We’ve reported on multiple sources/rumors indicating that the annual on American Express Platinum will soon increase from $550 to $695, and there’s now a leaked PDF link showing the change along with July 1st as the change date, as rumored. (ht r/amex)
There are numerous new benefits rumored to be coming as well, as outlined in our original post. If you apply today, you’ll lock in the existing $550 annual fee rate, and you should still get all the upcoming additional benefits as well.
Some have speculated AmEx may increase the signup bonus tomorrow along with the other changes. This makes it a difficult decision of whether to signup now or hold off.
There’s currently a terrific signup offer to get 100,000 points with $5,000 spend, plus 10x on gas and supermarkets on up to $15,000 spend. Others are even getting 125,000 points + the same gas/grocery bonus.
I feel like these bonuses are quite generous, and if you can get the 100k/125k + max out the gas/grocery categories it’s probably worth grabbing it now. Even if you won’t use the categories much, I’m not so convinced it’ll go up above 100k/125k, but that makes it harder to decide. Let us know your own thoughts in the comments below.
It could also make sense to signup for a card such as the Schwab American Express Platinum since it typically has a consistent 60,000 points signup bonus and may not be likely to see a change. Schwab Amex Platinum is also rumored to be changing the cashout rate soon from 1.25 to 1.1, making it an interesting option to get now before the change.