amex gold vs platinum charge card

tjh1989uk

hi

I've never owned a credit card so all a bit new to me.

I'm considering either applying for the amex gold credit card or the platinum charge card. I have no intention of borrowing credit, I'm mainly looking for purchase protection after a bad
purchasing experience (the points are a nice bonus).

Both provide purchase protection and points but it seems the gold card has a number of other advntages (the fee is 140 rather than 60 but the first year is free). I know I'll be able to repay at the end of each month so I should never be paying interest on an amex gold card.

Any thoughts much appreciated. Have I missed anything?

Thanks

Tom

lr1277

A few points.

1) I have never had a charge card, but my understanding is that you have to pay it off in full every month. If you don't the penalties are bad, but I don't know what they might be. With a credit card, you can pay less than the full amount (if you wish) and then you start accruing interest from the day you made the purchase. But you have the option of not paying the full amount.
2) When I sometimes look at Amex cards, the green card may have more purchase protection, but not sure about that now. You need to do further research. The purchase protection of credit cards is statutory. The purchase protection on charge cards is voluntary.
3) If you have never had a credit card, I don't know if you have taken any other debt in your name which you have paid on time. You may find it difficult to get either card depending on your credit history. If you can't get either card, you might be better off applying to get a card from the bank with whom you have your current account. At least they have an idea of you incomings and outgoings.

tjh1989uk

thanks, that makes sense

but i understand that purchases with amex gold have an interest free period. if you repay within this period no interest is charged?

tjh1989uk

American Express generally charges interest on purchases, cash advances and balance transfers beginning on the transaction date. If you pay your bill in full every month, you can avoid paying interest on purchases. However, you cannot avoid paying interest on cash advances and balance transfers

[Deleted User]

Clear the balance in full each month to avoid any interest or charges

dcfc67

Amex gold gives you 20000 points (22000) if you are referred. for this spend 2K in first 90 days.
You also get 2 Escape Lounge passes to use at airports , after that you get discounted entry for £20.

I've made use of the benefits, loungs passes are great.

bd10

In my view, the purchase protection Amex offers on the platinum is not attractive. For a "no limits" charge card with a steep annual fee, they cap the protection at £2,500 per item and £20,000 per year. also, you have a £50 excess. Also the merchant has to be UK-based. Check the small print line by line. I think also antiques are excluded. Anyways, section 75 has you covered from £100 to £30k per incident and this comes free of charge with every credit card. A charge card does not fall under section 75. So for any of their charge cards, you have to rely on Amex's internal policies and guidelines as opposed to your rights under the Consumer Credit Act from 1974. If you want an Amex over say a Mastercard/Visa, I'd pick their Gold Credit Card, you get some rewards and have section 75 on your side.

System

Many people forget that the Amex Platinum Charge also has a companion credit card with it free of charge you just need to find it and apply (Pretty much guaranteed approval) or call and speak with the team...

You get all the benefits of your Charge Card still but use the Credit Card that comes with it, therefore S75....

It's what I do...