Note: I wrote this post before the announced changes to the Business Platinum card. I’ll write another F.A.Q about those changes at a later date, for now this post only relates to changes on the personal card.
American Express announced a number of changes to their Platinum card, people had a lot of questions about these changes so I thought I’d answer them in this post (yes, I know TPG did something similar but I actually had this post written before that came out. You can read their post as well).
Before we get started, let’s have a look at the changes again, these changes go into affect on March 30th:
- Annual Fee will be increased to $550
- Existing cardholders that have their annual fee due before August 31st, 2017 will get billed $450 for this year
- Existing cardholders that have their annual fee due on or after September 1st, 2017 will be billed $550
- Up to $200 in annual Uber credits for rides within the U.S. and VIP status where available
- Card Members will receive $15 in Uber credit per month, with an additional $20 bonus in December, when they add their American Express Platinum Card as a payment method to the Uber app
- 5x Membership Rewards points for hotel bookings booked on amextravel.com
- Complimentary additional gold cards for no annual fee (previously you paid $45 for up to 5 cards)
- Expansion of the global lounge collection, cardholders will now have access to over 1,000 lounges in over 120 countries
- Access to a new Global Dining Collection
- Expansion of their By Invitation Only program for special events.
- New metal card & design (see below)
I’ve sorted the questions into categories to make it easier for you to read.
Contents
Annual Fee Increase
Q: Will people with the card already be grandfathered into the $450 annual fee?
A: No. Everybody will have their annual fee increased to $550. There is a grace period for existing cardholders though and it is as follows:
- Existing cardholders that have their annual fee post before August 31st, 2017 will get billed $450 for this year
- Existing cardholders that have their annual fee post on or after September 1st, 2017 will be billed $550
Q: What will happen to the other branded personal Platinum cards (e.g Mercedes-Benz, Morgan Stanley, Goldman Sachs, Ameriprise, Charles Schwab)?
The Mercedes-Benz card currently has an annual fee of $475, all the other flavors are $450. After this change goes into place all of the cards will come with an annual fee of $550, including the Mercedes-Benz card.
$200 Uber Credits
Q: Is this a true Uber credit or is it $15 off your first ride each month?
A: It’s a true Uber credit. From the fine print:
There is no limit to the number of rides you may apply the Credit to each month, up to a total of $15 in Credits per month.
A: No, it will not work for authorized users. Only the primary cardholder.
Q: Can I buy an Uber gift card with the credit?
The credit is in app and it’s not possible to purchase an Uber gift card, so that will not be possible. If it was possible they might as well give you a yearly $200 credit.
Q: Is the Uber credit statement month or calendar month?
A: Calendar month.
5x Membership Reward Points On Amextravel.com Hotel Bookings
Q: Will I earn 5x points on Fine Hotels & Resorts?
Unfortunately it won’t earn 5x points on FHR, only on hotels booked through amextravel.com. There was some confusion around this as TPG originally reported it would earn 5x on FHR, this has since been corrected.
Free Authorized User Gold Cards
It’s possible American Express will offer a bonus for doing so (as they sometimes do with other cards). The authorized user cards do earn 5x points on airfare booked directly & hotels through amextravel.com. The main benefit is that you’re able to get the PreCheck credit for these cards.
They do not get the $200 uber or airline credits.
Metal Card
Q: As an existing cardholder, will I automatically receive a new metal card after March 30th?
A: Unsure. You should be able to request the new card if desired though.
Lounge Access
Q: What’s actually changing?
As far as I know, nothing is changing. That being said American Express have made a separate unannounced positive change to the priority pass benefit. You now get two free guests, rather than having to pay $27 per guest. This seems to already be in affect and also covers the business card.
Misc
Q: Will they still be offering the $200 airline credit?
Yes, they will still be offering all other benefits including the $200 airline credit. Some people were concerned that the $200 Uber credit would be replacing the $200 airline credit but that isn’t the case.
Q: Is this change only for the Personal or Business card as well?
A: This change is only for the Personal Platinum cards and not the business cards.
Q: Does this change affect Centurion cardholders?
A: This change is also for Centurion cardholders. They should have received an e-mail explaining these changes.
Q: Does this count as a new product?
A: Some people were hoping that this would count as a new product so they could get the sign up bonus again. Unfortunately that is extremely unlikely to be the case as they are just making changes to an existing product.
Q: Do these changes affect co-branded Platinum cards?
Yes, it will affect the following cards:
- Platinum Card From American Express. This is the original card that is offered directly from American Express.
- Mercedes Benz Platinum Card from American Express.
- The Platinum Card from American Express Exclusively for Morgan Stanley.
- The Platinum Card from American Express Exclusively for Goldman Sachs
- Platinum Card from American Express for Ameriprise Financial.
- American Express Platinum Card for Schwab
More Questions?
If you have more questions, feel free to ask them below and I’ll either answer them or try to get an answer for you. Don’t forget it’s currently possible to get a 75,000 point bonus on this card. We also look at whether it’s worth getting the card before the annual fee increase.
