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NEW: 40,000 points Amex Platinum bonus for people who don’t qualify for a Platinum bonus

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A couple of weeks, American Express relaunched The Platinum Charge as a credit card.

To coincide with this it launched the best ever sign-up bonus – 60,000 Membership Rewards points (worth 60,000 Avios or, in the worse case scenario, £480 of Nectar points) and a £200 credit to spend at Amex Travel. Our full article is here and you can apply here.

As I suspected would happen, a generous upgrade offer has now appeared for holders of the Preferred Rewards Gold credit card.

If you don’t qualify for the standard 60,000 points Platinum card bonus, you could get 40,000 points by applying for Amex Gold – if you don’t have one already – and then upgrading.

EDIT: Some people have received a mailshot in the post about this offer which quotes a closing date of 11th October.

Upgrade American Express Gold to American Express Platinum

Take a look at this page of the American Express website. It doesn’t appear to be targetted looking at the very lengthy terms and conditions at the bottom, but of course you are upgrading at your own risk. Some people are finding that they cannot process an upgrade.

According to the offer page, you will receive 40,000 Membership Rewards points if you upgrade your Preferred Rewards Gold credit card via the link and spend £4,000 within three months.

This isn’t as good as 60,000 points and a £200 travel credit from a fresh application for Platinum, of course, but you wouldn’t qualify for a ‘new member’ bonus unless you cancelled Preferred Rewards Gold and waited for 24 months. An upgrade bonus of 40,000 points is also higher than the standard bonus on The Platinum Card for new applicants, which is usually just 30,000 points.

If you don’t qualify for the 60,000 points bonus, this may be an alternative

If you currently have – or have, in the last 24 months, had – an American Express card which earns Membership Rewards points, you don’t qualify for the ‘60,000 points + £200 sign-up bonus’ on The Platinum Card.

This would apply to you if you have, or recently had, a Green, Gold, Platinum, Centurion or Amex Rewards Credit Card.

What you may want to consider is applying for the Gold credit card – click here. It is free for the first year.

You won’t get the sign-up bonus on the Gold credit card. However, once it has arrived, you may be able to upgrade it to The Platinum Card and pick up 40,000 points.

(There is a risk that American Express will not accept your wish to upgrade. You are not guaranteed the ability to successfully upgrade from Gold credit to Platinum credit.)

Already got Amex Gold? You may want to wait

If you have spent over £5,000 on your Preferred Rewards Gold card in your current membership year, you will be receiving an extra bonus on 12th October.

At present, Gold cardholders receive 10,000 points at the end of each membership year if they have spent £15,000. This is changing, and from 12th October you will receive:

  • 2,500 points when you hit £5,000 of annual spend
  • 2,500 points when you hit £10,000 of annual spend (5,000 points cumulative)
  • 2,500 points when you hit £15,000 of annual spend (7,500 points cumulative)
  • 2,500 points when you hit £20,000 of annual spend (10,000 points cumulative)
  • 2,500 points when you hit £25,000 of annual spend (12,500 points cumulative)
Upgrade American Express Gold to American Express Platinum

Importantly, the bonus will be paid as soon as you hit each tier threshold. You do not have to wait until the end of your card year.

The launch plan for this new benefit is what whatever you are due to date in your current membership year will be awarded in a lump sum on 12th October.

If you consider it likely that American Express will keep the 40,000 Membership Rewards points upgrade offer running beyond 12th October, you may want to wait until you’ve pocketed the bonus you are due and then upgrade.

If you are going to upgrade, you should do it before 31st December. This is because the £300 of annual restaurant credit (£150 to spend at 150+ UK restaurants and £150 to spend at 1,400+ international restaurants) refreshes on 1st January. The ‘£50 per half year’ of Harvey Nichols credit also refreshes on 1st January.

In a perfect world, consider upgrading after 12th October – assuming you want to wait for whatever annual spend bonus you are due on your Gold card – but with enough time to use the 2022 dining and Harvey Nichols credits.

Do you still have the Preferred Rewards Gold CHARGE card?

Some readers, including my wife, will still have the older version of Prefered Rewards Gold which was issued as a charge card.

Intriguingly, American Express is still letting you upgrade this card to Platinum. Take a look here.

The upgrade is smaller at just 20,000 points. This requires you to spend £4,000 in three months.

What is interesting is that you will be issued with a Platinum charge card – not the new credit card. This makes no difference in terms of card benefits, and means that there won’t be any sort of credit check on the upgrade.

If you’ve got the time and the patience, you could potentially get 40,000 points instead. Apply for the Preferred Rewards Gold credit card version (you are allowed to have both the credit and charge card versions) and you may be able to upgrade your new Gold credit card via the 40,000 points link above.

Don’t forget ….

  • American Express is not obliged to accept your request to upgrade your Gold credit card
  • Despite the lack of restrictions in the terms and conditions, Amex may try to insist that this offer is restricted to people who opted in to marketing emails and who were contacted about it

Key links

  • To upgrade your Gold credit card to the Platinum credit card, and earn 40,000 bonus points, click here.
  • To upgrade your Gold charge card to the Platinum charge card, and earn 20,000 bonus points, click here.
  • To apply for the Gold credit card, with a view to attempting to upgrade later to the Platinum credit card and earning 40,000 bonus points, click here. This is the best option if you are disqualified from getting the 60,000 points Platinum bonus because you have had a Green, Gold, Platinum or Amex Rewards Credit Card in the past 24 months.
  • To apply for the Platinum credit card directly, and earn 60,000 bonus points and a £200 Amex Travel credit, click here. You can only do this if you haven’t had a Green, Gold, Platinum or Amex Rewards Credit Card in the past 24 months.

Interest rate information

American Express Preferred Rewards Gold has a representative APR of 61.8% variable based on an assumed £1,200 credit limit and £140 annual fee (free in the first year). Interest rate on purchases 26.0% APR variable.

The Platinum Card has a representative APR of 439.9% variable based on an assumed £1,200 credit limit and £575 annual fee. Interest rate on purchases 26.0% APR variable.

These rates are effective from 24th August 2022.


Want to earn more points from credit cards? – September 2022 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:

Barclaycard Avios Plus card

Barclaycard Avios Plus Mastercard

25,000 Avios for signing up and an upgrade voucher for spending £10,000 Read our full review

Barclaycard Avios card

Barclaycard Avios Mastercard

5,000 Avios for signing up and an upgrade voucher for spending £20,000 Read our full review

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.

EDIT: Until 25th October 2022, there is an exceptionally generous sign-up bonus on The Platinum Card. You will receive 60,000 Membership Rewards points – double the usual amount – and £200 to spend at Amex Travel. You need to spend £6,000 within six months to earn the bonus.

British Airways American Express Premium Plus

25,000 Avios and the UK’s most valuable card perk – the 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 & two airport lounge passes Read our full review

The Platinum Card from American Express

60,000 points (SPECIAL OFFER), £200 travel credit and unbeatable 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 long list of travel benefits 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

50,000 points bonus until 2nd October – the most generous Avios Visa for a limited company 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.

Barclaycard Select Cashback credit card

1% cashback and no annual fee Read our full review

Comments (111)

This article is closed to new comments. Feel free to ask your question in the HfP forums.

  • Shrey says:

    My year-end is on 30 Sep, so I expect to receive the anniversary bonus around 30 Oct. Do you think the offer will be around at that time? there is no mention of validity or expiration (unlike the plat new member offer).

    • Rob says:

      Perhaps not because the 60k offer ends on 25th October, and once that drops back to 30k I don’t see how the upgrade deal could be 40k.

  • Puru says:

    Do the MR points also get carried over from Gold to Platinum or would you transfer them before making this upgrade.

  • Colin says:

    Hi all–seeing if I can crowd source to troubleshoot here:
    I have Gold charge card, which I would like to retain.
    To take advantage of this offer, I applied for and received the Gold Credit card this week.
    I am now trying to upgrade this to Platinum but get an error when trying to do so that no eligible cards exist.
    Any views on what might be the issue?
    Limited (zero) spend on Gold credit card?
    Need to wait a certain amount of time?

    • Rob says:

      It’s not clear. I’d put some spend on the Gold credit and see what changes. Worse case scenario is that you use the 2 airport lounge passes and then cancel with no fee paid.

  • Mark Janes says:

    Looking at the linked-to Amex page, I see they have (rather meanly) put an expiry date of 11th October on the 40,000 points bonus!

    • SteveD says:

      Received an upgrade invitation in the post today and can confirm that also states upgrade by 23:59 on 11th Oct to get the bonus. So no double dipping with the Gold card annual spend bonus, unfortunately.

      I need to do some maths before being tempted.

  • kavin_jay says:

    Same. Received the upgrade offer in the post with expiry on 11th October. I have already hit my spend target on the Gold card and although my year end is February 2023 will presumably post on 12th October.

    So essentially if I upgrade I will not receive the 10k bonus and therefore net gain is 30k points.

    I wonder what the chances are of the upgrade offer running again next year for 40k points?

    • Rob says:

      Would only happen if main card offered 60k – remember the usual Plat offer for new holders is just 30k.

  • Nick says:

    Hi all, has anyone had success in finding whether this is a targetted offer or not? I am not opted-in to receive offers. I called Amex to check but the representative seemed a little confused and didn’t even know there was an offer running! Ideally, I’d like to find out that I’m eligible for the 40k bonus before switching.

    • Rob says:

      There are clearly some restrictions on it, based on reader experience to date, even though they are not publicised. If you can’t do it via the online form then you should assume you’re not getting it, I think.

      • Nick says:

        Great, thanks Rob. The form opens up when I log in and follow the link so I’ll give it a try soon!

  • Paul says:

    Hey ho, I also got the snail mail shot with a glossy brochure .. with the offer end date on the front cover. My instinct is that expensive printing would mean that the offer won’t run beyond Oct 12th (unlike a web offer which can be easily updated). So, it’s take the plunge time and lose out on the extra Gold bonus.

This article is closed to new comments. Feel free to ask your question in the HfP forums.

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