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

Update 6/13/21: Some chat representatives have mentioned the following benefits:

  • $179 Clear credit
  • $200 Travel Credit
  • $300 Equinox credit
  • Digital entertainment credit (most likely $240 as discussed below)
  • Global Dining Access by Resy (possibly with $100 temp credit as discussed below)
  • Premium Private Jet Program
  • The Global Lounge Collection
  • 5x MR on Air and prepaid hotels (up to $500,000 per calendar year)

Hat tip to reversesprawl

Update 6/11/21: Another report based on conversation with an Amex chat who referenced a $240 entertainment credit. Seems like this might be coming soon, one report suggests the changes will go live on July 1st.

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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Jack
Jack

$10 quarterly credit for Blockbusters in Anchorage, please. I’m sure they’ll add some kind of drop ship candy or popcorn, for all us the Platinum holders, eager to push the value over $695.

Vic
Vic

Equinox credit is truly the stupidest credit card benefit I’ve seen. I’d take $50 gym credit over $300 Equinox credit any day.

H XU
H XU

if the $200 airline incident credit is replaced by travel credit, would it reset after July 1st so we can take another $200 credit for this year?

Grant Patten
Grant Patten

This seems like a slap-in-the-face to Amex clients who don’t live in MAJOR metropolitan areas. Charlotte, for example:
– Has no equinox (-$300)
– Does not have Clear at the airport ($179)
– Does not have any resy restaurants north of downtown ($100)

All the value that comes with the added benefits are for people who live in NY, DC, or LA.

thxultra
thxultra

You will still get the entertainment credit so probably still worth the fee if you can use that. The only one of these that I’m interested in is the Clear membership. I have no use for Equinox and the resy one I hear may be temporary.

Anna
Anna

Agreed 100% with your assessment. There is one resy restaurant in driving distance for me, but it’s still 45 minutes away. The only way it will be potentially a “keeper” for me is if they keep both the airline credit and travel credit ($400) and I could use some of the entertainment credit (but all of my streaming services have currently been prepaid for at least then next 6 months). The Equinox credit I cannot use, nor does my airport use Clear. All of those are wasted benefits.

thxultra
thxultra

The other problem with all these “perks” is they come with different hoops you have to jump through to use them. The Travel credit you can only use for certain charges, the Uber one expires every month etc. I do really like the fine hotels benefit but getting hard to justify the card just for that. I like the centurion lounges but those are also useless if I can’t even bring my spouse. I’m not going to put $75k a year on this card only to get 1x points either just to be able to bring a guest. Once again more hoops to jump through…

thxultra
thxultra

Going to be hard to justify the fee especially with them taking the ability to bring guest to the centurion lounge. I will wait and see the announcement from AMEX but not sure the card will be worth keeping. Depends on if we still get the Uber credits as well…

Jesse
Jesse

A 10K PayOverTime bonus showed up on my Platinum card today.

Anna
Anna

Is this making anyone else hesitant to jump on the $25 off the annual HBO subscription? I honestly do not know how I’ll fully take advantage of the digital entertainment benefits…let alone the Equinox, private jet program, etc. I just hope the travel credit is easier to use than the airline credit.

DP
DP

If there is no Equinox club nearby, there should be some sort of substitute. MR points. Other health club. Reduced AF. Something. Anything. The Schwab redemption benefit is the only reason I keep a Platinum card. If they nerf that option, then I’m done/out.

Trvlskptc
Trvlskptc

Does this mean the uber/saks credits will be removed? If so, it’s a tougher sell, but if they’re still included, this doesn’t seem so bad.

Joe
Joe

Are we still getting the Uber and Saks credits or are those going away?