Update: American Express has responded to the original Tweet and indicated that this is an “old offer.” It remains to be seen whether that’s in fact the case, or if they just leaked something they weren’t supposed to (my guess is that the latter is the case).
@theforwardcabin Hi there and thanks for reaching out. It appears this is an old offer. Have a great day! ^In
— Ask Amex (@AskAmex) October 4, 2016
For the past couple of weeks there have been rumors of American Express introducing a new premium credit card.
The American Express Platinum Card used to be the gold standard of premium credit cards. Then Citi came along with the Prestige Card, and then finally Chase recently introduced the Sapphire Reserve Card. While the American Express Platinum Card is still somewhat competitive in terms of perks, the lack of bonus categories is the part where it’s really lagging.
With the Citi Prestige Card you earn triple points on airfare and hotels and double points on dining and entertainment, and with the Chase Sapphire Preferred you earn triple points on dining and travel.
The rumors surrounding the American Express Platinum Card have suggested that they’ll once again make it worthwhile to put everyday spend on the card.
While we don’t know all the details of the new product yet, American Express has confirmed on Twitter that the Amex Platinum Card will offer 5x Membership Rewards points on flights booked directly with airlines as of October 6, 2016.
Wow, that’s an incredible bonus category, especially for those of us who spend a lot on plane tickets. Currently the best readily available bonus we see on airfare is triple points (on the Citi Premier, Citi Prestige, Amex Premier Rewards Gold, and Chase Sapphire Reserve), so this would be huge.
I value Membership Rewards points at ~1.7 cents each, so to me that would be the equivalent of an ~8.5% return on airfare spend.
While I’m excited to see this change, I’m curious to see what else American Express has in store for this card. Hopefully there are more bonus categories and more perks, to once again make this card worth spending money on.
What do you make of the Amex Platinum Card offering 5x points on airfare?