Update: This increase in the annual fee has been confirmed. More information here.
We’ve been long-time advocates of the Amex Platinum Charge card and the 42,000 Membership Rewards it gives for its £300 annual fee. The Membership rewards can then be converted into 42,000 British Airways Avios or BMI miles and the card gives a host of other benefits such as top-tier travel insurance, lounge access (via free Priority Pass), Cathay Pacific Gold Tier status and hotel tier benefits, amongst others.
However, according to the UK Amex website, the fee for this card is to increase by a huge 50% to £450 – almost unbelievable.
However, the referral link, still says that the annual fee is £300, so if still deciding on whether to sign up, you might want to make your mind up soon. If you do, you’d also be recommended to take some screenshots of the process.
An alternative idea is to take out the card and then once you have received the Membership Rewards points, transfer them to your airline scheme and then cancel the card for a pro-rata refund of the annual fee. eg, after 6 months, you’d get £150 back, based on the £300 fee.