Big news for big spenders as banks roll out new bonuses and perks (Image: Pixabay)
The fact that the new Chase Sapphire Reserve card has taken off like wildfire has not gone unnoticed in the halls of American Express. (My Reserve card just arrived and I’m eagerly anticipating the 100K sign up bonus!)
It’s taken a few weeks, but the credit card giant is finally responding to the Chase onslaught with some nice perks designed to prevent defection.
This new competition should be music to the ears of those of us who travel a lot, spend a lot, and carry super-premium credit cards such as American Express Platinum, the Chase Sapphire Reserve and Citi Prestige.
Big bonuses for big spenders (Image: American Express)
These cards all have steep annual fees ($450), but are generally worth it to frequent travelers because they are so packed with bonuses, perks and benefits that we value most, such as airport lounge access, automatic elite status in hotel & car rental programs, airline spending credits, primary car rental insurance and reimbursement for PreCheck or Global Entry, among others.
Here’s our previous take on the new Chase Sapphire Reserve card: The 100,000 points question
So what’s Amex doing?
First, if you are already a Platinum card member, you’ll now earn FIVE points per dollar spent on airlines. That’s a serious upgrade considering the card has been offering one measly point per dollar spent until today. While that’s nice, it’s still only good for airline purchases. The new Chase Reserve card offers three points per dollar spent on airline tickets and restaurant tabs. Increased earnings per dollar spent are perfectly timed as we approach the time of year when we spend heavily for everything, such as gifts, fancy meals and trips home for the holidays.
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Spending more for the holidays? You are in luck! Washington National Airport in December (Chris McGinnis)
Second, Amex is also sweetening the pot for its existing Business Platinum Card Members who will now get 50 percent rebate when redeeming their Membership Rewards points to book flights through American Express Travel They will also receive this benefit when booking first or business class tickets with any airline. In addition, Business Platinum Card Members now earn 1.5 points per dollar spent on any purchase of $5,000 or more. That’s definitely helpful, especially for big spenders.
Third, just today Amex announced a significant new sign up bonus — potentially 100,000 points-– for its Business Platinum card. But you have to be a BIG spender to get it:
Amex denies that any of these moves are designed to counter the impact of the Reserve card (yeah, right!). I expect we’ll see even more competition, to our benefit, as these banks continue to fight over the highly lucrative frequent business traveler.
Do you carry a premium credit card? Which one, and why? I have an AMEX Platinum card, which I value most for access to Delta Sky Clubs and Centurion lounges. And now, I also have a Chase Sapphire Reserve card, which I value most for that 100,ooo point bonus I’ll get. Not sure what I’ll do the next time I get hit with a $450 fee… pondering now if having both is really worth it at this point. But we shall see!
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The perks are much more than mentioned in the article. The gift cards that arrive regularly are just a start.
Centurion card benefits are roughly the same as Platinum… but the fee for Centurion is $2500. It’s mostly a status thing… this is helpful: http://www.investopedia.com/articles/personal-finance/062415/black-centurion-vs-platinum-american-express.asp
Thanks, Carl! I’m least familiar with this card so your comment is most welcome here. Too bad they cut the Admiral’s Club access, tho.
Amex Business Platinum card
Thanks JR. I agree with the less-than-stellar offering for lounge access for the Chase Reserve card- probably it’s weakest benefit. But the bonus, insurance and other perks make it worth it to me. If I really REALLY need a nice lounge, I’ll just do a one-time pass with the help of LoungeBuddy.
Thanks, Allegro. That’s right… but I’m wondering if AMEX may throw that in as a perk on the regular platinum as competition heats up. Here’s hoping!
Jon see the note below
More specifically only the Amex Business Platinum card offers the Gogo passes. Sadly, the personal card does not.
AmEx could make this very simple. The Gold Rewards card beats the heck out of the Plat Card for point accrual in Membership Rewards. Every time they solicit me to upgrade to Platinum, I ask why would I do that giving the earning of MR points. The rep always agrees with me, and stops the sell. If AmEx Plat would mirror the MR earning construct of the Gold Rewards card, they’d have my $450 quickly…
What card offers Gogo wifi passes?
The Gogo wifi passes from my Amex Platinum card + lounge access made the upgrade for my corporate card worth it. I did get the Chase card for my personal card because Chris told me to and the sign up bonus I couldn’t ignore. The benefits do overlap my Amex card, and agree that Priority Pass doesn’t add much (Alaska Board rooms have been helpful, though).
Reserve has some great benefits but it is not everything it’s cracked up to be. The points cant be transferred to a lot of major airlines for mileage tickets and the lounges you have access to are pretty limited and second rate. For example the only lounge you have access to at Laguardia is Air Canada.
I believe that is correct for the same exact card, i.e. if you are reapplying for the Platinum Business card and previously had that card. I have had some sort of Amex card since 1994 (as it says on my cards!) and I have gotten a bonus every time I sign up for a new card, including as recently as last month.
Citi Prestige continues to rock for the fourth night free. AC + PP access is also nice (while it lasts). I presume there will be some AF waivers and/or retention offers when the time comes next year after the major devaluation has happened. Still, the fourth night free (even after that benefit itself is ultimately reduced) + delay/cancellation benefits likely make Prestige a keeper.
Left out was a key point on Chase — it’s not just airfare but also hotels and food — my company buys almost all my tickets, so no miles for me there but I’ve been running about $15 – 20K on my Amex biz Platinum and most of this is hotels and entertainment, meals, etc. 3X versus 1X is huge. My Amex charges are now plummeting.
Do Centurion card holders receive same benefits as Platinum?
My understanding it that if you are now, or have ever been, an Amex card holder then any new bonuses are moot. Can anyone confirm that?