Finance Choices
American Express Platinum Card
There are many different American Express credit card offers on the market at the moment, namely the American Express Blue and the small business credit card. The emphasis of the American Express Platinum credit card is rewards, namely cash back. With this card you can earn up to 2% cash back on everything that you spend.
However, the cash back levels are graded on how much you spend over a 12 month period. For amounts that are less than £3,000 you will earn 0.5% cash back, for spend amounts between £3,001 and £7,500 you will earn 1% cash back. For the top tier cash back of 2% you will have to spend in excess of £7,500 per year. In an average family household were the credit card is being used for household purchases, shopping, insurance, fuel, travel and clothing this figure should be achievable. However, try not to use this figure as an excuse to earn more cash, only spend amounts in excess of £7,500 will be liable for the 2% cash back.
For example, if you spend £10,000 in any given year you will earn 0.5% cash back up to £3,000 (£15), 1% cash back from £3,000 to £7,500 (£45) and 2% on amounts over £7,500 (£50). The total cash back for an annual £10,000 spend will be £15 + £45 + £50 = £110
There is also an introductory balance transfer offer, however at 4.9% for 6 months there are many other offers that offer much better value. As mentioned above the main focus of this credit card is the cash back option.
Current American Express Platinum credit card offers:
Summary of the American Express Platinum Card
The American Express Platinum credit card is targeted at those who will clear their balance every month and earn cash back rewards. With a 2% cash back reward for those who spend over £7,500 per annum this is an attractive proposition. However, other similar credit cards that should be taken into consideration would be Morgan Stanley credit card, Marbles credit card and the American Express Blue.
Apply for your American Express Platinum Card
However, the cash back levels are graded on how much you spend over a 12 month period. For amounts that are less than £3,000 you will earn 0.5% cash back, for spend amounts between £3,001 and £7,500 you will earn 1% cash back. For the top tier cash back of 2% you will have to spend in excess of £7,500 per year. In an average family household were the credit card is being used for household purchases, shopping, insurance, fuel, travel and clothing this figure should be achievable. However, try not to use this figure as an excuse to earn more cash, only spend amounts in excess of £7,500 will be liable for the 2% cash back.
For example, if you spend £10,000 in any given year you will earn 0.5% cash back up to £3,000 (£15), 1% cash back from £3,000 to £7,500 (£45) and 2% on amounts over £7,500 (£50). The total cash back for an annual £10,000 spend will be £15 + £45 + £50 = £110
There is also an introductory balance transfer offer, however at 4.9% for 6 months there are many other offers that offer much better value. As mentioned above the main focus of this credit card is the cash back option.
Current American Express Platinum credit card offers:
- 4.9% balance transfers for 6 months
- For spending up to £3,000 per annum receive 0.5% cash back
- For spending levels between £3,001 and £7,500 per annum receive 1% cash back
- For spending levels in excess of £7,500 receive 2% cash back
- Free purchase protection for any items lost or stolen
- Free refund protection
- Repayment protection
- Online fraud guarantee
- 24 hour customer service
- Typical apr 14.9% variable
Summary of the American Express Platinum Card
The American Express Platinum credit card is targeted at those who will clear their balance every month and earn cash back rewards. With a 2% cash back reward for those who spend over £7,500 per annum this is an attractive proposition. However, other similar credit cards that should be taken into consideration would be Morgan Stanley credit card, Marbles credit card and the American Express Blue.
Apply for your American Express Platinum Card
posted by Barbara Gordon at 1:17 PM
American Express Platinum Card
8 Comments:
My original move from Gold to Platnium was motivated by anticipated travel overseas, so I thought I would take advantage of the 2 for 1 first class purchase priviledge. Unfortunately, one can obtain 2 first class tickets on the carrier's internet site at full price for slightly more that the 1 ticket offer by the Platinum Travel Service and if one is traveling with family, the additional cost of the Platinum Travel Service exceeds the savings. So I have yet to take advantage of that service. The double mileage is a nice feature but that alone is not worth the difference in annual cost from the Gold card. One does get a subscription to Rendevous which are upscaled resort and retailers, that I will shortly cancel so that I don't have to recycle the magazine. Alas, there is still some respect paid to platinum holders over gold holders. Finally, there is access to the airport clubs which saves a few dollars and allows some free cocktails even when not flying first class. Does all this make the price worth it? Maybe, I will keep paying the extra $325 per year.
After years of knock backs from Amex (apparantly I was never good enough to carry any of their cards Blue, Green or Gold) - I awoke one morning to discover a letter informing me that I had been "pre-approved" for a Platinum Charge Card. Surely this had to be a mistake, it had only been a few months since my last application (for Green) had been rejected.
It was no mistake and after signing the form and agreeing to the ?275 annual fee - my card finally turned up about 8 weeks later (one had been sent previously but had been lost in the post).
Thinking of myself as just a tiny bit flash, I agreed to pay the ?275 with hesitation - happy in the fact that I would be carrying a Platinum Amex card in my wallet - not really taking into account the benefits which come with it.
There are a number of decent benefits to carrying the card. But how many you can take advantage of really depends of your lifestlyle.
The basic benefits are:
Annual Travel Insurance (covers all foreign trips of 3 nights or more duration)
Priority Pass Membership (airport lounge access across the globe)
Access to BMI & Eurostar Executive Lounges (even when travelling Economy)
Hilton Honours Gold VIP Status (Upgrades anytime you stay at Hilton)
Starwood Gold Guest (Benefits as per Hilton)
Concierge Service (Access to 24 hour helpline to book everything from Travel to Flowers)
Various other minor travel related benefits.
You also get invitation to special events and discounts at "top stores", Harrods and Harvey Nic's.
When I add up how many of the services I have used, then i do think it is good value for money. I travel quite a bit so the inclusive travel insurance, airport lounge access and hotel upgrades are all taken advantage of.
However unless you do travel then the card probably wouldn't offer very good value for money.
Amex also have their own loyalty scheme called "Membership Rewards" which awards 1 point for every ?1 spent. The points can be transferred to various airline and hotel loyalty schemes. (A return flight from London to New York can be yours after spending ?40,000 on the card or a night at a Hilton for as little as ?5,000).
Accounts can be managed online which is very convenient.
In summary, a nice card to have, worth the ?275 if you travel alot and a good loyalty scheme.
The Charge Card required payment of full outstanding balance monthly. However Platinum Charge Card holders can now apply for a Platinum Credit Card for when extravangance calls for a slightly longer pay back period.
Even if you are not a business traveler or a millionaire, you can get more than your money's worth out of the American Express Platinum Card!
The Platinum Card is my first card with Amex and after a month of using it, I can say that I am quite happy with my decision to get it.
We are on the threshold of becoming a fully joined up (eWorld) electronic World. Everyone is now aware of the Internet. There are almost as many mobile telephones in circulation as there are people in our country. We use credit cards for many of our day to day transactions. We are starting to become something of a cashless society trading in plastic. Our driving licences are being converted from paper to credit card style with electronic memory where significant amounts of personal data can be stored. We use store cards that track our purchasing trends, we have applications on our computers that report back of our surfing habits and our mobile phones transmit a contact signal back to the nearest cell which can be used to track our movements.
Most of us are unaware of what kind of monitoring of our private lives actually goes on. Credit was once something we avoided if at all possible, yet today a good credit reference is of more personal value today than a clean criminal record. Every day we go out to work to make a decent living wage to support ourselves and our dependants. Everyday we use credit cards to make purchases and many of us are like the queen and have little or no actual money in our pockets. In the hectic lives that we lead we give little more than a quick glance at our bank or credit card statements. However, this could be a very costly mistake to make, because when things go wrong this is often the first indicator that something is amiss.
? Don?t carry your pin with the card.
? Check your statements each month for any unexplained transactions.
? Always sign your cards when they arrive.
? Keep a record of each card with contact numbers and important information.
? Save receipts to check against statements.
? Don?t lend anyone your card.
? Don?t leave your card lying around.
? Destroy old credit cards completely.
[If you suspect that something is wrong, check with the bank or credit car d company as soon as possible, if you are in any doubt ask to cancel the cards.]
Have you ever had a meal in a restaurant where you have paid the bill with a credit card and then forgotten to ask for your copy of the receipt? Did you know that it has been known for two receipts to be swiped through the machine from a credit card. Did you know that these receipts will have your credit card number printed right there for anyone to see and you will have signed them, so your signature is also there for someone to copy. You will not know about it until you get your statement and then only if you remember to check!
[Always ensure that all credit card transactions take place in front of you, never pass your card to the waiter.]
Can you prevent this from happening? Probably not but there are very sensible, simple steps you can take to give yourself some protection.
[Remember you are responsible for any transactions made on your credit cards, if your credit details are misused the burden of proof that something is fraudulent will be on you.]
Often we forget that items left lying around can tell someone else who picks them up a great deal about us. Bank, utility or credit card statements carelessly thrown in a bin contain our name, address and account details. There is often a list of recent transactions we have made so someone could also know something of our spending habits. Often there is sufficient information contained in this kind of statement to give someone a starting point to steal our electronic or credit identity. It is possible that someone could apply for a credit card in your name if they have the right information. You won't know a thing about it until the credit card company eventually tracks you down and demands payment for the purchases "you" have made. You need to be aware of ways how you can stop others getting access to your personal identification information.
[Never throw statements i n the bin, tear them up or better still burn them.]
People sometimes find that there are unknown transactions appearing on bank or credit card statements where amounts of money have been deducted for purchases they have not made. Clearing the problem up with the bank or removing it off of your credit history will be very difficult. You will left with the time-consuming task of repairing your credit and getting your finances back on track. Often it can take a long time to get the money credited back into your account and during that period you could be running up overdraft charges. Has your bank or credit card company written to say that as you are such a good customer, your limit has been increased even though you never asked for the increase. Remember, if someone uses your card details fraudulently, they can go up to the limit set on your card.
[Do you have a large overdraft cash limit on your card, do you actually need it, if not ask for the limit to be reduced to a more practical level.]
What can we do to protect our good name and what exactly is Identity Theft? Identity theft involves any instance when another person claims to be or uses someone else's identification documents or other methods in order to impersonate that person for whatever reason. Identity theft could be used to commit a bank fraud, enter another country, credit card fraud, electronic transactions fraud, mail fraud, and much more.
Credit card fraud is identity theft, and is almost simple to do if you allow it. For instance do you get the junk mail credit card offers through the post? I bet you throw them in the bin as unwanted rubbish. All a person has to do is get these out of your dustbin and send them back with a covering letter about a change of address. Have you just thrown away your latest credit card statement or utility bill? Just take a look next time at some of the factual information contained on that statement. (Your bank account number, full name, address, employers details and employee number, utility bill account numbers and much more) Now, think about the types of information you have to provide in order to get a credit card or a bank loan and most of that information can be found in your dustbin.
Protecting yourself takes some effort. Never assume it's not going to happen to you! Do what you can to make it more difficult for them to get your information. There are some simple steps you can take to protect yourself. Always destroy any unwanted credit card offers. Destroy any sensitive documents before you throw them into the bin. Only carry or own as many credit cards as are absolutely necessary. Check carefully your monthly credit card statement. Never ever give out personal information on the phone. Remember that companies will collect more information than they really need, do you know what their protection policies are? Do you allow them to share your credit information with other businesses? If you don't know, check with them today. Ask for a copy of and read their privacy policy.
So what should you do if it happens to you? The first thing to do is report the crime to the police and request a crime number. Credit card companies and banks will ask you for it. You must contact your credit card company as soon as possible and close all your existing accounts. At the same time you can request replacement cards with new account numbers. Follow up with letters to the credit card companies with your request in writing. Remember to close any other accounts the thief has opened in your name. Your credit card company will ask you to set a password, often they will ask for your mother's maiden name, never use that as it is contained on your birth certificate. Copy birth certificates are very easy to obtain.
If you need to set a password, then choose a simple easy to remember two word or double word pair. Like for instance "trouser-leg" which is harder to guess. For additional security look-a-like letters and numbers could be swapped over. The password could then be converted to tr0u5er-1eg where the O is changed to a zero and the S is changed to a five and the L is changed to a one. Other word pairs could be apple-pie, zig-zag, ping-pong or hop-scotch. Choose your own that you will remember. Just remember not to write it down in your diary! If you loose your card or its been stolen then your card will normally have a free phone 24 hour number to call and report the missing card.
Do write this number in your diary as you will not have your card available. Often credit card companies state that once you report the loss you have no further liability.
The American Express Platinum charge card is no longer "invitation only", but is it worth the £275 a year annual fee?
When i was first upgraded from a gold card, the platinum fee was just under £200 a year. If you travel a few times a year and take at least one family holiday, then this fee was worth the cards unique travel benefits.
Along with the usual consumer protection benefits the cardholder receives:
1. Free worldwide travel insurance for their spouse, dependant children and themselves. This benefit is worth around £100 on its own, particularily if you holiday more than once a year.
2. Free entry to Business class airport lounges through the "Priority Pass" card scheme. This is an excellent facility as the lounges offer complimentary drinks (including alcohol), snacks, newspapers, internet connection and television. It is especially usefull when the airports are busy as the lounges offer a quiet retreat. I have used this on many occasions and if you wish to take a guest into the lounge Priority pass bill you £15 per guest.
3. Finally, if your scheduled flight is delayed or you luggage does not arrive at your destination you are immediately entitled to very good compensation:
a. A four hour delay is worth £200 for food and drink to be billed to your card. I have used this on one occasion and even though i bought the meal for a group of friends Amex to did query my bill.
b. If your luggage has not arrived after 24 hours of your arrival at the foreign destination your combined compensation is over £1000 for purchasing new items on your card.
It is of note that all compensation expenditure MUST be billed to the card, which can cause you problems with finding a retailer who will accept it. These are impressive benefits, but with the annual fee at £275 the card can only be of value to the "seasoned" traveller, as it will take a considerable amount of use to get your money's worth.
Furthermore, through my dealings with Amex over the years i have learnt a few things which may be of interest:
1. Retailers are charged around 3% of the transaction fee by Amex, compared to less than 2% for Visa and Mastercard, therefore you can have difficulties finding a retailer who will accept the card as a payment option. This is especially the case for goods that are discounted or sold with a low profit margin.
2. Amex boast about the cards "Dedicated Concierge and Lifestyle Service", however on the three occasions i requested them to book theatre tickets and resturant tables, they were unable to do this.
3. They do offer dissatisfied customers incentives to remain cardholders. When i held the gold card i complained about the customer service call centre and recived a full refund of my annual fee as a good will gesture. When american express raised the platinum fee to £245 a few years ago i threatened to cancel the card and they discounted the fee to the previous years level. Finally, when i was adamant that i was cancelling the card this year the offered me a complimentary gold card account again.
4. The Amex award points that you gain from spending on your card can get you some excellent gifts, but you are required to spend a considerable amount.
I have attempted to cover the benefits that were of interest to myself and possible prospective card holders, but in summary unless you travel a great deal on business and with your family the fee does not justify the benefits.
The anniversary of receiving my card was mid January. The statement says cashback credited on the anniversary of receipt of card. This still has not happened.
How long have you had to wait for your cashback to be put on??
Terms and conditions number 17.2
The rebate will only be paid by us each Card anniversary Date on the expenditure that has taken place during the preceding 12 months. The total amount of expenditure which is eligible for a rebate in any one month is limited to the amount of the Credit Limit. Payment will be made by crediting the Account.
I spoke to them this morning and they said sometimes it happens in the 13th month instead of the 12th.
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