A Platinum Pleasure – Considering the New Version of This Amex Card

Amex Platinum Refresh

The updated Amex Platinum is real, and it’s spectacular.  Of course, plenty will disagree with that second part.  The $895 annual fee is a non-starter to some.  Regardless, none of this matters to a significant group.  They are so far gone, maybe justifiably, with their Amex disdain that there’s no going back to this card issuer.  That’s part of why I thought Chase had already won this latest battle of the premium card war.  But Amex hasn’t waived the white flag.  Indeed, with this Amex Platinum refresh, I think the bank still has plenty of fight inside.  Here’s how my thumbs and I feel about the developments.

Thumbs Up

• $600 Hotel Credit ($300 biannually) at Fine Hotels and Resorts or The Hotel Collection bookings.
• $400 Resy Dining Credit ($100 quarterly) at Resy-participating restaurants.
• $300 Digital Entertainment Credit ($25 monthly) on purchases with participating partners.
• $300 lululemon Credit ($75 quarterly) on purchases at lululemon stores and online.
• Up to $120 Uber One Membership Credit annually for an auto-renewing Uber One membership.
• $200 Uber Cash, $15 monthly and $35 in December.
• $200 Airline Fee Credit annually.
• 5x Membership Rewards points on flights and prepaid Amex Travel hotels bookings.

Quick Take

As I previously pondered, Amex has taken a few familiar, solid benefits and made them more user-friendly.  First, as rumored and copying Chase’s schedule, the Hotel Credit has gone from annual to six-month increments. Getting $300 each time gives cardholders more flexibility without going as much out of pocket, if at all.  While I’ll have no trouble using each allotment, I consider this benefit a net-win for many who just use one bucket of $300 annually.  The Digital Entertainment credit receives a modest $5 increase, small but definitely appreciated with increasing streaming prices.  Importantly, the roster of qualifying services has increased with the additions of YouTube TV, YouTube Premium, and Paramount+.

Amex Gold and certain Delta cardholders enjoy Resy Dining Credits, and Amex now generously offers $100 each quarter for Platinum cardholders to dine at any participating restaurant.  This credit is my favorite new benefit on any Amex card in the past few years, and the Platinum version offers enough for a big splurge, couple separate meals, or some happy hours every few months.

The $75 quarterly lululemon credit will come in handy for my family and many of yours.  The Uber One membership benefit works quite compatibly with the $200 of Uber Cash continuing with the refreshed Platinum.  The airline fee credit remains unchanged, probably a positive for most longtime cardholders.  I feel the same way about 5x earning on flights and Amex Travel hotel bookings.  Remember that bookings covered with the Hotel Credit are eligible for this 5x, too!

Thumbs Sideways

• $200 Oura Credit for purchases annually on ouraring.com.
• Leaders Club Sterling Status with The Leading Hotels of the World program.
• $100 Saks Fifth Avenue Credit ($50 biannually).
• Monthly $12.95 credit for Walmart+ Membership.
• $300 Equinox Credit.
• $209 CLEAR Plus Credit.

Quick Take

I don’t need more gadgets or doohickeys in my life, but some who feel differently will enjoy the Oura credit.  Amex delivers more hotel status of variable use to the Platinum with Leaders Club Sterling Status.  Still, many will find some amount of value across this, Hilton Honors Gold (my favorite mid-tier status), and Marriott Bonvoy Gold perks.  I was fine with Amex possibly ending the Saks credit, but it continues at the previous rate.  Since the bank decided to keep it, I would’ve preferred to see an improved version.  We’ll be able to find use for it, though, despite the work involved.

Walmart+ membership doesn’t really do anything for me, but I hear it does for others.  Ditto with Equinox and CLEAR credits.

Thumbs Down

• 1x everywhere else earning.
• Same airport lounge benefits and limitations.

Quick Take

Quite pleasantly, I don’t see many negatives.  More bonus earning categories would’ve been a nice surprise, but I didn’t expect that given the Platinum’s historical earning scheme.

Amex didn’t plus up any lounge benefits with the refresh, and it’s not like the new version of the Platinum automatically improves the Centurion Lounge experience.  Longer term, though, I’d love to see this higher annual fee thin out the club herd, but I doubt that will happen in any noticeable fashion, if at all.  I’d love to be wrong here.

Hey, Existing Platinum Cardholders!

The most intriguing development today is that current Platinum cardholders have immediate access to all of these updated benefits.  Within my Amex online account, I was able to enroll in new perks, such as Resy and lululemon, and I noted additional capacity on existing benefits such as the Hotel Credit and Digital Entertainment Credit.  Unlike Chase, I haven’t seen any tricky terms involving deferred benefit availability.

This immediate access is also in line with what I’ve seen on other recent card refreshes, including the Gold and Business Gold.  Existing cardholders were able to leverage new benefits immediately in the current cardmember year while avoiding the increased annual fee.

Amex Platinum Refresh – Conclusion

I’ll assess the more specific value of the new and improved Amex Platinum as I get more stick time with it.  But I can already tell that for my situation, Amex has exponentially increased Platinum card benefit value in return for a $200 annual fee increase, even if I value lounge access at $0.  Unlike Chase, Amex has done so in a way that I find more easily digestible, for existing and prospective Platinum cardholders alike.  The Reserve is $100 cheaper, but that’s more than cancelled out by the convoluted benefits scheme.  I value my time way more than that.  Of course, there are more angles to consider, but I can’t ignore that primary issue.

With their respective personal card refreshes, Amex and Chase have clearly separated themselves from the other premium card wannabes.  Some will choose Amex, others Chase, and more than a few both.  I’m in that last category.

Back in April, I wrote about how I was falling out of love with Amex Platinum cards.  But Amex has surprised me with this refresh.  We’re back on the upswing, and I can confidently say a Schwab Platinum will continue as a long-term part of my card portfolio.  The Sapphire Reserve will be in the mix occasionally, and that’s just fine.

How do you feel about the Amex Platinum refresh?