People with higher incomes can afford Amex's Platinum card, which includes good travel insurance, good customer service, access to a good hotel booking program, airport lounge access, boosted status with a few airlines, etc. Most places in the UK that cater to this segment also accept Amex.
However, it's a charge card and not a credit card, so it does need to be paid off in full every month.
Lots of business meetings in London -> merchants need to accept Amex company cards -> people realize acceptance is high -> people look into Amex for their personal usage, for instance to enjoy higher rewards.
London has a much higher [wealthy] international populous than the rest of the country. Amex business model is all about having a card that is accepted globally, and comes with lots of nice perks for the [wealthy] traveller.
If you compare the rental flats with other top European cities, it’s really not overpriced.
Look at a 6k eur pcm flat in Barcelona and London, in Barcelona you will find slightly bigger flats with terrible build quality and services. In London you’ll get top quality fit and finish with excellent services.
Good luck finding a building with a decent concierge team in most European capitals. It’s almost unheard of.
Luxury product for rich people? Yeah, of course. Overpriced? Definitely not, there simply aren’t any viable alternatives to settle in.
Really? Sure it doesn't have to do with the bank backing it? My Amex card has the second lowest limit of all my credit cards at a measly $6,500 whereas I have other cards with $30,000, $25,000, and $20,000 limits. Only one lower is my target card but they are known for having low limits.
I have a UK perspective. Here, to get a VISA-backed bank to grant you more than 6-8k is a real struggle, whereas Amex will happily start at 10-12k and grow from there.
I had my wallet nicked in Padstow on the last day of a trip there and was just about take the 3.5 hour drive home. Problem was I didn't have enough fuel to make it. My CC providers took ages to even answer the phone and cancel the cards. Amex dealt with it a just a few mins, arranged to courier a replacement card to me by the next day and authorised a fuelling stop for me on my way home. I'll never be without one, ever.
I had a similar experience in Washington. Amex had an international courier deliver a new card within days. In the UK, the three companies that won't lose my custom (unless things go very downhill) are Amex, NFU Mutual and firstdirect. In my dealings with each, their staff come across as competent and efficient, with a get-stuff-done attitude and evidently empowered to make their own decisions.
I went to an agreed petrol station, they'd authorised spend there. From memory, I think I just told them my name and that was all I needed to do: fill up, thank the staff, drive off.
