Long-awaited update American Express Platinum Card® It’s already here, and now many cardholders, including myself, are paying attention to whether they should keep or cancel the card numbers.
Calculus will vary for everyone, but as someone who has been following the premium credit card space for the past decade, the changes in American Express (indicated on both the personal and commercial versions of the card) show that issuers should not only take serious competition with Chase and Capital One. It also tries to keep them alone.
Whether it’s providing more value based on the credits earned by the card member or the higher annual fees, almost everything with a platinum card is designed to beat the competitors.
American Express Platinum Card® – Find out your offer: After spending $8,000 on your eligible purchase on your new card during the first six months of a member, you may be eligible for up to 175,000 member reward points. Welcome offers vary and you may not be eligible for an offer.
But that must be a good thing, and are these changes enough to make this credit card fanatic? Please continue reading to get my full content.
The highest annual fee ever
Let’s chase it directly. Change Amex Platinum The highest annual fee for premium credit cards ever. For $895 per year (see Fees & Fees), you need to cough up some serious cash, even before you start swiping your card or reaping benefits.
Even if there are rumors that platinum cards may be the first to receive an annual fee of $1,000 a year, $895 is not out of reach. Plus, it’s located above the $395 annual fee on Capital X Reward Credit Card and $795 annual fee on Capital X Reward Credit Card and $795 annual fee on Capital X Reward Credit Card and $795 annual fee on Capital X Reward Credit Card and $795 annual fee on Capital X Reward Credit Card Chase SapphireReserve® (See rates and fees).
Of course, Amex may indeed lean towards the premium market – a trend we have adopted in recent years in airlines and hotels – but the new annual fee will sting for everyone. Even the deepest pockets of people will not be excited about forking over $1,000 a year.
On the other hand, this could add $200 for those who think the annual fee for the first $695 is already high.
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So no matter how thinly you slice it, $895 is a very difficult pill to swallow.
It positioned the Platinum card as the most expensive premium card to date, and while it might be the development of the market Amex, I can’t help but think that there will be a few people canceling it just because of the fees.
Related: How to determine if an annual fee for a credit card is worth paying
Recover the fees and get credit
If you can tolerate an annual fee of $895 (or convince your stomach), things will quickly start to look better.
That’s because you shouldn’t spend too much work on your annual fee. In my opinion, this is thanks to the new Resy Dining Statement Credit (up to $100 per quarter on Resy Restaurants and other qualified purchases; registration is required) and a remodeled $600 Hotel Statement Credit (segment for $2, up to $300, split it into $2, split it into $2, split it into $2. Note: Hotel collection requires at least two nights of stay.
I live in New York City and often eat at Resy Restaurants. Looking ahead, I just need to make sure I use Platinum card Checks exceed $100 per quarter. So in my calculations I’m going to put this credit of $400, which in itself is what I pay for the incremental increase in annual fees.
I prefer Amex’s meal credits over Chase’s half-year $300 credits Sapphire Conservation Areasimply because there are much more restaurants related to Resy than Chase’s Sapphire Reserve exclusive table.
With many properties at Amex Fine Hotels + Resorts and Hotel Collection selling for over $300 a night, using this credit may involve some out-of-pocket expenses, but I’m still excited about the high luxury resort.
I might need to combine points and redemption in the edits of my Sapphire Reserve in the ChaseTravel℠ collection to extend my stay to one or two nights without breaking the bank.
Track your benefits
One area where Amex needs serious improvement is the availability and practicality of its credit.
Over the years, Platinum card The industry has been called a glorious “coupon”.
That’s because there are historical terms related to every credit. Some expire monthly, annually, and some are other intervals in the calendar.
Additionally, AMEX credit usually requires registration, and for Airline Statement Credit (up to $200 per year), choose the preferred airline every year.
This may lead to some damage in the credit (favorable for Amex’s bottom line), but it may not necessarily create goodwill with Cardmember.
The good news is that Amex seems to have listened to feedback with its improved mobile app experience, which was launched alongside the Platinum card.
The app has new Benefit Registration Traffic, which allows you to register at a glance and view all combined Benefit Status. Stewart Kendall, senior vice president of enterprise digital experience at Amex, told me in an interview that Amex’s digital team is interested in making revenue faster and easier. Further improvements to the digital welfare tracking experience are expected in the coming months.
Brands that excite me
I think one area where AMEX improves personal and business card value proposition is with the brands it works with.
While Walmart+claimed credits (plus UPS; registration is required; but auto-renewal) remain (this is still a grabber, as it doesn’t have to be on par value in a quality way), several new credits are associated with large brands that are common with large licenses.
This includes:
- Resy (declared credit of up to $400 is $100 per quarter)
- lululemon (US store purchases, excluding sales stores and online purchases, up to $300 declared credit limit is $75 $75)
- OURA (Statement Credit of up to $200 per year)
- Extension suite for digital entertainment partners now including Paramount+, YouTube Premium and YouTube TV (declared credit of up to $300 a year, with $25 per month allocated)
- These benefits require registration
But back to the key point of the utility, URA credit offers up to $200 per year for those who specialize in buying OURA rings. I’m not sure about you, but I don’t necessarily need to buy one of these trackers every year, especially considering that they retail for over $200.
So while brands are certainly more attractive to these millennial eyes, it’s not always easy to use them.
The lounge is overcrowded
One thing obviously doesn’t exist Platinum card Announced this as a prominent mention of Centurion Lounge Access. (Until page 4.)
That might be design.
After all, while Amex continues to invest in a great network of airport outposts, overcrowding has become a real problem in recent years. Apart from huge changes to access policies, issuers can’t do much to resolve the issue.
Of course, we will soon get new sidecar outposts that will expand their capabilities and are perfect for travelers to hurry, but ultimately, the capacity of the lounge will always become a problem in the airport due to space restrictions. Even considering the increase in fees, this is after people considering canceling the card.
So, for travelers who like platinum cards, access to the Centurion Lounge seems to have no change in overcrowding.
I’m not sure how popular this sentence would be, but maybe limiting annual visits as the issuer did at Delta’s Sky Clubs, which might help alleviate overcrowding.
At least the issuer will now provide an estimated waiting time in the mobile app before entering the entire Centurion Lounge.
Related: 5 Ways to Make sure you have access to the lounge before your next flight
Still not a consumption card
Perhaps the most surprising part of the AMEX announcement is that the card is still not a good card to spend. No new multiplier was introduced, meaning for most people, the card can sit in the sock drawer after using the credit.
The exception is American Express Business Platinum Card®after spending $250,000 a year, it offers new statement points. But, besides convenience and multipliers for choosing travel purchases, most users will have the best daily expenses with different credit cards.
This is in stark contrast to Chase’s and Capital One’s advanced card strategies, where spending is an important part of the value you can capture with your cards.
With AMEX, you only need to check the credit one by one. Once done, place the most expensive premium card behind your wallet – and make sure to whip it when you need access to Sky Club or Centurion Lounge.
To learn more, read our full review of Amex Platinum.
Apply here: Platinum card for American Express
For Amex Platinum rates and fees, click here.
