bigger benefits, bigger fee coming to AmEx Platinum Card
American Express is upping the benefits — and the fee — on its flagship Platinum Card this month as it tries to hold on to its wellto-do customers who are returning to their pre-pandemic lifestyles of traveling, dining out and shopping.
But at the same time, some of the new or now-permanent benefits reflect a change in how AmEx views the card and its customers after the pandemic: It’s no longer a card aimed just at those who travel extensively, but also at those who have an overall affluent lifestyle and are willing to pay for it.
“Our customers are living their lives in fundamentally different ways than before the pandemic, and we wanted to add value for those who not only travel, but also are at home,” said Rafael Mason, senior vice president of international premium products at American Express.
The additional benefits will come with a heftier annual fee — $695. That’s up from $550.
Since it was rolled out in the mid 1980s, the Platinum Card has been American Express’ most premium card offering. It basically defined what a luxury credit card should be for 30 years before it faced additional competition from cards such as the Chase Sapphire Reserve and Citi’s Prestige Card.
The Platinum Card’s most recent challenge came with the pandemic. The card’s value was almost entirely derived from traveling, staying at hotels, dining out and shopping - all things that came to an abrupt end more than a year ago. Credit card forums last year were full of messages like, “What do I do with a $200 airline credit when I can’t get on a plane?”