These are on top of the air lounge access, travel insurance, £300 annual dining credit, and £100 annual credit at Harvey Nichols that existing customers already receive.
However with a representative APR of 704.6% (variable) and an eye-watering annual fee of £650, these card benefits don’t come cheap.
Here, we explain the new deal, weigh up if the perks are worth the annual fee, and compare how the Amex Platinum Card stacks up against other reward credit cards.
Please note that the information in this article is for information purposes only and does not constitute advice. Please refer to the particular terms and conditions of a credit card provider before committing to any financial products.What does the Amex Platinum Card offer?
The Amex Platinum card is a reward credit card that offers one Amex point per £1 spent, and two Amex points for every £1 spent with Amex Travel.
American Express said its Platinum card is ‘designed for those who want an extensive range of benefits’. Hence the £650 annual fee, which has to be paid in full when you take out the card.
In exchange for this fee, existing card members currently get:
For a limited time, new customers who spend £6,000 in the first three months of having the card will also get the following bonuses:
What's in the card offer's small print?
The new cardmember bonus is only available to those that have not held a personal Membership Rewards enrolled American Express Card within the previous 24 months. Plus, of course, you must make the minimum spend of £6,000 in the first three months of holding the card.
The extra perks are only available until 27 August 2024.
What are the Platinum perks worth?
Amex said the annual combined value of all the perks adds up to around £2,500. However, to get this full value you'd need to make the most of every single benefit.
The table below shows what what the perks are worth over a year.
Find out moreIs the £650 annual fee worth it?
The value of all the combined perks (including the ones available to new members who meet the criteria) is more than £2,500. This could be considered good value for the annual fee.
However, we’d take this figure with a large pinch of salt, as there's no guarantee you’d make full use of every single benefit.
For example, to get the hotel benefits you’d need to book with Fine Hotels & Resorts. And the dining credit is only available at participating restaurants, so there might not be anything near you, or that you fancy.
You might also be able to get some of the benefits cheaper for elsewhere, such as worldwide travel insurance and lounge access.
But it’s an attractive deal for those who travel regularly and can make full use of the £400 travel credit, air lounges and worldwide travel insurance.
The Amex points can also be converted to air miles, redeemed at retail partners or used to offset purchases you make on your card.
One factor you need to consider is how the annual fee must be paid. The £650 is charged when you take out your card, and cannot be split into monthly payments.
Find out more:Is Amex a good credit card provider?
Amex is a Which? Recommended Provider. It achieved a customer score of 79% in our latest survey, putting in second in our table behind Tesco Bank.
It scored five stars for its mobile app and clarity of statement, and four stars for its transparency of charges, application process and customer service.
Find out more:Are there any cheaper reward credit cards?
If you like the sound of the lifestyle perks and lounge access, but not the £650 annual fee, there are alternative cashback and reward credit cards that might suit your needs, such as.
Find out more:undefinedsource https://www.which.co.uk/news/article/should-you-ever-pay-650-for-a-credit-card-aMAHD5J6a7ZA