Some Predictions and Early Thoughts About the Refreshed Platinum Card (What’s On Your List?)

Within a few weeks, we should know all the details about a major, iconic card’s much-publicized refresh. (Two of them, actually.)

Many of us are eager to find out exactly how the The Platinum Card® from American Express will change. Some purported changes already leaked. Others are assumed based on Amex’s history. And we have some wild speculation because that’s always fun.

What’s Leaked and Assumed

With every major premium card refresh I’ve ever seen, the annual fees climbed.

The Amex Platinum’s annual fee is currently $695 (Rates & Fees). That’s not exactly pocket change for many of us. I expect the annual fee to jump to $895. Maybe $950. I don’t think we’ll see $995 but who knows? However, $895 is the current favorite and appears to be all but confirmed.

Oh, and there may be a mirror finish option available (as per DoC). So, you can look at yourself each time you pull out your Platinum Card. Lovely.

A couple of weeks ago, Amex apparently published some of the Platinum Card’s soon-to-be updated terms and conditions. The card’s Fine Hotels + Resorts statement credit would go from $200 each calendar year to $600 ($300 from January through June, then $300 from July through December).

Most FHR properties are luxury hotels and resorts (you might deduce that from the program’s name) with price tags to match. But every now and then, a couple of great deals pop up. I usually have decent luck in Las Vegas. You can easily score at least $160 worth of benefits during an FHR stay, so this change is potentially worth over $900. If you use it.

But $460 ($300 statement credit + $100 resort credit + $60 breakfast credit) for a one-night stay at a property running $700 could make a nice experience for some people.

Right now, the statement credits apply after you make the purchase — not when you stay. So, you could purchase two separate stays but consecutive nights — and still get the credits. For example, book one stay on June 25 and then another on July 1.

We’re getting ahead of ourselves, though.

Amex and Resy have been cozy for quite a while. Resy credits — which don’t require too much hoop-jumping to enjoy — have been part of Platinum Card welcome bonuses in the past. They’re featured perks of the American Express® Gold Card and several Delta SkyMiles® American Express Cards.

As per someone familiar with the advertising campaign, I hear that Resy credit will be part of the refreshed Platinum Card. I really like how it’s a semi-annual $50 perk on the Amex Gold. The monthly installments on Delta Amexes are kind of annoying (by design, I think). I hope the Platinum Card’s Resy credit is something closer to the Amex Gold’s model.

What Might Get Chopped?

There are a couple of statement credits a bunch of people whine about. All. The. Time.

The first is the $100 Saks Fifth Avenue feature: Earn up to $50 in statement credits semi-annually for purchases in Saks Fifth Avenue stores or at saks.com on your Platinum Card.

I can’t find anything I like at Saks! and It’s too expensive! Cry, cry, cry. It’s not the most useful statement credit in the world. I admit that. But as someone who wears clothes, I use the credit to buy t-shirts and underwear. (Sorry to put that image in your head.) I’ve used it for cologne I would’ve purchased anyway. I won’t be surprised if that gets cut.

The second is the $155 Walmart+ Statement Credit: Earn back the cost of a $12.95 monthly Walmart+ membership (subject to auto-renewal) plus applicable local sales tax with a statement credit after you pay for Walmart+ each month with your card.

What’s people’s beef with that? It’s Walmart and not classy enough to be associated with the Platinum Card! People with Platinum Cards don’t shop at Walmart!

The horror.

That is patently false. I know plenty of fellow Amex Platinum members who, like me, shop at Walmart — and love the Walmart+ benefit. I hope that doesn’t get eliminated. But maybe the Amex C-suiters have heard too much about how Platinum Card members don’t want to be looked down upon by being associated with Walmart.

And there’s the $300 SoulCycle credit. Please tell me in the Comments section below if you’ve ever used it. I have yet to meet someone who has.

What Else?

Unless I’m checking into a Centurion Lounge, using my card for an Amex Offer, taking advantage of a statement card purchase, or buying the paid portion of a Delta Amex Companion Certificate, my Platinum Card doesn’t leave my wallet.

Why?

Its’s earnings are so underwhelming.

• 5X Membership Rewards points on flights booked directly with airlines or with American Express Travel® (on up to $500,000 on these purchases per calendar year)
• 5X Membership Rewards points on prepaid hotels booked with American Express Travel®
• 1X Membership Rewards points on all other eligible purchases

Frankly, the Chase Sapphire Reserve® has the upper hand over the Platinum Card when it comes to points earnings for travel and dining purchases.

• 8X on Chase Travel hotel and cars
• 8X on flights booked through Chase Travel℠
• 8X on cruises, activities and tours booked through Chase Travel℠
• 4X on flights and hotel purchases made directly with the airlines and hotels, respectively
• 3X on dining
• 1X on general/other travel (i.e., rideshare, taxi, bus, subway, parking, etc)
• 1X on all other eligible purchases

Amex sells this as a travel card, start treating it as such. I don’t need wallmart plus when I travel or all the other coupons. Focus on rewards when I spend on travel expenses such as flights x5, hotels x5, dining x3, car rentals x2… and special perks when you’re traveling and nothing else and it will be great. Get me restaurant reservations that are ungettable

–Proof_Brilliant3849 on Reddit

Here’s the thing: nearly all of the people I see and know using their Amex Platinum Cards to pay for everything don’t care about maximizing their points earnings.

They hold the Amex Platinum because It’s the Amex Platinum, duh! It’s THE card to have and be seen using! They like the card because it gets them into a bunch of airline lounges and they like plunking it down to pay for stuff. It’s showing off. They’ll complain about the annual fee hike for a couple of minutes while they enjoy a double Russo-Baltique vodka martini. 😉

People have asked me, “You don’t use your Platinum Card at restaurants and stuff?”

Nope. That’s what my Chase Sapphire Reserve® (For now, then Chase Freedom Flex®) and Amex Gold are for. (Hah, hah, Amex suckered you into getting another card, “gamer”! Not exactly, I get more than my money’s worth each year, thanks.) The CSR and CFF earn 3X on dining worldwide and the Amex Gold earns 4X at restaurants worldwide, on up to $50,000 a year in those purchases.

Given that the Chase Sapphire Reserve® elevated its points earnings, I’m curious to see if the Amex Platinum gets more aggressive in that department.

Another wish list item I hear from others is making the $200 airline incidental credit an overall travel credit — or even just for all airlines. I think that’s one of those statement credits Amex uses for breakage (people not using it), so I kind of doubt that, but maybe we’ll be surprised.

I’d love to see improvements to Centurion Lounges. They aren’t the hottest spot in town anymore. Frankly, Chase Sapphire Lounges run circles around them. The food quality isn’t as great as it once was. They seem short-staffed at times. I’d love to see more Centurion Lounge locations — but that’s easier said than done. There’s only so much available space in airport terminals. Politics (local, state, airport, airlines, credit cards…) also come into play.

Final Approach

We’ll know everything in a few weeks. What do you think we’ll see from the refreshed Amex Platinum Card? What do you want to see? Drop your thoughts below in the Comments section!