Details are still being confirmed but big news for changes to the AmEx Platinum! According to CNN, Reuters, and others, new perks are being put into place for the AmEx Platinum starting March 30th that includes:
- New annual fee of $550 (yikes!)
- $200 Uber Credit and Uber VIP status. The Points Guy states it will be $15 a month, with a $35 bonus in December so not a flat credit unfortunately for those who don’t use Uber every month.
- 5x points on hotels booked and prepaid through AmexTravel.com (more details on this to come)
- The new card will be made of metal
- Additional changes to include “access to more airport lounges, special dining and entertainment options and free use by family members of an American Express Gold card, according to Janey Whiteside, general manager of Global Charge Products, Benefits & Services for American Express.” <- what this means is again yet to be seen.
According to the reports the $200 in airline credit and other features in place such as the recently added 5x points on airfare will remain as well!
Obviously American Express is making these changes to counter the massive success of the Chase Sapphire Reserve. If a $450 annual fee is tough to swallow I can’t imagine how consumers will react to $550. But, assuming you use the airline and Uber credits in full the out of pocket would be $150 – same as the Sapphire Reserve. So if you are someone who spends a good share of their revenue on airfare, and are OK booking prepaid hotels through AmexTravel, then 5x points can provide a lot of value and it will be a no brainer.
However – if you are someone like me who has to book airfare through the company card, can’t book prepaid rates in case work travel changes, and prefers to use points for all personal travel, it may not be such a good deal. Of course – if American Express decides to give the card a 100,000 point sign up bonus I’ll give it a try for a year 😉
Once we have further details we will report back. Plus a post on whether the changes will make the massive $550 annual fee worth it.