For years, the Platinum Card from American Express was long considered to be the pinnacle of high-end credit cards. It was among the first cards to offer an airline credit, as well as access to exclusive bonuses at premier resorts and hotels, in addition to many other lifestyle benefits that many travelers may not even know they have access to.
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The Platinum Card® from American Express
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$450 first year
$450 after first year |
40,000 points After you spend $3,000 on purchases on your new Card in your first 3 months Read Review » |
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The Platinum Card® from American Express |
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However, new cards in the marketplace, including the Chase Sapphire Reserve and the Citi Prestige Card, have challenged the value proposition of the American Express Platinum card. The competing cards offer improved versions of similar benefits (including an increased airline fee credit on the Chase Sapphire Reserve), along with exclusive benefits of their own. Not to be outdone by their competitors, American Express has fired back with new offers for those holding the consumer Platinum Card and the Business Platinum Card.
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Citi Prestige® Card
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$450 first year
$450 after first year |
40,000 Points After $4,000 in purchases made with your card in the first 3 months the account is open. Read Review » |
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Citi Prestige® Card |
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Starting October 6, 2016, consumers who hold the American Express Platinum Card can earn five Membership Rewards points for every dollar spent on airfare booked directly with airlines, or fares booked with American Express Travel. Those holding the Business Platinum Card can earn a 50 percent points rebate when using Membership Rewards points directly with American Express Travel via Pay with Points. In addition, those with the business version of the card can earn 1.5 Membership Rewards points per dollar spent on purchases above $5,000.
The new benefits are in addition to those already offered to American Express Platinum cardholders, which include the $200 airline fee credit, gold Status with Starwood Preferred Guest and Hilton HHonors the fee credit for TSA PreCheck or Global Entry and no international transaction fees. In addition, executives for the company hinted at “further enhancements” coming to the Platinum Cards, as well as a focus on leveraging small business customers.
For those who hold either version of the American Express Platinum Card, the news is a welcome sight. The five Membership Rewards per dollar spent on airfare is the largest bonus available among the top-tier cards offering bonuses in the category. Although the multiplier does not apply to other travel categories (including hotels, rental cars, or other travel categories), the points earned on airfare alone could make up for other spending. From there, travelers have the option of using their points directly with American Express travel or transfer them to be used directly with hotel chains where loyalty status is already granted, or transferred from Starwood Preferred Guest Starpoints to other airlines or Marriott Rewards.
However, there are still shortcomings that have yet to be addressed for the $450 annual fee. For instance, the airfare bonus is the only bonus category available on the Platinum Card. Other high-end credit cards offer at least two bonus categories, including a bonus for dining and restaurants.
With the changes in bonus categories to both Platinum Cards, American Express has done an excellent job in keeping up with the industry. With the ability to earn five points per dollar on airfare or a 50 percent rebate on Pay with Points, this card has gained new life in the marketplace, re-earning a top spot among the high-end cards.
Do these changes give you a new excitement for the American Express Platinum Cards? Let us know your thoughts in the comments below!
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