The Platinum Card® from American Express (review) and The Business Platinum Card® from American Express (review) are among the most popular premium cards on the market. Over the years, we’ve seen a lot of changes to these cards, and it looks like we’re going to see even more changes soon… possibly the biggest changes yet?
In this post:
“Largest” Amex Platinum Card revamp announced
American Express has today announced plans to make “major updates” to both the personal and business version of the Amex Platinum Card later this year, with details expected to be revealed in the fall of 2025. Details are limited (non-existent, really), though the card issuer is hinting that this is “its largest investment ever in a Card refresh.”
Here’s how Howard Grosfield, Amex Group President of U.S. Consumer Services, describes this:
“More than forty years ago, we introduced the Platinum Card, and we continue to offer Platinum Cards with global servicing, unique benefits and experiences that our Card Members love. Platinum Card benefits and services resonate across generations, particularly with Millennial and Gen Z who accounted for 35% of total U.S. Consumer spending last quarter. We’re going to take these Cards to a new level, not only in what they offer in travel, dining and lifestyle benefits, but also in how they look and feel, to meet the evolving needs of our customers.”
In the announcement, Amex highlights the importance of airport lounge options, and how that’s an area where the company has focused. Amex also emphasizes how it has been investing in its dining and hotel programs.
What should we make of this Amex announcement?
So, what should we make of this announcement, which is obviously very light on details? A few things come to mind…
First of all, I suspect the timing of this announcement is no coincidence, despite the lack of details. We know that Chase is planning huge changes to its premium card lineup, with announcements expected imminently. Not only are we going to see a refresh of the Chase Sapphire Reserve, but we’re also going to see the introduction of the Chase Sapphire Reserve Business Card.
It sure seems like Amex is looking to steal some of the thunder here, and point out that it’s planning a refresh as well.
Now, what should we actually expect from a refresh of the Amex Platinum Card? We’ve of course seen a lot of card annual fee inflation over the years, and one wonders if the annual fee on these cards could be driven even higher — I suspect it will be.
Interestingly, Amex describes these upcoming changes as “its largest investment ever in a Card refresh.” One wonders how exactly “investment” is being defined, in this case. Which part of the changes are an investment? Presumably Amex isn’t hoping to make the card lower margin, so what does that actually mean? Or is this another way of saying it’s the biggest set of changes we’ve seen to the cards to date?
That of course raises a whole different issue. We often call the Amex Platinum a “coupon book” of sorts, given the number of credits and benefits it offers, often designed so that there’s a hurdle to maximizing them (in terms of them being broken up monthly or quarterly, etc.).
What could a major refresh actually look like? Will the card’s fundamental value proposition actually change? I can’t imagine it will, so we’ll mark this as “developing” for now.
Bottom line
A major Amex Platinum Card revamp is planned for later this year, for both the personal and business version of the product in the United States. It’s anyone’s guess what these changes will entail, though it’s described as Amex’s largest ever investment in a card refresh.
I suspect the timing of this announcement is no coincidence, given that Chase is expected to make an announcement imminently. I also imagine Amex’s changes might not be finalized yet, and will depend on what Chase does.
What do you make of this Amex Platinum Card revamp announcement?
Oh, cool. Can’t wait for a monthly Dunkin’ Donuts credit I won’t use.
Wonder to what they're raising the annual rate .
Maybe theyll make it as crap as the cards outside of the US.
I feel like "investment" is corporate speak to make it sound like they're doing us a favor - they spent a lot of time and money on figuring out what we, the card holders, who always come first, truly want. Hah
No idea what they're looking at besides the Lounge benefits but the card is kind of a joke currently so I hope it's decent even if we get back to regularly scheduled nerfs after that
I’ve considered downgrading my card to the gold. While I like some of the perks I’m ok with my Cap1X lounge access and PP lounges.
I have Door Dash through my CSP card and
normally don’t use meal delivery. I usually don’t stay at luxury hotels either but the 200 credit is a nice perk.
I do use the media credit and WalMart plus credit.
Also I’m not a Sax shopper...
I’ve considered downgrading my card to the gold. While I like some of the perks I’m ok with my Cap1X lounge access and PP lounges.
I have Door Dash through my CSP card and
normally don’t use meal delivery. I usually don’t stay at luxury hotels either but the 200 credit is a nice perk.
I do use the media credit and WalMart plus credit.
Also I’m not a Sax shopper so I struggle to use the credit.
I would love for them to increase points earned in the dining and grocery category or go to 2pts per dollar spent on top of the 5x spent on flights.
Also if it is a premium card we should be getting elevated status for Marriott (at least Platinum)and Hilton (Diamond)
Do I get my moneys worth from the perks?
Yes cause I’m very conscious about it.
In the end I really don’t need a more curated travel and dining experience? When I travel I’m trying to enjoy the culture and street food of another country so probably not.
Finally give us a companion card with the lounge perks.
I know there will be people against this but they *have* to introduce limits for Centurion lounge visits. 10 visits per year, unlimited at 75,000 spend. It's the best solution to overcrowding, and as people have mentioned, some cardholders aren't using the lounges that much anyways
If they aren't using the lounges that much anyway, why would we need a limit of 10 visits per year?
because there are people who use it way more than that
New credits coming:
- $1000 on legal representation if you’re jailed after returning a rental car ($80 per month max, $120 in December)
- Saks credit is being increased to $250 per quarter, but you can only buy clothes that match your cars design. I.e., metallic patterns for regular card, floral prints for the Kahinda Wiley cardholders, sparkly patterns for the glitterbomb card design
I think you meant the glitter bomb design owners can get a straitjacket because :vomit:
"It sure seems like Amex is looking to steal some of the thunder here, and point out that it’s planning a refresh as well."
Wait, there's thunder to steal? If anything, I feel like the smart move would be to highlight /not/ messing with things and throw some shade on Chase's changes.
For investors, yes. Both AFs are going up, challenges to extract value will as well. Issuers are ultimately expecting more profits.
Hopefully we'll get some decent advance notice of when the changes will become live so I can have P2 apply before then and get grandfathered in with the old annual fee for one year.
Churn that bad boy then bye bye to Platinums for the next decade until I can (probably) churn them again.
Might not renew, so overcrowded and decline in food quality at Centurian lounges
I was recently at Charlotte and saw a lot of active-duty military, as a veteran I asked a table next to me (all Colonels going to a school in Philly), active-duty military gets the Plat free, nice gesture but leads to overcrowding, or at capacity and can't get in, if anywhere near a military base
At SEA last month, the entree was Ramen noodles........yes, that's right. Ramen.
What is this comment supposed to mean? Ramen is a lot more than those <$1 orange packets and one of my favorite Japanese dishes
More coupons! Higher annual fee! Love it (until our anniversary date, then if gets dropped)!
I suspect I'm not the only one expecting this to be a turd...
American Express needs to bring back the Uber benefits to its business card. The renewal membership keeps increasing and the benefits keep decreasing. When I first became a member, the business platinum card was worth it. Now, the card does not make as much sense as it used to.
Think about it: the Business Platinum requires travel bookings to be through Amex' portal to get 5x -- the personal Platinum requires the same for hotels. So, if you *must* book through a portal, the Chase Sapphire Preferred gets 5x on travel portal bookings. And gets 3x on dining. What the heck? Then there's the Citi Strata Premier. What the heck? What's Amex' value proposition?
Possibilities .......
Resy credit. Let's hope if they do, it is similar to the Gold card credit, either quarterly or semi-annually.
A Delta credit.
Hilton credit. (They have grown closer with Hilton while eliminating the $300 credit with the Marriott Brilliant.)
With their focus on Millennials and Gen Z, the Saks credit may be replaced. That could go either way depending on Saks need for the business received from AmEx Plat. If Saks needs sales,...
Possibilities .......
Resy credit. Let's hope if they do, it is similar to the Gold card credit, either quarterly or semi-annually.
A Delta credit.
Hilton credit. (They have grown closer with Hilton while eliminating the $300 credit with the Marriott Brilliant.)
With their focus on Millennials and Gen Z, the Saks credit may be replaced. That could go either way depending on Saks need for the business received from AmEx Plat. If Saks needs sales, they may make a strong offer to AmEx hoping to drive more business their way. If not, replaced by a Pay Pal or Walmart credit (It hurts just typing that).
New annual fee ...... $899 or $925.
I agree that it will be a fee increase to $895 or $995 potentially offset in part by Resy credits. Maybe even a larger a FHR-related statement credit or purchases with Hilton too. As usual, it will work great for some people who naturally spend at these places and be worthless for others.
They’ll probably also increase the “base” SUB to either 100 or 125K MR on Consumer Platinum (from 80K now_ and 175 or...
I agree that it will be a fee increase to $895 or $995 potentially offset in part by Resy credits. Maybe even a larger a FHR-related statement credit or purchases with Hilton too. As usual, it will work great for some people who naturally spend at these places and be worthless for others.
They’ll probably also increase the “base” SUB to either 100 or 125K MR on Consumer Platinum (from 80K now_ and 175 or 200K on Business Platinum (from 150K now), with targeted offers for up to another 50K.
Except for the fee being too high there’s nothing fundamentally wrong with the business platinum card. Yes you could reasonably argue that the reduced lounge access and silly coupon book changes have ripped the guts out of the value of the card but for now I’d say that the status quo is acceptable.
However if the changes were beneficial for cardholders then more details would have been revealed. That tells me that the changes...
Except for the fee being too high there’s nothing fundamentally wrong with the business platinum card. Yes you could reasonably argue that the reduced lounge access and silly coupon book changes have ripped the guts out of the value of the card but for now I’d say that the status quo is acceptable.
However if the changes were beneficial for cardholders then more details would have been revealed. That tells me that the changes are going to be substantially awful. You don’t hide good news, you crow about it. Added on to previous devaluations we’ll just have to see how bad it is. If the airline and Dell credits go away for example, then there goes a lot of the value and I’ll likely cancel as I did with other Amex cards when the onerous fees wiped out the value offered.
"you get a coupon... you get a coupon... you get two coupons... coupons for all!!!"
I'm sure it will be mostly negative. Getting rid of my Biz Plat before renewal with the most recent changes they made to that card.
Looking strongly at getting rid of my AMEX Biz Plat when it is up for renewal in November.
CONS for keeping card:
- Centurion lounges getting more crowded, long lines, decline in food quality (and I only use them a few times a year anyway)
- Dell credit cut from $400/yr to $150
- price continues to go up
- Very few real deals when booking through AMEX travel, and...
Looking strongly at getting rid of my AMEX Biz Plat when it is up for renewal in November.
CONS for keeping card:
- Centurion lounges getting more crowded, long lines, decline in food quality (and I only use them a few times a year anyway)
- Dell credit cut from $400/yr to $150
- price continues to go up
- Very few real deals when booking through AMEX travel, and significantly fewer flight options showing up on a search there (yes the 35% rebate on points used good if the flight is a good deal, but even with a 35% rebate most of the flights still more expensive than when booked with points through the airline or just for cash)
PROS for keeping card:
- the one time i needed cel phone damage coverage it was smooth as heck. but in MANY years of owning phones I've only used this once. Perhaps just buying a new phone would be cheaper than many years of annual membership
I'm with you on this. The new changes are horrible and I'll be getting rid of mine before my August renewal date.
their biggest advantage was the 5x on flights. before the CSR refresh I believe no other card even had a 4x in that category? so having 2x extra was a massive value for people spending 5 digits or more on flights per year. Now that gap has shrunk so will be interesting to see what they add (probably more shitty coupons).
Citi Prestige - 5x
WF Autograph Journey - 4x
fair but most people dont have the prestige since its discontinued and WF sucks
It sure will include a Resy dining credit like the Gold card refresh.
Another refresh(price hike) for a coupon book credit card to make you look affluent(only in your mind) that's tailored for the gen z's.
You better not take my 5x on airfare away from me.
@James K - X2
I think this is definitely on the table, or at least limiting the 5x to flights booked on their travel portal.
Given how the premium card terrain has evolved, the Amex Platinum has become irrelevant. And, there was a time that the Business Platinum was the most valuable card in my wallet -- I no longer hold it. The Everyday Preferred has become useless. The Blue Business Plus has become useless.
This is why I love Venture X. Simple, lower fee.
$1,000 metal coupon clipping book.
$250 annual Groupon credit
$100 quarterly Dollar General credit
$1 daily Dunkin credit
$25 monthly Temu credit
All of this straight from JonNYC.
$895
The Centurion Lounges are basically USO's now and chronically at max capacity between the free military cards and lower approval standards.
My annual fee hits the end of January, so I'll smash them for their coupons in early January then dump this card. I've had it since 05 but it's progressively gotten worse. I've joined the lounges fron the US3 so I'm good at most airports. I don't mind a high annual fee but...
The Centurion Lounges are basically USO's now and chronically at max capacity between the free military cards and lower approval standards.
My annual fee hits the end of January, so I'll smash them for their coupons in early January then dump this card. I've had it since 05 but it's progressively gotten worse. I've joined the lounges fron the US3 so I'm good at most airports. I don't mind a high annual fee but it needs to come with good service. I told myself this after the last fee hike. Problem is, the member experience has actually gotten worse. Every time I walk by a lounge, there are 20-30 peopke hanging around out front waiting for their text. It's just not a good travel tool anymore.
I didn't even know Groupon still existed
$75 Saks quarterly credit, maybe?
But seriously, what are folks spending their $50 saks credit that expires June 30 on?
June 30 / July 1 are always saks days for me so I remember to use the credit, and end up buying a bunch of whatever $50 junk is on sale! Maybe I’ll get some new glassware this year.
In related news, Goya black beans were on sale at the grocery store last week - 5 for $5! Usually pay $1.25-$1.50 a can, so that represents a $1.25-$2.50 savings! Woohoo!
@Peter
But I’m getting wealthy collecting credit card points. You must shop at Sacks. You must ! You must !
Goya organic coconut water $2.19 . Vita coco is like $3.99.
Just used mine this morning (because of the 10x MR points via Rakuten available today).
Got some discounted plates, hope they're still available/discounted come July 1 so I can complete the set. $360 "face-value" will end up costing me $80.
Nice! Good call with Rakuten 10x. I bet Goya black beans would taste amazing on those new sweet Saks plates!
I buy Clinique Men’s Stick Deodorant with my credits. I sometime get a free gift with purchase I give away.
I just get a Saks gift card which triggers the credit and then spend the accumulated amount every few years…
Do you do that in store or online?
Looks like online it's processed by buyatab.com.
Also excluded in the T&Cs - Not valid on Saks Fifth Avenue Gift Cards
So just curious how you make this work.
Since Nieman Marcus bought them, they shuttered the SF location. Minimum free shipping is now like $350 spend or something... so this is like a goose egg of a credit for most of the US.