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Platinum Card
Yesterday we posted a rumor (that we were almost certain that was correct)Â that American Express would be making changes to their Platinum & Centurion cards in 2017. American Express just had their earnings report and in the earnings call they mentioned their Platinum card multiple times. For those interested in the direction American Express are going, the full transcript is worth a read. I’ve highlighted the references to the Platinum products and incoming changes below (all emphasis is mine):
“Looking ahead to Q4, the financial performance we have had year-to-date gives us confidence to move ahead more aggressively with the series of initiatives that we have been working on for some time. In particular, we plan to accelerate and leverage the combined progress we have made in several areas. First, providing increased marketing support for the tremendous Platinum card franchise that we have in the U.S., we are excited about the changes announced earlier this month, which will provide expanded travel benefits for our U.S. consumer and small business Platinum products. These new benefits are just one step in a series of further enhancements that we plan to make to the Platinum product over the course of the next year.”
Our Verdict
There is also some information regarding how American Express see their Platinum brand:
“I would point out that when you look at our Platinum franchise, in many ways is built upon a group of people who stay with us for decades, not for short periods of times.”
They also make mention that they will be more specific in regards to 2017 changes after Q4 has finished. They don’t make any mention of any new cards or product launches, and I haven’t been able to find any information supporting a new card launch in early 2017. That makes sense for American Express as the Platinum products already have a lot of brand capital and prestige surrounding them.
As mentioned in the previous post, the most natural change to make in early 2017 would be a change to the way that travel credits work. I suspect we will see an easing of the rules on those credits and an increase on the $200 offered annually. You can read more about our thoughts here.
Hat tip to /u/The_Scalia_Playbook on /r/churning
