Amex has a decent lineup of Platinum cards available to consumers. Whether you’re interested in The Platinum Card® from American Express, The Platinum Card® from American Express Exclusively for Morgan Stanley, the American Express Platinum Card® for Schwab, or The Business Platinum Card® from American Express, you’re typically going to get a lot of bang for your buck.
Now, American Express has chosen to update the benefits available to these cardholders, along with an increase to the annual fee. Note that terms may apply and enrollment may be required for some of the benefits listed. Let’s break down what’s changing.
|Credit Card||Benefits & Info|
The Platinum Card® from American Express
(at Amex's secure site)
Must Reads: For more info on the Amex Platinum, see our thoughts on the cards incredible benefits and perks, which includes travel insurance coverage, car rental insurance and so much more. Check out our full review to see why it's one of the best travel credit cards.
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New Amex Platinum Card Benefits
The Amex Platinum card already comes with a ton of benefits, but as part of the changes we’re seeing, some new ones being added in:
- $179 Annual CLEAR® Credit — CLEAR is a service that expedites airport security, much like TSA PreCheck.
- Up to $300 Annual Equinox Credit — This credit will be distributed in monthly increments of up to $25 and can be used towards select monthly Equinox membership fees and Equinox+.
- Up to $240 Digital Entertainment Credit — Doled out at a rate of up to $20 per month, this credit can be used when you pay for Peacock, The New York Times, Audible, and/or SiriusXM.
- $200 Prepaid Hotel Credit — This credit is valid for select bookings at Amex’s Fine Hotels & Resorts and The Hotel Collection made via Amex Travel.
- Global Dining Access by Resy — Add your card to your Resy profile to unlock access to special dining experiences and exclusive reservations.
- Wheels Up (Premium Private Jet Program) — Enjoy up to 40% off a Wheels Up membership and up to $2,000 in flight credit towards your initial flight within your first year (depending on membership).
All in, Amex is going to be offering its Amex Platinum cardholders over $900 in new credits each year. If you can take advantage of these that’s a huge gain.
Hot Tip: New benefits that Amex Business Platinum cardholders will have access to include the CLEAR credit, Wheels Up Premium Private Jet Program discounts and credits, and Global Dining Access by Resy.
Increased 100,000-Point Welcome Offer
You can now earn 100,000 Membership Rewards points after you spend $6,000 on purchases on your Amex Platinum card in the first 6 months of card membership. We value Membership Rewards points at about 2.2 cents per point, which means that a 100,000 Membership Rewards points bonus offer is worth ~$2,200!
We also have some ideas for awesome ways to spend 100,000 Amex Platinum card points!
Continuing Amex Platinum Card Benefits
As we’ve already mentioned, the Amex Platinum card offers a suite of benefits to its cardholders. Here are the benefits that will be continuing forward:
- Up to $200 Airline Fee Credit — This credit covers incidental expenses, such as baggage fees and seat selection, on the airline of your choice.
- Up to $100 Annual Saks 5th Avenue Credit — Up to $50 of this credit can be used from January to June and the other $50 can be used during the second half of the year.
- Monthly Uber Cash Credit — These credits for rides or Uber Eats orders are dispersed at a rate of up to $15 per month, with up to $35 in credit being issued in December (up to $200 annually).
- 5x points per dollar on flights booked via Amex Travel or directly with the airline (up to $500,000 per calendar year)
- 5x points on prepaid hotels booked via Amex Travel
- Complimentary Hilton and Marriott Gold Elite hotel status and rental car elite status
- TSA PreCheck/Global Entry Credit — This credit covers TSA PreCheck up to $85 or Global Entry up to $100
- Global Lounge Collection— This includes a Priority Pass membership, access to Delta Sky Club when flying Delta, Centurion Lounges, and more
- Access to the International Airline Program
- Cell phone protection
Hot Tip: The Global Lounge Collection has expanded to include Lufthansa Lounges. Escape Lounges in the U.S. will be updated and rebranded as Escape Lounges – The Centurion Studio Partner and existing American Express International Lounge locations will be converted into Centurion Lounges.
Higher Annual Fee for Amex Platinum Card
With all these new credits comes a hike in the Amex Platinum card’s already hefty annual fee. Originally $550, you can now expect to pay $695 each year to hold any of the Amex Platinum card’s lineup (see rates and fees). That’s a $145 annual increase, which is no joke, though you should aim to maximize the $1,400+ in monthly and annual credits.
Although it’s always a bummer when a credit card increases its annual fee, at least we’re seeing some major changes in its credit offerings. Whether or not the card will continue to be a good value for you in future years will depend on a few variables: Can you use these credits? Would you have spent the money on them anyway? Do you find value in Amex’s Global Lounge Collection and will you be using your hotel elite status?
Consider all of these questions before deciding whether or not to keep the card. That being said, these new changes aren’t all bad, especially if you can maximize the $900+ in new annual credits.
The information regarding The Platinum Card® from American Express Exclusively for Morgan Stanley and the American Express Platinum Card® for Schwab was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
For rates and fees of The Platinum Card® from American Express, click here.