American Express Introducing New Premium Cards?
American Express could soon introduce two new premium credit cards. There have been some rumors in the past, but a recent document reveals two new card names that could be the credit cards that will be launched.
The names for the new products are the Titanium Card and Black Card. Doctor of Credit has posted an image of the document. They positioned between the Amex Platinum card and the Centurion Card. The fee for the latter was recently doubled to $5,000 annually.
There is no word what types of perks we will see from these two new products. I would expect the fee to be somewhere between $1K and $3K, based on the current Amex card fees.
Conclusion
If these cards are launched, they will clearly not be for everyone. Would you sign up for an Amex card that has an annual fee of $1,000 or more? What perks would convince you to apply?
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The gold and green cards are designed to induce spending. The Platinum and above cards haven’t and would never be spend-driven. You are supposed to get them for their status, prestige, benefits, etc. They don’t want you to pay just one annual fee. They want you to see the value in paying the fee on each card individually and also together. This means at least one spend card and at least one status card. It’s a strategy that has worked for them and will probably work for a really long time. I doubt the benefits on titanium or above will come close to paying for themselves but the status and service they offer will be the reasons you will want them. It all comes down to market positioning.
more private access to lounges and restrictions on the guests allowed per card holder. I wish the benefits were more localized. I have the AMEX platinum and a lot of these benefits are not even in my area or do I need $15 cash back at Chuck E. Cheese’s REALLY???? I have only used a few of the member benefits and honestly my Chase bank card offers better deals sometimes.
love to see more private access to lounges and restrictions on the guests allowed per card holder. I wish the benefits were more localized. I have the AMEX platinum and a lot of these benefits are not even in my area or do I need $15 cash back at Chuck E. Cheese’s REALLY???? I have only used a few of the member benefits and honestly my Chase bank card offers better deals sometimes.
Would love to see more private access to lounges and restrictions on the guests allowed per card holder. I wish the benefits were more localized. I have the AMEX platinum and a lot of these benefits are not even in my area or do I need $15 cash back at Chuck E. Cheese’s REALLY???? I have only used a few of the member benefits and honestly my Chase bank card offers better deals sometimes.
It’s intentional. Amex wants to attract cardmembers who keep it’s card for the brand, not for the rewards. Too much focus on rewards and you end up attracting all the gamers like Chase.
Not that I dont like it – I’m a huge CSR loyalist, but I also know that my strategy of only using it for the travel rewards, for 4.5x on travel and dining, and never revolving, makes me a terrible customer from the perspective of Chase.
Amex just wants to keep customers like me away and focus on loyalists who won’t hanker after rewards.
I use Uber credits on UberEATS.
Saks if you don’t use for yourself can be used as a gift.
I feel cards in-general should be customizable. Want higher rewards in a certain category? Additional benefits like hotel status, airline status, trip delay, etc? Or eliminate something you won’t ever use like TSA pre-check if you already have that on 5 other cards? Just check/uncheck a box, and it will “build” the exact type of card you seek with a corresponding/fair annual fee.
“1 size fits all” is an outdated mindset.
Man… I LOVE this idea! You ought to be in charge there at AMEX!
I thought this before as 5 Priority cards owner.
They won’t do that because estimating their margins from such a card would be a nightmare, given every customer would have a different benefit structure.
Secondly, that would ensure that almost every cardholder would be able to use their benefits. Which sounds like a good thing for consumers, but in reality the card company would lose heavily on such a card. Gamers actually form a small fraction of the portfolio, it’s those customers who are not using their benefits who are the most valuable to retain. It’s in the company’s interest to keep it that way.
It’s a good theory we all wished existed. However the cards get the deals they do by paying for the theory that everyone uses all of the benefits And banking that a percentage of card holders don’t use it. If you have the cardholder pick options before, the leverage switches in favor of the card issuer/sponsor and you lose benefits
I am not familiar with the history of AMEX Membership Rewards. It seems strange to me that the more you pay for the annual fee, the less Membership Rewards points you get per purchase in most areas. I have a Gold – I get 4x at restaurants and grocery (up to a limit). If I had Platinum, it is 1x at the same places, even with the fee being at least doubled. For a $1K annual fee, the Rewards need to be much higher rates, perhaps 4x per $1 across the board. Again, I’m not sure of the history, but the rewards patterns seem off to me.
I have to agree, the points gain doesn’t make sense, especially since so many of the Platinum benefits are not at all easy to use. I get a lot more value out of my Gold card versus my Platinum, especially when you consider ease of use to gain points. Saks is so-so, I usually do not use Uber so that’s worthless at $15 and expiring every month. I like lounge aceess when I *do* travel, but I think this is my last year on the card.
Possible to use your Uber credit for Uber Eats?
Ugh. I cook at home and if I want restaurant food, which I usually don’t, at least around where I live, I go out for the change of pace.
If they would give the $200 Uber credit lump sum and lemme use it LOGICALLY, then that would be much better. But they aim for breakage and save money that way.
Yup. I use them at the end of the month if I haven’t Uber’s anywhere.
Cancelled my Platinum last month, use my Gold a ton. Great points you offer up!