Well, if you have to ask that, you've missed the plot someplace. It is widely recognised as one of life's little essential status symbols. Of course, nowadays everyone has *a* Platinum card of some description or other - at last count I had 5 - and so *the* Platinum card producers had to go one step further and release a card for the mega-rich. As most of us shall never acquire mega-rich, mega-star status, the best we can hope for is to be accepted for American Express' Platinum card. Just being offered it give you that little bit of a tingle of 'I've made it'.
At least, that is what I used to think (silly me).
After around 6 years carrying the card (and before that their "Gold card for business travellers" and their Green card) I've grown up somewhat - and hopefully acquired a bit more depth (possibly as a result of shelling out over £200 each year in membership fees).
You see, the American Express Platinum card is just a chargecard with status and a couple of perks. It is a chargecard that (unlike the view Amex would like you to maintain) is not widely accepted. It is a chargecard that many retailers would prefer you not to use - as Amex charge them a higher percentage in charges than most other card companies. It is a chargecard with a fairly short payment window - by the time I receive my monthly bill, payment day always seems just round the corner.
I think Amex have realised the shortcomings of their chargecard, and it's reducing marketplace with the advent of Switch and Delta. Nowadays, Amex are also in the business of credit cards - though my Amex credit card has an abysmal credit limit compared to any of my other cards.
So what *does* the Amex Platinum card give you for that exorbitant yearly fee:
o 24hr/365 day 'Platinum Service', hmmm so what ? o Global offices, OK I'll grant them that one o Platinum travel insurance - Up to £2 million in medical expenses - Personal liability up to £1 million - Personal accident up to £15k - US car hire - top up liability cover ($1 mln) - Legal expenses up to £25k - Winter sports cover (17 days) - Baggage (£1500) incl £500 cash - Travel delay cover £20 per 12hrs - Trip cancellation, up to £7,500 cover o Additional travel cover if you book with the card o Global travel service, (never the cheapest) o Upgrade priveleges for air travel o Hotel priveleges o Foreign exchange service o Membership Rewards points service
Hmm, just noting all those down has made me question the benefits I *could* be getting....certinaly more than the 'couple' I mentioned previously.
Of course, the biggest supposed 'perk' is the status symbol of the card itself - but I have to say, it has never raised more of an eyebrow than any other Platinum card I've used.
So. Your membership fee really just buys you a set of perks and a pretty decent travel insurance package. It is up to you to determine if the fee is worth the benefits noted above. I certainly wouldn't recommend getting the card to *use* as a chargecard....why would you ? Again, use a Switch or Delta, or a credit card if you need to.
Listing those benefits has made me think though, maybe I'll keep one just one year more....you never know, maybe one day soon the sultry brunnette at the Waitrose checkout will want to run away with me....or am I being shallow again ?
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I guess it is about status - you should mention the airport lounge service too. If you use that and the travel insurance then its not bad value. Compared to the gold card its very good value.
anthonylees 11.03.2004 20:20
This doesn't really offer much depth - you give four stars for a card which doesn't really appear - on what you state - to offer much more than my Lloyds TSB platinum card. A bit more detail would help - how's the customer service, etc.
JoePoirot 26.02.2003 10:36
Ultimately the comments on this card apply to most swanky credit cards, it is really about status rather than usefulness.
Advantages: Travel insurance, priority pass membership, accelarated hotel status and more! Disadvantages: Limited acceptance within the UK, although this is improving.
Advantages: Probably the most exclusive card you can get, numerous travel benefits Disadvantages: Not accepted that widely, very difficult to apply for
Advantages: Good cashback, no annual fee good opportunity to build credit rating with Amex Disadvantages: No option to pay in full each month by direct debt, not as widely accepted as other cards, won't get you laid
Briz_Hatchings 10.10.2001 ·
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