American Express has increased the annual fee on six of its popular reward credit cards, meaning new applicants will be subjected to higher fees from 11th October 2023.
In this article, we explain which cards are affected and how much the annual fee is increasing. We also explain how this impacts existing customers and the alternatives that are available.
Which American Express Credit Cards now carry a higher annual fee?
A total of six American Express credit cards have been impacted by fee increases. We provide all you need to know in the table below.
| Amex Credit Card | Credit Card Type | Annual Fee (Prior to 11th October 2023) | New Annual Fee (From 11th October 2023) | Increase | Representative APR | Offer |
| American Express Nectar Credit Card | Personal | £25 | £30 | +£5 | 37.8% | Fee-free for the first year |
| American Express Marriot Bonvoy Credit Card | Personal | £75 | £95 | +£20 | 54.8% | 40,000 bonus points when you spend £3,000 in the first 3 months |
| American Express Preferred Reward Gold Credit Card | Personal | £160 | £195 | +£35 | 88.8% | 25,000 membership reward points when you spend £3,000 in the first 3 months |
| American Express Harrods Charge Card | Personal | £160 | £195 | +£35 | N/A | 5,000 Harrods reward points when you spend £3,000 in the first 3 months |
| American Express Platinum Credit Card | Personal | £575 | £650 | +£75 | 704.6% | 75,000 membership rewards points if you spend £10,000 in the first 3 months
Make any transaction in month 15 to get an additional 25,000 member points |
| American Express Preferred Rewards Gold Business Credit Card | Business | £175 | £195 | +£20 | N/A | 20,000 membership reward points when you spend £3,000 in the first 3 months |
Are all American Express credit cards impacted by the annual increase in fees?
No, only six of its credit cards have had an annual fee increase. The popular American Express Platinum Cashback Credit Card continues to carry a £25 annual fee and the annual fee on the American Express British Airways Premium Plus Credit Card remains at £250.
Do all American Express credit cards charge an annual fee?
No. American Express has a total of sixteen credit cards in its range and nine of those cards charge an annual fee. The American Express credit cards that do not charge an annual fee include:
- American Express Platinum Cashback Everyday Credit Card
- American Express British Airways Credit Card
- American Express Vitality Credit Card (Have to be a Vitality member)
- American Express Basic Credit Card
- American Express Business Basic Credit Card
- American Express Rewards Credit Card
If you are considering getting an American Express credit card, read our article 'Which is the best American Express credit card?'. Alternatively, if it is cashback and rewards that you are particularly interested in, read our article 'Compare the best cashback and rewards credit cards'.
Will existing American Express customers have to pay the higher annual fee?
American Express credit card customers are billed once a year, on the anniversary of when the card was initially taken out. If your anniversary 'billing' date falls between 11th October 2023 and 28th February 2024, you'll pay the previous lower fee one last time, before being moved on to the higher fee at your next anniversary. Those who are due to be billed on or after the 1st March 2024 will have to pay the higher annual fee.
Alternatives to an American Express credit card
Credit cards that offer incentives such as air miles, nectar points and cashback can be a great way to earn rewards on your normal everyday spending. However, when a credit card charges an annual fee in exchange for improved rewards, you need to make sure that the numbers still stack up. American Express has recently launched a number of boosted welcome offers, perhaps to soften the blow of the latest annual fee hikes, so there is a chance that a reward card that charges an annual fee could still work for you. This is especially the case if that credit card, such as the Amex Nectar card, comes with a fee-free offer for the first year.
If American Express isn't for you, there are a number of other ways to earn rewards and cashback on your spending and we've provided some helpful links for you to check out below.
- Best cashback and rewards credit cards - We feature our favourite cashback and rewards credit cards
- Chase Bank - Get 1% cashback on your spending in the first year and 5% interest on round-ups
- Cashback apps - Check out our article where we reveal our top 5 cashback apps
- Deals of the week - We've scoured the internet to find the best deals to save you money
