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American Express has made some changes to The Platinum Card® from American Express. This includes some additional perks, but also an increased annual fee of $550 (Terms Apply - Rates & Fees), which is now higher than its competition from the Chase Sapphire Reserve® or the Citi Prestige® Card. As of now, no changes to The Business Platinum® Card from American Express have been announced.
Full details on the update are available at AmericanExpress.com/platinumupdate (Amex Press Release).
Changes and Benefits
- The annual fee increased $100/year to $550 per year from $450 per year
- Cardmembers with their fee due prior to August 31, 2017, will still pay the old fee of $450.
- Cardmembers with their fee due on or after September 1, 2017, will pay the newly increased fee of $550 (Rates & Fees)
- Cardholders receive up to $200 in annual Uber Credits for rides in the US. Where available they will also receive VIP status.
- To get the benefit, Card Members must add their card as a payment method on the Uber app
- Cardholders will receive a monthly credit of $15
- In December of each year, each cardholder will receive a $20 bonus credit, for a total of $200 in annual credits
- Priority Pass Membership will now include up to two complimentary guests. Previously only the card-member had complimentary access and each guest was an additional $27.
In addition to the above, there are some other tweaks to the benefits cardholder receive:
- A redesigned metal card
- Access to Amex’s new Global Dining Collection
- Additional Gold Cards now have no annual fee, previously 5 cards would set you back $45 in an annual fee (Rates & Fees)
- Earn 5X MR points for hotel stays when booked on AmexTravel.com
- Cardmembers will now have access to an expanded lounge collection, with access to over 1,000 lounges in 120 countries
- Amex is expanding its Invitation only special events program
Is the increase of annual fee worth the additional perks? It really depends on how you use the card. The increased Uber credits are worth the fee in their own right, add to that reduced cost for family members having additional Gold cards and the enhanced earning, and this is seemingly a positive move. What's your take?
For rates and fees of the cards mentioned in this post, please visit the following links: The Platinum Card® from American Express (Rates & Fees)
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