathay Pacific Gold card would remain valid for the full year.

The upgrade link is here if you are interested.  The Comments below suggest that your existing Gold card is immediately upgraded, so you will not have a separate Gold and Platinum card going forward.

The general American Express Platinum website, with more details on the card, is here.

(To see our complete list of all current credit card bonuses, click here to visit our ‘Credit Cards Update’ page or use the link in the menu bar at the top of the page.)

Comments (104)

  • Brian says:

    Must have been a typo on their part. It did seem too good to be true!

  • […] No indication of start or finish date for this promotion, Raffles provides the details on his blog: amex-points-for-upgrading-your-gold-to-platinum-worth-it […]

  • Daz says:

    Does anyone know if the Amex Gold first year fee is waived after you’ve waited 6 months if you reapply? Thinking of moving the Gold to Plat for the CX card, could do 6 months without a gold if the plat didn’t work out long term *cough*, wondered if Amex always waive the gold fee for first year even if it’s the 2nd first year?

    Cheers

  • Russell Evans says:

    Am interested in jumping in here. Principally for the CX Marco Polo Gold but also for the bonus Avios given I still have AMEX gold and do not have time to cancel and wait 6 months prior to re-applying. One question I have is that I’ve recently added an AMEX Gold Credit card to my charge card (with the incentive of 3,000 MR points when spending £500 in 3months). Would “upgrading” my Gold charge card to platinum jeopardise the offer on the Gold Credit card or is that retained separately?

  • Max says:

    My gold card anniversary is in May. When’s the best time to upgrade?
    Can I refer my partner for a Plat. card after I upgrade?

    • Rob says:

      If you want the Cathay Gold card, you need to do it very soon, because the last day to apply for the Cathay Gold is 15th February and you need to have your Plat card in your hand by then.

      Yes, you can refer your partner for Plat once you are Plat yourself.

  • thesaver79 says:

    Has anyone who has applied for the upgrade verified if a credit search has been made?

    • Kiran says:

      A credit search has indeed been made at the time of my application to upgrade the Gold card to Platinum. Something to keep in mind.

      • thesaver79 says:

        Are you sure it was an actual credit search and not a search for identification purposes?

  • Idrive says:

    HI, has anyone received the bonus yet? any idea of when this will end? thanks