According to a rumor reported by Doctor of Credit, The Platinum Card® from American Express will be “refreshed” this year and may sport a mirror finish. Nick and I recently took a stab at predicting what perks and rebates the refreshed card will offer in our podcast episode “Predicting the Refreshed Platinum Card.” I think we got a lot right in that show, but maddeningly I forgot to include one of my primary predictions: Amex will add Resy Restaurant credits. So, I’m declaring a do-over. I’m taking the best predictions from the show, plus Resy Restaurant credits, plus some ideas contributed by our audience to produce a new set of predictions. What follows is what the refreshed Platinum card will really look like. 110% guaranteed1.
The following predictions are for the consumer Platinum Card. The Business Platinum Card, if refreshed, will have different changes.
Annual Fee: $895
I think Amex will go big here and increase the fee from $695 to $895. Ouch.
Point Earnings Unchanged (Unfortunately)
Currently the Platinum card earns 5 points per dollar for flights booked directly with airlines or with American Express Travel, and 5 points per dollar for prepaid hotels booked through American Express Travel. For all other purchases it earns only 1 point per dollar. That’s really poor compared to most other popular cards. I would love to see Amex make the Platinum card more competitive here. At a minimum, this card should continue to earn 5x in select travel categories and 3x for all other travel purchases; and 3x for dining worldwide. Unfortunately, I don’t think that even that much is likely.
$300 Resy Restaurant Credit (New)
Given that Amex recently added Resy credits to the Delta SkyMiles Platinum and Reserve cards and the Amex Gold card, this prediction is a slam dunk. That’s why it’s particularly irritating that I forgot to mention it on our podcast!
I expect that the credit will be doled out monthly: up to $25 back per month for any spend at U.S. restaurants listed on the Ressy platform. This will be advertised as a $300 credit ($25 x 12 months) to encourage customers to believe that it’s a great trade off for the increased annual fee.
$300 Lifestyle / Wellness Credit (Replaces $300 Equinox and Soul Cycle credits)
This one was suggested by Whitney (here). I expect that this credit will be for spend at gyms, spas, wellness apps, etc. I expect that it will be doled out monthly: up to $25 back per month. While I don’t think this is nearly as likely as the predicted Resy credit, I think this would be a popular new benefit. It would be great to be able to pick our own path towards wellness rather than having Amex dictate that we do it through Equinox or Soul Cycle.
$200 Flight Credit (Replaces Airline Incidental Fee credit)
Currently, the Platinum card reimburses up to $200 per calendar year in incidental airline fees. That credit will be replaced with a $50 per quarter flight credit. Any purchases made directly with an airline should qualify for up to $50 back each quarter. This mirrors a similar change that was made to Hilton Aspire card a couple of years ago.
This switch will at once make it easier to use the credit since it won’t be limited to airline fees, and harder to use the credit since it will be spread out quarter by quarter.
$240 Rideshare Credit (Replaces $200 Uber Credit)
Currently Platinum cardholders get $200 per year in Uber credit doled out monthly as $15 per month and $35 in December in use-it-or-lose-it credit. I predict that this will be replaced with up to $20 per month in rideshare rebates (similar to the Delta Platinum and Reserve cards’ $10 per month rideshare rebates. The nice thing about this is that it wouldn’t be limited to Uber. One bad thing is that it won’t work for Uber Eats. Another bad thing is that families with multiple Platinum cards won’t be able to pool their rideshare credits as they can today.
$120 Walmart Cash (Replaces $100 Saks)
Nick came up with this one and I think he’s probably right. My guess is that we’ll get $10 per month in use-it-or-lose-it Walmart Cash. For Walmart shoppers this will complement the current Walmart Plus rebate which I expect will continue. This new credit will probably replace the $100 Saks credit ($50 every six months) that we have now.
Delta Complimentary Upgrades (New)
This is a bit of a wild guess, but I think it makes sense. Long ago, Amex Platinum cards came with Delta Platinum elite status. I don’t see that happening again, but I do think that it would be easy and cheap for Delta to allow Platinum cardholders onto the complementary upgrade list for free (mostly domestic) upgrades to comfort+, first class, or Delta One. This would mirror the benefit found on Delta SkyMiles Platinum cards (details here).
Many perks unchanged
Platinum cards have many other popular perks including lounge access, elite status with Hilton and Marriott, rental car benefits, prepaid hotel credits, digital entertainment credits, etc. I’m predicting that most of these will remain unchanged. For complete details about Platinum card perks, see: Amex Platinum Complete Guide.
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Am I the only one that thinks the Walmart credit is/would be (if implemented) out of touch with who their target consumer is? Who is staying in 5* hotels and frequenting Equinox gyms yet buying their groceries from Walmart? I think Whole Foods would be more on-brand. For city dwellers like myself, there’s not even a Walmart close enough to utilize such a credit, whereas Whole Foods have city center locations. Maybe it’s just me.
Next increase I am out, it’s getting ridiculous
If the fee goes up they need to increase the trip cancellation coverage well beyond $10K per trip. Matching CSR $20K per trip would be a good start.
Agreed with most commented here. It is not worth it anymore.
$200 increase for a shiny card ! So not worth it … Lot of Platinum card members will drop the esteemed membership.
All that sounds beyond terrible. Delta upgrades would be beyond wothless. Even those with Diamond and Platinum don’t get upgrades beyond automatic C+ very often. Gold and Silver is a longshot. Non-status is essentially a worthless gimmick. If what you propose happens I will be cancelling for the first time in 15 years.
I hope that these predictions are not true. If even 50% of them happen, I will need to drop my Platinum card that I have held for over 10 years. All of these predictions are brutal for anyone that spends a significant amount of time outside of the US where you can’t use these credits.
I don’t have a Plat right now but should be ready to go again later in the year, assuming they have forgotten my former card by then. A solid signup bonus will make it worth getting the card, ideally in December, but if it’s at that price, it would take a really handsome retention incentive to make it worth keeping after a year. This blog has often made the point that the “face value” numbers for these cards are too high unless they cover something you already would do anyway. Doling out benefits out in monthly drips is very unappealing to me – I don’t want to keep track of doing all those things every month. The only exception is the health/wellness idea, since I do have a monthly gym membership anyway.
I was close. I thought they would go to 995. Give it a year and they are going to 995 a year. They figure most just pay attention. Joking aside Greg and Nick had a good idea where this was going as far as the “perks”. We will see what happens to the business card. I won’t just renew unless I am getting excess value there.
I don’t think that they will increase their fee that much. $200 is too steep, especially, not long ago they already increased that.
If most of the negative predictions come true, especially the airline and ride share. Then I am gone. Be nickeled and dimed every month for everything, maybe great for them, but way too much hassle and low value for me.
currently I value against the $695 AF of Plat MS:
Uber = $150 (sometimes not able to use it or overspend, usually not dinning much)
Airline = $200
Lounge = $70 (amex no guests, Priority pass almost useless now with waitlists everywhere, home airport SFO)
entertainment/streaming credit = $80 (I would usually not spend that much on streaming, or not pay for a whole year)
Walmart (entertainment) credit = $80 (I would usually not spend that much on streaming, or not pay for a whole year)
Clear credit = $100 (not that beneficial all the time, sometimes there is just no oen in lien anyway or the Clear line is as long as TSApre)
Saks = $50 (very limited choices buying something less than $50 and then have the shipping and tax).
Total = $730
That certainly makes up the AF, but does require some/work and hassle and spending on dining which I otherwise would not really. Yes Uber can be used for grocery, but that credit comes even less valuable as with all the service and/or delivery fees, and higher prices of items.
So far a have not been able to find anything to use the $200 hotel credit. I was close to using it but would have needed to spend significantly more (double or triple) on a this luxury hotel.
I travel at least twice internationally (other continent) with family, per year. Domestically we travel also twice a year. But still I have not found better uses, because of all the other cards I have.
Domestically I actually more on the United card side with the Quest and Club card.
Club is way easier to use, less crowded, certainly not as Amex lounge, but if I don’t get in there it has zero value.
Anything I am missing as benefit?
Oh yes Equinox, well too far away, going to local gym is much better than this.
$895 would actually be inline with their raises.
$450->$550 = 22.2% raise in 2017
$550->$695 = 26.3% raise in 2021
$695->$895 = 28.7% raise in ??
4 years also seems like the trend. So predicting a raise this year seems reasonable
that’s only because all the lemmings hop in line. There is a bursting point to all bubbles. Interesting to see what the next hike is the one to cause a net loss to “membership”. I’m on the bubble now where I do not want to “pre-spend” to save/recoup every month.
Please don’t give AMEX ideas..
I support the increase. Maybe not the changes. Not going to Walmart. But if it increases profits and decreased membership, it is a huge win for all. Find that seaweed spot and avoid over crowding.
These cards keep raising their fees and apparently people just continue to pay them since they never seem to have any blowback or reverse any of the changes, so I wonder just how expensive it has to be before people start cancelling enough that they’ve realized they’ve finally hit the ceiling?
When the SUBs and retention offers go away.
Oh, I think $895 will give many a bit of pause. For me, if it’s $895, I’m done!
895. They’ve lost their mind. I’m gone.
If AF goes to $895, I’m gone! Way too expensive for the coupon book benefits!
That $895 AF will be too rich for many. I don’t use most of the credits. I use my card mostly for Amex Fine Hotels and Resorts bookings.