For some time now there have been rumors of some important changes to the personal version of the Amex Platinum Card (in addition to the changes to the Amex Centurion Lounge access that we expect from 2023). These rumors keep getting stronger, so in this post I wanted to summarize what’s out there.
Let me reiterate that all of this is rumored and all of this can change until there is an official announcement.
Rumor has it that the annual fee for Amex Platinum is increasing
Rumor has it that the annual fee for Amex Platinum will increase from $ 550 to $ 695, but only for the personal version of the card. This change is expected to take effect from July 2021 for new card members and from January 2022 for existing card members.
Amex Platinum is rumored to benefit from changes
With these rumored changes, the Amex Platinum will be positioned as a lifestyle card rather than a travel card, and we can expect the following potential new benefits:
- An annual Equinox balance of $ 300
- Annual entertainment credit of $ 240, split as $ 20 monthly credit for magazine and news subscriptions, video streaming services, and audio and music streaming services
- An annual credit of $ 200 for prepaid hotel bookings through Amex Travel
- An annual CLEAR membership that may replace TSA pre-check credit
- A resy credit of $ 100, but only as a temporary benefit
I understand that most current card benefits are likely to remain in place unless otherwise stated. So I believe that this card would offer:
- A balance of $ 200 per year (rumors have been running that this could be cut, though only time will tell)
- An annual Uber balance of $ 200 split between a monthly balance of $ 15 and a balance of $ 35 in December
- A $ 100 annual Saks balance split every six months as a $ 50 balance
- Centurion Lounge Access, Delta SkyClub Access, Priority Pass Membership, and more
- 5x Membership Rewards points for flight purchases
My attitude towards these rumored changes
Assuming these rumored changes are true, what do I take? Well, we would essentially see an annual fee increase of $ 145, and we would see annual credits added to the card that could potentially be worth well over $ 700.
In fact, if these changes are true, I think the math works very well for many:
- Personally, I don’t see myself in using the Equinox credits, but if you are an Equinox member this could be extremely valuable
- The entertainment credit, prepaid hotel credit, and CLEAR membership may justify more than the annual fee
So I would ultimately personally see these changes as positive.
At the same time, I can’t help but feel like the Amex Platinum is becoming one of the entertainment coupon books I had to sell in middle school to raise money:
- On the one hand, Amex is able to offer so many perks that are so high in dollar value on the surface because there are so many “catches” attached to them – I imagine Amex doesn’t pay much for most of these perks, given the affluent consumer base, businesses are given access to
- At the same time, most of these perks have important terms associated with them, and it almost feels like couponing, which is the opposite of what you would normally expect from a luxury or premium product
I know the Amex Platinum was never really about offering a compelling value proposition on spending, but I wish it had a better reward structure so that I actually want to spend money on the card. When I look at my own Amex strategy, I find the Amex Platinum pays off for the benefits while I use other Amex cards for spending.
What about a new Ultra Premium Amex card?
In early 2020 there were rumors that Amex was introducing a new ultra-premium card between Amex Platinum and Amex Centurion. That rumor was based on a document listing the vendors that make American Express cards in the United States and listing a new card, “Titanium” and “Black Charge Metal” (the Centurion card, which is otherwise common referred to as a “card”). Black card “).
Obviously, a lot has changed in the world in the past year, so I’m curious to see if there is still a plan for the introduction of such a card or if we will just see an annual fee increase and new benefits instead of the Amex Platinum.
Rumor has it that the Amex Platinum will see an annual fee hike of $ 145 in the coming months, bringing the annual fee to $ 695. However, the card offers a variety of new perks, including annual Equinox, entertainment and hotel credits.
Based on what we know, these changes seem to be positive for most (even if you’re not using Equinox Balance), although there may be some terms associated with each of these benefits.
What do you think of these rumored Amex Platinum changes?
(Tip of the hat to Doctor Of Credit)