Take a seat, fellow Amex Platinum cardholders. There’s some bad news that affects a few of us. (This post’s Comments section will be fun.)
Sticker Shock
Sorry, folks. We have to reset the meter.
It’s been 778 0 days since an American Express Platinum Card membership fee increased.
The Platinum Card® from American Express‘ primary cardholder annual fee is still $695. (Thank the heavens.) But the cost to add up to three additional cardholders has skyrocketed.
In fact, the cost to add one cardholder has gone up.
Gone are the days of adding up to three additional cardholders for a total of $175 every year.
Each authorized card now runs $195 each. (Per year, of course.)
I’ll do the math for you: three additional cardholders will run you $585 every year.
I know I’m really going out on a limb here, but I think this will thin the herd of paid authorized users. (Amex is losing my three. In related news, this might be a short post. I need to have some uncomfortable conversations with certain in-laws who are also authorized users on my Platinum Card.)
Paid additional cardholders receive several benefits including:
- Airport lounge access
- Global Entry or TSA PreCheck credit every four-ish years
- Gold status with Marriott and Hilton
Now, that was a sweet deal for basically $58.33 per additional cardholder per year (on up to three cards). More than tripling that seems a bit steep. I would’ve maybe considered keeping the cards even if they doubled the fee to $350 or even $375. My additional cardholders get about that much benefit, to be honest. But goodness gracious.
I think we can all assume that airport lounge access and overcrowding was the major reason behind this decision.
Now, you can still add authorized cardholders for no additional fee — but they won’t get anything fancy. Just a “Companion Platinum Card.” (No more Gold cards for authorized users.) Maybe the Companion card is jazzier or something?
Business Platinum Also Affected
That card’s fee for additional users has been upped to $350 from $300.
Audible Being Dropped from the Entertainment Credit
If you enjoy audiobooks and use your $20 monthly entertainment credit to help pay for an Audible subscription, you won’t want to hear this. (Get it? Audiobook? Audible? “Hear this?”)
Audible is being dropped as an eligible merchant, effective October 1.
(For what it’s worth, you might recognize the narrator for this audiobook by an Army BlackHawk pilot. 😉 )
All The Same Products?!
There are different “cobrands” of The Platinum Card. For example, there’s a Morgan Stanley-branded Platinum Card and a Charles Schwab-branded Platinum Card, all with pretty much the same benefits as The Platinum Card® from American Express.
But now, you apparently can’t get the welcome offer for a different Platinum card if you’ve already received it for another.
For example, say you received the welcome offer for a Schwab Platinum Card. It seems you’re out of luck if you want to get the standard Amex Platinum’s welcome offer.
A Frequent Miler reader fell on the sword and discovered this for all of us.
Welcome Offer Minimum Spending Requirement Increases
At least Amex rips off the bandage all at once.
Assuming you’re actually eligible to get an Amex Platinum welcome offer, that also is now more expensive.
You can earn 80,000 bonus American Express® Membership Rewards® points after you spend $8,000 on purchases on the card within the first six (6) months of being approved for card membership.
It was $6,000 yesterday.
Signs of Things to Come?
Let’s hope Amex doesn’t have the chutzpah to go through with these rumored changes.
What Do You Think?
Please share your thoughts in the below Comments section!
Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
Amex Platinum is the worst deal in the credit card space and has been so for several years. This is a product for what the finance industry calls “stupid money.”
@Mak – Some of us know how to make bank on these offers 🙂
For those of us who travel, eat, use streaming services, it actually can work out.
I hate to say this, but I understand why AMEX is having to make difficult decisions. They affect their customers bottom line. However, I am unsure if threatening to cancel your card is the solution. The line is still long with persons wanting to get the card and use the benefits. Many cardholders are single and do not have to extend their benefits to others.
I thank Amex for my 5 Amex Plats in various flavors that I got this past year. The ROI was so good I had to keep signing up. I’m actually looking forward to dropping all of them once their AFs are due. It’s exhausting trying to find stuff at Dell, remembering to buy stuff at Saks, using the $10 cell phone credit, the $200 hotel offer, the $20 entertainment credit, and generally using all the mostly stupid bennys.
Hmmm…my Plat offer is 125,000 mrps for $6,000 in spend.
Interesting. I went directly to Amex’s site and saw only the 80k offer.
Wow…. this is a huge change, I’d say doubling the price would be fair. but more than triple….. I am dropping all 3 of my amex plat auth user and switching to venture x.
My timing to cancel the Biz Amex Plat was on point. I called last week with a true intention of canceling but I did ask about a retention offer for the hell of it. They offered me $400 if I spent $30k for through the rest of the year LOL. I hold the Reserve Biz and makes zero sense to keep both at this point. If I opt to use an Amex card for the rest of the year I’d rather grab MQM bonus/ status. In general the Amex line has become less and less appealing. I’ve thinned the herd and moving back to Chase.
So far we’re ahead with the Dell credits but we’re running out of things to buy.
Well, this kills the Amex Platinum for my family of 4 (1 primary, 3 AUs). I got the card specifically for lounge access when we travel. Lately it’s been more international travel though so the Delta lounge benefit doesn’t get used as much, at least on the return leg.
That said, I’m now researching for a replacement card. Curious what people think of the Chase Sapphire Reserve® card? Looks like it’s one of the few where you get Priority Pass membership + the PP restaurant credit. Would love to hear some feedback.
The CSR indeed has the Priority Pass Select with restaurant credit (though that’s kind of hit and miss). I’m also a fan of the Cap One Venture X. That has access to some Plaza Premium, Priority Pass, and Capital One lounges.
This is long overdue!!! I truly believe the 3-additional AMEX Plat card for only $175 is one of the major reason for the over crowded Delta Skyclub. I see sooooooo many clienteles in the Skyclub, whom in my opinion probably cannot afford the Skyclub membership fee or the $695 AMEX plat card annual fee. The only reason these people are in the Club is because mom and dad gave them their additional card. Let’s face it, $175 for 3- additional Skyclub access? That is a steal! IMHO, this increase is way overdue. I know a lot of us don’t like to pay more than what we have to; but at the same time, it is ruining the whole lounge access experience and its exclusivity. I like to sit home and get pay too… Unfortunately, that is not how the world works! If we all want a pleasant and exclusive club experience, then we should pay for it…at an equitable cost. So often, I see people with flip flops in the club with their feet on the furniture; and all of them are in their 20s and 30s. That is just disgusting, unconsidered, and uneducated. Who does that in public? I believe the 3-additional AMEX Platinum card for just $175 is one of the major contributing factors. I hope this fee increase will further scale back the overcrowding, make the club more exclusive, and we don’t have to queue and hunt for a seat when we go into the skyclub! OH… this also goes true for the Priority Lounge.
Agree this is long overdue. I waited in a ridiculously long line just to order at the bar in a Sky Club yesterday, and didn’t even bother with the buffet – that line would’ve probably taken me until boarding time!
As has been said many times in these discussions, of everyone is “elite,” then *nobody* is elite. ‘Bout time they made lounges exclusive again.
As a Delta Diamond Medallion member with a Delta branded Amex card, I can’t say I am unhappy about these changes if it reduces wait times for getting into the Sky Club. Maybe they will make the rumored changes unnecessary.