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Forgive me the headline (an homage to some talented people at BuzzFeed), but I really do think there is an excellent case for getting an Amex Platinum at the moment!

I am fully aware of how odd that may initially sound, given it has a hefty annual fee and that almost all of its key benefits are travel related (and therefore aren’t much use right now). Spend a minute reading the arguments below though and let me know in the comments if you agree or not…

Why right now is a great time to get an Amex Platinum Card

1. Increased earning rate

Until 20th July 2020, Platinum cardholders earn double Amex Membership Rewards Points on all spend. This means that on top of the 35,000 bonus Points you would receive as a welcome bonus for spending £4,000, you would also earn 8,000 Points for the spend itself rather than the usual 4,000.

In total then, (as long as you used a referral link like this one when applying) you would earn 43,000 Amex Points if you spent the full £4,000 by 20th July. 

To earn an additional 5,000 bonus Points, all you have to do is add a (free) supplementary cardholder to your account. That means you would actually earn 48,000 Amex Points in total!

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2. Increased redemption rate for statement credits

Amex has also doubled the value that Platinum cardholders receive when they use Points towards purchases. The normal rate is 0.45p per Point, but until 20th July 2020 it is 0.9p per Point.

This is a very generous offer and if you redeemed your full 48,000 Points against purchases, you would effectively be able to get £432 worth of free stuff!

The Platinum Card has an annual fee of £575 , but it’s important to note that it is refundable on a pro rata basis. So, if you cancelled after say 2 months, your refund would be £479, meaning the card only actually cost you £96. In return, you would have received £432 from your 48,000 Points, so would make a profit of £336.

It’s even possible to hit the spend target and cancel the card even quicker if you wanted to pay less in fees. Also,  you may even be offered more bonus points for keeping the card!

And both yourself and the person you nominate as a supplementary cardholder would receive the benefits below.

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3. Hotel elite status that lasts for years

Platinum cardholders receive an array of elite status for various hotel loyalty programmes. Unlike the other travel benefits (like airport lounge access) that require you to keep the card, you keep the elite status perks regardless of whether you keep the card. Platinum supplementary cardholders can enjoy elite status too.

You may think that elite status is no use at the moment because you can’t travel, but look at how long you would actually keep the status for:

• Hilton Honors Gold – valid until 31st March 2022
• Marriott Bonvoy Gold – valid until 28th February 2022
• Radisson Rewards Gold – valid until 28th February 2022
• MeliaRewards Gold – valid until 1st March 2022
• Shangri-La Golden Circle Jade- valid until 31 December 2021

It is possible that you won’t be doing any travel in the next 18-22 months, but there is a very good chance that you will be!

Bottom line

As strange as it may seem, now really is a superb time to apply for an Amex Platinum Card.

You can easily walk away with £100s is profit AND a range of hotel elite status that will benefit you into 2022!

Remember to apply using a referral link (this is mine, feel free to leave your own in the comments) in order to get 35,000 Points as a signup bonus rather than the standard 30,000. 

One important thing to watch out for though – you will not receive a Platinum signup bonus if you have had a personal Membership Rewards Points earning card in the last 24 months (eg. Platinum, Gold, Green, Rewards).

Convinced that now is a good time to get a Platinum Card, or not? – let me know in the comments!