Is American Express Platinum worth the £450 fee?
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Yesterday I wrote an article, triggered by our current holiday, on the best credit card to use to pay our hotel bill.
Today I am writing about a similar dilemma, also triggered in part by the holiday – is my American Express Platinum card worth the £450 fee?
It is important to say upfront that there is no wrong or right answer to that question. It depends on your circumstances – for a lot of people, even the idea of paying £450 a year for a card is crazy. The fee was £300 until July, when it was bumped up by 50%. And, uniquely, Amex actually reduced the benefits instead of improving them!
My first renewal at £450 is due in February. Let me explain my thought process about the various benefits and how I value them.
Special hotel offers
I am starting here as I am currently spending 8 nights in the Jumeirah Zabeel Saray hotel in Dubai, booked on an exclusive Amex ‘stay 4, pay 3’ (or ‘stay 8, pay 6’ in our case) deal. This offer was unique to Amex Platinum and Centurion cardholders. The two free nights are worth £1,000, and we also get free breakfast which is worth at least £500 between us over 8 nights (and there is nowhere else to go for brekky – we are out at the very tip of The Palm!).
Since I booked, a 15% discount code has appeared which I could have used instead. However, the hotel had actually raised its prices for this week by the time that code appeared, so the Amex package we booked would still have been considerably cheaper.
Travel insurance
This used to be gold-plated. Since July, it is far from it. An age limit of 70 (not an issue for us), strict issues around pre-existing conditions (not an issue for us) and a requirement you pay for your flights and hotel on an Amex (is an issue). However, we can work around these issues and it saves at least £150 annually for us.
Starwood Gold / Club Carlson Gold / Accor Platinum / Hertz and Avis status
Minimal value to me. I will do 1 six-night Starwood stay next year where the Gold will provide some value – let’s say £50, perhaps £300 over 6 nights if I get a decent upgrade. The others I got no value from this year, and I don’t even use the car rental status. My wife does get some benefit from them on work trips – the holder of the main supplementary card can also have the hotel status cards.
(That said, I had to queue for 45 minutes in Avis in Cape Town in January which I would have avoided had I got Avis Preferred. This was the first time I was ever stuck in a really big rental queue.)
Fine Hotels & Resorts, Fine Dining, Taste of Platinum, Amex events
I went to the Berry Bros wine tasting night which I would value at £50. We also used Taste of Platinum to book a restaurant for us, which got us 2 free cocktails worth probably £25 – this saved real money as we had no aperifits otherwise.
I got 3 x £25 Harvey Nichols gift cards by using my Platinum card, my wifes supplementary card and my Mum’s supplementary card (she has one to get free travel insurance) during the Foursquare promo this month.
Access to Delta lounges / Priority Pass lounge access / Eurostar lounge access
I never use the Delta Air Lines benefit or the Priority Pass since I usually travel BA in business. My wife has had the odd Priority Pass usage via her job. Neither of us has used Eurostar this year although getting access to the London and Paris lounges is a real perk.
Free British Airways Premium Plus Amex
I am grandfathered this deal, which means I don’t pay the £150 fee on my BA Amex. This is a £150 saving since I would definitely pay for the card if I had to.
So ….
Overall, I reckon Amex Platinum has got me around £1,500 of value this year – an excellent return on the £300 fee.
Of course, the main chunk of this was the saving on our holiday hotel this week. Next year, I will be spending £450 and getting back a lot less (unless we head back to the Middle East on the same deal as we are on next week). However, it will still be north of £450 of value.
For us, then, American Express Platinum still seems to make sense. For you the answer may be different.
Want to earn more points from credit cards? – December 2021 update
If you are looking to apply for a new credit or charge card, here are our November 2021 recommendations based on the current sign-up bonus.
You can see our full directory of all UK cards which earn airline or hotel points here. Here are the top current deals:
British Airways American Express
5,000 Avios for signing up, no annual fee and an Economy 2-4-1 voucher for spending ….. Read our full review
British Airways American Express Premium Plus
25,000 Avios and the UK’s most valuable credit card perk – the 2-4-1 companion voucher Read our full review
American Express Preferred Rewards Gold
Your best beginner’s card – 20,000 points, FREE for a year & two airport lounge passes Read our full review
The Platinum Card from American Express
30,000 points and an unbeatable set of travel benefits – for a fee Read our full review
Earning miles and points from small business cards
If you are a sole trader or run a small company, you may also want to check out these offers.
American Express Business Gold
20,000 points sign-up bonus and free for a year Read our full review
American Express Business Platinum
40,000 points sign-up bonus and a long list of travel benefits Read our full review
British Airways Accelerating Business American Express
30,000 Avios sign-up bonus – plus annual bonuses of up to 30,000 Avios Read our full review
Capital On Tap Business Rewards Visa
The most generous Avios Visa or Mastercard for a limited company Read our full review
For a non-American Express option, we also recommend the Barclaycard Select Cashback card for sole traders and small businesses. It is FREE and you receive 1% cashback on your spending:
Barclaycard Select Cashback Credit Card
1% cashback and no annual fee Read our full review
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