topic Re: AMEX Platinum might raise annual fee & changes to Centurion lounge acces in Credit Cards

AMEX Platinum might raise annual fee & changes to Centurion lounge access

EvilR-T — Fri, 11 Jun 2021 18:38:58 GMT

https://www.doctorofcredit.com/rumor-american-express-to-increase-personal-platinum-annual-fee/

Re: AMEX Platinum might raise annual fee

cashorcharge — Thu, 18 Mar 2021 18:38:30 GMT

I remember reading something early 2020 that AMEX had "mentioned briefly" during some Press Event or Quarterly Earnings Meeting that they were looking to introduce a new card that would slot ABOVE Platinum but still BELOW Centurion (Black) and this card would have a higher AF but also different benefits. It was also stated that the card would be released last year but apparently COVID changed their course.

I am wondering if they are still contemplating that with this rumored change.

Thanks for sharing....

Re: AMEX Platinum might raise annual fee

4sallypat — Thu, 18 Mar 2021 22:14:14 GMT

@cashorcharge you are correct - there was a rumor on One Mile at a Time article about a new Amex card that fits between the Platinum and Centurion card:

https://onemileatatime.com/amex-new-ultra-premium-card-rumor/

Rumored to be: Amex Black or Amex Titanium

I hope my personal Platinum does not have an AF increase - it's already pricey with an AU ($175) on top of the $550.....

Re: AMEX Platinum might raise annual fee

Anonymous — Fri, 19 Mar 2021 12:14:17 GMT

I can swallow the $550 for the card but if it goes up like this, I can't see a way to justify it. It almost sounds like they're just moving Plat upmarket into the role they envisioned for the newly-announced card, with the AF increase and mention of it becoming less about travel and more about lifestyle. Barring a better MR earnings structure to reflect the higher cost to have it, I'll likely close mine at the one-year mark.

Re: AMEX Platinum might raise annual fee

4sallypat — Fri, 19 Mar 2021 13:50:36 GMT

If the Plat goes up to $695, I was thinking of downgrading the card to the Gold where it's more affordable and I keep my MR points which I have farmed for many years...

Re: AMEX Platinum might raise annual fee

Stralem — Fri, 19 Mar 2021 15:17:44 GMT

Welp, as always, if the benefits are something that fit with my lifestyle, I'm not necessarily afraid of a fee increase.

But of course, this is going to require a serious re-evaluation of that if true.

Re: AMEX Platinum might raise annual fee

sladesurfer — Fri, 19 Mar 2021 15:47:28 GMT

@EvilR-T wrote:
https://www.doctorofcredit.com/rumor-american-express-to-increase-personal-platinum-annual-fee/

Good, I hope they increase it to $1000 to lessen the crowd in Centurion Lounges. When it was open, Theres never a day i go inside thats not crowded.

Re: AMEX Platinum might raise annual fee

Anonymous — Fri, 19 Mar 2021 15:50:20 GMT

@4sallypat wrote:
If the Plat goes up to $695, I was thinking of downgrading the card to the Gold where it's more affordable and I keep my MR points which I have farmed for many years...

Good to have that option. I have Gold already and don't really care about getting Green, as I can cover most of its benefits between my Gold and BCP cards. If they revise the earnings structure, mainly through MR multipliers on spending categories, that could be a different story, but at 1 MR per dollar outside the travel portal, this would likely end up being a lost tradeline in my case.

Re: AMEX Platinum might raise annual fee

FlaDude — Sat, 20 Mar 2021 00:38:13 GMT

The continual Amex AF increases brings to mind this scene from Animal House:

Re: AMEX Platinum might raise annual fee

NRB525 — Fri, 19 Mar 2021 18:59:22 GMT

@EvilR-T wrote:
https://www.doctorofcredit.com/rumor-american-express-to-increase-personal-platinum-annual-fee/

Thanks for the link.

I have been quite happy with the approach AMEX has taken on their cards in the last year. I will look forward to the newly identified benefits for the "Lifestyle" category. I expect the added benefits and credit opportunities will make up for the fee increase.

Re: AMEX Platinum might raise annual fee

K-in-Boston — Fri, 19 Mar 2021 19:27:19 GMT

I'm fine with increases as long as the card is still worth the fee. The rumored $240 entertainment credit and free Clear membership (I pay $109 a year as a Delta PM, but that would be a $179 value) alone would more than offset the increase for me. Paying $145 more a year ($870 instead of $725 with AU cards) to get a guaranteed $349 back toward purchases I would have made anyway makes perfect sense. Add in the rumored $100 Resy credit and the value's even better! If they end up throwing in the Equinox credits too, that might even be a boost to my physical health not just my financial health.

Re: AMEX Platinum might raise annual fee

Andypanda — Fri, 19 Mar 2021 21:07:33 GMT

@4sallypat wrote:
If the Plat goes up to $695, I was thinking of downgrading the card to the Gold where it's more affordable and I keep my MR points which I have farmed for many years...

You can alwayse app for the everyday day card which has no af, and just close the platinum.

Wonder what will happen woth all the Karens that have the card.

Re: AMEX Platinum might raise annual fee

kdm31091 — Sat, 20 Mar 2021 00:18:57 GMT

@Anonymous wrote:
I can swallow the $550 for the card but if it goes up like this, I can't see a way to justify it. It almost sounds like they're just moving Plat upmarket into the role they envisioned for the newly-announced card, with the AF increase and mention of it becoming less about travel and more about lifestyle. Barring a better MR earnings structure to reflect the higher cost to have it, I'll likely close mine at the one-year mark.

The Platinum card has never been great for points earning and I don't think that will change. It was always a benefit card first and I think that will remain true with the higher fee. I think we can expect more credits and the like, but I'd be surprised if the earn rate changes.

Re: AMEX Platinum might raise annual fee

Anonymous — Sat, 20 Mar 2021 00:48:35 GMT

I understand and agree, but I'm OK with the earn rate plus the benefits at the current AF. Increase it $150-200 without some offset though and it's a tougher sell for me - I don't travel enough for just the modest MR earning and the existing lounge/travel benefits to be worth it.

Re: AMEX Platinum might raise annual fee

wasCB14 — Sat, 20 Mar 2021 01:42:11 GMT

The current structure of merchant-specific credits works reasonably well for me even with minimal travel (which will increase when I can eventually get a vaccine). Add the Schwab annual credit and $795 isn't out of the question if we get some sort of entertainment credit.

I still plan to downgrade Platinum number 2 to a Gold once the first year is up.

I once lost a lot of money on an investment managed by the owner of Equinox. For that reason (and others I can't discuss here) I would have very little interest in Equinox credits. And just for convenience, I'm quite happy with my Peloton and free weights.

Re: AMEX Platinum might raise annual fee

Anonymous — Sat, 20 Mar 2021 01:56:46 GMT

I'd consider this only if it came with top status at ALL major hotels and upgraded rooms/suites.

Re: AMEX Platinum might raise annual fee

K-in-Boston — Sat, 20 Mar 2021 02:04:50 GMT

@Anonymous wrote:
I'd consider this only if it came with top status at ALL major hotels and upgraded rooms/suites.

You can always grab a Hilton card from Amex, since Hilton seems to value their top Diamond status very cheaply. Even with its $10,000 initiation fee and $5000 annual fee, the Centurion Card thankfully only gives Marriott Gold status, so I am sure you can cross Marriott Ambassador (three levels higher) off your wish list.

Re: AMEX Platinum might raise annual fee

notmyrealname23 — Sat, 20 Mar 2021 02:19:30 GMT

@K-in-Boston wrote:
I'm fine with increases as long as the card is still worth the fee. The rumored $240 entertainment credit and free Clear membership (I pay $109 a year as a Delta PM, but that would be a $179 value) alone would more than offset the increase for me. Paying $145 more a year ($870 instead of $725 with AU cards) to get a guaranteed $349 back toward purchases I would have made anyway makes perfect sense. Add in the rumored $100 Resy credit and the value's even better! If they end up throwing in the Equinox credits too, that might even be a boost to my physical health not just my financial health.

A free CLEAR membership with AMEX Platinum kind of overlaps with the Green's $100 credit off of a CLEAR purchase, no?

I'd be unhappy if they nerfed the Green's CLEAR credit (or if they nerfed the Green card), though if they turned Platinum into a lifestyle card and left Green as a travel card with current benefits (or figured out a good benefits/annual fee structure- the one they have isn't terrible for my needs) I'd be pretty happy.

All told I'm locked out from vanilla Platinum SUBs or upgrades for (checks calendar) the better part of a decade from now, so it's either MS/Schwab variant (math says as a keeper: meh) or just upgrade with no point love, so I'd have to see something very compelling to pay $700ish for it.

@kdm31091 wrote:
@Anonymous wrote:
I can swallow the $550 for the card but if it goes up like this, I can't see a way to justify it. It almost sounds like they're just moving Plat upmarket into the role they envisioned for the newly-announced card, with the AF increase and mention of it becoming less about travel and more about lifestyle. Barring a better MR earnings structure to reflect the higher cost to have it, I'll likely close mine at the one-year mark.
The Platinum card has never been great for points earning and I don't think that will change. It was always a benefit card first and I think that will remain true with the higher fee. I think we can expect more credits and the like, but I'd be surprised if the earn rate changes.

Yup yup. Platinum 5x flights/portal, 1x elsewhere gets a total beatdown on earning on my spend on a Green (3x all travel, 1x elsewhere). I did the math and unless I just really REALLY love Centurion lounges (and assign a high value to them) it's not worth it. The math says Gold/Green > Gold/Platinum on earning for me, by quite a bit.

I don't think anyone who DOES assign a lot of value to Centurion lounges, etc. on that card is wrong to do so, but that's just not me. The PP on my Aspire would work for me if I need a lounge in a pinch (and to be honest the 10 PP passes a year from a Surpass + $100 Loungebuddy credit would probably work for me, with some visits to spare).

Re: AMEX Platinum might raise annual fee

K-in-Boston — Sat, 20 Mar 2021 02:21:59 GMT

@notmyrealname23 wrote:
A free CLEAR membership with AMEX Platinum kind of overlaps with the Green's $100 credit off of a CLEAR purchase, no?

Not necessarily. Free would be a full $179 value for those not receiving a discounted membership such as Delta Silver/Gold/Platinum Medallions. Also keep in mind that for much of Platinum's target audience, the Green Card doesn't make much sense. Why have the Green card to earn 3x on airfare when you earn 5x on Platinum, for instance? I personally can't justify the Green Card's $150 annual fee, and as evidenced by my signature I'm definitely willing to pay Amex annual fees when it makes sense.

Re: AMEX Platinum might raise annual fee

notmyrealname23 — Sat, 20 Mar 2021 02:43:58 GMT

@K-in-Boston wrote:
@notmyrealname23 wrote:
A free CLEAR membership with AMEX Platinum kind of overlaps with the Green's $100 credit off of a CLEAR purchase, no?
Not necessarily. Free would be a full $179 value for those not receiving a discounted membership such as Delta Silver/Gold/Platinum Medallions. Also keep in mind that for much of Platinum's target audience, the Green Card doesn't make much sense. Why have the Green card to earn 3x on airfare when you earn 5x on Platinum, for instance? I personally can't justify the Green Card's $150 annual fee.

I get that the Green doesn't make much sense for a lot of Platinum carriers. I would say it overlaps with the CSP/CSR in terms of benefits/earning and is a perfectly solid midrange travel card. Midrange travel card + premium travel card... doesn't make much sense unless you spend a lot in Green categories that Platinum doesn't cover.

(Oh, and you get free AUs on a Green card. Very handy that, if you have a P2.)

I'm more thinking that someone who gets a Platinum card and uses CLEAR at any level (read: travels more than the average bear) has a very high chance of being a general member of SkyMiles or United MileagePlus (not even an elite- it literally costs you nothing to sign up for the program). That takes the cost of CLEAR to $119.

https://www.clearme.com/partner/united
https://www.clearme.com/partner/delta

So the incremental value of "free membership" (proposed Platinum benefit) over "$100 price break" (Green) is a whopping... $19. That's... a little weak in terms of value on top of what you get for Green in my view.