Platinum Charge Card - At a Cost! (American Express)

Name: GLASGOWCHILL

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Product:	American Express
Date:	20/06/03 (11912 review reads)
Rating:

Advantages: Excellent Travel Benefits, Very Slightly Flashy!, Good Loyalty Scheme

Disadvantages: Annual Fee if Card not Utilised Properly

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.

Summary: