[Rumor – Update] American Express To Increase Personal Platinum Annual Fee

Update 4/7/21: Given the recent confirmation regarding the Centurion lounge changes I feel more comfortable sharing the rest of this rumor from work4amex:

  • $695 annual fee
  • $300 equinox credit
  • $240 entertainment credit, $20 monthly (magazine/news subscriptions, video streaming services and audio/music streaming services)
  • $200 credit for prepaid hotel bookings
  • Annual CLEAR membership will replace TSA Precheck, but Global Entry seems like it’ll stay
  • $100 temp Resy credit

Original post: According to FT user ThroughTheGrapevine, American Express plans to increase the annual fee on the personal Platinum card in Q3 2021 for new accounts and existing accounts will have the current fee apply until January 2022. The fee is rumored to be increasing to $695, but it’s possible a $745 or $795 price point could apply as well. The aim is for benefits to shift from travel to lifestyle.

Earlier this year American Express sent out a survey regarding possible changes to the business card and a new annual fee of $695 so I wouldn’t be surprised if this annual fee increase does happen but I have no idea how reliable this poster is. An increased annual fee would also make it easier to introduce a new mid level card (AmEx Optio).

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har james
har james

the benefits being presently offered and the proposed changes will clearly result in my not moving back to Platinum card from the green card once travel is once again common place. For the most part the benefits are not that valuable because most not available in my area

Harry Rosenbaum
Harry Rosenbaum

the benefits being presently offered and the proposed changes will clearly result in my not moving back to Platinum card from the green card once travel is once again common place. For the most part the benefits are not that valuable because most not available in my area

J
J

I might be the lone sheep on this, I say do it. Jack up the price to close to $800 dollars and give it a mix of luxury/travel benefits. While the plat card still has wealthy clients, its been filled up with more clients that aren’t wealthy because AMEX made its bread and butter card. Now with the Gold Card out and has travel features, it makes sense to make the Plat card a Centurion light.

Bossman CPA
Bossman CPA

Even at $550, I wouldn’t be able to monetize this new version properly. Would be an easy cancel for me if these changes actually occur.

Dani
Dani

I got a 50,000 point retention offer this week. Worth calling in or chatting online to see if any retention offers are available….

thelement
thelement

Easy cancel for me. Would rather just hold the biz version till they nuke that too. Will probably close one and PC the other to a gold. Maybe I’ll try and grab a third before these benefits go live.

Phil
Phil

DoC calling out TPG on Twitter… 😏

x
x

hot take: seems ok.

E10n musk
E10n musk

By 2050 Amex platinum will have a $7995 annual fee with $3000 space travel incidental credit (can only be used towards purchasing food on SpaceX rockets)

Victor
Victor

I bet a round of cancellation of this product is coming….
Guess what is gonna happen?
Amex: RAT team, do you have any idea?
RAT: how about cb the incidental fees if someone abused?
Amex: Perfect!!! Btw, you guys can also catch the one who did bulk purchase of gift cards.