The Platinum Card bottom line
If you can get your head around spending £575 a year on a payment card, then you stand to benefit from all that American Express’s The Platinum Card can offer. This high-end experience includes access to 1,200 airport lounges worldwide, comprehensive travel insurance for you and your family (subject to enrolment), hotels benefits, Membership Rewards points and a platinum concierge service. Note that this is a charge card, not a credit card, so you have to pay down your balance in full each month.
Credit Rating Requirement: Good/Excellent
What I like about The Platinum Card
The list of features for this card goes on and on. Here are the ones that really stand out.
- Welcome offer – New cardmembers are in for a treat. If eligible, they stand to receive 30,000 Membership Rewards points when they spend £4,000 in the first three months of card membership. This is the equivalent of a return flight from London to a number of European destinations.
- Reward points – As with other American Express reward cards, The Platinum Card offers access to the Membership Rewards scheme. Cardholders can earn one point for every full £1 they spend, and one additional point for every £1 spent at American Express Travel Online.
- Travel benefits – What sets The Platinum Card apart from other American Express cards (and helps to justify the high annual fee) is all the travel perks that come as part of the package. These include complimentary access to more than 1,200 airport lounges worldwide (including the Centurion Lounge at Heathrow Terminal 3 coming later in 2019), hotel benefits in the form of room upgrades when available, complimentary breakfast and late checkout at Fine Hotels & Resorts, plus free comprehensive worldwide travel insurance for you, your partner, your dependent children and supplementary cardmembers (subject to enrolment). As an added sweetener, cardholders will also receive $200 in credit on private rentals when booked with onefinestay.
- Service – This card offers you not only the standard service features you would find from an American Express card, but also adds on the Platinum element. So you can expect a Platinum concierge service which acts as a 24/7 travel and lifestyle resource, restaurant benefits at 200 locations worldwide and up to five complimentary supplementary cards (one Platinum and a combination of four Gold or Green cards). The Amex app will also allow you to use mobile messaging for quick access to the Platinum service and concierge, as well as make online bookings for the Global Dining Collection.
- Metal card – In order to make the card feel even more exclusive and luxurious it is made out of metal instead of plastic, one of the first metal payment cards to launch in the UK.
- Other benefits – This card has no preset spending limit, making it perfect for those borrowers looking to spend large amounts on their card. It also offers a friend referral scheme with which you can earn 12,000 bonus Membership Rewards points if the person is approved. They can then earn 35,000 points if they spend £4,000 in the first three months.
- Worth knowing – You are not eligible for the welcome bonus if you hold a personal Membership Rewards-enroled American Express card or have held one in the past 24 months.
What could be improved?
The Platinum Card’s list of benefits goes on and on, but there is no getting away from the fact that it comes with a pretty high price tag.
- Annual fee – This card carries a steep fee of £575 per year. Yes, you get a lot in return (and if you are considering The Platinum Card, it is likely you are one of the more affluent members of society), but it is always worth doing the sums and working out what benefits you can take advantage of and whether they justify the cost.
- Overseas usage – Surprising considering the travel focus of this card is that it has a foreign transaction fee of 2.99% (standard for most American Express cards).
How does The Platinum Card offer stack up?
American Express’s The Platinum Card offers you an extensive list of perks ranging from reward points to travel insurance. Compared with fees for other cards, the annual fee is at the high end of the spectrum, but as a result you can unlock exclusive access to features that other providers don’t offer.
Where this card does fall down is on providing the more basic offers such as introductory interest rate periods on purchases or balance transfers. But it is a charge card after all, so there’s no credit involved here, which means no interest charges as long as you pay your balance in full each month. It’s not much of a leap to say that The Platinum Card has already placed itself in a separate category to standard credit cards.
The Platinum Card credit score
American Express requires applicants to have no history of bad debt, be aged 18 or over and be UK residents. It also requires them to have a UK bank or building society account that they can provide details of.
How do you apply?
You can apply through the American Express website. The application will reportedly take less than 10 minutes, and you will receive a response in 60 seconds.
You will need to provide personal information, including your income and employment details. Your UK bank or building society account number and sort code may be required, so it’s helpful to have those on hand.
If you have a sparkling credit score and a high income, you may not question whether you’ll be approved for this card. But if you want to play it safe, by using the “Apply” link above and following the “Check your eligibility” link on the American Express website, you can perform a quick and easy check on whether you’ll be accepted, without any risk to your credit score.
Is The Platinum Card right for you?
American Express’s The Platinum Card is designed for a big spender. If you can afford a £575 annual fee, then you are looking at no preset spending limit and no interest if you pay your balance in full. The perks offered with this card suit those who travel lots, spend a lot and like to streamline their lives. If you think this is you, then this card could be a good option to support your lifestyle, as it offers a full package… and then some.
The card enables cardholders to earn enough points to pay for a flight and then to use the airport lounge for free before picking up a rental car at a discount and checking in to a hotel with a free upgrade. All while being provided with a platinum level of service by American Express.
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