NEWS: American Express Cards Fee increase today and huge 100,000 MR sign up bonusbonus

Fee Changes

From today, 11 October Amex has announced some increases in their fees to cardholders. The changes apply to all new card applications on the affected cards from today and for existing cardholders from the next fee billing date after 29 February 2024.

These changes are not insubstantial, with nearly a 15% increase on the Platinum card and over 20% on the Gold Preferred Rewards Card, for example. As a cardholder of two of these cards, I am not very impressed. While the Platinum card has some great annual benefits, there has been a long period with hardly any decent offers compared to the cheaper BA and Marriott cards. Interestingly the last two weeks, they have suddenly started doing some better offers. So, if Amex want me to continue to hold the card, they will need to substantially up their offers that are relevant to me over the next few months. The card credit offers help offset the large card fee for me, so are an important part of the whole offering for me. 

The only good news is that if you decide you don’t want to accept the new fees, then you can still apply for a pro-rata refund and cancel your card. Amex had previously announced that it would do away with pro-rata refunds on its credit card fees but then said that they were not pausing the change, which was originally planned for October. This is obviously why they did that, which I think is a fair way to act. However, pro-rata refunds on credit cards will be removed after the fee-change process is complete. No set date has been announced for that yet. 

American Express made this statement:

“American Express strives to deliver industry-leading rewards, value and customer service to all our Cardmembers. In order 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 Cardmembers 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.”

Here are the travel-related card increases:

• American Express® Preferred Rewards Gold Credit Card annual fee £160 to £195 per year (the first year remains free)
• Platinum Card annual fee from £575 to £650 per year
• The Marriott Bonvoy Credit Card annual fee will increase from £75 to £95 per year
• The American Express® Business Gold Card annual fee will increase from £175 to £195 per year

American Express huge sign-up bonuses with Platinum Card’s biggest-ever offer

On the positive side, if you don’t yet have an American Express has today launched a series of limited-time offers on The Platinum Card®, the American Express Preferred Rewards Gold Credit Card and the Marriott Bonvoy American Express Card. From today, new Cardmembers can earn boosted points when reaching certain spend totals. The offers are slightly more complex and to get the maximum bonus, you will need to have a way of setting a reminder to make the extra spend in the 15th month to get the full bonus, as I am sure a lot of people would forget!

The Platinum Card up to 100,000 Membership Rewards points

The largest Platinum Card points offer ever introduced by American Express provides new Cardmembers who apply by 9 January 2024 with an opportunity to earn up to 100,000 Membership Rewards points.

In return for spending £10,000 in the first six months of Cardmembership, users will earn 75,000 Membership Rewards points. Then, by making a transaction of any amount in month 15 of Cardmembership (the 15th month of having the Card), Cardmembers will receive an additional 25,000 points. This exclusive offer – the highest ever on the Card – totals 100,000 points, and gives Cardmembers a boost of 70,000 more points than the usual sign-up deal of up to 30,000 points.

Membership Rewards points are extremely useful as they can be transferred into multiple airline and hotel miles and points including 1:1 with Avios and Virgin Points. They can also be used for Marriott, Hilton, Radisson, Emirates, Etihad, Cathay Pacific, Delta, Finnair, Flying Blue, Qantas and SAS.

100,000 points can also earn £500 in gift cards or can be used to cover the cost of items on a Cardmember’s statement. However, these are not the best use of Amex Points in terms of value. 

American Express Preferred Rewards Gold Credit Card

New Cardmembers who apply for the Amex Gold Card by 9 January 2024 will get a welcome bonus of 25,000 Membership Rewards points when spending £3,000 in the first three months of Cardmembership. 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.

The offers new customers 10,000 more points than the usual sign up deal of 20,000 Membership Rewards points.

Marriott Bonvoy American Express Card

New Marriott Bonvoy Cardmembers will get 40,000 Marriott Bonvoy points when they apply by 14 November 2023, and spend £3,000 in the first 3 months of Cardmembership, 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. Terms apply.

Biggest ever invite a friend offer

Existing Amex Cardmembers can earn extra Membership Rewards points when referring a friend across the Platinum, Gold and Marriott Cards.

Gold referrals

Until 9 January 2024, existing Gold Cardmembers could earn a bonus of 14,000 points for every successful referral (up to a maximum of 90,000 bonus points a year – terms apply). For referrals that take place by 14 November 2023, for the first time ever, Cardmembers can also earn an additional 2 points for every £1 spent for three months, up to £6,000 (up to 12,000 points) following the first referral. This means Cardmembers could earn up to 26,000 points for a referral – the highest ever offer for a Cardmember referral.

Until 9 January 2024, successfully referred new Cardmembers will earn 30,000 Membership Rewards points when spending £3,000 in the first three months of Cardmembership.

Platinum referrals

Again until 9 January 2024, those referred for a Platinum Card will earn 80,000 points when spending £10,000 in their first 6 months, while the referrer will get 18,000 points (up to a maximum of 90,000 bonus points a year) for every successful referral.

Across the Platinum and Gold Cards, as with the main offer, referees will also earn an additional 5,000 points with Gold and 25,000 points with Platinum when making a transaction in month 15 of Cardmembership.

Marriott Bonvoy

Boosted referral points also apply to the Marriott Bonvoy Credit Card, until 14 November 2023. Existing Cardmembers will receive 9,000 points for every successful referral (up to a maximum of 90,000 bonus points a year), while those they refer will earn 42,000 Marriott Bonvoy points when spending £3,000 in the first 3 months.

Offers summary

The Platinum Card annual fee has increased to £650 and has a representative 704.6% APR variable. The American Express Preferred Rewards Gold Credit Card continues to have an annual fee of £0 for the first year and has increased to £195 thereafter. Representative 88.8% APR variable. The Marriott Bonvoy American Express Card’s annual fee has increased to £95 and a representative 54.8% APR variable.

Full terms and conditions apply. 18+. Subject to status. For more information visit https://www.americanexpress.com/uk/credit-cards/all-cards/.

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