American Express announced today that it is planning a major refresh to both the business and personal versions of its popular Platinum Card. While we’ve seen some changes in recent years, with some likening it to a coupon book, these changes may significantly affect the value proposition of this card.
Largest Platinum Card Refresh Ever?
According to the company, the updates will represent “its largest investment ever in a card refresh.” Howard Grosfield, Group President, U.S. Consumer Services at American Express, said this about the changes:
“More than forty years ago, we introduced the Platinum Card, and we continue to offer Platinum Cards with global servicing, unique benefits and experiences that our Card Members love. Platinum Card benefits and services resonate across generations, particularly with Millennial and Gen Z who accounted for 35% of total U.S. Consumer spending last quarter. We’re going to take these Cards to a new level, not only in what they offer in travel, dining and lifestyle benefits, but also in how they look and feel, to meet the evolving needs of our customers.”
While further details weren’t provided in the release, the company did focus heavily on the travel benefits currently provided by the card. Specifically it highlighted that the card offers:
- Access to more airport lounge options than any other credit card issuer on the market.
- Fine Hotels + Resorts which is the only credit card issuer program that offers guaranteed 4:00 p.m. late check out at over 1,600 locations worldwide.
- Access to unique experiences across the U.S. and around the globe, from motor sports and tennis to music festivals and sporting events.
Since the release focused mostly on the travel benefits, I’m wondering if American Express is looking to refocus this card towards frequent travelers instead of the coupon book that it has evolved into at this point.
Will AmEx Refocus the Platinum Card on Travel?
In announcing the upcoming changes, one has to imagine that American Express is looking at Chase and the upcoming changes to its flagship Sapphire Reserve card. While details haven’t been released we do know that significant changes are coming to the Sapphire Reserve and it will also get a Business version.
Given the fact that the Chase Sapphire Reserve and American Express Platinum have much higher annual fees, I don’t expect any additional restrictions live we saw with the Capital One Venture X as part of these changes.
I’m hopeful that the changes are positive for frequent flyers. I don’t use many of the credits that come with the card each year (I have reminders on my calendar to use my Saks credit every six months) and would happily trade those for additional travel and hotel credits and other elite status focused perks.
Aside from my Chase Sapphire Preferred card, I really have all of my eggs in one basket with American Express. I find Membership Rewards points extremely valuable thanks to the number of transfer partners available. The transfer partners and lounges are what keeps me coming back to the card each year when it’s time to renew.
However, between the annual fee on my card and authorized user cards for Mrs. ATX and my parents, I’m spending roughly $1300 on fees every year. Add to that the $75,000 spend threshold for guest access to Centurion Lounges and unlimited Delta Sky Club visits, I have to start thinking about what changes would make me walk away from this card.
I can imagine American Express is looking to Chase’s changes before it finalizes its own but, for now, we’ll just have to wait and see.
Summary
Changes are coming to the American Express Platinum Card. While we don’t have much information, a major refresh is expected before the end of the year. I’m hopeful that the card gets back to its roots as a premium travel card instead of the coupon book it has evolved into.
I really only carry it for the Delta lounge access (although more limited now) and clip the coupons to cover as much of the annual fee as possible. CSR has been my go-to card with its great lounge in BOS (my departure airport). If fees keep going up, I’ll be forced to pick between the two unfortunately.