Amex turns its Platinum Card charge card into a credit card

Posted: 3 August 2022 5:40 pm
News

amex platinum card news

American Express is revamping the iconic Platinum Card and turning it into a credit card, with an annual fee of £575 and the “biggest ever” welcome bonus.

American Express has announced that from today, the Platinum Card charge card will be turning into a credit card for new customers.

From 3 August 2022, any customer approved for an Amex Platinum Card will get a credit card, not a charge card, along with an enormous golden hello.

The new card, which comes with an annual fee of £575, will come with a welcome bonus of 60,000 Membership Rewards points, plus a £200 credit to spend online at American Express Travel, the company’s online travel booking portal for business or leisure travel.

As long as you spend £6,000 in the first 6 months of account opening and have not held a personal Amex credit card within the previous 24 months, you will be eligible for this offer. The sign-up bonus deal ends on 25 October 2022.

Typically, charge cards have no set spending limit and require you to pay your full balance off by the statement due date.

If you are a current Platinum Card charge card user, you will not be affected by this change for now, and you will still be required to pay off your bill every month.

Amex says it is aiming to “bring more flexibility to its customers by removing the requirement to clear the full balance at the end of each month”.

What are the new features of the Platinum Card?

Unlike the original charge card, the Platinum Card will now be a credit product that comes with a purchase rate of 25.7% and the APR is a representative 437.9% which is a reflection of the unaffected £575 annual fee.

If you decide to repay the minimum balance each month and carry over the rest, you will be expected to pay any interest accrued on that balance, so make sure you keep on top of your payments if you don’t want to pay additional interest.

Other card benefits include the £300 restaurant credit announced last month, travel insurance and lounge access. Plus you will still have a card made of metal, just like the original charge card.

What happens if you already have a Platinum Card?

If you have a Platinum Card charge card, you have a couple of options.

Firstly, for now, you’ll still be able to use your charge card as normal. Amex is currently treating the 2 cards as different products, but it is yet to be announced if the company will ultimately decide to discontinue the charge card.

Secondly, if you want to switch to the new credit card, you’ll have to re-apply. If you’re approved, as a pre-existing customer you’ll miss out on the sign-up bonus, but you’ll be able to make use of the other benefits, such as the restaurant credit, lounge access and travel insurance.

The Platinum Card charge card won’t be automatically cancelled if you decide to get the new credit card and you’ll have to pay the annual fee for both cards.

If you are a current Platinum Card holder and would like to compare new credit card options, you can use our comparison guide to help you make an informed decision.

Representative example: When you spend £1,200 at a purchase rate of 25.7% (variable) p.a. with a fee of £575 per annum, your representative rate is 437.9% APR (variable).

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