American Express has increased the annual fees on selected credit cards for new applicants while the changes come into effect next year for existing holders. At the same time, it’s offering a record 100,000 reward points for new Platinum card members.
As of today, annual fees on the following Amex credit cards have increased for new applicants:
- The American Express Preferred Rewards Gold Credit Card: £195, up from £160, with the first year remaining free
- The Platinum Card: £650, up from £575
- The Harrods American Express Card: £195, up from £150
- The Nectar Credit Card: £30, up from £25, with the first year remaining free
- The Marriott Bonvoy Credit Card: £95, up from £75
- The American Express Business Gold Card: £195, up from £175, with the first year remaining free.
If you’re an existing cardholder, the fee changes come into effect at your next fee billing date, from 29 February 2024.
As an example, if your fee is billed on 1 August 2024, this is when you’ll pay the higher fee, rather than the 29 February 2024 date set.
Amex will be writing to cardholders in the coming weeks setting out the fee changes. However, if you don’t wish to accept the price hikes, you can cancel your card where you’ll receive a pro-rata refund of the annual fee.
An Amex spokesperson, said: “American Express strives to deliver industry-leading rewards, value and customer service to all our cardmembers. To continue to provide the same level of benefits, and due to the rising costs of providing these benefits, rewards and services, we are increasing the annual fees on a handful of our cards. We know that our cardmembers value the wide range of benefits and services they receive, and are confident our cards continue to provide great value for money relative to the annual fees.
“These fees will apply to new applications from 11 October 2023, and we will be writing to existing card members in the coming weeks to let them know that these changes will apply to them at their next fee billing date, from 29 February, 2024.”
Amex softens the blow with biggest ever sign-up bonus
Any new sign-ups to the American Express Platinum Card can earn a record 100,000 membership rewards points for applications made by 9 January 2024.
This is the biggest ever offer on the card, with the standard sign-up bonus offer usually allowing newbies to earn 30,000 membership reward points when spending £4,000 in the first three months.
The Platinum card comes with a hefty £650 annual fee (hiked as of today for newbies), but those who spend £10,000 in the first six months will earn 75,000 membership reward points.
Then by making a transaction (any value) in month 15, card holders will receive an additional 25,000 points (100,000 in total).
Membership reward points can be redeemed for vouchers that can be spent across a range of shopping, travel and lifestyle ‘partners’. As an example, 100,000 points can earn £500 in gift cards, or it’s enough for a return flight from London to New York, or as statement credit.
Meanwhile, Amex has also boosted points on other credit card options too.
New cardmembers who apply for the American Express Preferred Rewards Gold Credit Card (free for first year, then £195) by 9 January 2024 will receive a welcome bonus of 25,000 membership rewards points when spending £3,000 in the first three months.
Gold cardmembers will also earn an additional 5,000 points on top of the initial 25,000 (30,000 in total) when they make a transaction of any amount during the 15th month of holding the card.
In total, this is 10,000 more points than the usual sign up deal of 20,000 membership rewards points.
Meanwhile, new Marriott Bonvoy American Express Card members (£95 annual fee) will get 40,000 Marriott Bonvoy points when applying by 14 November 2023, and go on to spend £3,000 within three months. This is double the usual sign up deal of 20,000 points. Points can be used for a free night’s stay and room upgrades at more than 6,500 hotels worldwide.
Further, until 9 January 2024, existing Amex cardholders can earn extra membership rewards points when referring a friend to the Platinum (18,000), Gold (14,000 for every successful referral, maximum 90,000 a year) and Marriott cards (9,000 points for every successful referral). There are spending thresholds to meet within certain time periods so check the terms carefully.
Also, until 9 January 2024, those referred for a Platinum Card will earn 80,000 points when spending £10,000 in their first six months.
The table below outlines the offers, relevant dates and fees:
