The Platinum Card from American Express in the United Kingdom - Fee and Benefits

American Express was founded in 1850, and the company says it launched the Platinum Card in the United States and Canada in 1984 as an invitation-only product, the first new Card product since 1966. The card that bears the same name in the United Kingdom is a separate product, with its own fee, its own credits and its own rules. Anyone comparing it with the American card, which is covered elsewhere on this site, should start by treating the two as different cards.

This article looks at The Platinum Card from American Express as offered in the United Kingdom (the Platinum Card below). The annual fee is £650. The useful question is how much of the list of credits and benefits you would use if the card did not exist.

What to know before you apply

With a £650 fee, start with the places where the card can disappoint.

The fee is £650 a year

The official page states an annual fee of £650, which is about £54 a month. Whether it is worth paying depends on whether you would spend that much on the things the card covers.

The credits require enrolment

The Global Dining Statement Credit says "enrolment required", and so do the Platinum Wellness benefits and the car rental benefits. The credit does not arrive on its own. A credit you did not enrol for, or one for a restaurant or brand you never use, returns nothing.

The page shows a high representative APR

The page lists a purchase rate of 29.1% p.a. (variable) and a representative APR of 685.3% variable, on an assumed credit limit of £1,200. It also says that the credit limit and interest rates depend on its assessment of you and may differ. If you might carry a balance, read the Summary Box before applying, because the cost of borrowing on this card is high.

Points are earned slowly

You earn 1X points on purchases for every £1 spent, and 2X on amextravel.co.uk. The points are not the main reason to choose this card.

Counting the credits against the fee

The official page lists these credits. The table adds them up so that you can compare the total with the fee.

The three credits add up to £750 in the best case, against a £650 fee. That is the ceiling, and it assumes you spend at the selected restaurants and use the wellness brands in full. If you would have eaten at those restaurants anyway, the dining credit is a genuine saving. If you would not, it is an invitation to spend.

A way to run your own numbers

Ask three questions for each credit. Would I have spent at this restaurant or brand this year anyway? At roughly the amount shown? And will I remember to enrol? Count only the credits that survive these questions, then compare the sum with £650. Add the value of the lounges and the insurance only if you would otherwise have paid for them.

Travel benefits

The travel side is where the card makes its case.

Airport lounges

The page says the card gives complimentary access to over 1,550 airport lounges across more than 140 countries.

Worldwide travel insurance

The insurance covers you and your Supplementary Cardmembers, including their partners and dependent children under the age of 25, for trips up to 90 days. Read the insurance document linked from the page, because it holds the conditions.

Hotels and car rental

Through the Fine Hotels + Resorts programme and The Hotel Collection, the page lists benefits that include complimentary room upgrades on arrival, when available, and a late check-out. Car rental benefits such as upgrades and discounts, when available, come with access to higher tiers of partners' loyalty programmes, including the Avis Loyalty Programme and Hertz Gold Plus Rewards. Enrolment is required.

Other benefits on the list

Beyond the credits and travel, the page lists a metal card, a complimentary digital subscription to The Times, American Express Experiences, a complimentary Supplementary Card, American Express Offers, purchase and refund protection, Platinum service via the Amex app, fraud protection, the Bicester Collection, 24/7 Global Assist and Platinum Travel Services. Some of these are small, and some are valuable only to the right person. A newspaper subscription is worth what you would pay for it.

Points and referrals

You earn 2X Membership Rewards points for every £1 spent on amextravel.co.uk, and 1X for every £1 spent on other purchases. The Invite a Friend programme gives at least 12,000 points if the friend is approved, up to 90,000 points a year. Points can be used in several ways, and the page links to the Membership Rewards terms.

The history behind the name

American Express traces its start to 1850, when three business rivals joined forces, and its history says the founding papers were signed on 18 March 1850. The Platinum Card arrived in the United States and Canada in 1984. The company named it Platinum because the metal was, at the time, considered "little known but highly valuable".

This article does not give a launch date for the UK card, because the pages checked do not state one. What can be said is that the name carries a reputation built elsewhere, and that the UK card is judged on its own terms: its fee, its credits and its eligibility rules.

Who the card suits

The Platinum Card suits people who already spend on restaurants of the kind the dining credit covers, who use the wellness brands, and who travel often enough to value the lounges and the insurance. It also suits people for whom a £35,000 income requirement is no obstacle and a metal card is a pleasure.

Three checks help the decision:

1. Which of the credits would you have paid for anyway this year, and what do they add up to?
2. How many airport lounge visits would you make, and would you otherwise pay for them?
3. Are you comfortable paying £650 a year without carrying a balance?

If your honest total is above £650, the card pays for itself. If it is close, the lounges and hotel benefits may decide it. If it is far below, a card with a lower fee is a better match.