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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 has a $550 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:
- $200 annual airline fee credit
- Access to Boingo hotspots
- Access to American Express Fine Hotels & Resorts
- Access to Delta SkyClubs
- Priority Pass Select membership
- Access to the American Express Centurion Lounges in Dallas, Houston, Las Vegas, Miami, New York, San Francisco, Seattle, etc.
- A Global Entry fee credit
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 Platinum Card lags, as it offers one point per dollar spent on everyday purchases, except on airfare purchased directly with the airline which offers five points per dollar
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
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 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.
What would I like to see from an improved Platinum Card?
To me it would make sense that Amex refreshes (and perhaps rebrands) the Platinum Card, rather than introducing a new product altogether. American Express 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 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?
- Decent bonus categories, perhaps in line with the Amex EveryDay® Preferred Credit Card and/or Premier Rewards Gold Card from American Express
- Presently the Platinum Card offers a $200 airline fee credit, so it would be nice if they increased the credit and/or made it more flexible, and not just for airline fees
- Ideally adding guesting privileges through Priority Pass
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.
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.