Amex Raises Platinum Card Fees Significantly
American Express has increased its annual fees for the platinum card from $200 to $895, and the change seems to have stirred quite a bit of conversation.
This new fee is quite a leap, especially if you compare it to earlier this year when Chase hiked the Sapphire Reserve fee from $550 to $795, causing quite the uproar online.
What’s the catch? Well, I’m not really sure myself since I don’t hold either card. But from what I’m seeing on social media, many Amex cardholders are saying the new perks are worthwhile enough to justify the higher cost.
In contrast, many Chase Sapphire Reserve users had a different reaction back in June. They voiced their frustration loudly, with some even planning to cancel their cards altogether.
Over the past decade, these two cards, Amex Platinum and Chase Sapphire Reserve, have often been favorites among urban millennials.
Additionally, airport lounges, once exclusive havens for frequent flyers, have become crowded. Now, they’re filled with people lining up for complimentary croissants and mimosas.
The new perks structure for both Amex and Chase has shifted dramatically. No longer is it solely about accumulating points; now, it feels a bit like a coupon book, which is a pretty big shift! So, it’s crucial to evaluate whether the perks align with your needs.
Take the new Amex benefit, for example: $75 in quarterly credits at Lululemon. Sounds great, right? But, of course, only if you’re interested in shopping there. The same goes for the $400 credit on Resy, which requires dining at participating restaurants, or using a $200 credit for things like an Oura Ring or Uber One membership.
In forums, some people are even exploring ways to turn those Lululemon credits into cash through gift cards, which is interesting. As I sift through various guides on the new perks, the consensus seems to indicate that this card can be a good deal—if the perks actually fit your lifestyle.
For some, maximizing all these perks can surpass the hefty $895 fee, plus you also earn points on your spending. For others, it seems the fees might not be justifiable, leading them to consider switching to a more traditional travel rewards card. It’s all about personal choice!
Interestingly, my colleague Ben Bergman is among those who are thrilled with the new perks. He mentioned that it’s the best setup he’s seen yet. “Last night, I already used my Resy credits,” he shared. Plus, he’s looking to benefit from both the Lululemon credit and the $400 hotel offering. He’s also a regular at Equinox gym, where he earns a $300 credit, so it seems he’s happy to be making the fee worthwhile.
Good for you, Ben! But I have to admit, I feel a bit left out.
It’s a tad bittersweet reflecting on the early days of the Chase Sapphire Point boom. I had hoped Amex would offer something similar, but it’s turning out to be a different story altogether.
