WEBVTT 1 00:00:00.160 --> 00:00:02.440 Hey everyone, welcome back to Smart with Points. 2 00:00:02.500 --> 00:00:13.200 I'm Jack, and today we need to talk about something that's going to affect a lot of UK business owners who've been cleverly racking up membership rewards points with the American Express Business Platinum Card. 3 00:00:14.240 --> 00:00:26.840 I've just received an email from Amex that's essentially gutting one of the card's best features, and whilst they're trying to soften the blow with some new benefits, the maths really doesn't add up for most people. 4 00:00:26.900 --> 00:00:39.380 So let's dive into what's changing, what you're getting instead, and whether this premium card is still worth its hefty six hundred and fifty pound annual fee. Right. So here's what's happening. 5 00:00:39.520 --> 00:00:44.820 If you currently hold the American Express Business Platinum Card, you'll know about the monthly bonus structure. 6 00:00:46.060 --> 00:00:52.440 Spend over ten thousand pounds in any calendar month, and you receive a bonus of ten thousand membership rewards points. 7 00:00:54.020 --> 00:01:04.980 If you're consistently hitting that threshold, that's an extra one hundred and twenty thousand points per year, essentially doubling your earn rate to two points per pound on that first ten thousand pounds of monthly spend. 8 00:01:06.320 --> 00:01:17.540 It's been a genuinely brilliant feature that's made the card incredibly valuable for business owners with consistent spending. Well, that ends on the thirty-first of March twenty twenty-six. 9 00:01:17.600 --> 00:01:26.140 If you manage to spend ten thousand pounds in March, you'll receive your final monthly bonus. After that, it's gone completely. 10 00:01:26.170 --> 00:01:37.480 The standard earning rate of one membership rewards point per pound spent remains unchanged, but the opportunity to boost that to two times on your first ten thousand pounds of monthly spend disappears entirely. 11 00:01:37.540 --> 00:01:48.880 Now, American Express isn't leaving cardholders completely empty-handed. From the first of April twenty twenty-six, three new benefits will be added to the card. Let me walk you through them. 12 00:01:50.360 --> 00:01:56.790 First up is an enhanced American Express travel credit. This is probably the most valuable of the new additions. 13 00:01:57.860 --> 00:02:09.720 Currently, Business Platinum cardholders receive two hundred pounds annually to spend at Amex Travel, which must be used in a single transaction. That existing benefit stays, but now there's a tiered structure. 14 00:02:10.580 --> 00:02:18.340 If you spend sixty thousand pounds in a card membership year, you'll receive an additional two hundred pound credit, giving you four hundred pounds total. 15 00:02:19.100 --> 00:02:30.160 And if you spend one hundred and twenty thousand pounds in a card membership year, you'll receive an additional four hundred pound credit, giving you six hundred pounds total. Now, here's the catch. 16 00:02:30.720 --> 00:02:38.360 These are travel credits, not flexible points. You're locked into booking through Amex Travel, which doesn't always offer the most competitive rates. 17 00:02:38.960 --> 00:02:50.820 It's useful, certainly, but it's not as flexible as membership rewards points that can transfer one to one to British Airways, Avios, Virgin Points, or any of Amex's other transfer partners. 18 00:02:52.360 --> 00:03:01.940 The second new benefit is an Enterprise rental car credit. Spend sixty pounds or more with Enterprise in any month, and you'll receive a twenty-pound statement credit. 19 00:03:02.870 --> 00:03:16.180 Do this every month, and that's two hundred and forty pounds annually. My take? This is incredibly niche. Unless you're regularly renting cars with Enterprise specifically, this benefit offers little value. 20 00:03:16.240 --> 00:03:29.720 It requires enrollment, and you need to remember to use it monthly. If you're not in the market for rental cars, it's essentially worthless. The third benefit is a Superscript business insurance discount. 21 00:03:29.730 --> 00:03:42.020 You'll receive a fifteen percent statement credit on your first transaction with Superscript each calendar year. Superscript sells business insurance like professional indemnity and public liability. The problem? 22 00:03:42.800 --> 00:03:47.060 Early reports suggest Superscript's quotes are running significantly higher than competitors. 23 00:03:47.940 --> 00:03:56.840 If their base rates are three times what you'd pay elsewhere, as one forum user discovered, a fifteen percent discount doesn't suddenly make them competitive. 24 00:03:56.880 --> 00:04:09.580 This feels like a benefit that sounds good on paper but delivers little real-world value for most cardholders. So let's do the maths because this is where things get really interesting. Here's the crucial question. 25 00:04:10.500 --> 00:04:21.600 For someone spending one hundred and twenty thousand pounds annually on the Business Platinum, which is the level needed to maximize both the old and new benefits, are you better or worse off? 26 00:04:22.580 --> 00:04:38.540 Under the old structure, which is in place until the thirty-first of March twenty twenty-six, you'd earn one hundred and twenty thousand base membership rewards points plus one hundred and twenty thousand points in monthly bonuses, giving you ten thousand points times twelve months. 27 00:04:39.220 --> 00:04:50.620 That's a total of two hundred and forty thousand membership rewards points. Under the new structure from the first of April twenty twenty-six, you'd earn one hundred and twenty thousand base membership rewards points. 28 00:04:51.200 --> 00:04:57.500 You'd get six hundred pounds in Amex travel credits versus the previous two hundred pounds, so that's four hundred pounds extra. 29 00:04:58.060 --> 00:05:06.590 You'd potentially get two hundred and forty pounds in Enterprise credits if you actually use them, and you'd get the Superscript discount, which likely has minimal value. 30 00:05:07.800 --> 00:05:13.920 To make a fair comparison, we need to value those missing one hundred and twenty thousand points. 31 00:05:14.060 --> 00:05:24.500 I typically value membership rewards points at around zero point seven five to one pence each when transferred to airline partners. Let's be conservative and use zero point seven five pence. 32 00:05:25.080 --> 00:05:31.600 One hundred and twenty thousand points at zero point seven five pence equals nine hundred pounds in value. 33 00:05:31.660 --> 00:05:45.320 In return, you're receiving four hundred pounds in travel credits, which are less flexible than points two hundred and forty pounds in Enterprise credits if you actually use rental cars, and the Superscript discount, which has minimal real-world value. 34 00:05:45.400 --> 00:05:52.940 Even if you maximize every new benefit, you're looking at roughly six hundred and forty pounds in value versus nine hundred pounds in lost points. 35 00:05:53.600 --> 00:06:01.940 That's a net loss of two hundred and sixty pounds annually for high spenders, and it gets worse if you're someone who values points closer to one pence each. 36 00:06:02.880 --> 00:06:06.380 This change really hurts business owners with consistent monthly spending 37 00:06:07.720 --> 00:06:20.260 Someone spending 10 to £15,000 monthly was earning two times points on a significant portion of their spend without needing to hit the stratospheric thresholds required for some premium cards. 38 00:06:20.320 --> 00:06:32.260 These new benefits are clearly designed to push cardholders towards much higher annual spending thresholds of £60,000 or £120,000 to unlock value. 39 00:06:32.300 --> 00:06:46.720 But they're less flexible, more restrictive, and ultimately worth less than the points they're replacing. So if you're a current Business Platinum cardholder, you've got until the 1st of April 2026 to decide what to do. 40 00:06:46.760 --> 00:06:54.800 You've got a few options. First, you can simply accept the changes, do nothing, and the changes will happen automatically. 41 00:06:54.860 --> 00:07:09.660 The card still offers excellent lounge access, hotel status benefits, and solid earning rates, but the value proposition at £650 annually has definitely weakened. Second, you can close your account. 42 00:07:09.700 --> 00:07:20.080 If you don't accept the changes, you can close your account before the 1st of April 2026. American Express will provide a pro rata refund of your unused annual fee. 43 00:07:20.980 --> 00:07:32.340 Importantly, this doesn't affect your Membership Rewards points. They'll remain available as long as you hold another Membership Rewards earning card. Third, you could downgrade to the Business Gold card. 44 00:07:33.180 --> 00:07:46.000 The American Express Business Gold is free for the first year and has a much more palatable ongoing fee. It's also losing its quarterly bonus, which was 10,000 points when spending £20,000 per quarter. 45 00:07:46.720 --> 00:07:55.760 But given both cards are losing their bonus structures, the lower fee option might make more sense. And fourth, you could look at alternatives. 46 00:07:56.360 --> 00:08:05.230 For business owners primarily interested in earning Avios, Capital on Tap offers straightforward one Avios per pound with no annual fee on the standard card. 47 00:08:06.110 --> 00:08:12.400 The Pro version, which costs £299 annually, offers one point two five Avios per pound. 48 00:08:13.240 --> 00:08:24.260 It's not as feature rich as the Business Platinum, but for pure points earning, it's become increasingly competitive, especially now that Amex has gutted the Business Platinum's earning potential. 49 00:08:24.320 --> 00:08:35.680 Here's my take on all of this. I currently hold the Business Platinum alongside Business Gold, and this change has me seriously reconsidering the value proposition of keeping both cards. 50 00:08:35.720 --> 00:08:47.080 The monthly bonus was genuinely valuable. It rewarded consistent business spending without requiring you to jump through hoops or hit unrealistic thresholds. The new benefits feel like a poor substitute. 51 00:08:48.250 --> 00:08:58.620 Travel credits are useful if you regularly book through Amex Travel, but they lack the flexibility of points. The Enterprise benefit is so niche it'll be worthless to most cardholders. 52 00:08:58.640 --> 00:09:02.489 And the Superscript discount appears to be window dressing rather than genuine value. 53 00:09:03.440 --> 00:09:16.360 For someone like me who values the airport lounge access via Priority Pass and the Global Lounge Collection, hotel elite status benefits, and travel insurance, there's still value in keeping the card. 54 00:09:16.400 --> 00:09:23.140 But the gap between what you're paying, which is £650, and what you're receiving has definitely narrowed. 55 00:09:23.980 --> 00:09:30.940 If you're on the fence, my advice is this: calculate your actual usage of the card's benefits beyond the points earning. 56 00:09:31.960 --> 00:09:42.760 If you're regularly using Priority Pass, staying at hotels where Gold status matters, and making use of the travel insurance, then £650 might still represent fair value. 57 00:09:43.800 --> 00:09:52.060 But if you were primarily holding the card for the points earning potential, it might be time to look elsewhere. Now, here's one important note. 58 00:09:53.060 --> 00:09:59.400 If you've been considering applying for the Business Platinum and haven't yet, now might actually be the time to do it. 59 00:09:59.440 --> 00:10:10.080 You can still qualify for the current welcome bonus, which is 50,000 points after £6,000 of spend, and you'll have the opportunity to earn the monthly bonuses through March 2026. 60 00:10:11.020 --> 00:10:20.000 You can get the card by clicking the link in the show notes. Just be prepared for the significantly reduced value proposition once April rolls around. 61 00:10:21.320 --> 00:10:33.060 Also worth noting, American Express changed the eligibility requirements in January 2026. You now must be a director of a limited company or a member of a limited liability partnership. 62 00:10:33.720 --> 00:10:46.620 Sole traders and unlimited partnerships are no longer accepted. So here's the bottom line. This is a significant devaluation, no matter how American Express tries to dress it up. 63 00:10:46.650 --> 00:10:57.460 The monthly bonus was one of the Business Platinum's standout features, a genuine competitive advantage that made the £650 fee palatable for many business owners. 64 00:10:57.540 --> 00:11:03.250 The new benefits simply don't offer equivalent value, especially for points collectors who value flexibility. 65 00:11:04.500 --> 00:11:10.950 If you're a current cardholder, now's the time to run the numbers on your own spending patterns and usage of the card's other benefits. 66 00:11:11.980 --> 00:11:24.040 And if you're considering applying, be clear-eyed about what you're signing up for beyond April 2026. The UK points and miles game just got a bit less rewarding. That's it for today's episode. 67 00:11:25.110 --> 00:11:27.160 Thanks so much for listening to Smart with Points. 68 00:11:27.840 --> 00:11:42.720 If you found this useful, please subscribe to the podcast on all major platforms, or head over to our website at smartwithpoints.co.uk where you can also subscribe to our newsletter to stay on top of all the latest changes in the world of miles and points. 69 00:11:43.600 --> 00:11:50.860 And before you go, here's a quick word about our sponsor. Looking for the best award flights? Use AwardT.