Credit Card News
American Express Makes Adjustments to Platinum Card Benefits
With an annual fee of $695, the Platinum Card from American Express is regarded as a premier travel and “lifestyle” card. However, the company has also sought to provide its members with value for that fee, often partnering with various brands to bring credits and benefits to cardholders. On that note, Amex has recently made a pair of updates to the card that will likely be positively received by customers.
Starting in 2023, the Platinum card’s Equinox credit will be available on an annual basis, allowing customers to earn up to $300 in statement credits per year. Previously (and through the end of this year), this credit was limited to $25 per month. While that still totaled $300, it limited the credit’s usefulness.
In addition to the upcoming Equinox credit adjustment, the Platinum card has also revised its Hertz benefit. Now, eligible cardholders can receive complimentary President’s Circle status — the rental car company’s highest elite tier. Typically, achieving this status would require customers to make 15 rentals in a year or spend $3,000. President’s Circle benefits include guaranteed upgrades, a dedicated customer service line, the ability to earn 1.5 points for every $1 spent, and more. Prior to this announcement, Platinum card members would receive some, but not all, mid-tier benefits for Hertz.
These relatively minor changes are the latest adjustments to the Platinum card since Amex unveiled a more substantial overhaul to the card in June 2021, which saw the offering’s annual fee rise from $550 to $695. Since then, American Express has introduced a $12.95 Walmart+ subscription statement credit and added the Disney Bundle to the eligible Digital Entertainment Credit options.
Other credits featured on the card include up to $200 in Uber Cash per year ($15 per month plus $35 in December), a $200 annual Amex Fine Hotels and Resorts credit, $200 in airline incidental credits annually, $100 in Saks Fifth Avenue credits per year ($50 for each half of the year), and more. In total, the company states that cardholders can enjoy more than $1,400 per year in value from the card’s benefits.
Although these two quiet updates to the American Express Platinum card may seem fairly small, they could make a big difference to the right cardholders. Moreover, given the negative feedback (and, at times, mockery) Amex received when it first introduced the Equinox credit, it’s interesting to see the company respond to that criticism and make the adjustment. In any case, with these changes currently coming with no price hike or removal of other benefits, existing and prospective Platinum cardholders should definitely see them as a win.
