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The new enhancements for the The Platinum Card® from American Express went into effect yesterday. And while they are in fact enhancements, they are coming with a steep price. The already high annual fee is increasing $100/year to be $550/year. Rates & Fees. That is insanely high for a credit card! However, for some, these enhancements will actually pay for the $100 increase, plus more. Although, not all cardholders will benefit from them. If you are already a card member, you’ll see your annual fee increase starting September 1, 2017.
In addition to these changes, they also increased the bonus for this card by 20,000 bonus points. The new offer allows you to now earn 60,000 Membership Rewards® points. I personally like to transfer my points to partner programs and typically get an average of 2 cents per point, meaning the bonus is worth about $1,200.
- Key Link: The Platinum Card® from American Express – Earn 60,000 Membership Rewards® points after you use your new Card to make $5,000 in purchases in your first 3 months. *Terms Apply. See Rates & Fees
Amex Platinum Increases Include:
In addition to the already existing benefits, such as up to a $200 airline fee credit (up to $200 per calendar year in baggage fees and more at one qualifying airline), you’ll also receive:
- Up to $200 for Uber rides annually: Through an exclusive Uber in-app experience, Basic Card Members will receive up to $200 in annual credits for rides within the U.S., as well as VIP status where available.
- 5X Membership Rewards: In addition to the recently unveiled 5X points for flights when booked directly with airlines or American Express Travel, Card Members will receive 5X Membership Rewards points for eligible hotel bookings.
- Expansion of the Global Lounge Collection: Card Members will have access to the growing Global Lounge Collection — over 1,000 airport lounges, located in 500 cities, across 120 countries.
- Complimentary Additional Gold Cards: Card Members will be able to add additional Gold Cards on theirPlatinum Card Account for no annual fee.
- Access to a new Global Dining Collection: American Express is partnering with world-renowned chefs to provide one-of-a-kind dining experiences around the world.
- More Global Events: American Express is expanding its By Invitation Only® program to include more experiences in top destinations around the world, such as the Grand Prix de Monaco, French wine country and fashion tours with Harper’s Bazaar to celebrate the magazine’s 150th Anniversary.
- Complimentary benefits with Fine Hotels & Resorts: Card Members will receive complimentary benefits with an average total value of $500 with Fine Hotels & Resorts. Some benefits include daily breakfast for two and guaranteed 4PM late checkout.
- New Card Design: American Express is introducing a new, sleek metal Card design.
The one negative change is that lounge access is now limited to just you and one other guest. So if you are traveling with your significant other and kids, for example, you’ll have to just pick one to join you, or pay for the others. I am sad to see them getting rid of the family lounge access.
From the new bonus perspective, I personally value the 60,000 points at about $1,200. I typically transfer my Amex Membership Reward points to partner programs and average about 2 cents per point. For the first year of paying the annual fee, you’ll also get a minimum of $400 in travel credits (you can get the $200 per calendar year). Also, depending on if you’ll utilize the other benefits, i.e., Uber credits, Global Entry, etc. you could get a much higher value out of paying the annual fee. My assumption is that the average person will get somewhere between $1,800 is value from this offer.
- The Platinum Card® from American Express – Earn 60,000 Membership Rewards® points after you use your new Card to make $5,000 in purchases in your first 3 months. *Terms Apply. See Rates & Fees
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