The deal is for current Platinum and Gold members and it runs until 14 January 2025.
For Platinum card members, there are 18,000 points now available if a friend signs up, a rise from its current level of 12,000.
The referred new customer will receive 100,000 points, which equates to £500, but they need to spend £10,000 in the first six months to claim the bonus.
For members with a Gold card, the incentive has shot up from 9,000 points to 14,000, with the referred friend offered 40,000 points. This marks almost double the number of points previously offered and is only applicable when the new customer spends £3,000 in the first three months of having the card.
To refer a friend, card members can use the Amex App or sign into their online account to access a referral link. Once the prospective new Amex customer is approved, the points will land in either your Platinum or Gold account.
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You can make as many referrals in a year as you wish, but you can only earn a maximum of 90,000 bonus points each year.
The Platinum Card has an annual fee of £650 and a representative APR of 701.4% variable. The Gold Card has a representative APR of 88.3% variable. It is available for those aged 18+, T&Cs apply and it is subject to status.
For non-referred customers, there is an offer worth up to 80,000 points for Platinum card members and 30,000 points for Gold account holders.
This also ends on 14 January next year, and for Platinum cardholders, the offer worth around £400 is applied to the account once £10,000 is spent in the first six months. This is a huge rise from the 50,000 points usually on offer for new members.
Gold card account holders can bag 30,000 reward points – worth £150 – if £3,000 is spent in the first three months of account opening. In terms of pricing, the Gold card is free for the first 12 months, after which an annual fee of £195 is required.
Dave Edwards, vice president at American Express, said: “With the festive season fast approaching, it’s a busy time for present buying and hosting. Amex card members earn rewards as they spend, making their money go further, so it’s a great time to consider taking out an Amex card. And even more so with the generous sign-up bonuses we’ve launched today.
“On the subject of gifting, existing card members could also consider giving their friends a very special Christmas present – even more bonus points when they sign up for a Gold or Platinum Card – when they use their unique referral link, while earning some additional points for themselves at the same time.”
‘As good as it gets’ for Platinum account holders
Head for Points noted: “This is as good as it gets with American Express Platinum.
“One upside is that you can get a pro-rata fee refund if you cancel so the cost of trying it out for a few months is low. In fact, you’d make a decent profit as long as you managed to spend £10,000 in six months and trigger the bonus.
“Pro-rata fee refunds were due to end in ‘late 2024’ but American Express has gone very quiet on this. You need to make your own decision on whether this will still take place. We have been promised advance notice of the withdrawal of fee refunds if it still happens.”
You’ll receive one membership point for every £1 spent on the card or you can transfer them into air miles.
The 80,000 American Express Membership Rewards points can be converted into:
- 80,000 Avios
- 80,000 Virgin Points
- 80,000 Etihad, Flying Blue, Asia Miles, Delta, Finnair, Qantas or SAS miles
- 60,000 Emirates miles
- 53,333 Singapore Airlines miles
- 160,000 Hilton Honors points
- 90,000 Marriott Bonvoy points
- 240,000 Radisson Rewards points
- 5,332 Club Eurostar points
Other benefits of the Platinum card include car hire insurance, airport lounge priority pass and Eurostar lounge access.
There is also a £100 per year Harvey Nichols credit, which ends on 30 June 2025. The deal offers £50 credit to spend in the store by 31 December 2024 and another bonus to use by the end of June; there is no minimum spend, so if you use the £50 offer, the item(s) will be free.
Gold card is ‘very generous’
For the Gold card, Head for Points described the offer as “very generous”.
When you sign up, you get four free airport lounge visits each year, which can be shared between you and the guests you’re travelling with.
There is also credit available for Deliveroo worth £125, with two £5 cashback bonuses each month. Every time £5 worth of food or drink at Deliveroo is ordered, there will be an added £5 on your Amex statement.
Gold card members also get double points for spending abroad, which comes with a 3% fee for foreign transaction charges.
There are also double points available on flight bookings, with triple points on the table for bookings direct with Amex Travel.
Head for Points added: “Even if you eventually decide that the miles and points hobby is not for you, there are still plenty of other valuable ways to use your Membership Rewards points, such as Amazon vouchers”.
