If you travel often and want to access a wide range of benefits through your spending, such as airport lounge access and a concierge service, it could be worth considering this credit card from American Express.
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The Platinum Card® by American Express review
By Chris Lilly
- Representative example:
- When you spend £1,200 at a purchase rate of 31.0% (variable) p.a. with a fee of £650 per annum, your representative rate is 704.6% APR (variable).
- Balance transfer fee
- 0%
- Intro bonus
- Up to 40,000 points
- Earn rate
- 1 point per £1 spent
Our verdict
Amex has relaunched the iconic Platinum Card, with extensive travel benefits and a shiny new welcome bonus. Bye-bye charge card and hello to a super-premium (metal!) credit card.
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Amex has relaunched its iconic super-premium Platinum Card as a credit card, with a monster welcome bonus. There’s a high annual fee and a pretty hefty representative APR, but if you’re likely to spend a fair bit on the card and could really milk the ongoing rewards, then this card could be a good choice. Plus, you can request one supplementary card for a fee of (yep – also metal) perhaps for a partner or family member, to earn reward points faster and to share the perks.
If you already own the traditional charge card, don’t panic throw it away just yet, Amex have announced that your card won’t be automatically cancelled and will still be available for you to use. Both credit cards and charge cards offer different purposes, you may wish to apply for the Platinum Credit Card. If approved for the new credit card, unfortunately will not be eligible for the new welcome bonus and if you do not cancel your charge card, you will have to pay for both annual fees. Stay sharp as the charge card will not be automatically cancelled if you get the credit card.
The impressive perks attached to this card are geared up to frequent travellers. You and an additional cardholder can benefit from complimentary airport lounge access, comprehensive worldwide travel cover (subject to enrolment) and hotel benefits like room upgrades and late check-outs.
Oh, and did we mention it's made of metal?
Pros
-
Airport lounge access
-
Earn points as you spend
-
Worldwide travel insurance (subject to enrolment)
-
Up to 40,000 Membership Rewards® points introductory bonus
-
Dining statement credit at selected restaurants (subject to enrolment)
-
Harvey Nichols Lifestyle credit (subject to enrolment)
-
Hotel benefits like complimentary room upgrades and late check-out
-
Refer-a-friend points bonus
Cons
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High annual fee of £650 per annum
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Many of the perks will require you to actively opt in
Details
Product overview
| Issuer | American Express |
| Network | Amex |
| Representative APR | 704.6% APR (variable) |
| Annual/monthly fees | £650 per annum |
| Loyalty scheme | Points |
| Incentive | New Cardmembers earn 40,000 Membership Rewards® Points when you spend £6,000 in the first 3 months of Cardmembership. T&Cs Apply. UK 18+, subject to status. |
| Incentive on opening | New Cardmembers earn 40,000 Membership Rewards® Points when you spend £6,000 in the first 3 months of Cardmembership. T&Cs Apply. UK 18+, subject to status. |
| Additional Rewards Info | This new Cardmember offer is only available if you have not held a personal Membership Rewards enrolled American Express Card within the previous 24 months. If you have held a personal Membership Rewards enrolled American Express Card within the previous 24 months, you will be entitled to all other Card benefits, excluding the welcome offer. |
| Lounge access | Complimentary access to over 1,200 airport lounges across more than 130 countries worldwide through Priority Pass, with supplementary cardholder as guest. Access to the new Centurion Lounge, coming soon to Heathrow Terminal 3. |
| Purchases | 31.0% |
| Purchases interest-free period (days) | 56 |
| Balance transfers | 31.0% |
| Potential costs | 3.0 ★★★★★ |
| Doing its job | 5.0 ★★★★★ |
| Extras | 4.5 ★★★★★ |
| Overall Finder score | 4.0 ★★★★★ |
Fees and charges
| Minimum monthly payment | £25 (or the total amount you owe if less) |
| Annual/monthly fees | £650 per annum |
| Balance transfer fee | 0% |
| Money transfer fee | 3% |
| Foreign usage charge (EU) | 2.99% |
| Foreign usage charge (rest of world) | 2.99% |
| Cash advance fee | 3% (min. £3) |
| Late payment fee | £12 for amounts still owed after 30 days, then payable each month after 60 days |
| Replacement card fee | £0 |
| Duplicate statement fee | £2 |
| Exceeding limit fee | £0 |
| Dormancy fee | £0 |
Application requirements
| Minimum Age | 18 |
| Residency | UK resident and has a UK bank or building society account. |
| Availability | Available to new customers |
How does it compare?
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Approval for any credit card depends on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances, the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow. Most of the data in Finder's comparison tables is provided by Moneyfacts.
How to apply
First, you can use Finder's eligibility checker to find out if you'd be likely to get approved for The Platinum Card® by American Express. This won't impact your credit score. If it's good news, you can then proceed to American Express's online application, which takes 10–15 minutes to complete.
Bottom line
As the exclusively simple name suggests, the American Express Platinum Card is a premium credit card that doesn’t skimp on the perks. Whether it’s airport lounge access, concierge services or simple reward points, this card delivers in spades, but you’ll need to cough up a whopping £650 per annum fee for the privilege. Make sure you repay your card in full each month or you might be hit by that high APR.
But if rewards are what you’re after, it’s hard to look past this premium card, especially if you’re likely to take full advantage of the enormous introductory points bonus.
Frequently asked questions
What credit limit will I get with The Platinum Card® by American Express?
If American Express offers you this deal, it will specify a personalised credit limit based on American Express's assessment of your situation. The minimum limit offered on this card is £700, and American Express does not specify a maximum. Once you've had the card for a while and shown American Express you're reliable, you may wish to apply for a credit limit increase.
Can I withdraw cash using The Platinum Card® by American Express?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.
The cash advance fee on The Platinum Card® by American Express is 3% (min. £3). For example, if you withdraw £50, you'll incur a fee of £3.00. Withdraw £250 and you'll incur a fee of £7.50.
The interest rate on this part of your balance will be 38% (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).
How much does it cost to use The Platinum Card® by American Express abroad?
Non-sterling transactions are subject to a 2.99% charge (which is very standard). For example, if you spend 200 euros (£171.25), it'll cost you around £5.12 in fees.
Can I request an additional The Platinum Card® by American Express?
Yes, in fact, you can request up to 5 more. There's no fee for additional cards. Plus, with additional cards, you could earn points at a faster rate. Bear in mind that card debt accrued by additional cardholders is the sole responsibility of the account holder – not the additional cardholder.
Can I use American Express Platinum with Addison Lee?
Yes, you can use your Amex Platinum card to book a private car or vehicle, and can also use it with CityFleet, Radio Taxis and Checker Cars. You can book a car up to three months in advance by using the Addison Lee app.
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