Review: Is American Express Platinum worth the fee? (2022) (2023)

This is our review of the American Express Platinum credit card, also known as The Platinum Card from American Express.

Is Amex Platinum worth the £575 fee? We look at the card benefits below.

Key link: American Express Platinum application page

Key facts: £575 annual fee

The representative APR is 458.2% variable, including the £575 fee, based on a notional £1,200 credit limit. The interest rate on purchases is 28.8% variable.

Reward credit cards generally have high interest rates and are not suitable for anyone who does not pay off their full balance each month. If you do not clear your balance, you should look for a non-rewards credit card with a low interest rate.

This review is part of our series of articles looking at the major UK loyalty credit cards and discussing whether or not they are worth applying for. These articles are linked to the relevant sections of the ‘Credit Cards‘ area of the menu bar. Our other UK airline and hotel credit card reviews can be found here.

This article was updated on 1st March 2023, and all of the information is correct as of that date. Ignore the original publication date shown.

(Video) The Amex Platinum Card - Honest 1 Year Review (2022)

About The Platinum Card

The American Express Platinum credit card is issued directly by American Express.

Note that The Platinum Card is no longer a charge card. In August 2022 it swapped to being a standard credit card.

What is The Platinum Card sign-up bonus?

You usually receive 30,000 Membership Rewards points when you spend £4,000 within three months.

A higher bonus of 35,000 Membership Rewards points is currently available if you are referred for the card. If you would like a referral, email me at rob [at] and I will send you a link.

Membership Rewards points can be converted 1 to 1 into Avios, so you would receive 60,000 Avios points. Click here to see what other reward programmes are Membership Rewards transfer partners.

What are the rules for qualifying for the sign-up bonus?

The bonus is only available to customers who have not held a personal American Express card which issues Membership Rewards points in the previous 24 months. This would include Green, Gold, Platinum and the American Express Rewards credit card.

You are OK if you currently or recently only had a British Airways, Marriott or Nectar American Express card. All that matters is that you have not held a card offering Membership Rewards points.

You will receive the sign-up bonus if you have a Corporate or Business American Express card via your job and you receive Membership Rewards points from it.

You will definitely receive the bonus if you are only a supplementary cardholder on someone else’s American Express card. As far as Amex is concerned, that card belongs to the primarily cardholder and does not make you an ‘existing cardholder’.

(Video) Is the AMEX Platinum Really Worth the $695 Annual Fee?

If you do not qualify for the bonus, you can still apply. You still receive the other card benefits, which are substantial.

Review: Is American Express Platinum worth the fee? (2022) (2)

Any other benefits with Amex Platinum?

The card has substantial benefits – easily the best package of any UK loyalty card.

  • You receive travel insurance for yourself and your family. You can insure one other family group by giving the head of that household the free supplementary card on your account. Some benefits require you to pay for your trip with an American Express card, but the core medical benefit is automatic. There is an age limit of 70 on the travel insurance. For legal reasons, you need to opt-in to the travel insurance benefit by ticking the relevant box on the application form.
  • You receive full car hire insurance, with no requirement to pay with your Platinum card
  • You and your supplementary cardholder will each receive a Priority Pass card. This gets the cardholder plus a guest into 1,300 airport lounges across the world for free, including the Aspire lounge in Heathrow Terminal 5 reviewed here. As you get two Priority Pass cards, each of which allows a free guest, you can get a family of four into a lounge – as I do on a regular basis.
  • You can also access the pleasant Plaza Premium Lounge in Heathrow Terminal 5. This is not part of Priority Pass but American Express Platinum cardholders can get in, with a guest, by showing their Platinum card at the front desk. You can also access all other Plaza Premium lounges globally, including Heathrow Terminal 2, Heathrow Terminal 4, Edinburgh and Gatwick North.
  • You can also get into Amex’s own network of high quality ‘Centurion’ airport lounges for free. The first European ‘Centurion’ lounge opened at Heathrow Terminal 3 in 2021 as we covered here.
  • You will receive permanent status in various hotel schemes:
  • Gold in Marriott Bonvoy
  • Premium in Radisson Rewards
  • Gold in Hilton Honors
  • Gold in MeliaRewards
  • Other benefits include Eurostar lounge access in London, Brussels and Paris whatever your class of travel. (The Amex website does not mention Brussels but it does work there.) You also receive lounge access when flying with Delta although any guests must pay $29.
  • You receive £150 per year to spend in over 160 UK restaurants. The spend can be cumulative and spread across different restaurants.
  • You receive £150 per year to spend in over 1,200 international restaurants. The spend can be cumulative and spread across different restaurants.
  • You receive £100 of Harvey Nichols credit each year. This is split into £50 from January to June and £50 from July to December. It is valid online or instore. There is no minimum spend – if you buy just £50 of items, you will not pay a penny.
  • There is also an exclusive hotel booking scheme called ‘Fine Hotels & Resorts’ which offers valuable additional benefits on your stays. If you are a regular visitor at five star hotels then you can recoup your entire membership fee via FHR bookings. – for me, the guaranteed 4pm check-out on every stay is invaluable, especially for weekend breaks.

What is the annual fee on American Express Platinum?


The fee is refundable pro-rata if you choose to cancel. This is part of the terms and conditions of the card, and Amex is known for refunding fees without quibble.

The Priority Pass airport lounge card is cancelled immediately if you close your Platinum card. However, the hotel status cards will continue to work until they expire naturally.

If you are self employed, remember that you could offset the card fee against tax as long as you used it exclusively for business-related expenses.

What do I earn per £1 spent on the card?

You receive 1 Membership Rewards point per £1 spent on the card. This is equivalent to 1 Avios or other airline mile per £1 if you choose to transfer them.

(Video) Amex Platinum Card Review 2023 (Worth $695?)

What is a Membership Rewards point worth?

Anything from ‘quite a bit’ to ‘a lot’ is the answer! This article looks at the best use of American Express Membership Rewards points and what they are worth.

Realistically, Membership Rewards points are worth at least 0.66p. This is because you can convert 1 point into 1.33 Nectar points via the new Avios partnership. 1.33 Nectar points are worth 0.66p when spent at Sainsbury’s, Argos or eBay.

I tend to value airline miles at 0.75p – 1p each (this is conservative) so that is your valuation if you transfer to an airline programme.

Some of the hotel programmes also offer good value. You can choose from Hilton Honors, Marriott Bonvoy and Radisson Rewards.

Historically there were occasional transfer bonuses of 20%-30% to various airlines, including British Airways and Virgin Flying Club, although we have not seen any for the last few years. If you see reports of American Express transfer bonuses to Avios, they are almost certainly discussing cards issued outside the UK.

You can take a look at the full list of Membership Rewards options here.

Is The Platinum Card a good card to use when travelling?

As Amex adds a 3% foreign exchange fee, you might want to get a separate free credit card to use abroad.

Unfortunately there are no credit cards with 0% foreign exchange fees worldwide which earn airline or hotel points. (TheVirgin Atlantic credit cardshave 0% FX fees in the Eurozone.) Oneoption is to get a free card from Currensea. Currensea is a simple but clever idea. You pay abroad with your Currensea Mastercard debit card. Currensea translates the cost to Sterling with just a 0.5% fee (83% less than Amex charges) and withdraws the money from your bank account. You can find out more about Currensea by clicking here. Currensea is free so there is no risk in giving it a try.

Is there a minimum income for Amex Platinum?

American Express no longer has a minimum income requirement for any of its cards.

(Video) BIG CHANGES: Amex Platinum Card in 2023 (Should You Get It?)

Conclusion: Is Amex Platinum worth the £575 annual fee?

Whether or not the American Express Platinum fee represents value for money long-term depends on how many of the card benefits you will use, although you can cancel for a pro-rata fee refund at any point. I have had a Platinum card since 1999 and can justify the cost based on how we use the travel benefits, especially the travel insurance, car hire insurance and the Fine Hotels & Resorts programme.

It is very easy to give the card a trial for a year to see if it works for you. The sign-up bonus of 30,000 Membership Rewards points plus £300 of dining credit and £100 of Harvey Nichols credit means that you can’t help but come out on top for the first year.

Remember that the sign-up bonus of 30,000 Membership Rewards points is the largest bonus of any personal points card on the market. It would convert into 30,000 Avios or Virgin Points for example. If you converted the Avios points into Nectar points, you would have £200-worth.

Remember that a higher bonus of 35,000 Membership Rewards points is currently available if you are referred for the card. If you would like a referral, email me at rob [at] and I will send you a link.

For on-going spending, 1 point per £1 is not outstanding. A lot of American Express Platinum cardholders keep the card for its benefits but put their spending on other cards.

The application form for The Platinum Card can be found here.

(Want to earn more miles and points from credit cards? Click here tovisit our dedicated airline and hotel travel credit cards page or use the ‘Credit Cards’ link in the menu bar at the top of the page.)

Disclaimer: Head for Points is a journalistic website. Nothing here should be construed as financial advice, and it is your own responsibility to ensure that any product is right for your circumstances. Recommendations are based primarily on the ability to earn miles and points. The site discusses products offered by lenders but is not a lender itself. Robert Burgess, trading as Head for Points, is regulated and authorised by the Financial Conduct Authority to act as an independent credit broker.


American Express Platinum card,

(Video) American Express Platinum vs American Express Gold, Which is BEST?


Is the platinum American Express worth the fee? ›

The Amex Platinum Card is only worth the annual fee if you'll use enough benefits to recoup the fee. You could easily offset the fee with the statement credits alone, but this card also offers the chance to earn boosted rewards on travel purchases, too.

Why is American Express Platinum Card fee so high? ›

The main reason why Amex cards are so expensive is that many American Express credit cards offer generous rewards rates and high-end perks, which warrant steep annual fees. Amex cards are targeted toward people with good credit and high incomes who are likely to charge large amounts to their cards every month.

Will Amex waive annual fee on platinum? ›

Amex waives the annual fee on all of their cards, including the AMEX Platinum. Cards opened while on active duty are waived with Military Lending Act (MLA). Cards opened before active duty are waived with SCRA.

How do I get out of Amex Platinum fee? ›

Call the retention line: You can ask Amex to waive the annual fee by calling (800) 452-3945.

Is Amex Platinum worth the $695 annual fee? ›

The Platinum Card from American Express now carries a $695 annual fee, but for many travelers, the card's benefits will more than offset that charge. If you can maximize all of its annual statement credits, you're looking at nearly $1,600 in value.

What income do you need for Amex Platinum? ›

Salary Needed for Amex Platinum Credit Card

If you make near $100,000 a year and have good credit, you should have no issue getting approved. But, applicants with annual incomes as low as $40,000 have also been approved if they have a low debt-to-income ratio and pay their other credit cards in full every month.

Why would I want a platinum American Express? ›

The Amex Platinum is a premium credit card that offers a welcome bonus, luxury perks, and other value-added services. Cardholders benefit from Uber credits, airfare discounts, bonus points, cashback and much more. Unlike typical credit cards, this card allows you to carry a balance for certain charges, but not all.

Is Amex Platinum a high end card? ›

The Platinum Card® from American Express is a high-end card that is packed with benefits and a hefty welcome offer. Cardholders can take advantage of numerous annual statement credits, entertainment benefits, extensive airport lounge access, elite status perks and much more.

What is so special about the American Express Platinum Card? ›

The Amex Platinum card gives the same Priority Pass Select Lounge access upon enrollment plus same-day flight access to the Global Lounge Collection, Airspace lounges, Delta SkyClub lounges, Escape Lounges-The Centurion Studio Parter, select Lufthansa Lounges, Plaza Premium Lounges, and the Centurion Lounges.

When can I cancel Amex Platinum to avoid annual fee? ›

American Express will refund the annual fee on a card if you cancel it within 30 days of the closing date of the billing statement on which the fee appears. Beyond that period, a refund is not possible.

Is Amex Platinum hard to get? ›

Yes, it is hard to get the American Express Platinum card because applicants need a 700+ credit score and a high income to qualify for approval. But if you have at least good credit and make a lot of money, you have a decent shot at getting approved.

Can I cancel Amex Platinum anytime? ›

You have the right to cancel your contract with us with immediate effect.

How do I waive my American Express card annual fee? ›

You can request a fee waiver via the chat function on the AMEX app:
  1. Go to your AMEX app.
  2. Select the chat icon (top right)
  3. Select Chat With Us.
  4. Type “fee waiver”
  5. You'll be connected with a Customer Service Officer to confirm the card you're requesting a waiver for.
Feb 25, 2023

How much is Amex Platinum fee for existing customers? ›

Amex Platinum Annual Fee and Suite of Credits and Benefits. The Platinum Card has a $695 annual fee. Though the fee is paid once a year, the math works out to about $58 a month.

Do you have to pay Amex Platinum annual fee in full? ›

The Amex Gold card is geared toward people who shop frequently, eat out a lot, and do a lot of everyday spending. A Gold card's annual fee is $250 per year; the Platinum card's annual fee is $695. Platinum cards must be paid off in full every month. Gold card owners can carry over certain balances with interest.

Should I use Amex Platinum for everyday? ›

Don't use your Amex Platinum for everyday purchases

Other cards can offer much better returns (often 2x, 3x, 4x or more) on various everyday purchase categories.

Is Amex Platinum worth it 2023? ›

The Amex Platinum card is well worth it for frequent travelers who want luxury travel and lifestyle perks, and who can regularly take advantage of the card's premium benefits.

How much is 100k Amex Platinum worth? ›

100,000 points are worth $2,200 per our valuations, and you can use them in a variety of different ways. Think international business class, free domestic airfare, and stays in luxurious hotel suites.

What happens if you don t pay Amex platinum in full? ›

Late Payment

For each following Closing Date that an amount past due remains unpaid, we may charge a fee of the greater of $38 or 2.99% of any past due Pay In Full amounts. Your late fee will not exceed the Amount Due or any limit established by applicable law. Paying late may also result in a penalty APR.

Does American Express verify income? ›

They will request tax returns and bank statements. What they're looking for is to make sure the income you reported on the application is true. The process typically takes 2-3 weeks, and you're assigned a specialist to talk to.

Does everyone qualify for Amex Platinum? ›

The Platinum Card® from American Express requires good to excellent credit to qualify. This is typically defined as a credit score of 690 or better.

Is Amex Platinum a status symbol? ›

The Platinum Card® from American Express (Terms apply. See rates and fees) was originally launched in 1984 with an annual fee of $250—unprecedented at the time. Since then, it has become one of the most popular and sought-after travel rewards cards, as well as a status symbol.

When should you use Amex Platinum? ›

Frequent travelers will also appreciate that the Platinum offers the most comprehensive lounge access of any credit card, including a (now ubiquitous) Priority Pass Select membership, Amex's growing global collection of Centurion Lounges, Delta Sky Clubs when flying Delta, and Airspace and Escapes lounges.

What card is better than Amex Platinum? ›

While Amex Platinum offers lucrative travel rewards, Chase Sapphire Reserve offers more rewards in addition to travel benefits, such as 3x points dining at restaurants, and extra grocery credits. The Chase card also retains a higher star rating than Amex by one full point.

Is Amex Platinum more prestigious than gold? ›

Amex Platinum ultimately offers more value, though. For example, its benefits include airport lounge access, while the Amex Gold Card's perks do not. When it comes to ongoing rewards on purchases, Amex Platinum has a higher maximum earning rate and better travel rewards.

What is the highest limit on Amex Platinum? ›

There essentially is no limit. Your limit is based on your normal spend on the card multiplied by 3.

What is the most important Amex card? ›

The Amex Platinum is unmatched when it comes to travel perks and benefits. If lounge access, hotel elite status and annual statement credits are important to you, this card is well worth the high annual fee. Read our full review of the Platinum Card from American Express.

Do I lose Amex points if I cancel platinum? ›

If you don't have another Amex Membership Rewards earning card and you cancel, you'll lose all your points for good. However, you may be eligible for a 30-day grace period to use your Amex points after you cancel if you have other Amex cards open.

What is Amex Platinum Lifetime Rule? ›

What is the Amex once-per-lifetime rule? American Express restricts eligibility for a card's welcome offer to "once per lifetime." In other words, you can apply for The Platinum Card® from American Express and earn a welcome offer once and only once.

Will Amex waive annual fee if you cancel? ›

To get an Amex annual fee refund after closing an account, call customer service at (800) 528-4800 within 30 days to request a refund check. American Express will fully refund the annual fee if a cardholder cancels a credit card less than 30 days after the posting date of the statement on which the fee appears.

Do you pay off Amex Platinum every month? ›

You must pay at least the Minimum Payment Due by the Payment Due Date each month. The Minimum Payment Due includes all charges that were not added to a Pay Over Time and/or Cash Advance or Plan balance, plus a portion of your Pay Over Time and/or Cash Advance balance, any interest accrued, and any Plan Payment Due.

How do I downgrade my Amex Platinum to no annual fee card? ›

There are no palatable downgrade options available, so you have no choice but to close the card to avoid an annual fee. Example: would be if you held The Platinum Card® from American Express and are dead-set on not paying an annual fee.

What is Amex most expensive annual fee? ›

The Centurion® Card from American Express is apparently reserved for Amex cardholders who spend a certain amount per year. The annual fee is $5000 and there's a $10,000 initiation fee as well.

Does Amex Platinum cover lounge fees? ›

With your Platinum Card Membership, you and two guests can enjoy unlimited complimentary access to The Centurion Lounge. To receive complimentary access to the Lounge, present your Platinum Card and, upon request, your same-day boarding pass and a government-issued ID.

What happens if you only pay the minimum payment on Amex Platinum? ›

Minimum Payment Warning: If you make only the minimum payment each period, you will pay more in interest and it will take you longer to pay off your balance. For example: If you make no additional charges and each month you pay..

Is it worth upgrading Amex Gold to Platinum? ›

Amex Platinum ultimately offers more value, though. For example, its benefits include airport lounge access, while the Amex Gold Card's perks do not. When it comes to ongoing rewards on purchases, Amex Platinum has a higher maximum earning rate and better travel rewards. But Amex Gold provides more everyday value.

What's so great about American Express Platinum? ›

The Amex Platinum is a premium credit card that offers a welcome bonus, luxury perks, and other value-added services. Cardholders benefit from Uber credits, airfare discounts, bonus points, cashback and much more. Unlike typical credit cards, this card allows you to carry a balance for certain charges, but not all.

What is the benefit of having American Express Platinum? ›

Get up to $20 in statement credits each month when you use your Platinum Card® for eligible purchases on Audible, Disney+, The Disney Bundle, ESPN+, Hulu, Peacock, SiriusXM, and The New York Times when you purchase directly from one or more of the providers. This can be an annual savings of up to $240.

How do I waive my Amex annual fee? ›

You can request a fee waiver via the chat function on the AMEX app:
  1. Go to your AMEX app.
  2. Select the chat icon (top right)
  3. Select Chat With Us.
  4. Type “fee waiver”
  5. You'll be connected with a Customer Service Officer to confirm the card you're requesting a waiver for.
Feb 25, 2023

What are the hardest Amex cards to get? ›

The hardest Amex card to get is the Centurion® Card from American Express. Also known as the “Black Card,” this Amex card is hard to get because it is available by invitation only, and potential candidates are rumored to need an annual income of at least $1 million.

When should I upgrade to Amex Platinum? ›

Who Should Upgrade Their Card?
  1. You've Had the Amex Gold Card for More Than 1 Year. ...
  2. You've Previously Earned a Welcome Bonus for the Amex Platinum Card. ...
  3. You've Been Extended an Upgrade Offer. ...
  4. The Amex Platinum Card is a Better Fit for You. ...
  5. You Don't Want To Add a Hard Pull to Your Credit.
Jan 17, 2023

Does Amex Platinum increase your credit limit? ›

Rhonda Stewart, WalletHub Loans Analyst

No, the American Express Platinum card doesn't have any preset spending limit. That does not give cardholders unlimited purchasing power, though. It means American Express won't give you a specific credit limit once you're approved for the card.

What is better than platinum Amex? ›

1. Chase Sapphire Reserve® The Chase Sapphire Reserve is Chase's version of a luxury credit card, but instead of earning Membership Rewards points — as you do with the Amex Platinum — you're earning Chase Ultimate Rewards points.

Is American Express Platinum Card luxury? ›

Our quick take: The Platinum Card® from American Express is the king of luxury rewards travel cards, perfect for demanding travelers who place a high degree of value on perks like lounge access and complimentary elite status.


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