Posted by Chuck on December 3, 2018
Credit Cards

Published on December 3rd, 2018 | by Chuck

78

American Express Business Platinum Raises Annual Fee to $595, Adds $200 Dell Credit, WeWork Benefit and More

The business version of the American Express Platinum card will be getting an increase in its annual fee from the current $450 up to $595 in Februrary. (The personal version of the Amex Platinum had its $450 annual fee increased to $550 a while back.)

The following new benefits are being added (my commentary in the following bullet points):

  • One year of complimentary Platinum Global Access from WeWork ($2,700 value), a network of premium workspaces around the world. With Platinum Global Access, enjoy over 300 workspaces in 75+ cities and 20+ countries.
    • This is a valuable benefit for someone who will make use of this, but pretty useless for the majority, I think.
    • The wording “one year of complimentary access” makes it sound like it’s a temporary benefit, not an ongoing benefit of the card. This is similar to the ZipRecruiter benefit on the Business Gold card, though that benefit is for new cardmembers only while this one is being given – for at least one year – to ALL cardmembers.
  • Up to $200 in statement credits annually for U.S. purchases with Dell on your Business Platinum Card.
    • We’ll have to see how this comes out. If it’s a monthly $15-$20 benefit (a la Uber), it’s not too useful. If it’s a twice-annual $100 credit (a la Saks) it might be a bit useful, but obviously worth way less than a real $200 value. We’ll have to wait and see.
  • $100 hotel credit on qualifying charges at hundreds of properties in The Hotel Collection (up from $75) for new reservations made after January 1, 2019 when you book through Amex Travel.
    • Meh

All these changes will take place in February 2019, including the annual fee change. When your card renews in February 2019 or beyond, you’ll get hit with the higher $595 fee. And the new benefits will go into effect then as well. The changes were just sent out via email to all current business Platinum cardholders.

Overall, this is a  terrible change for most people as the WeWork benefit only helps someone who can make use of that, and Dell benefit will probably be just marginally valuable for most people, while the $145 fee increase is large and real for everyone. Additionally, it sounds like the WeWork benefit is a one-year thing, as noted.

They are clearly shifting to try making their business card attractive to ‘real’ businesses, not an eBay pop-up shop. I just think they aren’t doing too well a job since these kind of benefits are very business dependent; they should have a suite of options, e.g. you choose either WeWork or ZipRecruiter or etc.

The $450 annual fee is still showing for public applications. If you don’t value the new benefits, it’s worth locking in the lower rate before it increases. I’d assume we have until February, but who knows – it’s possible new applications will change sooner.

The current public signup offer is 75,000 points after $20,000 in spend (50k/$10 then 25k/$10k). The current referral signup offer is the same, so you’ll want to use a referral (or self referral) to signup for this. Another option would be to go through the Affinity portal for an additional $50 bonus. It’s possible to call in and get 100,000 points for $10k offer, readers report having success with this as recently as last week, so it’s worth a shot.

Related Posts:



78
Leave a Reply

avatar
 

  Subscribe  
newest oldest
Notify of
Dan - Legal Bank Robber
Dan - Legal Bank Robber

DoC, unless something changed I just self referred and its still 75k its just broken up, (50,000 points for first 10k in spend, 25,000 points for next 10k in spend)

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Also, no WeWork spaces in Cleveland or Buffalo oof.

Do you get pro rated refund on annual fee if you cancel before end of the year? Time to cancel in January.

Why would you cancel in January? Your annual fee won’t hit until your cardmember year is up.

If your AF posts in January then you won’t be billed the new AF until February 2020. I was going to cancel when my AF came up in January, but now with this Dell credit, depending on how easy it is to drain I’m likely to keep it an extra year for the net $50 AF.

Wow, WeWork is finally a credit that I could use! (So upset about the Uber credit on that’s completely useless, as the app never works!)

Are there any details of what it entails and how it works? Do you get an access card? Or it’d be even better if you Biz Plat card would double as the access card?

WeWork is basically the ultimate lounge in any downtown or hip area. They usually have nitro cold brew, kombucha and beer on tap, plus tea and reg hot coffee, which can easily translate to real savings if you ever work remote or work out of coffee shops.

Does this give you 24/7 access to WeWork? Or only when reception open?

Agree, I’m excited as here in Denver there are about 8 WeWork places. Though on their pages it just notes the monthly cost, not an ‘annual global platinum’ membership. I guess we’ll see in Feb what that entails? I’m guessing a ‘hot desk’ for you to use at any WeWork place globally whenever needed.

Yeah, that’s kinda what fits the description. My worry is that very often with the global memberships, you don’t get the access card, so, then you don’t have 24/7 access, which is often the best kind of access, as it’s usually too busy there during the day to get any actual work done, especially as you’d have to hangout in the common areas. The usually close the taps after hours, but you can still enjoy the views as well as hot tea.

It’d be especially cool if they’d have a special Plat Biz lounge within WeWork itself — lounge within lounge, but I guess most folks are already paying $500/mo there, so, hardly a need to differentiate even more, as we kinda end up being the cheapstakes with our free plat access for $595/year…

Doc, where’d you get the $2700 value from? Doing /12 results in only $225/mo, which is way too low for global unlimited access (individual places often rent their unassigned coworking spaces for $400/mo and above), so, it’s either a wrong estimate, or we aren’t getting local and global 24/7 access, after all.

CM

I think the $2,700 is an Amex number. Most likely a $225/mo credit. So depending on the City you get visit(s) credit So NYC, Tokyo, London are expensive real estate so visits might be short.

We be sweet if you could use it for a mail stop and live person for answering phones.

Overall this does seem have a limited value sans a mail stop etc. In some ways targeted to niche small businesses or more Corp road warrior’s, or for meeting clients for legal or professional office type space.

No, it says complimentary access with a value, not a as credit towards your own purchases.

Commercial real estate in NYC is at all expensive, as can be evidenced by the fact that they have cheaper locations in NYC than in Austin. (It’s the same thing with the South Bay area in California, where the office space is cheaper than we have here in Austin, Texas.)

Cheapest in Austin is $390/mo Hot Desk at WeWork Congress.

Manhattan NYC has $375/mo Hot Desk at WeWork 8 W 126th St.

The average going rate for Manhattan seems higher than Austin, but not very significantly, IMHO — can still get lots of options in NYC for $450/mo and such.

The nyc spaces dont list beer as an amenity that I can see…is this published or a ymmv kinda thing?

the two weworks ive been to have had beer on tap. could be YMMV though

Wait, so do I have to work? Or can I just pop in, get a free nitro and Reddit for 10 minutes?

Mate! That’s what working is all about! They usually lock the taps after hours, though, just FYI, but, yeah, I’m pretty sure noone’s going to complain if you reddit (perhaps unless it’s T_D, LOL).

This new biz Plat will be DOA.

The new Centurion lounges must be over budget

Or the many WeWork locations will be mini Centurion Lounges scattered around the country 🙂

I read the email that the fee increase will apply to those renewing in February. The post indicates that it applies to those renewing after February. I am one of the unfortunate ones renewing in February.

Seems like they are raising their fees on all their charge cards so they dont appeal to most people.

They are probably just trying to price out folks like us who amex knows they lose money on. Cant blame them really.

The Platinum card once had an air of exclusivity to it. If it appealed to most people it’d fail in its intent.

Well, this is disappointing. The 1.5x on $5K+ purchases was why I kept the card. And at $450, was a relative bargain. None of these “enhancements” are worth anything for me, so this will be my last year.

Blue. Business. Plus.

50k limit isn’t very useful for some people

If they are consistently charging 5k, they would probably run out of the 2x pretty quick. When I used to run my business full-time. I could finish the 50k in a few months. These days though I can’t even go through 50k in a year. If you run a legit business, the revolving credit can get crazy pretty fast.

Last year for me (renewal in Oct 2019.) Between the two Amex gold cards and the CSR card, this card is near useless to me. Here’s to hoping the Dell is an annual credit that I can cash out before my renewal.

Probably $200 off single purchase of 2+ premium laptops.

So if we sign up for the card today, will we be billed the old $450 AF?

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Correct

This is terrible for me specifically. I’m sure these updates will help others though. I was only hanging on to the Biz Plat due to the 35% point bonus, but I’ll have to see if it’s even worth keeping now. I believe my AF is in January so I’m at least “safe” for another year.

Dell does sell a lot of things besides computers. A lot of console stuff and games. Decent gifting options at worst. Plus you can kinda chain promos.

Or just buy something and dropship it on ebay.

I wonder if you can buy a $100 dell gift card if that will count?

Thats actually a really good deal then. Basically you buy $400 in dell gift cards and only pay one annual fee your first year (buy them over 2 calender years) + $400 of travel credits = $800 return first year.

After that just cancel the card to aboid paying mext years AF.

Just called local WeWork; they connect you to their sales office in NYC; they said that Global Access is basically a free add-on, you get 2 credits per month (it’s a monthly membership) for using the hot desk at any other locations, and then you get 24/7 access to your home location. Austin Domain is 4-something per month; Austin Congress is $395/month. You do have to choose a home location, which has to be a physical location within a city, not just a city, so, it’s kinda limiting the whole idea of Global Access; perhaps they’ll introduce some sort of a change for AmEx Platinum?

They had no idea about any details of AmEx Plat, they’ve never heard of it. This is really unbelievable, TBH. Of course, the only reason they charge $400/mo for membership ($4800/year!) is because people would probably actually use it if they pay for it out of their own pocket; it’d probably cost them much less for Plat members, which might as well signup, and then show up only a few times in a year.

I’m kinda hoping they’ll still give you a home location for business mail purposes, and offer more credits for roaming, or maybe even unlimited credits for roaming. I’m not sure if their access cards work between the locations, though, so, this value of this benefit is pretty unclear at this point, as there’s a pretty big difference between being able to roam 24/7 with any location, vs. being limited to two visits per month during business hours. Plus, not too clear if you do get a 24/7 coworking membership at your home base.

couldn’t do the edit, here it is: Just called local WeWork; they connect you to their sales office in NYC; they said that Global Access is basically a free add-on, you get 2 credits (per month, as it’s a monthly membership) for using the hot desk at any other locations, and then you get 24/7 access to your home location. Austin Domain is $440 per month; Austin Congress is $390/month; 5 locations in Denver between $360 and $380/mo; 2 in San Jose, CA for $380/mo each. You do have to choose a home location, which has to be a physical location within a city, not just a city, so, it’s kinda limiting the whole idea of Global Access; perhaps they’ll introduce some sort of a change for AmEx Platinum? They had no idea about any details for AmEx Plat, they’ve never heard of this benefit. This is really unbelievable, TBH. Of course, the only reason they charge $400/mo for membership ($4800/year!) is because people would probably actually use it if they pay for it out of their own pocket, plus because they can and need to make a profit and make money for expansion; it’d probably cost them much less for Plat members, which might as well signup, and then show up only a few times in a year even when given unlimited access. I’m kinda hoping they’ll still give you a home location for business mail purposes, and offer more credits for roaming, or maybe even unlimited credits for roaming. I’m not sure if their access cards work between the locations, though, so, the value of this benefit is pretty unclear at this point, as there’s a pretty big difference between being able to roam 24/7 with any location, vs. being limited to two visits per month during business hours. Plus, not too clear if you do get a 24/7 coworking membership at your home base, or whether it’s some sort of a once-per-month membership, which would be quite useless. I’m not sure the $2700/year ($225/mo) value estimate makes any sense — going by retail pricing, it’s either twice more if you get unlimited coworking, or twice less if you get a limited number of days. Where does the $2700 number come from? P.S. If this card gives you any sort of a 24/7 access anywhere to WeWork (retails at $4800/year), then I’d value the benefit at $600/year ($50/month),… Read more »

TL;DR: YMMV. Of course details aren’t known yet by frontline employees; it was just announced!

They’re still serving a niche, I’m pretty sure I was connected to the same employee both times I’ve called, and they aren’t exactly using the cheap overseas labour, either — I was connected to someone in NYC, which certainly has higher labour costs than we have back here in Texas, pretty sure they should have the capacity to let their employees know of any upcoming events and some such.

The annual fee increase is interesting. Assuming a minimum of 1¢ Membership Rewards value, the extra 3x on airline tickets breakeven with the Blue for Business Plus AMEX at $19,833.33.

Maybe some would value the Centurion Lounge > $0, but I personally don’t since it is more crowded than the open space in my airport (Sea-Tac) with lots of families and I’m not interested in drinks or snacks.

Consider flying Delta from SEA since the lounge there is gigantic.

YMMV, but 1 cent is piss poor MR for someone who flies regularly. I’d peg it closer to 1.4 cpp as a floor- way more with transfer bonuses to BA and JetBlue on the regular.

I assume you’re factoring in airline fee reimbursement as well with GC liquidation?

Back to Top ↑