All seats taken (as usual) at the crowded Las Vegas Centurion Lounge (Chris McGinnis)
Faced with tough competition for business customers from the Chase Sapphire Reserve Card that was introduced last summer and revised in December, American Express has come out with a new set of benefits and a hefty price increase for its Platinum Card.
Even with the added perks, is the Amex Platinum card worth the new annual fee of $550, up from the current $450?
Well, it depends. If you are a heavy Delta flyer and use the card for regular access to Delta Sky Clubs and Amex Centurion lounges, then yes, it’s probably the right card.
But if not, I think it’s time to reconsider. Here’s a rundown of the new perks, and why they feel a little weak to me…
Effective March 30, the new Platinum Card perks – in addition to the existing ones — include the following along with my commentary…
- UBER CREDIT: A link to the Uber app gives cardholders credits of up to $200 a year for Uber rides in the U.S., and VIP status where it’s offered. (Fine print shows that this is a use-it-or-lose-it $15 credit per month, so if you don’t use Uber at least monthly it’s not that big of a deal. Not much use at all for those who’ve been leaning toward Lyft lately, either.)
- 5X POINTS: A 5X Membership Rewards point bonus on eligible hotels booked through Amextravel.com. This is in addition to the card’s recent upgrade to a 5X points bonus on airline flights. (Hellooo! You only get the 5x points when booking hotels through Amex Travel. Members of hotel loyalty programs get lower rates and more perks when booking directly on hotel websites and not through third parties, so this seems like a somewhat hollow benefit.)
New design and metal card (Image: AMEX)
- LOUNGES: An expansion of the card’s Global Lounge Collection, giving cardholders access to more than 1,000 airport lounges in 500 cities worldwide, including American Express and partner lounges. (This is a nice addition, plus members can now bring guests into Priority Pass Clubs. Good for those who travel a lot with others overseas, but if you are primarily a domestic traveler, this benefit is weak. The Centurion lounge benefit feels increasingly weak to me because the lounges are usually so overcrowded that I hang out elsewhere.)
- GOLD CARDS: The ability for Platinum cardholders to add Gold Cards to their account for no annual fee, and elimination of the fee for existing Gold Cards. (Who would really want to do this? Help me here, but do they want you to pass out gold cards to your family or something? Why?)
- DINING: Creation of a Global Dining Collection that gives cardholders access to “one of a kind dining experiences” in collaboration with celebrated chefs. AmEx said it includes restaurants like the EMP Summer House in New York’s Hamptons on Long Island, and a pop-up restaurant from Manhattan’s Eleven Madison Park exclusively for AmEx cardholders. (Sounds fancy, but not sure I’d take advantage of this. Would you?)
- EVENTS: Expansion of the “By Invitation Only” roster of special events and experiences available to cardholders. (Again, sounds nice in theory, but I rarely if ever take advantage of this type of card benefit. You? )
- METAL: Platinum is also introducing “a new, sleek metal card design” for the Platinum Card. (Chase beat Amex to the punch on this one, so to me it feels like a “me, too” add-on. I like the feel and heft of a metal card, but for $550? Hmmm.)
For existing members, that new $550 fee takes effect with annual renewals on or after September 1. (When mine renews in December, I’ll have some thinking to do…)
If you don’t yet hold the card, and want one, you can get one for $450 until the end of March. You can apply for the Platinum Card online, and currently will earn a sign up bonus of 75,000 points if you spend $5,000 in the first three months.
AmEx has created a web page with more information on the updates at www.americanexpress.com/platinumupdate. Take a look at competitive offerings in our CREDIT CARD DEALS tab at the top of this page.
What’s your primary credit card? Why? How do you feel about the Platinum card and how does it compare to others you have or are considering? Please leave your comments below.
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How did Amex save you? Curious about your story.
Keep in mind Amex bumped up its limit to 2 guests at no additional cost. But…Chase Reserve lets you bring as many guests as the lounge allows at no additional cost. Usually more than 2.
Keep an eye on Amex service, it’s been going down hill lately. Had my Amex Plat since 05. I kept it for 12years despite its lack luster perks/rewards for service since they used to go above and beyond. Not the case lately. Maybe the intense competition from Chase is taking its toll. I’m dropping them this year.
like what others have mentioned, I will keep Amex for their above and beyond services. If you make your decision based on perks and rewards, it’s no contest – Amex can’t match. I’ll be keeping both AXP and CSR.
The Centurion Lounges are so crowded that they’re useless, but I use Uber enough that this amounts to a net $100 annual fee cut for me.
Excellent! Thanks!
Amex saved my butt in China a few years ago — they went way above and beyond for me. Too long of a story to go into here, but they earned a customer for life.
A Plat Amex success story:
A few years ago while traveling in Italy, our passports were stolen. Long story short…we contacted Amex travel service via our platinum card. They arranged our appointment at the embassy to get replacement passports, and we went to the head of a long line and situation was quickly resolved. While I honestly don’t know if the same service would be available with with a “lesser” Amex (will research with higher fee coming!), this protection was certainly worth whatever price we paid at the time.
Thanks — I need to do some card shopping and this is very timely information!
I have had a golf American Express card and I am fine with it. Just don’t think the platinum card is worth the extra money, I don’t go to airline clubs and frankly the only advantage I see in the card is getting more points, so it’s not worth the $400 more than I am paying.
Ha! Talk about unintended consequences! Good point.
I renew in October… will be evaluating. I was on the fence before but now it’s less interesting. Hey maybe a lot of people will cancel and the clubs will be less crowded 🙂
Well, I’m not thrilled about the $100 increase; might just cancel after the rate goes up. I just paid my membership so I have until next February to cancel. I don’t care about Uber since I only use taxi’s a few times a year. And I usually use Lyft. :D. I did however, use the Events feature to get reasonably priced tickets to Hamilton in Chicago… though when will that ever happen again.
Hate their airline credit program, wish it was like Chase’s… They make it hard to take advantage of this credit by making you choose an airline you don’t even know if you are going to use… Meh.
Why didn’t they just raise the fee $50? Ridiculous. I have the Chase Sapphire, think I’ll stick with that.
“plus members can now bring guests into Priority Pass Clubs”
You seem to imply it would now be free, because you can bring in paid guests now.
Free would be great, but I don’t see where this is specified either in the email or website.
Where do you see that language?