2 years with AMEX PLATINUM (UK): My experience

After Amex raised the annual fee on the Platinum card to £650, I started wondering if I should be keeping the card for the 3rd year. In this video I go through all the benefits of the card that I used in 2023 and calculate exactly how much money that saved me.
#americanexpress #creditcards

[@LoyaltyLlama]

45K points + £400 Amex Travel credits if you take out the card with my referral link and spend £6,000 in 3 months. Drop me an email for the link: [e-mail]

[@kryptozplayz2898]

Hey, I’ve been watching your videos and enjoy your coverage of UK cards and rewards. I would like to see a video where you make a tier list of uk credit and debit cards and the different rewards and offers they have to offer and you rank them on the tier list from S - D. A KZbinr called Daniel Braun has done this and I would like to see this done from a UK KZbinr such as yourself. Many thanks keep up the work with the great videos ❤

[@LoyaltyLlama]

Thanks and thank you for the suggestion! This is actually the second time this topic gets suggested. I'll definitely look into this in January, stay tuned!

[@George-ps5]

@@LoyaltyLlamayes please do it! 💙

[@asaad5776]

Interesting insights 👍

[@DebasisSadhukhan5]

Thanks for the concise and informative video. While I agree with travel related valuations, but MR point valuation at 10% is probably bit steep for me. I think MR>avios>nectar points valuation at 6.6% would have been more justified given your other valuation.

[@LoyaltyLlama]

Yeah, I realize that £10+ / 1000 MRs is far from guaranteed but for me personally it's a fair figure as I never go for redemptions that give me value below this.

[@coloradocolorado1527]

Great video and review.

[@LoyaltyLlama]

Thank you!

[@lewiser143]

Brilliant analysis and appreciate the conservative approach! Looking forward to your next video Would you simply just ask Amex for a retention offer, saying you’re looking to leave?

[@LoyaltyLlama]

Thanks! With the retention offer I just told them I'm nearing my renewal date and asked if they can give me a retention offer to help me decide. At this point it doesn't really matter what you say exactly, since these offers seem to be pre-determined by some algorithm. So I feel like you can't get a bigger offer by being a good negotiator.

[@Maiiftl]

One thing about Harvey Nichols is that some clothes will be similarly priced to their original stores. BA eStore then offers 12 Avios per £1 spend, so that makes it a bit easier to gulp down.

[@LoyaltyLlama]

Good point. I keep forgetting to go via the eStore whenever spending my HN credit :(

[@user-vx1hn9um6f]

Thanks for the video! I loved it! would you recommend getting a platinum card now as they offer 40k points at the moment? sounds like you can get a lot more when they run a promotion, but i was thinking of getting a better card and have FOMO due to a lack of special offers atm. What do you think, is it worth opening now or better wait for several months until they promote more points?

[@LoyaltyLlama]

Thank you, glad you enjoyed the video :) I can send you a referral link with 60k welcome bonus on the Platinum card if you want, just drop me an email at [e-mail]

[@sergiu7599]

hi, thanks for the video, in my opinion i think 10£ per lounge access is too conservative, you only count the snack and drink but in a lounge you can have more (divers) food, a chill atmosphere and also can work peacefully on some things, these things have a price and you don't find it when you stay in the free zone for a total of 10£.

[@LoyaltyLlama]

Yeah, I think you're right! I generally didn't account for the added comfort (e.g. the lounge atmosphere that you mention, or the convenience of having late checkout at the hotel, etc.) that comes from using the Platinum card on top from the obvious savings.

[@kadose]

Thanks for the analysis. I must admit, the platinum card does have a hefty fee but what you have very importantly demonstrated is that how much value an individual gets depends on the individuals circumstances, it can work fantastically for some and less so for others.

[@sergiu7599]

@@kadose 300 on restaurant credits and 100 at harvey nichols are really often and easily used without an amex so basically we have to maximise 250£ in fees per year, i personnaly value the lounge at minimum 20/person (centurion lounge i'd say even more) so a few trips with the partner and the fee is already behind ^^

[@sergiu7599]

​@@LoyaltyLlama i see but airports are also really expensive, a good meal/breakfast or more than a coffee + croissant comes really easily to 15/20£ per person, maybe in your case you're not too hungry at the airports

[@markellis3411]

Just been accepted for a Platinum. I personally only use avios when I have a companion voucher, and it's not difficult to get around 2p an Avios. So the 85k I'll get 1st year, I should be able to get 1700 pounds worth of value. For comparison, were flying to Iceland at Easter with 2 adults and 3 kids...83000 avios has saved around 1600 pounds on business class flight, for 4 sectors. I'm happy with that

[@LoyaltyLlama]

2p is amazing value, well done!

[@royedgar1695]

Would you have chosen to stay at the Hilton hotels anyway despite the free breakfast etc? i.e. was there another comparable hotel with breakfast cheaper or did the Hilton always work out best.

[@LoyaltyLlama]

This is a really excellent question. In my case the answer is definitely yes - all my 2023 stays were either because 1) the Hilton property was cheaper than the other options of similar quality I was considering or 2) it was my favorite hotel in the location and I was going to pick it over cheaper alternatives regardless of the loyalty program. However, the point you raise is something that's generally important to keep in mind!

[@user-zk2jo6ez3p]

Hi thanks for the videos I was hoping to ask a quick question what card would you recommend to someone who’s got the gold preferred rewards card. I currently have it so don’t think keeping it will be beneficial due to the yearly fee. Is there any other card you can recommend?

[@LoyaltyLlama]

Really depends on your spend and what kind of benefits you value? With the Gold card that you already have, would a retention bonus change your mind? In that case you can ask Amex for one and decide from there.

[@user-zk2jo6ez3p]

I spend around £1k a month in bills & other expenses. I have asked for a retention offer but was only offered 5k points which I didn’t think is big enough to justify the £160 yearly fee.

[@winstonvlogs]

I'm using the Gold card, but I have been travelling and will be travelling lots for 2024. I just still can't justify the fact that the Platinum just gives me free food - lounges and food credits. Insurance? I already have external. And in terms of membership rewards, I think the Gold earns better. What do you guys think? Should I get the Platinum?

[@LoyaltyLlama]

Would the "free food" on the Platinum actually save you money, i.e. do you already spend money on food at airports and / or go to restaurants that are similar to the ones covered by the dining credit ? I was debating between Gold and Platinum myself. Gold does seem very attractive due to the good points earning structure. Ended up keeping both between me and my partner because we do save more by having these cards than what we pay in annual fees. However, everyone's situation is different.

[@akshaypotdar1840]

Could you do similar video for AMEX gold (2 years)? TIA

[@LoyaltyLlama]

Thanks for the suggestion! I certainly can :)

[@ocr8]

hey what’s a good way to progress in credit cards in the UK? as i’m about to become 18. Should i work up to the amex gold as the perks aren’t as good as the US?

[@LoyaltyLlama]

Hey! When I moved here, I started with a credit building credit card (e.g. Barclaycard Forward - www.barclaycard.co.uk/personal/credit-cards/forward). These don't have any exciting benefits and just help you build up your credit history. And then I went for an Amex card later. Also keep in mind that Amex now has a minimum income requirement (www.headforpoints.com/2023/07/20/american-express-brings-back-minimum-income-requirement/)

[@albertocrescini2076]

I’d suggest you to start with Yonder as it’s really easy to get approved and the perks are really neat (especially if you’re based in London), then you can move over with Amex Gold but i’d wait up untill when you’re employed.

[@ocr8]

@@albertocrescini2076alright thanks, but if i were to get the amex gold, would i use that specifically for all purchases ? or are there cards which could allow me to get more points depending on what i buy?

[@ocr8]

@@LoyaltyLlamathanks !!

[@danh9922]

Even with someone who earns more than minimum salary for Amex platinum card, has excellent credit score and has had the gold card for nearly year now. It still gives me 0% chance for to get it.

[@user-ju2qw1kj5f]

Good and informative video... would have been good if you could've shared your views on Amex's plans to get rid of the pro-rata membership fee refund

[@LoyaltyLlama]

Hey, I actually have a video on that! kzbin.info/www/bejne/f4Wniql7m6ism6s

[@user-ju2qw1kj5f]

Yes, I had watched this video. What I meant was to discuss the impact of that decision by Amex on your decision to retain the card or not, as it is also an important factor, I believe...

[@rikeshpatel5546]

Who spends £10 in an airport on food wtf

[@LoyaltyLlama]

Is that too much or too little?

[@CelticG]

Lounge pass is more than £24 if you do not have priority

[@LoyaltyLlama]

Yeah, depending on the lounge it can get ridiculously high. But I don't think most lounges are worth the price they're charging at the door, that's my reason for using a conservative figure when valuing lounge passes.

[@MM-ww6yb]

Cancel bro noone cares. People who spend 6 figures a year are still going to use it. It’s still a wonderful card and definitely worth the price

[@LoyaltyLlama]

That's fine, what matters to me is that you cared enough to comment 😉

[@MM-ww6yb]

@@LoyaltyLlama i mean this is like the 6th video ive seen of people going “im cancelling” .. cancel… amex doesnt care, i dont care..amex needs to stop approving people with a net worth of under 1 million… this card used to be hard to get now even the bums got it from what I can see