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Grace is Money editor at Which?, on the hunt for ways to help people save with smart tips, deals and hacks. She was named Personal Finance Journalist of the Year 2025.
American Express has bolstered the perks available with its Platinum Card, with a £400 travel credit bonus and 40,000 Amex points for new members.
These are on top of the air lounge access, travel insurance, £300 annual dining credit and £100 annual credit at Harvey Nichols that existing customers already receive.
However, with a representative APR of 704.6% (variable) and an eye-watering annual fee of £650, these card benefits don’t come cheap.
Here, we explain the new deal, weigh up if the perks are worth the annual fee, and compare how the Amex Platinum Card stacks up against other reward credit cards.
Please note that the information in this article is for information purposes only and doesn't constitute advice. Please refer to the particular terms and conditions of a credit card provider before committing to any financial products.
The Amex Platinum card is a reward credit card that offers one Amex point per £1 spent and two Amex points for every £1 spent with Amex Travel.
American Express said its Platinum card is ‘designed for those who want an extensive range of benefits’. Hence the £650 annual fee, which has to be paid in full when you take out the card.
In exchange for this fee, existing card members currently get:
For a limited time, new customers who spend £6,000 in the first three months of having the card will also get the following bonuses:
Find out more: American Express credit card review.
The new cardmember bonus is only available to those that have not held a personal Membership Rewards enrolled American Express Card within the previous 24 months. Plus, you must make the minimum spend of £6,000 in the first three months of holding the card.
The extra perks are only available until 27 August 2024.
Amex said the annual combined value of all the perks adds up to around £2,500. However, to get this full value you'd need to make the most of every single benefit.
The table below shows what what the perks are worth over a year.
| Platinum perk | What it's worth | What you need to know |
|---|---|---|
| Hotel benefits with Fine Hotels & Resorts | £590 a | Certain room categories aren't eligible for upgrade and they remain subject to availability at check-in |
| Worldwide lounge access | £516 b | Access to Priority Pass lounges and is subject to space availability and wait times on the day |
| Worldwide travel insurance | £436 c | Insurance includes up to £2m in medical assistance and expenses, £2,000 for lost or stolen personal belongings, £7,500 for trip cancellation, £50,000 for theft or damage to car rental, all with £50 excess. Medical assistance and expenses doesn't cover those aged 70 or above and those with pre-existing conditions not on an approved list |
| £400 online travel credit | £400 | Only available to new customers as part of new customer bonus |
| £300 dining credit | £300 | Eligible transactions are any meals paid for at participating restaurants using the card to which the benefit is saved. Users must enrol for the benefit before using |
| 40,000 Amex points | £200 | Only available to new customers as part of new customer bonus |
| £100 Harvey Nichols credit | £100 | Get up to £50 to spend at Harvey Nichols every six months. Users must enrol for the benefit before using |
| Total | £2,542 |
Figures from American Express
a Average value offered by the Hotel Benefit Programs based on The Fine Hotels & Resorts and The Hotel Collection based on bookings in 2022 for a stay of two consecutive nights. b Valuation based on the Priority Pass Prestige membership + Eurostar Business Premier. c Estimated total value of £436 that was calculated by comparing five similar policies across reputable providers in the UK.
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The value of all the combined perks, including the ones available to new members who meet the criteria, is more than £2,500. This could be considered good value for the annual fee.
However, we’d take this figure with a large pinch of salt, as there's no guarantee you’d make full use of every single benefit.
For example, to get the hotel benefits you’d need to book with Fine Hotels & Resorts, and the dining credit is only available at participating restaurants, so there might not be anything near you or that you fancy.
You might also be able to get some of the benefits cheaper for elsewhere, such as worldwide travel insurance and lounge access.
But it’s an attractive deal for those who travel regularly and can make full use of the £400 travel credit, air lounges and worldwide travel insurance.
The Amex points can also be converted to air miles, redeemed at retail partners or used to offset purchases you make on your card.
One factor you need to consider is how the annual fee must be paid. The £650 is charged when you take out your card, and can't be split into monthly payments.
Amex is a Which? Recommended Provider. It achieved a customer score of 79% in our latest survey, placing it second in our table behind Tesco Bank.
It scored five stars for its mobile app and clarity of statement and four stars for its transparency of charges, application process and customer service.
If you like the sound of the lifestyle perks and lounge access, but not the £650 annual fee, there are alternative cashback and reward credit cards that might suit your needs:
Find out more: if you want credit card to earn travel points, see our guide to the best air mile credit cards 2024.
