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.)
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.
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!
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