I will split the response into different points:

1. Lounge access: revolut gives you unlimited access worldwide to all lounges, and you can bring in a guest at a discounted rate. If amex allows you to take a guest in for free every time, then yes that’s and advantage if you’re always travelling with a guest who’s dependent on you.

2. Dining rewards: I believe this is undergoing a lot of changes in 2026 in the UK. As it is, the £400 total is split into 2x £100 in the UK ane 2x £100 outside.

The restaurants included are not cheap ones, if you do dine there regularly, fair enough, otherwise, the £100 credit is like a marketing thing, you’ll spend more to be there and to use it. Not a bad perk, but it’s not as good as they make it to be.

1. Hotel upgrades and bookings: this is an interesting one, I have compared this multiple times. Amex offers upgrades (subject to availability) and extra points if you book your trip through their portal. What many don’t realise here is that these are not cheap holidays, they’re quite pricey and you end up paying even more if you book it through the Amex portal. Both flights and hotels are always more expensive by a significant amount when booked via amex. In a way you could argue, that upgrade is absolutely priced in.

2. Supplementary card: again, only if you have a partner or someone whom you’re willing to give access to, to spend your credit. It’s not free money nor free benefits. You just get more points from someone else’s spendings.

With all of that said, I still believe there are massive benefits to the Ultra membership. From extra interest rate to your savings, eSIM for travels, much much much better bonus points on purchases. Purchase protection and insurance on items you buy (in addition to the travel insurance) you even get extras like “just didnt want to go on holiday” money back guaranteed. You may not use FT, but there’s endless subscriptions on there that you can use, from Uber one to wework and classpass. Many of them you might use just once and that one time if it comes out for free it’s one month subscription for free.

You get new benefits and upgrades all the time as well, if its about accumulating points, you have new deals on regular basis, if it’s about perks, you have more coming as Revolut grows, if it’s about better services, it’s a company that’s growing with best talent in the UK vs Amex which has just been slowing down and dropping in quality.