Amex May Be Onto Something

Amex Platinum Card Refresh

The latest theater in the ongoing premium card war is the upcoming Amex Platinum refresh, including the personal and business versions, thought to arrive in the middle of this month.  Amex clumsily responded to Chase’s initial salvo a few months ago.  The former seemed on its heels and ill-prepared to handle the latter’s onslaught.  But things are settling in a bit.  While I still consider the Sapphire Reserve a net-win for my situation, the card’s benefit terms make it less attractive.  And, meanwhile, I think a few Amex developments bring hope to the upcoming Platinum iteration.

Amex Platinum Card Refresh Hints

A few weeks ago, Amex briefly shared purported upcoming changes to the Platinum’s hotel credit.  The bank also mentioned the Business Platinum would receive a version of the hotel credit, as well.  You can read the full details in DDG’s post, but here’s a summary.

A Platinum cardholder will receive $600 in statement credit annually, available for use at properties participating with Amex’s Hotel Collection and Fine Hotels and Resorts.  The credit is provided as two $300 biannual credits (January-June and July-December).

Then, days ago, DDG wrote about a few other rumored Platinum updates.  The Platinum card could potentially receive $400 in Resy credits, plus $300 in Lululemon credits ($75 quarterly).

Doubling Down

These indicators signify Amex leaning into preexisting card benefits already within its ecosystem, particularly the Platinum’s $200 Hotel Credit and the Gold’s $100 Resy Credit (other versions available on certain Delta cards).  The Lululemon credit would add a periodic store credit as a Platinum benefit, something cardholders currently have with the Saks credit.  (I’m intrigued about the future of the Saks credit, including its possible demise.)

My Initial Take

I won’t spend too much time commenting on items before an initial announcement.  But my gut reaction is Amex may be onto something with these evolving Amex Platinum benefits.  With the Hotel and Resy Credits, the bank would be augmenting familiar Platinum benefits.  Like many of you, I’m already quite comfortable maximizing these credits without much effort.

Let’s first discuss the purported Hotel Credit change.  I’ve enjoyed this benefit for years, easily using it for “elite status a la carte” at Fine Hotels and Resorts properties.  But, obviously, that $200 amount isn’t aging well.  Rates at FHR properties, which provide superior benefits to those in the Hotel Collection, have risen considerably since the benefit’s 2021 inception.  It’s certainly not impossible to find rates in that neighborhood, but definitely more difficult (MaxFHR helps, too).  That $300 amount would give Platinum cardholders more wiggle room, and they have the option to take advantage of that denomination twice annually.  Yes, that comes with more work to maximize, but many Platinum cardholders already have that muscle memory.

The Gold’s biannual $50 Resy Credit may be my favorite Amex card benefit in recent memory.  (Again, it’s also available on certain Delta cards.)  Simply dining at any Resy-participating restaurant and paying with the appropriate card triggers the credit.  No reservations are necessary!  Thanks to this benefit, I’ve been more adventurous with my restaurant picks while traveling (and not).  I’ve been wishing that more Amex cards offer this benefit, so I’d love its addition with the Platinum.  I’m confident it would be more user-friendly, too.  While we don’t know how the benefit would be doled out, I’d be surprised if it’s in more challenging denominations than the Gold’s version.

I’m not a Lululemon shopper, and neither is my wife.  But like the Saks credit, I’m confident this credit will be easy for us to maximize at a store where we wouldn’t otherwise shop.  And, like the other two above areas, our know-how here is baked in.

Chase Versus Amex

The way things are looking, I see a distinct difference in how Chase and Amex are handling their latest premium card refreshes.  Chase’s changes have made the Sapphire Reserve tremendously more convoluted than it previously was.  Value is there for many, but we can’t ignore the much bigger task to obtain it.  Meanwhile, with these purported Platinum changes, Amex is skewing simpler than Chase.  The bank is looking to juice the Platinum’s benefits, making existing ones work bigger and better and introducing similarly-accessible others.

Conclusion

I’m more optimistic about Amex’s response to Chase now than I was a few months ago.  I’m excited to see how the “new and improved” Platinum versions with that $895 annual fee stack up next to Chase and other competitors.  I must also remember Amex may add or maintain many benefits which I do not use.  But that’s okay.  Like any other product, I know I don’t need to use all card benefits, just enough of them to justify paying the annual fee.

Chase pushed the envelope, and now it’s Amex’s turn.  Consumer and business owners can benefit from this increased competition.  I’m looking forward to seeing where things go next.  Stay up to date and respond accordingly!

Are you an Amex Platinum refresh optimist or pessimist?  Why?