Major Changes Coming to Amex Platinum Cards

Fresh on heels of the major changes coming to the Chase Sapphire Reserve which should be officially announced today, American Express didn’t want to lose the spotlight. They announced in a press release that major changes will be coming to the American Express Platinum and Business Platinum cards this fall.

American Express Announces Major Changes for the Fall

What Changes Will Be Announced?

While there were not any actual changes announced, I think we have a few ideas that would make sense. The first big change we’ll likely see is another increase to the already huge $695 annual fee. I wouldn’t be surprised if it goes up to $995 with a slew of new credits.

The first substantive paragraph of the press release talks about all their investment in new lounges across the world which would help justify their fee increase.

In the second they talk about the major investments in its dining and hotel programs, meaning Resy and their Fine Hotels + Resorts and The Hotel Collection program. I wouldn’t be surprised if they add a Resy credit like they added a few years ago to the American Express Gold. As for the hotels, currently you get a $200 annual hotel credit with the Platinum. Looking at their trends, I would expect that to increase and change to a quarterly credit.

Next they talk about the Business Platinum and how they can access dining, and hotel benefits. My guess here is the same dining and hotel credits will be added.

Lastly they speak about business owners using their cards for entertainment like motor sports, music festivals and sporting events. So it would make sense for some credits to be introduced around entertainment.

Wrapping Up

Only time will tell what this announcement will actually mean for cardholders but I can’t imagine it will be anything less than an annual fee increase coupled with even more statement credits that will probably just be more hoops for us to jump through. The industry has shown it is going more towards a coupon book approach to super premium cards and that is likely here to stay.