Should you get the Amex Platinum Card now with the lower annual fee?

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One of the most common inbound messages that I’ve received over the last few days is “should I get the card now or later?”. So, I thought it would only be apt to write a blog post about it. The Amex Platinum Card is about to undergo a refresh and the details will be announced tomorrow.

Amex Platinum Card: Get it now or later?

Before we make a comparison, bear in mind that you can only get the card if you’re eligible based on Amex’s ‘once in a lifetime rule’. Amex has, over the years, expanded the rule to include your history with other Amex cards as well.

You may not be eligible to receive a welcome offer if you have or have had this Card, the Platinum Card^® from American Express Exclusively for Charles Schwab, the Platinum Card^® from American Express Exclusively for Morgan Stanley or previous versions of these Cards. You also may not be eligible to receive a welcome offer based on various factors, such as your history with credit card balance transfers, your history as an American Express Card Member, the number of credit cards that you have opened and closed and other factors. If you are not eligible for a welcome offer, we will notify you prior to processing your application so you have the option to withdraw your application.

Before v/s After Refresh

In case you’ve missed it, you can refer to this post for a complete coverage about the Amex Platinum Card. We’ve covered the rumors, in addition to information that has already been leaked. Based on that, here’s a handy table for you to compare and see what works better for you.

A caveat before we proceed:

The information about the upcoming refresh is based on credible rumors, leaked screenshots from Reddit and information posted by other travel blogs based on their sources and not based on any official confirmation from American Express.

I’m guessing that the new welcome bonus on the consumer version of the Platinum Card. Why? Recently, we got some leaked information about the upcoming refresh to the Business Platinum Card, which showed a welcome bonus of 200,000 Membership Rewards points. Therefore, I’m guessing that the Amex Platinum Card would come out with a similar bonus, if not higher.

New Features

So, if you’re on the fence, then here’s what you need to know. Will you be willing to pay an extra $200 for these new benefits in addition to the existing suite of benefits on the Amex Platinum Card?

• $400 Resy Credit ($100 per quarter)
• $600 Fine Hotels & Resorts/The Hotel Collection Credit ($300 bi-annually)
• $120 Uber One Credit, in addition to $200 in Uber cash that card already offers
• $300 Lululemon Credit ($75 per quarter)

The Pundit’s Mantra

If you’re on the fence then you have a simple decision making framework now. Ask yourself, should I pay an extra $200 in annual fee for the possibility of getting the above mentioned credits (new features) and a possible extra 25,000 Membership Rewards points as the welcome bonus?

If not, then can I get the card now and try it out with the lower annual fee. You may earn a slightly lower welcome bonus, but you’ll be able to use all the new benefits after the refresh is announced tomorrow. In effect, you’re getting one year to use both new and old benefits at a price that’s $200 cheaper.

In which direction are you leaning with the Amex Platinum Card? Do you plan to get one now or later? If you’re an existing cardholder, do you plan to keep this card in the long run or cancel? Tell us in the comments section.

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New Credit Card Offers

American Express Business Credit Cards

• Earn 200,000 Membership Rewards points with the Business Platinum Card
• Earn 150,000 Membership Rewards and enjoy a 0% intro APR on the Business Gold Card

Chase Sapphire Cards

• Earn 125,000 bonus points with the Chase Sapphire Reserve Card
• Earn 200,000 bonus points with the Chase Sapphire Reserve Card for Business

Co-branded Delta SkyMiles cards

• No annual fee for the first year, earn 80,000 bonus miles with the Delta SkyMiles Gold American Express Card
• Earn 90,000 bonus miles with the Delta SkyMiles Platinum American Express Card
• Earn 125,000 bonus miles with the Delta SkyMiles Reserve American Express Card
• No fee for the first year, earn 90,000 bonus miles with the Delta SkyMiles Gold Business American Express Card
• Earn 100,000 bonus miles with the Delta SkyMiles Platinum Business American Express Card
• Earn 110,000 bonus miles with the Delta SkyMiles Reserve Business American Express Card

Co-Branded Marriott Bonvoy Credit Cards

• Earn 185,000 bonus points with the Marriott Bonvoy Brilliant American Express Card
• Earn 155,000 bonus points with the Marriott Bonvoy Bevy American Express Card
• Earn 125,000 bonus points with the Marriott Bonvoy Business Card

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