Is The Amex Platinum Card Still Worth It

For UK frequent flyers and luxury seekers, few cards inspire more conversation and division than the American Express Platinum Card. With a metallic heft and a price tag to match, it has long been positioned as the ultimate travel companion. But as the premium credit card market evolves, does the Platinum still justify its cost, or has creeping benefit erosion tarnished its shine?

A Modern Icon for the Jet Setter

There is no denying the initial appeal. The current £650 annual fee, which has risen sharply from £450 just a few years ago, unlocks a range of travel perks: access to more than 1,400 airport lounges, extensive travel insurance that applies even when the card is not used for booking, and automatic mid-tier hotel status with groups such as Hilton, Marriott, and Radisson. For many cardholders, it is the lounge access that remains the headline benefit. The package includes Centurion Lounges, two Priority Pass memberships, Plaza Premium lounges, and select airline lounges.

For a travelling couple or family, this can offer significant savings and comfort over the course of a year. Many lounges provide complimentary meals, drinks, and space to relax, particularly useful during delays or long-haul stopovers.

The card’s travel insurance is also unusually generous. It includes global medical cover up to age 70, with spouses and dependent children covered as well. There is protection for car hire, missed flights, delayed baggage, and cancellation cover. It has become a de facto safety net for frequent travellers who want one policy that covers most scenarios.

The Credits: Both a Boon and a Burden

The £400 Global Dining Credit is one of the more eye-catching perks. However, it is split in two: £200 must be spent at select UK restaurants, and £200 with international partners. Each portion is valid for only half of the year. That structure demands planning, and the value disappears if the window is missed.

There is also a £100 annual credit at Harvey Nichols, though this is split into two £50 instalments and will be removed from the benefits list after June 2025. While valuable, these credits reward organisation more than loyalty. They can easily go unused unless cardholders are attentive.

American Express Offers continues to provide added value. Cashback and discount deals rotate regularly and often include major retailers. Active users can save £100 or more each year through these alone.

Other travel features include the Fine Hotels & Resorts programme, offering upgrades, breakfast, and late checkout at high-end hotels. The International Airline Programme provides discounts on premium cabin fares with select airlines, though availability and routes can be limited.

Erosion, Complexity, and Making the Math Work

Even long-time fans of the card acknowledge that it does not feel quite as seamless as it once did. The transition from charge card to credit card has introduced the possibility of interest charges for those not clearing balances in full. Lounge access, though still strong, is now more fragmented. Some Plaza Premium lounges require pre-booking, and entry may be restricted at busy times.

Perks once taken for granted, like companion flights or complimentary tickets, have quietly disappeared. Today, cardholders must enrol for most benefits, keep track of expiration dates, and activate offers. There is no longer such thing as passive value.

When it comes to everyday spending, the card earns one Membership Rewards point per pound spent. This is lower than many competitors, especially in categories such as groceries or travel, where other cards offer higher rates. The Platinum lacks category bonuses, and the rewards programme now feels less compelling unless points are redeemed for premium flights or transfers.

Fee increases have also outpaced the introduction of new features. Recent benefit additions have often come with restrictions or limited-time availability, rather than permanent, flexible value.

The Value Equation: Who Wins, Who Misses Out?

For the right cardholder, the Platinum still delivers. A few international flights, lounge visits, use of the dining credits, and a handful of hotel bookings through Amex Travel can more than offset the fee. Add family members through the free supplementary card and the savings multiply.

If you travel often and are able to use the benefits consistently, the card still offers one of the most comprehensive travel packages in the UK. Insurance, lounge access, hotel status, and occasional upgrades all contribute to a tangible sense of premium experience.

However, for those who travel less frequently or prefer not to monitor their credits and benefits, the Platinum may be difficult to justify. The Amex Preferred Rewards Gold Card, which has a lower annual fee and offers higher earning rates on daily spending, might be a better fit for more casual users.

Looking Back: A Decade of Change

Looking at the evolution of the Platinum Card since the early 2010s, the picture is mixed. The core travel perks have largely remained, but the experience has grown more complex. Lounge access was easier to use, rewards were simpler to earn, and the annual fee was significantly lower. At that time, cardholders received more with less effort.

Today, benefits are still plentiful but now come with conditions, deadlines, and the need for enrolment. For seasoned cardholders, the extra complexity may be manageable. For new users, it creates a learning curve.

It is not just a question of how much the card offers, but how easily those offers can be used. While the total value remains high for some, it no longer arrives on autopilot.

The Verdict

The American Express Platinum Card in the UK is no longer the effortless value machine it once was. But for committed travellers and those who enjoy luxury experiences, it remains a market leader. No other card in the UK combines extensive lounge access, global travel insurance, hotel status upgrades, and premium booking services in one package.

The key is to treat the card as a lifestyle tool rather than a rewards earner. New applicants would do well to view the first year as a trial. The sign-up bonus, often worth over 30,000 points, can be a powerful incentive. If you travel regularly, redeem your credits, and make use of the various perks, the card can easily pay for itself.

If you rarely leave the country or prefer cashback simplicity, then it may be worth looking elsewhere. For everyone else, the Platinum remains a heavyweight in a crowded field. The glamour may have dulled, but for the right cardholder, it still earns its place in the wallet.