Thanks
Prospero argonath and
fruitcage for the input.
The interesting bit here is that the Amex letter from June [announcing the annual fee increase from £195 to £250] states the following under the "
Opting Out" section:
"Alternatively, please keep in mind that we offer a range of other Cards with different rewards, features and membership fees including our British Airways American Express Credit Card that has no annual Cardmembership fee, you can find out more at americanexpress.co.uk"
None of the above options was offered to me on the call, despite I asked for alternatives. As far as I know, no other changes in terms were introduced since, or at least these were not communicated via email/post.
Thus I can either stick to a product with a hefty fee that is not suitable for me any longer or close my current Amex card and look from scratch for another credit card - Amex or not.