InformativeAmex Gold Vs Platinum: Which Card Is Better?

Renowned worldwide for their amazing customer service, variety of card options, rewards and luxury reputation, American Express (or Amex) is an international brand that specialises in payment cards. Unlike its competitors, Amex handles cards, transactions and transfers itself rather than working with a third-party bank. On the other hand, the brand does come with its disadvantages. It’s not universally accepted among smaller businesses due to the fees incurred when using the card, its rewards tend to be aimed towards new cardholders & have short-lived promotional periods and the high interest rates & annual fees are not appealing to all budgets.

However, life can be more rewarding with an American Express card! If you’ve worked hard to build up an excellent credit score and are in a comfortable position financially to invest in a luxury card, then an Amex precious metal card is the perfect option for you. The only issue is which card you should get. Between the Amex Gold card and Amex Platinum card, each of these luxury cards comes with their own set of benefits and fees. In this Amex Gold vs Platinum blog, LDV gives you insight into which card is better for you.

In this guide, we will tell you

• Why the Amex Gold card is the perfect match for frequent shoppers
• Why the Amex Platinum card is perfect for travellers
• What to consider when picking an Amex credit card
• How to apply for an Amex credit card

Amex Gold Card

Accredited by Investopedia for being the credit card “geared toward people who like to shop, eat out, and have a lot of everyday spending”, the Amex Gold card is the perfect mid-range credit card for those looking to be rewarded every time they make a purchase but can’t reasonably afford the luxury fees. Although it has a shorter list of benefits (mainly travel-based benefits) compared to the Amex Platinum card, overall cardholders are still greatly rewarded for making purchases and dining out. These Amex Gold card benefits include:

• No fees in your first year as a cardholder
• 1 Membership Reward point for every £1 spent
• 2 Membership Reward points for every £1 spent directly at airlines or in foreign currency
• 3 Membership Reward points for every £1 spent at American Express Travel
• 20 000 Sign-up bonus points if you spend £3000 in the first 3 months as an Amex cardholder
• 9000 Membership Reward points for each successfully approved referral (Max 90 000 bonus points per year)
• Earn 2 500 bonus points every time you spend £5000 (Max 12 500 bonus points per year)
• 4 complimentary Priority Pass airport lounge visits yearly at over 1300 airports worldwide
• Invites to exclusive experiences
• £5 back on two Deliveroo purchases per month
• 10% off plus an additional driver on Hertz bookings
• Preferred Plus status with Avis
• Complimentary room upgrade plus £75 in-hotel credits at 600 4-5 star hotels worldwide
• Earn rewards faster with a complementary supplementary card by adding your family members to your account

The Amex Gold card comes with an annual fee of £160 (free for the first year) and an APR of 75.2%. No interest is charged for 56 days if payment is made on time each month, otherwise, interest will be charged each day until full payment is made. 3% foreign exchange fees are imposed when making purchases abroad.

Please note: Sign-up bonus points are available only to first-time Amex cardholders and supplementary cardholders. Owners of existing Business or Corporate Amex cards also qualify for the sign-up bonus.

Amex Platinum Card

Comparably the Amex Platinum card is the more upscale card that comes with more benefits (primarily travel benefits) and higher fees. According to an article by Forbes, the Amex Platinum card is catered towards “the frequent traveller who wants an elevated experience.” With the extensive list of travel benefits the card comes with, it’s easy to see that the Amex Platinum card was designed for the business class regular with a preference for the finer things in life. These Amex Platinum benefits include:

• 1 Membership Reward point for every £1 spent
• 2 Membership Reward points for every £1 spent on American Express Travel
• 30 000 Sign-up bonus points if you spend £4000 in the first 3 months as an Amex cardholder
• 12 000 points for each successfully approved referral (Max 90 000 bonus points per year)
• Complimentary airport lounge access at over 1400 airports in over 140 countries with one additional guest at no additional cost
• £300 dining credits per year at over 1400 restaurants worldwide (£150 per year for UK restaurants and an additional £150 per year for restaurants abroad)
• £100 Harvey Nicholas credits per year plus £50 back every 6 months (Eligible both in-store and online)
• Worldwide travel insurance for both you and your supplementary cardholders for trips up to 90 days long (Not available for cardholders over 70 years old)
• Complimentary full car hire insurance
• Receive Gold status in Marriott Bonvoy, Hilton Honors and MeliaRewards
• Receive Platinum status in Radisson Rewards
• Hotel benefits including continental breakfast, complimentary room upgrades, late checkouts, free wifi and more

Holders of the Amex Platinum card are charged an annual limit of £575 and an APR of 470.7%. No interest is charged for 56 days if payment is made on time each month, otherwise, interest will be charged each day until full payment is made. 3% foreign exchange fees are imposed when making purchases abroad.

Please note: Sign-up bonus points are available only to cardholders who have not held an Amex card that earned Membership Rewards points in the last two years (with the exception of British Airways, Nectar or Marriott Amex cards). First-time Amex cardholders, supplementary cardholders and owners of existing Business or Corporate Amex cards qualify for the sign-up bonus.

What To Consider When Deciding On Which Is The Best Amex Card For You

With the mountain of benefits that each credit card comes with, it’s easy to fall into the trap of picking a card that doesn’t quite match up with your circumstances. Below are some key things to consider that’ll help you get a clear idea of what you want in a credit card.

• Do you meet the requirements? Both credit cards come with a set of requirements that all applicants need to meet. Be sure to take a good look at what is expected of you before sending in an application as applying for multiple credit cards at once can hurt your credit score.
• Can you afford the credit card? The annual fees for luxury cards such as the Amex Platinum card come at a daunting price. It’s a good idea to set up a budget for your credit card expenses and decide if your financial situation will allow you to pay these high fees.
• How often will you use the credit card? Your average credit card expenses can give you a good idea of what type of card you’re looking for. If you don’t plan to use the card that often it’s better not to opt for a more expensive credit card with high fees. On the other hand, if you plan to use the card often it’s a good idea to opt for a card that will allow more flexibility when it comes to reward points.
• What benefits will actually benefit you? Do you travel often? Do you prefer to stay close to home and visit local stores and restaurants? Your lifestyle is a key factor to consider when picking an Amex credit card. Pay attention to what benefits each card offers and how they can help you get the most out of it. It’s also important to do your homework and determine whether the reward points are worth the high fees the credit card comes with.
• What are the card’s interest rates? Many luxury cards come with introductory interest rates that are generally lower than regular rates. It’s important to not be blind-sighted by these promotions and to know exactly how much interest you’ll be paying on purchases or transfers once the introductory period is over.
• Does the card come with interest-free days? Most credit cards do come with their own set periods where interest won’t be charged on outstanding balances. Take note of these interest-free periods on the credit card you’re applying for as you may receive an expensive surprise in the form of additional fees later down the road. However, if you pay your balance in full each month this won’t be much of a concern for you.

How To Apply For An American Express Card

Applying for an American Express card is surprisingly easy! Firstly check the eligibility criteria to ensure you meet the requirements. These include:

• Being 18 years or older
• Having an existing UK bank account or building society account
• Having a permanent UK home address
• Not having a history of bad debt

Next is testing your application with Amex’s Eligibility Checker. This will give you an indication of how successful your application will be without harming your credit score. If you receive the go-ahead with the Eligibility Checker then you can fill out the real online application.

Find The Best Amex Card For You With LDV

While the Amex Gold card is perfect for frequent shoppers and the Amex Platinum card is great for travellers looking to get the most out of their trip, whether one is better than the other is purely up to you, your wallet and your lifestyle. Whichever you pick, with our Amex Gold vs Platinum blog you’re guaranteed to make the right decision. Don’t forget that when you apply for an American Express card you can get a discount with one of our American Express offer codes. If you’re looking for more finance tips & tricks, feel free to check out our Money-Saving Challenge blog.