How Refreshing? My Thoughts on the Platinum Card News

Not sure if you heard, but there was big travel rewards cards news yesterday. Earth has a new winner of the World’s Shiniest Coupon Book.

Following months of speculation, rumors, and purported leaks (most of which were true!), The Platinum Card® from American Express and The Business Platinum Card® from American Express both were officially refreshed on Thursday morning, including new welcome offers:

• The Platinum Card® from American Express: Earn as high as 175,000 Membership Rewards® Points after spending $8,000 on eligible purchases on the card within the first six (6) months of being approved for card membership. (Welcome offers vary and you may not be eligible for an offer. Terms apply.)
  • Learn here how to apply.
• The Business Platinum Card® from American Express: Earn 200,000 bonus Membership Rewards points after you spend $20,000 on eligible purchases on the card within the first three (3) months of being approved for card membership. Terms apply.
  • Learn here how to apply.

Overall, I’m pretty impressed with the Amex Platinum Card‘s big refresh. That’s what we’ll focus on today.

The Amex Business Platinum will get its own, dedicated post next week. (That’ll give me time to count to ten and maybe take a time out.)

So, here we go! Let’s start with the first question I think 95% of people would ask first.

What’s the “New” Amex Platinum’s Annual Fee?

$895. (See Rates and Fees) That’s a $200/year jump from $895. That’s effective immediately for new members. Existing cardholders will see it on their next renewal statement.

That’s right. About $900 each year for one card. That’s a lot of money for a card. (Well, at least, I think so. If you don’t, please let me know if you’re hiring and where I can send my resume.)

However, the fee for additional cardmembers who can take advantage of airport lounge benefits, Fine Hotels + Resorts stays benefits, and TSA PreCheck or Global Entry statement remains $199 each. (See Rates and Fees)

Considering there was scuttlebutt that the annual fee would approach $1100 this time around, I think most of us can breathe a sigh of relief.

Shiny New Finish

New and existing cardholders can — for a limited time — choose a mirrored card. Or just keep the one they have.

I’m darkly curious, so I ordered the mirror card for my Amex Business Platinum.

Are the New Benefits Available Now for All Platinum Members? Or Just Ones Who Pay the New Fee?

When Chase refreshed its Chase Sapphire Reserve®, it told us that existing cardmembers were basically on probation until they could use the card’s new features.

In the past, Amex was the opposite: if you held a card during a refresh, you could knock yourself out with all the newest bells and whistles.

This time is no exception!

If you’re an existing Amex Platinum Card member, the new and refreshed benefits are available to you right now. 

Well freaking done, Amex!

What Benefits and Features Were Lost?

Again, hats off to Amex: this isn’t some so-called “enhancement,” as Delta Air Lines likes to say when they make a customer-unfriendly change.

Amex didn’t cut any benefits. In fact, a couple of them received added value!

Up to $300 Digital Entertainment Credit (Increased from $240)

Earn up to $25 back (was $25) in statement credits each month on eligible purchases made with one or more of the following:

• Disney+
• a Disney+ Bundle
• ESPN+
• Hulu
• The New York Times
• Peacock
• The Wall Street Journal

So, that alone is $60 benefit increase.

Up to $600 (Yes) Fine Hotels + Resorts Credit (Increased from $200)

This is a biggie.

Earn up to $300 back in statement credits semi-annually ($300 from January through June, then $300 from July through December) on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings through American Express Travel® when you pay with your Amex Platinum Card (The Hotel Collection requires a minimum two-night stay.)

On the surface, Fine Hotels + Resorts stays pack at least $160 of potential value. (Usually $100 of property credit to be used toward food, beverage, or spa purchases during the entire stay– this varies by property. And breakfast for two each day, valued at up to $30 per person, per day, up to $60 total. If it’s just you, you can go wild and enjoy all $60 each day). But guaranteed 4:00 PM checkout can be a lifesaver. Early check-in (when available) is great, too, as are the room upgrades (again, when available).

Let’s say you find a participating hotel that costs $450 for one night. Make sure to book it through Amex Travel (or you won’t get the statement credit. That’s the whole point.). You’ll earn back $300 for half of the year. Take full advantage of the onsite credits, and you’re basically getting a “free” stay. This assumes you also use at least some of the Amex Platinum’s other benefits.

You can occasionally find some amazing deals at FHR properties around the world. I’ve scored great rates in Las Vegas, so make sure to check out FHR rates before your next Sin City trip. (MaxFHR.com is a fantastic site to help you find good deals around the globe.)

Up to $209 CLEAR® Plus Statement Credit (Increased from $199)

Last and certainly least, Amex adjusted its CLEAR® Plus statement credit to reflect CLEAR’s new membership price. You can earn up to $209 in statement credits each calendar year for CLEAR Plus membership costs charged to your card. CLEAR isn’t nearly as impressive as it once was. But it’s nice to have when you really need it, I guess.

What Benefits Remain?

Here’s everything that didn’t change.

• Complimentary access to airport lounges for eligible cardmembers
  • American Express Centurion Lounges when traveling with a confirmed seat on a same-day flight
  • Delta Sky Clubs when traveling on a same-day Delta-operated or -marketed flight.
    • Receive up to 10 Visits per year to the Delta Sky Club. A “Visit” is an entry to one or more Delta Sky Clubs or usage of the Delta Sky Club “Grab and Go” feature at one or more airports for a period of up to 24 hours starting upon the first Delta Sky Club entry or Grab and Go usage, during an Eligible Card Member’s travel on a same-day Delta-marketed or Delta-operated flight. A single Visit permits using Delta Sky Club(s) in multiple airports during the 24-hour period.
    • Once all 10 Visits have been used, Eligible Card Members may purchase additional Delta Sky Club Visits (including Grab and Go) at a per-Visit rate of $50 per person using the Card. To earn an unlimited number of Visits each year, the total eligible purchases on the Card must equal $75,000 or more during a calendar year and each calendar year thereafter.
    • Up to two guests may be brought in for $50 per person. (See Rates and Fees)
  • Escape Lounge by Centurion Suites (with up to two guests) when traveling on a same-day flight
  • Select Plaza Premium Lounges when traveling on a same-day flight
  • Priority Pass Select membership (enrollment required)
• Up to $200 Airline Fee Statement Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to your card. (Enrollment is required.) Read this post for more information.
• Up to $200 Uber Cash: Enjoy Uber VIP status and earn up to $200 in Uber savings on rides or Uber Eats orders in the US annually. (Receive $15 in Uber Cash each month, plus a bonus $20 in December.) Uber Cash and Uber VIP status is available to the primary cardholder only. 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 Amex Platinum Card must be a method of payment in your Uber account. The Amex Benefit may only be used in the United States.)
• Up to $120 Global Entry or TSA PreCheck®Credit: Receive either a $120 statement credit every four (4) years for a Global Entry application fee or a statement credit up to $85 every 4.5 years for a TSA PreCheck® (through a TSA official enrollment provider) application fee charged to your Platinum Card. (Terms apply.) Global Entry comes with TSA PreCheck and is the better value, in our opinion. So many travel credit cards offer this benefit — keep in mind you can “gift” it to someone else.
• Fine Hotels + Resorts: Enjoy early check-in and room upgrades (when available), daily breakfast for two (valued at up $60 total each day), a resort or spa credit (varies by property), and guaranteed late check-out. (Terms apply.)
• Complimentary Gold Elite Status with Marriott Bonvoy (enrollment required.)
• Complimentary Gold Elite Status with Hilton Honors (enrollment required.)
• Up to $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.
• Up to $100 Shop Saks with Platinum Statement Credit: Earn up to $100 in statement credits annually for purchases in Saks Fifth Avenue stores or at saks.com on your Platinum Card®. Read our post about this benefit and remember to start your online Saks shopping sessions through a shopping portal such as Rakuten. (Enrollment is required and terms apply.)
• Up to $300 SoulCycle At-Home Bike Statement Credit: Earn a $300 statement credit for the purchase of a SoulCycle at-home bike with your Platinum Card. You must have an Equinox+ subscription to purchase a SoulCycle at-home bike and access SoulCycle content. You must charge the full price of bike in one transaction. Shipping is available in the contiguous U.S. only. (Enrollment is required and terms apply.)

What Statement Credits Are New?

Four brand-new statement credits were added to the Amex Platinum Card. One is awesome for foodies. One is great for travelers and/or people who order in food. Another is a solid, trendy lifestyle addition. The third is kind of a headscratcher but OK.

Up to $400 Resy Statement Credit

I think this one is going to be hit-or-miss for people. For me, it’s a hit. Big time.

Card members can earn up to $100 each calendar quarter for eligible purchases made at restaurants participating in the Resy program. Unless something has changed in the past few weeks, all you have to do is pay your check with your eligible Amex Card.

Those of us who in live major metro areas — or even folks who regularly travel to big cities — have a decent selection of Resy program restaurants. On the flip side, my friends and family in say, Fargo, are out of luck. While Resy’s footprint seems to be growing, it’s not quite where we (and I’m sure they) would like.

I’ll gladly visit some of our favorite Resy restaurants several times a year to take advantage of this perk!

Up to $300 in lululemon Credit

The benefit was rumored, then it wasn’t, then it was, then it wasn’t. Sure enough, it’s part of the refresh!

Cardholders can earn up to $75 each calendar quarter for eligible purchases made in-store and online at lululemon. For online orders, remember to start your purchase through a portal such as Rakuten or TopCashback and earn extra money or points!) Before you ask: gift card purchases are explicitly excluded as per the Ts and Cs.

Up to $120 Uber One Statement Credit

Amex Platinum Card members can now earn up to $120 in statement credit when using their card to pay for an auto-renewing Uber One annual membership each membership year. That basically covers the entire cost.

Uber One (allegedly) gets members better rates and drivers on Uber rides. Plus, you get discounts on Uber Eats orders.

Hey, why not? Can’t hurt.

Up to $200 Oura Ring Statement Credit

Didn’t see this one coming.

Card members can earn up to $200 in statement credit each calendar year for eligible purchases made at ouraring.com. From what I’ve gleaned, about the only eligible purchases are actual Oura Rings.

Oura memberships, subscriptions, and accessories aren’t eligible.

The Disappointing Non-Changes

Points earnings did not change. They’re still:

• 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 (including Fine Hotels + Resorts® and The Hotel Collection bookings)
• 2X Membership Rewards points on eligible cruise bookings made through AmeTravel.com or by calling the number on the back of your card
• 1X Membership Rewards points on all other eligible purchases

I’m not surprised. Even the Chase Sapphire Reserve® has more exciting points-earning opportunities. I was hopeful that maybe we’d see something like 7X or 8X on Amex Travel purchases or maybe even just 2X at restaurants or on streaming purchases.

But this is not a points-earning powerhouse (check out either the American Express® Gold Card and/or the American Express® Business Gold Card for better options in that department.)

As I’ve said, the Platinum is a status card. Most readers of this blog care about miles and points. But for a lot of people who hold the card, they really couldn’t care less. There’s a prestige that comes with holding the Platinum Card. A lot of people who can afford the annual fee really don’t care about how many points it earns on restaurant purchases (1X, by the way, because it’s an “all other eligible purchases” thing). The important thing is paying with the Amex Platinum Card.

In other FIrst World Problems, I also wish we heard something about Centurion Lounges expanding and improving.

It’s an ego thing, a power play. I’ve worked in the entertainment industry for over 25 years. Trust me. I’ve spent time with people who make insane amounts of money — and basically just pat me on the head when I tell them the card earns 5X on flights booked directly with airlines through Amex Travel. They don’t care.

Why I’m Keeping the Amex Platinum Card

For me, I’ll earn back the $895 annual fee and then some. (See Rates and Fees)

First, the $400 Resy statement credit is at least four dinners for my family and maybe a friend or two with us.

Next, I’ll use the $200 airline credit, probably guesting my daughter into Delta Sky Clubs after our Delta SkyMiles® Reserve American Express Card and Delta SkyMiles® Reserve Business American Express Card passes are exhausted. Or I’ll apply cash balances on reservations partially paid with gift cards.

My job as an entertainment industry photo editor requires me to stay up to speed on a lot of shows and celebrities, so I genuinely appreciate the $300 Digital Entertainment credit. I’ll take anything I can to offset my Disney+ Bundle and Peacock.

I use the $200 Uber Cash deposits either on rides or Uber Eats deliveries that I need anyway.

I’m already at $1,100 in credits/deposits or $300 ahead.

Between my wife, daughter, mother-in-law, stepmom, sisters-in-law, and a bunch of nieces, something tells me I’ll get use out of the lululemon credit. That’s another $300.

I think I’ll get some value from the FHR credit — but, again, most of those properties aren’t exactly value or even mid-range hotels.

But the Resy credit was the big clincher for me.

Final Approach

Those are my thoughts the “new” Amex Platinum Card.

What’s your take? Are you going to get the card (or hold on to it)? Any surprises with this update? Is there anything you really like — or dislike? Please share your thoughts in the Comments section below!

 

For rates and fees of The Platinum Card® from American Express, please visit this link.
For rates and fees of The Business Platinum Card® from American Express, please visit this link.
For rates and fees of the American Express® Gold Card, please visit this link.
For rates and fees of the American Express® Business Gold Card, please visit this link.
For rates and fees of the Delta SkyMiles® Reserve American Express Card, please visit this link.
For rates and fees of the Delta SkyMiles® Reserve Business American Express Card, please visit this link.

 

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