Can rewards justify the huge £650 fee on this top end Amex card?
I love a good reward or cashback card. Using one on my everyday spending is simply the easiest way to make money. And when these cards are free, it’s even better.
But the American Express Platinum card isn’t free. It’s really, really expensive. So expensive you’d need to spend £13,000 in a year to earn enough points to cover the annual fee.
So is it one to avoid? Well the other perks might actually make it worth considering, especially if you nab a boosted welcome bonus. Here’s my America Express Platinum review.
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What is the Amex Platinum card?
The American Express Platinum is the premium credit card on offer from Amex. It comes with perks like travel insurance and money back on meals out – these are detailed further down the article.
You need to have a minimum income of £35,000 a year to apply for the card.
The card itself is metal. Though it’s not a reason to get one, I was surprised that I really liked it!
American Express Platinum fee
As I’ve already mentioned, you’re looking at a huge £650 annual fee. That is paid upfront, so you need to factor in that cost at the start – and it doesn’t count towards any welcome bonus thresholds.
For the moment, the fee is refunded pro-rata if you don’t keep it for the full year. However, American Express have said this will change at some point. So I’d go into this expecting to pay the full amount.
How much can you earn from spending?
The Amex Platinum earns Amex Membership Reward Points. You’ll get 1 point for every £1 you spend. Amex Reward Points convert in a few ways, including:
- 1 point = 1 airline point (eg Avios or Virgin Atlantic Flying Club)
- 1 point = 0.5p if swapped for a gift card (eg Amazon) or Nectar points
- 1 point = 0.45p if used as statement credit or spending direct with retailers (eg Argos)
Points will hit your account pretty fast, so you won’t have to wait a year to use them like cashback earned on the Amex Cashback credit cards.
If you close your card down and don’t have an alternative Amex Membership card you’ll lose the points you’ve earned. The way to avoid this is to either transfer points first, or to open up another Amex Rewards card such as the free American Express Rewards card. This will keep the points active.
American Express Platinum welcome bonus
Who can get a welcome bonus?
The signup bonus for the Amex Platinum is open to any new cardholders, or existing ones who haven’t had any Amex card that earns Membership Reward points in the last 24 months.
This means this card might earn you able to get a second American Express bonus as long as you’ve not had the following in the last two years:
- Amex Preferred Rewards Gold
- Amex Rewards
- Amex Platinum
- Amex Green
But you’re good to go if you’ve had cards including:
- Amex Nectar
- Amex Cashback and Amex Cashback Everyday
- BA Amex and BA Amex Premium Plus
Standard sign up offer
The usual bonus is 50,000 points for a £6,000 spend over three months. This is worth £250 in Nectar points or a gift card, with another £30 on top from the £6,000 spend. You have to spend at least £6,000 to trigger the bonus. A penny less and won’t get it. Getting a supplementary card for your partner can make it easier to reach this figure.
OFFER | BONUS | ADDITIONAL POINTS EARNED ON QUALIFYING SPEND | TOTAL POINTS | VALUE AS NECTAR POINTS |
Spend £6,000 in three months | 50,000 | 6000 | 56,000 | £280 |
In addition, if you apply via a cashback site, there’s the chance to get another £100 back, meaning you’re up £380
Since the fee is £650, you’re effectively only paying £270 for the card and other perks in year one (and then the full amount for subsequent years).
Boosted sign up offers
A couple of times a year the welcome bonus is boosted – and I think these are worth waiting for. We’ve got a separate American Express Platinum deals page just for when this happens, which has full analysis of the offer.
At the time of writing, there’s a promo running until 27 May 2025. There are 80,000 Amex Reward points available.
However you’ll need to spend a huge £10,000 in six months to get the bonus. Make sure you can afford this and don’t buy extras you don’t need just to hit the threshold.
The boosted points are worth £400 in Nectar points or a gift card. And factor in the extra 10,000 points you’ll earn from that £10k spend and that’s another £50, totalling £450.
OFFER | BONUS | ADDITIONAL POINTS EARNED ON QUALIFYING SPEND | TOTAL POINTS | VALUE AS NECTAR POINTS |
Spend £10,000 in six months | 80,000 | 10,000 | 90,000 | £450 |
Go via a cashback site and you’ll get another £100 on top, giving you free money worth £550. That means you’re really paying £100 for the other card perks.
Amex Platinum benefits
There are a few extras that come with the Platinum worth factoring into your sums. Here are the core benefits.
Annual travel insurance
You get worldwide travel insurance for you, any supplementary cardholder and dependent children. Trips can last 90 days, or a full year for children under 25. Car hire insurance is also covered.
This is a decent benefit if you do travel a lot – except for one major flaw. You have to book your holiday and travel with the Platinum card for anything other than the basic medical cover.
Great if you can do this, but as anyone who has already had an Amex knows, not all retailers will accept the card. So our trip to New York a few years ago was covered, but I was told a weekend in Rome booked somewhere that didn’t take Amex wasn’t (though I’ve seen some information saying it could have been – it’s not massively clear).
Airport lounge access
You’ll get a Priority Pass for access to a number of worldwide lounges, and access to more on top with the Platinum card itself. There’s also entry to the Eurostar lounge in London and Paris.
This was a nice little bonus for some peace and quiet, but the food was pretty poor in both London and New York so not something I’d want to pay for.
Other travel benefits
Hertz and Avis status
As a Platinum cardholder you can activate premium membership status at a couple of hire car companies. This will give you a discount and an upgrade. Sounds good. But when I looked I was able to pay less for the same level car by shopping around.
Hotel extras
Book via Amex for a Fine Hotels & Resorts stay and you’ll get a room upgrade (if available), early check-in, late checkout and free breakfast. However you do need to book direct with Amex, so you might find a cheaper option elsewhere.
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Amex Platinum free credit
Alongside the usual Amex offers, there are some specific to the Platinum card. The ones I think you might actually use are:
Up to £400 dining credit
You can activate offers to earn £100 credit on UK dining and another £100 on overseas dining every six months. This is due to run until the end of 2025, but it could be extended.
Though you could get the full £400 every year, the foreign restaurant list and locations are limited – so you might struggle. I’d value this at £200, and if you are able to get more that’s a bonus. Here’s my full analysis.
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£50 Harvey Nicholls credit
Until the end of June 2025 you’ll get £50 credit when you shop at Harvey Nicholls (including its restaurants). If you spend less than £50 you’ll only get what you spent back. If you spend more, the most you’ll get is £50.
This used to run twice a year, and there’s always a chance it’ll be extended. But right now I’d only bank on one set of £50.
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How does it compare?
If you’re looking for a card for the bulk of your spending (outside of the welcome bonus) then you can match the 0.5% without paying a fee. In fact you can beat it. Here are the best free cards (read more here).
Card | Equivalent rate | Annual Fee |
Chase Bank debit card (Mastercard) | 1% cash (£15 monthly cap) on groceries, transport and fuel | £0 |
Nectar American Express credit card | 1% (2 Nectar per £1) | £0 (£30 in year two) |
Barclaycard Avios (Mastercard) | 0.5% (1 Avios per £1) | £0 |
American Express Preferred Rewards Gold credit card | 0.5% – 0.75% (1 Amex Membership per £1) | £0 (£195 in year two) |
Should you get the Amex Platinum?



Andy’s Analysis
When the welcome bonus on this card is boosted it can hopefully wipe out most of the fee – meaning you can then take advantage of the extras at very little cost.
In fact, you’ll certainly be making money when you add in the extra credit for Harvey Nicholls and dining out, let alone the cost of paying for travel insurance elsewhere.
But beyond this first year? Without the boost that comes from the welcome bonus, it’s going to be hard to justify the outlay when you can earn cashback for free on other cards.
Even factoring in those extras could leave you short of the £650 annual fee.
I think most people are only going to benefit from a short burst of this card when there’s a boosted sign-up offer. But once you have that, transfer your points and cancel.
Remember, you can cancel your card, and you’ll be able to apply again in two years!
American Express Platinum summary
American Express Platinum
Fee | £650 |
Points | 1 Amex Membership Reward point per £1 spent |
Standard welcome bonus | 50,000 points if you spend £4,000 in six months |
It’s rather disingenuous suggest that £10,000 over six months is “a huge” amount to spend versus the standard £6000 over three months regular offer which you make no comment on earlier in the article. The former is £1666 per month versus £2000 per month for the latter – therefore the £10,000 over six months signup offer is both cheaper to attain and more preferable, which should be reflected in your article
FYI the 100,000 MR bonus (75k with £10k 6 month spend and 25k when making any purchase in month 15) was offered to me as an Upgrade from my Gold Preferred. So the offer can apply while holding such a card, if invited to Upgrade by Amex
Andy, are you sure that the Welcome Bonus still applies because Amex have on their site for the Platinum Card: “I understand I will not be eligible for any Welcome Bonus award if I hold or have held any personal Membership Rewards-enrolled American Express Cards in the past 24 months.”
Yes, that’s only excluding the Membership Reward cards, so as long as you’ve had a different card (Platinum Cashback, Nectar etc) you’ll be ok
I will like to use my platinum card for cash in Africa
Hey Andy. I have a personal cashback Amex card and was interested in this offer. The T&Cs on their website say the welcome offer is only available to new customers or those who’ve not held *any* personal card in the last two years – not just membership reward cards. They’ve confirmed this to me in the in-app chat too. I won’t qualify for this offer even though I closed my membership rewards card more than two years ago. Just to let you know
I think you’re looking at the Platinum Cashback card. The Platinum card bonus is only excluded for those who have had a “membership rewards card”. I’ve checked and that’s still what it say on the Amex site.
I enjoy using my Amex platinum, I made good use of the travel insurance at the beginning of the pandemic following cancelled flights, and the airport lounge is a nice bonus when you have a toddler in tow. We have also fully used the one-off offers (£100 Waitrose voucher in 2020, £200 restaurant voucher in 2021, and £100 voucher in Harvey Nichols for 2022).
Bear in mind that you get points for any purchase on the Amex platinum, there is nothing excluded as far as I’m aware. Whereas the 1% cashback on the Chase card has a long, long list of exclusions (they are smart, they won’t give you cashback on one off large-ish purchases you might make such as any home/car insurance, car dealers, stock purchases e.g. a money transfer to an account you hold with a Share dealing platform, real estate agent fees etc.) so this 1% cashback isn’t as good as it sounds (and it only lasts 1 year).