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American Express hikes fees on reward credit cards - are any worth going for?
American Express has hiked the fee for new customers on six reward credit cards and will pass on the higher prices for existing customers starting early next year.
The increases range from an extra £5 to £75 a year. To soften the blow, the introductory bonus points offered on some deals have been boosted for a limited period while existing customers will get more points for referrals.
Here, we explain which American Express (Amex) credit cards are going up in price and take a closer look at how the improved offers stack up.
Which Amex credit cards are going up in price?
Amex has increased the annual fee on the following cards:
- The Platinum Card - was £575 now £650 per year
- The American Express Preferred Rewards Gold Credit Card - was £160 now £195 per year (the first year remains free)
- The Harrods American Express Card - was £150 now £195 per year
- The American Express Business Gold Card - was £175 now £195 per year (the first year remains free)
- The Marriott Bonvoy American Express Credit Card - was £75 now £95 per year
- The American Express Nectar Credit Card - was £25 now £30 per year (the first year remains free)
The higher fees apply to new and existing customers.
Existing customers will see the change from their next fee billing date after 29 February 2024. So if you normally get your fee taken on 1 August you will pay the higher fee from 1 August 2024.
If you don’t want to accept the changes, you’ll be able to cancel your order and receive a pro-rata refund of your annual fee.
- Find out more: best reward credit cards
Why are the fees going up?
American Express said it had to increase its fees due to rising costs.
A spokesperson told Which?: ‘American Express strives to deliver industry-leading rewards, value and customer service to all our card members. In order to continue to provide the same level of benefits, and due to the rising costs of providing these benefits, rewards and services, we are increasing the annual fees on a handful of our cards.
‘We know that our card members value the wide range of benefits and services they receive, and are confident our cards continue to provide great value for money relative to the annual fees.’
- Find out more: American Express credit card review
The Amex cards getting a points boost
To soften the blow, Amex has boosted the points on offer to new customers signing up for the Platinum, Preferred Gold Rewards and Marriott Bonvoy credit cards, for a limited period.
Here's what you can get:
| Credit card | New introductory points bonus offer | Points | Perks | New annual fee | Representative APR |
|---|---|---|---|---|---|
| Platinum | Spend £10,000 in your first 6 months and get 75,000 points. Make a transaction in month 15 and receive an additional 25,000 points.* | 1 point per £1 spent and 2 points per £1 spent on Amex travel | Travel lounge access; travel insurance; £300 dining credit; £100 Harvey Nichols credit and hotel benefits | £650 | 704.6% representative APR (variable), with a purchase rate of 31% (variable). Credit is subject to status and terms apply. |
| Preferred Gold Rewards | Spend £3,000 in your first 3 months and get 25,000 points. Make a transaction in month 15 and receive an additional 5,000 points.* | 1 point per £1 spent, 2 points per £1 spent with airlines, 3 points per £1 spent on Amex travel | 4x airport lounge passes and Deliveroo cashback benefit | £195 (free for first year) | 88.8% representative APR (variable), with a purchase rate of 31% (variable). Credit is subject to status and terms apply. |
| Marriott Bonvoy | Spend £3,000 in the first 3 months and get 40,000 Marriott Bonvoy points.** | 2 points per £1 spent, 6 points per £1 spent on Marriott properties | 15 Night Elite credits; free night award and $100 Marriott Bonvoy credit | £95 | 54.8% representative APR (variable), with a purchase rate of 31% (variable). Credit is subject to status and terms apply. |
Correct as of 18/10/2024.
* Offer applies until 9 January 2024. The introductory points offer is higher if you are referred by an existing cardholder.
** Offer applies until 14 November 2023. The introductory points offer is higher if you are referred by an existing cardholder.
Are the new deals worth it?
The Platinum Credit Card introductory offer has more than doubled, meaning you can now earn 75,000 Amex points, compared to 30,000 previously.
American Express Membership Points can be spent in several ways including converting them to air miles or using them to pay for items directly.
However, you'll now need to spend £10,000 in the first six months to qualify, previously you only had to spend £4,000 in your first three months. This means you'll need to spend around £1,667 and pay the annual fee for two consecutive years to get the additional 25,000 points on month 15.
The Preferred Gold Rewards Card offer has been boosted by 5,000 points. Unlike the Platinum Card, the spending threshold is the same as the previous deal.
You’ll also earn an additional 5,000 points when you make a transaction of any amount during the 15th month of having the card. As the first year of owning this card is free, it means you’ll have to pay the annual fee of £195 in the second year to qualify for the additional points.
The Marriott Bonvoy Credit Card offer has been doubled to 40,000 Marriott Bonvoy points, compared to 20,000 previously and the spending threshold remains unchanged.
- Find out more: best credit card deals
Refer a friend points boosted
If you already have one of these cards, you may still benefit from Amex's shake-up as it's also increased the points you can earn for referring a friend.
You can now get 18,000 points (up to a maximum of 90,000 a year) for every successful referral to the Platinum Card, and 14,000 for the Preferred Gold Rewards Card (up to a maximum of 90,000 a year) until 9 January 2024.
Those referred to the Platinum Card can get 80,000 points when spending £10,000 in the first six months (instead of 75,000 without the referral) and those referred to the Preferred Gold can get 30,000 points when spending £3,000 in the first three months (instead of 25,000) if they apply by 9 January 2024.
Existing Marriott Bonvoy cardholders can get 9,000 points (up to a maximum of 90,000 a year) for every successful referral sent over by 14 November 2023. Those referred can earn a boosted 42,000 points when spending £3,000 in the first three months (instead of 40,000) if they apply by 14 November 2023.
Should you get an Amex reward credit card?
The Platinum Card is aimed at big spenders who travel a lot, and you'll need to have to stump up £650 for the annual fee.
You'll need to spend at least £1,667 a month to qualify for the bonus 75,000 points, so if you can't afford to spend and pay back anywhere near that each month, and don't travel or dine out a lot, the card probably is not a great fit for you.
The Preferred Gold Rewards Credit Card may be more appropriate for someone who wants to dip their toe into the Amex world as the card is free for the first year, and the £195 kicks in after that. To benefit from the introductory offer of 30,000 points you’d have to spend £3,000 in the first three months, which is £1,000 a month - a lot more manageable.
The American Express Nectar card is also a competitive reward card. It's got a much lower £30 annual fee and is free for the first year so you will be able to figure out if it's worth having the card based on your spending habits. It has a representative APR of 37.8%. Credit is subject to status and terms apply.
- Find out more: best credit card providers 2023
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