Amex Platinum Annual Fee Increase?
Update 6/11/21: An interesting post from BizarreBreak89 adds a lot more creditability to these rumors. During an Amex Chat session a link popped up for a $240 entertainment credit. The link didn’t go anywhere but that is a rumored perk of the Amex Platinum after the increase. Click here to see the screenshots. Here is a link to the proposed changes starting July 1st by an Amex rep according to reversesprawl.
American Express has a lineup of premium cards with some of the highest annual fees. There’s the Amex Platinum Card that has a $550 annual fee and the Business Platinum version with a $595 annual fee. Then there’s the exclusive Centurion Card that comes with an initiation fee of $10,000 and annual fee of $5,000.
But now there’s a rumor that the annual fee could be increased for the personal Amex Platinum Card. This rumor seems a bit far fetched, and comes from FlyerTalk. Here’s the text from that FlyerTalk thread:
Amex is planning on increasing annual fee on the personal Platinum in the third quarter, currently aiming for July 2021 for new applicants. Existing accounts will renew at increased rates starting in January 2022.
New fee is currently planned at $695, but also rumored at $745/795 Additionally, there will be a refresh of benefits that turn the Platinum Card “from a travel card to having more lifestyle benefits.”
New benefits are also supposed to kick in in Q3, so there will be a 6 month overlap where existing cardholders can benefit at the old rates.
Charging $795 for the Amex Platinum Card seems crazy to me. But even $695 would be a huge bump from the current annual fee of $550, which was just recently increased. Even if American Express adds lots of “lifestyle benefits”, marketing a card with a $795 annual fee seems like an impossible task.
It is more plausible that that these could be the details of one of the rumored cards that American Express plans to introduce. It could also be related to a recent survey that was sent out about a possible fee increase for the Amex Business Platinum Card that had $695 as one of the options.
Let us know what you think! And how much is too much for a credit card annual fee?