The pincer‐type complexes [(PCN)PtR] {R = H, 2; Me, 4; PCN = C6H4[CH2P(tBu)2](CH2)2N(CH3)2} react with MeLi or Et3BHNa, to give anionic cis‐Pt(Me)H complexes [(PCN*)Pt(H)(Me)]–Li+ (Me trans to P; PCN* denotes the PCN ligand in which the amine arm is not coordinated) and [(PCN*)Pt(Me)(H)]–Na+ (H trans to P). Only the isomer in which the incoming nucleophile is situated trans to the phosphane ligand is formed. These first d8 anionic alkyl hydride complexes were fully characterized spectroscopically. The hemilabile PCN ligand allows for reversible de‐coordination of the amine arm, thereby providing a desirable balance of stability vs. reactivity. Theoretical calculations on model systems indicate a concerted mechanism in which the nucleophilic attack and the amine dissociation occur concurrently. The (unobserved) methane reductive elimination from the stable anionic methyl hydride complex [(PCN*)Pt(Me)(H)]–Li+ (3) is thermodynamically and kinetically unfavorable, as indicated by DFT. This complex reacts with electrophiles, such as water and methyl iodide, to yield exclusively methane and the corresponding organometallic product (either 2 or 4). This reactivity was also further examined by DFT.