Word on the street is the Amex Platinum card is going to be “refreshed” which may mean new benefits, new cost, new rebates, and more. In this episode, we’ll make some predictions about what we might see.
Coffee Break: Predicting the Refreshed Platinum Card
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(00:56) – Predicting the Refreshed Platinum Card annual fee
(02:45) – Earning rate change?
(03:54) – Coupon changes?
(06:39) – Will the airline incidental fees credit change?
(11:47) – Perk changes?
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Music Credit – Beach Walk by Unicorn Heads
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If any one of your predictions come true, I will almost certainly be canceling this card immediately. It’s already probably the least defensible card that I keep. I’m not able to get enough value from the coupons to offset the annual fee, but I visit Centurion lounges about 25 times per year which allows me to mentally justify it. Pretty much all of your predictions for new benefits would be things that I can’t/wouldn’t use.
Personally, I’m doubtful about a closer integration with Delta benefits on this card. Maybe it’s my own blinkered view from being someone who pretty much never flies Delta, but it seems like those benefits would be absolutely useless for a lot of people, and for the people that would find them useful Amex would just be cannibalizing their user base from the Delta cards.
The Delta specific benefits laid out by Greg & Nick do nothing to cannibalize the Delta card user base. As you admittedly almost never fly Delta, you may not be familiar with the main reasons people obtain Delta cards. As someone who mainly flies Delta, and has a lot of similar friends, the reasons people sign up for and retain Delta cards include:
The Delta-specific items discussed by Greg and Nick really have no affect on the above items. They mentioned adding your name to the upgrade list–no one signs up for Delta cards for this benefit (and if they did, they would soon realize it is meaningless and cancel after a year). Changing the airline incidental credit to a Delta specific credit–again, no affect on why people get Delta cards. In fact, there is one thing they mentioned that would actually encourage me to expand my Delta card portfolio. I was bummed by the Delta Sky Club restrictions, but since my home airport has a Centurion lounge, it just means going to the latter more often. If my visits to both the Sky Club and Centurion are numbered, I will likely bite the bullet and finally sign up for the Delta Reserve card, so I have more lounge visits.
If they add the speculated Delta upgrade list benefit, that would be less than useless for me and wouldn’t justify a penny in AF increase.
I got an email from Amex in Dec, asking me to give feedback on the changes I’d like to see on my Amex Biz Gold. They asked how it compares to other cards from different banks, what I like and don’t like about the card, and what I would like to see in a refresh. Maybe they will bring changes to this card too.
[…] to the Frequent Miler, the Amex Platinum card is set undergo more changes. At the moment, we don’t know any […]
There is just no way they’re going to replace Saks with Walmart. Do you know how bad that would look for the brand?
They already have the link to Walmart via Walmart+ or whatever it’s called.
Personally, my annual spend at Saks is probably higher than at Walmart… and my only Saks spend is the $50*2 from the Plat card.
But I really don’t know that the Saks coupon does anything for either company.
In terms of lounge access, I think they could (also) place restrictions on Priority Pass visits. Limiting to 10 visits per year would probably save a small amount of money, and not irritate too many people (just the super-users).
If they do limit Centurion access, I wish they would at least find a way to restrict access just when it is busy. For example, you can only join the waitlist 10-15 times. And unlimited visits when there is no waitlist. Though, I notice the SEA Centurion site often has a waitlist when it the lounge is only half full, so maybe this would not matter.
I think writing is on the wall for pooling Uber credits. Doubt it will make sense to have multiple Plats like it does now
No Resy credit???
Honestly just hoping for a Green card refresh first
Wasn’t the green card refreshed in the last couple years?
4 +/-
I think the Green card could use a few more credits or better travel protections to justify the AF, but I believe the Green is the most slept on card in AmEx’s whole portfolio, and the one card that really makes sense for most people who earn points through general spend beyond maybe the Gold card. 3X on all general travel and worldwide dining is pretty stellar IMO.
The AF is the only thing that really gives this card a bad rap. AmEx’s secondary car insurance is not helpful either.
I’ll save you the suspense. More coupons that are more niche and more monthly/quarterly, more restrictions on lounge access, and higher AF. Amex has a template and they don’t deviate.
Respectfully, I don’t think you are thinking big enough. This year is Amex’s 175th anniversary and the Platinum Card is their flagship product. I predict big changes. Here’s my prediction (I hope I’m wrong!)
– annual fee increase to $975 or $995
– $400 airfare credit ($100/quarter, any airline) replaces airline incidental credit
– $200 ride share ($50/quarter) replaces Uber cash
– New Amex experiences/events credit, either $200 annually or $300 split $150 semiannually + Amex experiences added as new 5x category
– FHR credit increases to $300, split $150 semiannually
– New flexible lifestyle/wellness credit of $15-20/month (similar to ABG business credit) that works on a select list of services geared towards millennials – I’m thinking something like Banfield pet hospitals (since they have vet care subscriptions), Life360, and HeadSpace/BetterHelp. Maybe throw GrubHub in there too as a crowdpleaser.
– Digital entertainment credit kept the same, but Patreon is added to the list of services
– Walmart+, CLEAR, and Equinox credits remain as is
– Saks credit is axed
– Centurion lounge visits limited to 15-20/year, with unlimited access unlocked at $75k spend/year
This line up would allow Amex to market the card as having “more than $2,000 of credits” (roughly double the annual fee) and would be geared at the coastal/urban millennial they seem to target.
They could sell the airfare credit as an upgrade in terms of both amount and flexibility. They’ve really been pushing their events in marketing lately, and I think that’s a natural fit for the “premium” brand of the Platinum card, plus it has the benefit of sounding pretty good while probably having high breakage because people don’t read what the benefit actually is before they apply. Meanwhile, increasing the FHR credit while simultaneously making it harder to use is classic Amex. The flexible lifestyle/wellness credit could be heavily subsidized by brand partners while also having the allure of meeting the needs of different market segments. Digital entertainment meant credit is popular and likely highly subsidized so it stays, and the addition of Patreon helps fill the void left by SiriusXM and Audible while also having the benefit of being marketable as “supporting creators.”
Saks is gone for the reasons Nick mentioned and because it’s a little old school for the market I think Amex wants. I think Walmart+, CLEAR, and Equinox are working well from a partnership standpoint and will likely stick around for awhile. I think an expanded Walmart benefit is unlikely, as I don’t think Walmart want to pay for it. The W+ subscription incentivizes engagement with the brand in a way that has very little cost to Walmart – if they offer some sort of statement credit or Walmart cash it is too easy to make a minimum purchase to get the benefit and be done, especially given that Walmart sells everything. With respect to Sam’s Club, I think they’d prefer to sign people up with first year discount offers and then hope to keep them on the hook for the full membership at renewal.
Really hoping I’m wrong!
Assuming my predictions are correct, here’s how I think I’d value these for myself:
– Airfare credit, will use for sure so I value at face value – $400
– Ride-share credit I would use sometimes but mostly not, but since I could buy a Lyft gc to sell I’ll call 50% value – $100
– Experiences – $0
– FHR, I already find this credit hard to use so really don’t like the idea of having it split up but I’ll still use it probably at least once per year and enjoy the perks, so when offsetting the higher cost of the rates I’ll give it one third value – $100
– Lifestyle credit (unless they do throw in something like GrubHub) – $0
– Digital entertainment credit I actually use, and especially if Patreon is added this one is easy for me at face value – $240
– Walmart+ is meh but I sometimes find the grocery delivery useful – $50
– Equinox – $0
– CLEAR I actually use and it is sometimes helpful. I wouldn’t pay full price but I’d pay something – $50
So that math has me getting $940 value out of the credits. Looking at it that way, would I pay $35-60/year for centurion lounge access, priority pass, and 5x on airfare? Yeah, I would. Especially since I usually get a few Amex offers a year that I find useful. So they’d probably keep me on the hamster wheel just like they always seem to do – which just makes me think I’m on to something even more LOL
I’m sorry. Could you please repeat that?
Why Patreon lol? If it weren’t for that detail I’d think this was a legit employee leak
Maybe it’s too random, but it seems like a lot of YouTube creators and podcasters have Patreon channels now that come with exclusive content and that would seem like a way to fill the void left by the loss of SiriusXM and Audible. Probably just wishful thinking on my part. Definitely not an employee leak, btw – just a churner with an overactive imagination lol
$895 annual fee — historical pattern of 30% increases
$200 FHR credit
$240 digital entertainment credit
$200 airfare credit
$200 Resy credit
$200 ride share credit
$200 Walmart / Sam’s memberships
$199 Clear
If the Resy credit is like Gold, I guess it’s ok. Air *fees* credits has to increase