Will Amex Soon Introduce A New Premium Card?

In the interest of full disclosure, One Mile At A Time earns a referral bonus for anyone that’s approved through some of the below links. These are the best publicly available offers that we have found for each card. Please check out our advertiser policy for further details about the partners we work with. Thanks for your support!

Update: This offer for the Citi Prestige® Card is expired. Learn more about the current offer here.

Update: Many details for The Platinum Card® from American Express have changed as of 3/30/17. The links below are expired, but you can learn more about the new offer and card benefits here!

For years, The Platinum Card® from American Express was the gold standard of premium credit cards. The card had a $450 annual fee, but amassed a huge following thanks to the huge perks it offered. The perks have changed over the years, and at the moment the card offers the following benefits, among other things:

Amex-Centurion-Lounge-Houston - 14
One of the best perks of the Platinum Card is access to Centurion Lounges

Then the Citi Prestige Card came along…

Last year Citi refreshed the $450 annual fee Citi Prestige® Card, which came with a big sign-up bonus and also offered all kinds of perks. The perks have changed a bit since, but perhaps most notably the card offers:

  • A fourth night free hotel benefit, which I find to be immensely valuable
  • A Priority Pass membership with guesting privileges (the Amex Priority Pass membership charges $27 per guest)
  • A $250 annual airline credit (that credit can be applied towards any airline purchase, and not just fees)
  • Perhaps most notably, this card is actually rewarding for everyday spend, as it offers triple points on airline and hotel purchases, and double points on dining and entertainment; this is an area where the Amex Platinum lags, as it offers one point per dollar spent on everyday purchases, with no major bonus categories

St-Regis-Bali-Pool-Suite - 17
Use the Citi Prestige Card fourth night free benefit at lots of great hotels, like the St. Regis Bali

Then the Chase Sapphire Reserve came along…

Just last month Chase stole the show when they introduced the new $450 annual Chase Sapphire Reserve Card, which is perhaps the best card of all. Among other things, the card offers the following perks:

  • Triple points on dining and travel purchases
  • A $300 annual travel credit (not only is it the biggest credit yet, but it also applies towards any travel purchase, and not just airline purchases)
  • A Priority Pass membership with no stated limit on how many people you can guest into the lounge
  • Improved points redemption opportunities, as each point can be redeemed for 1.5 cents each towards a travel purchase

CreditCardsBanner2

Silvercar-LAX-3
You can even use your annual travel credit for a rental car

Is it now Amex’s move?

Of course this is all speculation at this point, though there are rumors that American Express may be introducing a new premium credit card next month — specifically, on October 5. If this does in fact happen, we don’t know whether this will simply be a refresh of the American Express Platinum Card, or if it’s a new product altogether.

While it could be completely unrelated, Monkey Miles pointed out that American Express recently registered a trademark for “Tier One.” Again, it could be completely unrelated, but the way it was filed is very similar to what Chase filed for the Sapphire Reserve Card.

amex-plat-card

What would I like to see from an improved Amex Plat Card?

To me it would make sense that Amex refreshes (and perhaps rebrands) the Amex Platinum Card, rather than introducing a new product altogether. Amex has has had a loyal following for a long time, though I’m guessing the card isn’t at the top of the wallet for many people anymore, and that’s where issuers want to be.

For example, I pay the annual fee on the Amex Platinum Card for the benefits, though I put very little spend on it. Instead I put my spend on the Amex EveryDay® Preferred Credit Card, which has a $95 annual fee and offers:

  • Triple points at U.S. supermarkets on up to $6,000 per year in purchases (then 1x)
  • Double points at U.S. gas stations; 1x points on other purchases
  • A 50% points bonus when you use your card 30 or more times on purchases in a billing cycle, less returns and credits

In other words, the card is offering me 1.5x points on everyday purchases (since I make 30 transactions), and then even more bonuses on top of that.

Even the no annual fee Amex EveryDay® Credit Card offers a better return on everyday spend.

So, what would I like to see American Express do if they in fact offer a new product?

I think even just a decent rewards structure would make people actually put spend on this card again. One of the main ways American Express makes money is through merchant fees, and they’d do much better in that regard if they give consumers a reason to put spend on their Platinum Card.

Bottom line

Like I said, this is all speculation at this point, though I wouldn’t be surprised to see something along these lines finally happen. Rumor has it that this change will be announced in less than a week, though I wouldn’t necessarily count on that timeline.

American Express has been losing market share to their competition given the great new premium cards that have been introduced, so it would be great to see them offer a new (or refreshed) premium product.

Would you like to see an improved premium card from American Express, and if so, what perks would you like to see?


Non-Affiliate Product Disclaimer: The information for the AmEx Everyday Preferred has been collected independently by One Mile At A Time. The card details on this page have not been reviewed or provided by the card issuer.

Regarding Comments: The comments on this page have not been provided, reviewed, approved or otherwise endorsed by any advertiser, and it is not an advertiser's responsibility to ensure posts and/or questions are answered.

Comments

  1. For me the main perk of the Amex Platnium is skyclub access. As someone based in NYC the bulk of my travel is on Delta and the lounge access more than makes up for the annual fee.

    In general i’d think an easier way to redeem the $200 travel credit and more Centurion lounges would be nice perks for this card.

  2. I really don’t want yet another card. I have way too many to begin with. Two plat cards, a gold, a Hilton, an SPG… I really love my Plat card and won’t give it up, even though I don’t get all the airline lounges we used to. Why doesn’t Amex just spice this one up?

    Plus I’m at 6 inquiries and don’t really want to get a new card for a long time…

  3. I’d like the Am Ex Platinum Card improved. I’d like to see them give what Chase Sapphire has plus top tier on a major air carrier.

  4. The goal through would be to balance out the high value card’s rewarding aspects (something higher than 3x airfare, 2x gas + groceries + dining, and 1x on everything else), but still a nice round number of points to earn (allowing 4x as the max to earn would make it sub-consciously confusing, thus would not stick as much as 5x).

    I think one of the things they should do eventually is get rid of the embossing and perhaps make flat metal cards with a unique sheen to it (gold, silver, slight platinum chrome look). As for actual spending benefits, they’d need to, again, change the rewards amount and add insurance (CDW + Travel Protection). Maybe include the current lounge access policy.

  5. I really like the idea of $100 off coach airfare for 2 that some of the Visa Infinite cards offer. I book a lot of coach travel for 2 or more so I could really get a lot of value from that.
    I dont do a lot of paid hotel stays but a 4th night free benefit a la Citi could be very useful to many.

  6. More Centurion lounges and a more flexible airline fee credit would be useful too even if they don’t bump it up above $200.
    As a Star Alliance flyer, I wouldn’t mind if it offered oneworld Sapphire level status with an airline because OW is my second choice when *A is too expensive or inconvenient.

  7. They already do have a card above Platinum … the Centurion Black Card. But I guess $5k for the first year, and it being invitation only, limits membership somewhat

  8. Considering the draconian once in a lifetime rule I really hope they offer a new product.

    I would consider moving all my spend to Amex if they would match citi prestige benefits (4th night free) and the 3X spend assuming they keep the other platinum benefits the same or better.

  9. @ FlyinAndy — Except it’s all about prestige and doesn’t actually offer a better return on everyday spend. So it’s still not a competitor to the Prestige and Reserve.

  10. They’re not stupid. They know they’re now behind the competition. I don’t think they’re foolish enough to sit behind a silver-colored card to keep their premium business moving forward. I hope they just update the current platinum and send me a new one in the mail…oh, and make sure it’s pretty. 😛

  11. Even if it is just 3 points on certain spend, or something similar to what the PRG does… that would be a huge step in the right direction. I keep it in my wallet to get into Centurion lounges, but I never use it. :/ AmEx has wonderful service (particularly in fraud detection), but they need to step up their game in this category.

  12. A 4th night free benefit would be incredible. Also while we’re spit-balling, entry-level status on an air carrier.

  13. They at least need to upgrade the look and feel of the card. Metal please? The card itself just looks a little cheap.

  14. If they introduce a new premium card, I can almost guarantee you that it will be a new product and/or a refresh without upgrading current members. Amex isn’t stupid and they know several things:

    -People comparison shopping among premium cards will realize their offering is the least rewarding in terms of benefits.

    -However, it’s still arguably the most prestigious so people who only care about that — and there’s plenty of people that just want to hand cashiers a platinum card — will continue to pay for the current gen platinum card.

    -Similarly, there are a lot of upper crust 50+ people that prefer the card and require no additional incentive to use it. Again… why incentivize something they’re already doing?

    -They watched Chase not spend a dime on advertising their CSR and run out of the card stock immediately. People who are getting the card are generally <35 and making $60-100k. In other words, they can afford a $450 card–even if it's not necessarily the best long term investment/plan.

    I predict their offering will be a new product and very similar to the CSR. They'll have to distinguish it a bit, and maybe even do something such that CSR holders will be tempted to switch.

  15. I like that we are getting better premium card options. I know we will also be looking at new AA cards from Barclay and maybe from Citi when that new card contract kicks in. There’s going to be a good opportunity to get some nice new sign up bonuses.

  16. Recommend Lucky to write about EVA Air’s corporate policy to operate in storms when other airlines cancelled operation in and out of Taipei:

    EVA Air is on the press the past few days when all airlines cancelled flights into and out of Taipei due to Typhoon. EVA management forced crews to hover over TPE, and take opportunities to land when the wind rates fall under limit, as the wind rate is changing constantly. Examples of air crashes because of Typhoon and storms include China Airlines CI642 in 1999, Singapore SQ006 in 2000, Transasia GE222 in 2014, Air France AF358 in 2005, etc.

  17. Amex already uses the term “Tier 1” to refer to the Platinum card in other markets, e.g. the Phillipines, where the the value of redeemed points varies by the Tier of the card you hold. Not sure if links are allowed but the PH MR T&C is available at https://network.americanexpress.com/ph/en/homepage/pdf/13TermsandConditions.pdf

    Section 8 gives examples of the point cost to “top up” for rewards, with three distinct tiers. Tier 1 = The Platinum Card, which provides the lowest “top up” cost.

  18. A Platinum refresh should be a given, but I’d expect a premium credit card from them also.

    I like the idea of a premium Everyday card, maybe 5x groceries and 3x travel to offset a higher fee, and no monthly transaction threshold. Maybe also a telecom bonus like many business cards have, and phone screen repair insurance as a perk (the Australian Amex Explorer card has this).

    Restaurants and bars are a category where limited Amex acceptance can be more of an issue (especially overseas), so I’d rather have my dining bonus via CSR or Prestige. By sticking with the Everyday categories, they complement other cards while still earning a top of wallet position.

  19. Need category bonuses and vastly better MR versatility for my Plat to be pulled from the desk drawer and put back in my wallet. Amex needs to replace SPG so why not make MRs significantly better points currency right now? Once SPG goes away, there goes all my 1x spend…to the competitors…

  20. I am not falling for a new card being pushed by bloggers.

    Too many stories I have read about people getting a lot of cards and rewards and can’t find time to redeem them.

    Like they say, apply for a card with a travel goal in mind and don’t listen to bloggers.

  21. The CSR hits a nice sweet spot between the PRG and the Platinum. The fee is effectively $150 since the travel credit is a straight refund versus having to buy gift cards and there are decent bonus categories, but it also gives you some of the travel perks of the elite cards though not as many as the Platinum or Prestige. For a single millennial with moderate income who was on the fence about the Platinum who does more travelling than the average person but doesn’t need a ton of perks that’ll make me spend money I wouldn’t normally, the CSR is the perfect fit for everyday spending and pretty much put the kibosh on me signing up for the Platinum at least in the near future. They either need to step of up the PRG or add more perks to the Plat to make it worth it.

  22. They should get rid of the stupid tax charges on point transfers to Delta. That devalues their major domestic partner relative to the UR currency too much.

  23. The big problem I see is if they improve the Amex Platinum, even more people will get it, and the Centurion Lounges (especially SFO and MIA, sometimes DFW too) are overcrowded already.

  24. Hi Ben, we like our Schwab AMX-P not only for annual statement credit, and for bennies you listed in your post but also for the cruise bennies ($300 Ship Board Credit, bottle of fine wine) when we pay for the cruise (s) with our AMX-P. (e.g. we have received $600 SBC so far this year and will get that much in 2017).

  25. As points become less and less valuable (devaluations coupled with more reasonable straight cash premium purchase opportunities for airline and also hotel deals) it’s nice to see this arms race developing among Chase, Citi, and Amex. And this is still relatively new, so who knows how crazy it’s going to get. But with each round I say, “Olé!”

  26. I had a Sapphire Preferred and I now have the Reserve. I also have an Amex Gold right now and I’m trying to think of what offer Amex could make that would be as much of a “no-brainer” as the Reserve was for me…
    – The Centurion lounges aren’t airside and there’s so few of them that that’s got zero appeal
    – Amex’s airline fee reimbursement isn’t good for airfare OR for gift cards (at least on Delta) so I view that as way less valuable than Chase’s easy-to-use $300 fee
    – Yes, 100,000 points Amex points would be nice but I don’t think I’d keep that card like I will the Reserve, I’d just churn it. And the BA transfer devaluation + BA’s criminally-high fuel surcharges means I’m not very excited about most of their transfer partners.
    – I can’t think of a single category where they could say “4x or 5x on this category!” and I’d jump on it… like Gas and Groceries wouldn’t be enough (I live in NYC so dining, drinking, and taxis/ubers are my big ones). Maybe 5x on airfare?
    – About the only Big Thing I can think of that would be if they actually deployed that test program from a few years back where you could book any award seat through Amex even on airlines they didn’t partner with… That’d seal the deal, but that program vanished pretty quickly so I’m not holding my breath

  27. Amex needs to release a new Platinum card made of actual Platinum. The one feature I long for in a new Amex card? For Amex to turn their fucking SECURE MESSAGING back on. Their current chat is worthless and not all of us using anti-social media.

    Apply here for the new Amex Platinum with Secure Messaging feature! Annual fee: $900

  28. I am almost certain AMEX is going to either release a new Platinum Credit Card…or a Platinum Charge and Credit Card with maybe different perks…I’m hoping for them to just update the Platinum and call it a day.

  29. I think an upgrade to Platinum is the way to go. Just combine the earning rates of EveryDay Preferred, keep the hotel elite statuses, the Delta lounges, change to Priority Pass with unlimited visits and guests. Make the airline credit easy to use like CSR. And I think this one benefit could really work, change the buy one get one free business class to any fare. Very few people use this benefit because it has to be full fare business class. Make it buy one get one free on any business class fare, even discounted ones. That would get people excited about Amex Platinum again.

  30. Hope the new card isn’t made of metal. There’s nothing more obnoxious than a douchebag that drops his metal card on a sales counter just to show he has a metal card. Plus they weigh down the wallet.

  31. Out of curiosity, is the platinum a credit card in the US, or a charge card that you have to pay off in full each month like in the UK?

    Honestly, we never get that good a deal on cards and spend bonuses in Europe anyway so any new perks would be better.

  32. I just got some info from my AMEX rep and this is what’s happening with extra bonus points. When you spend $5,000+ you get 1.5 points and when you book with MR points instead of 30% of points back you get 50% back. No bonus spending categories 🙁 That’s all I got from her for now, hopefully there is more because it’s still not competitive.

  33. I just received a survey from AMEX regarding MR. The only thing of note was three options they were considering.
    1- Get 25% off when redeeming MR for PE class flights (all points or part points paid)
    2- MR sales to certain cities at certain times (25% off MR points when booking flight to Dallas)
    3- Link your MR accounts with friends and when you all dine together you get a bonus. (This one was weird)

  34. I’d like the AMEX personal and Business card to have some 3-5x spending categories. For example, my largest category on the business side is telecom, Printing/mail, and office supplies. I don’t use my AMEX Business Platinum because I get 5x on Office Supply and Printing Services (currently swipe close to 250k/year there) using the Chase Ink. My only use of AMEX Business Platinum is for travel, 1x general business spend, and services like google advertising which is less than 60k/year. I’m really debating on keeping the card, or closing it.

  35. Tier One is a stupid name. It sounds like Pier One, which is cheap. “Peerless” would be a better name even though that is a good word it still has the word “less” in it. Focus group it!!

    When AMEX goosed the gold card it invented Premier Rewards Gold card. “Premier Rewards Platinum” would do it. Platinum card has a lot of brand recognition. Chase didn’t throw out the Sapphire brand because it was and is a valuable name.

    But really the best thing to do is just fix the benefits. It’s not the name that taken the luster off the Platinum, it’s the failure to keep up. Although AMEX has things like the Delta Lounge access, the Centurion access, gold elite with Hilton and SPG that are valuable. It’s the earning points that stink.

  36. Their benefit package in the USA is quite different than that offered in Europe when it comes to luggage, cancelled flights etc. I suppose that conflates with the laws there. But it would be to there advantage to at least match Citi’s coverage of flight delay, baggage delay etc. I mentioned those issues in my survey responses.

  37. I gave up my amex platinum about 8 years
    Ago. Got Citi Prestige this year snd saved
    A lot with 4 night free benefit and travel benefit, which pays for its annual fee.
    Will welcome Amex card with similiar
    Benefit and signup bonus.

  38. “Tier 1” may be unimaginative , but nothing was as bad as the Isis Card.
    Hmmm…on second thought they probably sell on Ebay for thousands.

    The worthless 100 trillion Zimbabwean note I bought 5 years ago for $3.95 has gone up 1400%.

    Sort of reminds me of Motors Liquidation Corp, which was the renamed “old General Motors” stock, which continued to trade for 50 cents several years after the bankruptcy reorganization had wiped out any value.

  39. I have a Platinum that I basically just keep for the benefits and a PRG that I actually use for spending because of the spending bonuses. I have been hoping for an update to the Platinum for a while so I could eliminate one and I think an update to the Platinum card makes more sense. It already has a loyal following and A LOT of brand recognition. Introducing an earning structure similar to that of the PRG would be good (with maybe 3x for dining AND airfare) along with some updates to the benefits (maybe primary rental coverage, 5th night free, etc) would give the card a big boost and would certainly encourage me to migrate most of my spending to the card. If they tac on a big sign upbonus to The update or would also attract new customers to a recognized product. It would also prevent loyal customers from having to apply for a new card that would theoretically have the same annual fee as the one they have now and cancelling their Platinum cards they have had for years. Chase didn’t have to worry about this as much since CSR was their first entry into the high end card market. That being said, it is hard to tell what they are planning and I know that I am already getting antsy for an official announcement.

  40. I think the CSR is going to be bigger competition to the PRG. It seems like a lot of people have the Platinum for the benefits but don’t put much spending on it. The benefits of the Plat for a lot of people are still better than the CSR, but I think a lot of people (myself included) will shift more of their everyday spending from the PRG to the CSR and probably just end up closing the PRG altogether. AmEx needs to figure out a way to make people spend more on the Plat to give them a reason to keep it open or to make up for losses from the PRG.

  41. Does anyone know if they are actually coming out with a new card, or is the 5x MR for direct airline purchases all it is? I mean, that’s it…?

  42. I have used AmEx almost exclusively since 1996, but have recently started using other cards. Just got the Chase Sapphire Reserve and plan to transition to that one for every day spending. Two things AmEx could do that would put a huge smile on my face:

    1.) As some other lower priced AmEx cards have a higher points earning rate, I’d say, double the value of points to Platinum members. Instead of being a penny a point for purchases, make it two. That’s be the industry’s best (unless counting the Luxury Card from MasterCard). THAT alone will put AmEx back into the forefront here. Again, just for Platinum members.

    2.) Offer guesting for priority pass.

    If AmEx does these two things, in my opinion, they’d be back at the top of the game here.

Leave a Reply

Your email address will not be published. Required fields are marked *