Big Amex Platinum News: Annual Fee Hike, New Statement Credits, and More

The Platinum Card® from American Express has been the subject of numerous rumors during the past several months. Would Amex jack the card’s already substantial annual fee? What would happen to the Platinum Card’s array of statement credits?

Well, we now know.

Amex announced a major Platinum Card refresh today. (Is there something in the water with all these refreshes going on?! 🙂 )

Amex Platinum Welcome Offer

New Amex Platinum cardholders can earn 80,000 bonus American Express® Membership Rewards® points after spending $8,000 on purchases on the card within the first six (6) months of being approved for card membership. (Terms apply.)

Amex Platinum Card Changes

There’s a lot to digest. I know many people are curious about the changes — so I’ll detail them here and offer commentary in a separate post.

Platinum Amex Card Annual Fee

The card’s annual fee is $695. (See Rates and Fees.)

Statement Credits

There was a lot of speculation that the annual $200 airline incidental credit would be slashed, as would the Uber Cash benefit (Enrollment required for both.) They were not!

With that out of the way, here’s what new (terms apply to each):

• Up to $200 Hotel Credit Statement Credit: Earn up to $200 in annual statement credit for prepaid bookings at Fine Hotels + Resorts or The Hotel Collection properties. Stays must be at least two nights to qualify for The Hotel Collection benefits. Reservations must be booked through American Express Travel. The benefit is available immediately and per calendar year. (Jump on this one, current cardholders!)
• Up to $199 CLEAR Plus Statement Credit: Earn up to $199 in annual statement credit for when using the card to pay for a CLEAR Plus membership. (Enrollment required.)
• Up to $240 Digital Entertainment Credit: Earn up to $20 in statement credits each month on eligible purchases or subscriptions with The Disney Bundle, Disney+, Hulu, ESPN+, Peacock, Audible, SiriusXM, The New York Times. (Enrollment required.) The purchases must be made through the respective providers’ websites. Not their apps or other services.
• Up to $300 Equinox Credit: Up to $300 back in statement credits per calendar year on Equinox membership. (Enrollment required.)

Here are the statement credits that remain (terms apply to each):

Up to $200 Airline Fee Credit: Earn up to $200 back in statement credits each year on incidental fees spent with one participating airline selected through Amex. (Enrollment required.)

Up to $200 Uber Cash: Monthly Uber Cash deposits valid for Uber rides or Uber Eats purchases in the United States. Dispensed as $15 each month from January through November, and $35 in December. Effective November 8, 2024, an Amex Card must be selected as the payment method for your Uber or Uber Eats transaction to redeem the Amex Uber Cash benefit. Enrollment is required. Terms apply. Uber Cash deposits are made monthly and expire if not used. To receive this benefit, you must have downloaded the latest version of the Uber App and your eligible American Express® Gold Card and/or Amex Platinum Card must be a method of payment in your Uber account. The Amex Benefit may only be used in the United States.

Global Entry or TSA Pre✓: Earn up to $100 statement credit on a Global Entry (every four years) or TSA Pre✓ (every 4.5 years) application fee.

Saks Fifth Avenue: Earn up to $100 statement credits each year for purchases made in-store at Saks Fifth Avenue or online at saks.com. Available as $50 from January through June, then $50 in statement credits from July through December. (Enrollment required. Statement credits are if-used and do not roll over to the following period.)

Travel and Dining Benefits

Here’s what’s new in the travel benefits and perks department (terms apply to each):

Access to More Centurion Lounges: Visit more than 40 Amex Centurion Lounges worldwide. But remember that guesting privileges are getting a major overhaul in February 2023.

Premium Private Jet Program: Platinum Card holders now have access to a 20% discount on Wheels Up Connect and a 40% discount on Wheels Up Core memberships. They can also get a $500 or $2,000 credit added to Wheels Up accounts toward an initial flight within the first year depending on a selected Wheels Up membership.

Global Dining Access by Resy: Access to the new Global Dining Access program by Resy that gives Platinum Card Members exclusive reservations at some of the world’s top restaurants, access to premium events and other perks like priority notify and VIP status.

Here’s what stays:

• Airport Lounge Access: Priority Pass Select Membership (enrollment required), Delta Sky Club access when flying a same-day Delta flight, Escape Lounge access, and more.
• Hilton Gold Status: Complimentary Gold status with Hilton Honors. (Enrollment required.)
• Marriott Gold Status: Complimentary Gold status with Marriott Bonvoy. (Enrollment required.)
• Fine Hotels & Resorts and The Hotel Collection

Points Earnings

Nothing’s changed in terms of points earnings. The card earns 5X points for flights booked directly with airlines or with American Express Travel. This is capped at $500,000 on these purchases per calendar year.

All other eligible purchases earn 1X.

Final Approach

The Platinum Card® from American Express made a pretty major refresh. I have a bunch of thoughts on the changes and will let you know what I think. In the meantime, how do you feel about the changes? Please share your thoughts in the below Comments section.

To see rates and fees for The Platinum Card® from American Express, please visit this link. Terms apply.