American Express has launched a number of limited-time enhanced sign-up bonuses for its various credits cards, but has also increased the annual fee on many of the card options.

First the bad news – annual fees have gone up as follows for new cardholders:

  • The American Express Preferred Rewards Gold Credit Card annual fee has increased from £160 to £195 per year (the first year remains free)
  • The Platinum Card annual fee has increased from £575 to £650 per year
  • The Harrods American Express Card annual fee has increased from £150 to £195 per year
  • The Nectar Credit Card annual fee has increased from £25 to £30 per year (the first year remains free)
  • The Marriott Bonvoy Credit Card annual fee has increased from £75 to £95 per year
  • The American Express Business Gold Card annual fee has increased from £175 to £195 per year (the first year remains free)

For existing cardholders, the changes will take effect at their next billing date from 29 February, 2024 – so if your fee is billed for example on 1 August, 2024, that’s when you’ll pay the higher fee.

Cardholders will be contacted in the coming weeks with more details, and those who do not want to accept the changes will be able to cancel their card and receive a pro-rata refund of the annual fee.

Amex asked us to include this statement in full, so here it is:

“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.”

Meanwhile Amex has also launched increased sign-up bonuses on a number of its cards, as follows:

  • Those applying for the Platinum Card by 9 January, 2024 can get up to 100,000 bonus points (usually 30,000)  – 75,000 when spending £10,000 in the first six months, plus an additional 25,000 points if they make a transaction of any amount in month 15 of card membership
  • Those applying for the Preferred Rewards Gold Credit Card by 9 January, 2024 can earn up to 30,000 bonus points (usually 20,000) – 25,000 when spending £3,000 in the first three months, plus an additional 5,000 points if they make a transaction of any amount in month 15 of card membership
  • Those applying for the Marriott Bonvoy American Express Card by 14 November, 2023 will earn 40,000 bonus points when spending £3,000 in the first three months – up from the usually 20,000 points

Amex has also launched what it says is its biggest ever invite a friend offer, as follows:

  • Existing Gold cardholder can earn 14,000 bonus points for every successful referral (up to a maximum of 90,000 bonus points per year) up until 9 January, 2024. In addition any referrals which take place before 14 November will see the referrer receive an additional two points per £1 spent for three months (up to a maximum of 12,000 points) – this applies to the first referral only. Meanwhile referees taking out a Gold card by 9 January, 2024 will receive 30,000 bonus points (rather than the 25,000 noted above) when spending £3,000 in the first three months
  • Existing Platinum cardholders can earn 18,000 for every successful referral (up to a maximum of 90,000 bonus points per year) up until 9 January, 2024, while referees taking out a Platinum card by 9 January, 2024 will receive 80,000 bonus points (rather than the 75,000 noted above) when spending £10,000 in the first six months
  • Existing Marriott Bonvoy cardholders can earn 9,000 bonus points for every successful referral (up to a maximum of 90,000 bonus points per year) up until 14 November, 2023, while those they refer will earn 42,000 bonus points (rather than the 40,000 noted above) when spending £3,000 in the first three months

More information and terms and conditions on all of the above can be found at americanexpress.com/uk/credit-cards/all-cards.

Finally, American Express celebrates its Members Week between 16 and 22 October, with a series of deals and offers, including 10 per cent of bills at dining outlets including Honest Burger, Yo! Sushi, Gaucho and Bill’s; and £75 cashback when spending £300 with American Express Travel.

More information on all the offers can be found at americanexpress.com/en-gb/benefits/member-week.