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.
After an increase to the annual fee and a slew of new benefits were added in July 2021, American Express has chosen to further update the benefits available to these cardholders. Note that terms may apply and enrollment may be required for some of the benefits listed. Let’s break down what’s new.
New Amex Platinum Card Benefits
The Amex Platinum card already comes with a ton of perks (that we now value over $5,300!), and 2 new benefits were just added:
- $155 Walmart+ Credit — This credit will be distributed in monthly increments of $12.95 which covers the full cost of a Walmart+ membership. Walmart+ offers free shipping and delivery as well as other discounts.
- $300 SoulCycle Credit — This credit can be received when you purchase a SoulCycle At-Home Bike. Just note that a 12-month ($40 per month) Equinox+ membership is required to purchase a bike.
All in, Amex is going to be offering its Amex Platinum cardholders over $1,800 in new credits each year. If you can take advantage of these, that’s a huge gain.
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 $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.
- 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.
- Global Dining Access by Resy — Add your card to your Resy profile to unlock access to special dining experiences and exclusive reservations.
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 also 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!
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 $1,800+ 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 $1,800+ in 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.
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